SOURCE: Millennium India Acquisition Co. Inc.

March 28, 2011 09:30 ET

Millennium India Acquisition Company Announces That Its Principal Investment -- SMC Global -- Is Awarded India's "Best Currency Broker of the Year"

NEW YORK, NY--(Marketwire - March 28, 2011) - Millennium India Acquisition Company, Inc. ("Millennium") (NASDAQ: SMCG), a closed-end investment fund focused on emerging market leaders within the fast-growing Indian economy, today announced that its principal investment -- SMC Global -- has received a coveted award in India. Bloomberg UTV Financial Leadership Awards 2011 has recognized SMC as India's "Best Currency Broker of the Year."

SMC is one of India's leading financial services companies, offering retail and institutional brokerage, equity and commodity research, equity, currency, commodity and derivative trading, on-line trading services, merchant banking, investment banking, depository services, clearing services, and distribution of mutual funds, IPOs and insurance products, and wealth management services.

Mr. S C Aggarwal, Chairman and Managing Director of SMC, received this prestigious award at a ceremony in Mumbai on March 26, 2011 from the Honorable Finance Minister of India, Mr. Pranab Mukherjee. The event was attended by India's leading policy makers, economists, and business leaders. 

Mr. S C Aggarwal said, "It is an honor for SMC to be recognized as India's Best Currency Broker of the Year by Bloomberg. This distinction is a validation of our commitment to excellence in delivering superior financial services and solutions to our customers. The great efforts put together by the staff, management, partners and all the stakeholders of the company have made us achieve this, and we will continue to be highly responsive and proactive in dealing with new challenges and addressing the evolving requirements of our customers."

F. Jacob Cherian, Chairman and CEO of MIAC, added, "This significant accomplishment ratifies the growth strategy of the company. Despite challenging market circumstances, SMC has made significant strides and built itself as one of India's largest and most respected retail financial services platforms. In addition to receiving this coveted award by Bloomberg, SMC was also recently awarded India's Best Equity Broking House 2010 and Largest Distribution Network 2010 by Dun & Bradstreet and Bombay Stock Exchange. These awards collectively testify to the quality, strength and scale of the SMC franchise that has been built by its experienced management team. Today, SMC has become a reliable and trustworthy financial brand in India, providing diverse financial products and services to over 675,000 satisfied customers."

Suhel Kanuga, President and CFO of MIAC, added, "Many financial products and services that are common in developed nations such as the US are only just beginning to be offered in India. Currency futures is one such area -- as the Indian government liberalizes the economy further and implements capital account convertibility in a steady manner, new business opportunities are created. SMC has seized this opportunity and built a solid foundation in this area -- as ratified by this prestigious award. As this market expands and develops further, SMC is poised to gain the fruits of its leadership position."

About SMC Global
Based in New Delhi, SMC Global is a full service financial services firm. Its products and services include institutional and retail brokerage, equity and commodity research, equity, commodity, currency and derivative trading, on-line trading services, merchant banking, investment banking, depository services, clearing services, and distribution of mutual funds, IPOs and insurance products, and wealth management services. For the fiscal year ended March 31, 2010, it was one of the most active trading firms in India, averaging over 350,000 trades per day. SMC Global continues to grow, and has one of the largest retail investor networks in India today, serving the needs of 675,000 investors presently. The retail distribution footprint in India has expanded from the last fiscal year, taking the total to over 2,400 locations, as of December 31, 2010. Currently, SMC Global has approximately 5,400+ employees and a rapidly expanding retail distribution network of more than 16,000+ independent financial advisors, in over 450 cities across the India. More information regarding the SMC Global can be found at www.smcindiaonline.com.

About Millennium India Acquisition Company Inc.
MIAC's principal asset is its ownership of a 15.14% equity interest in SMC Global. More information regarding Millennium India Acquisition Company Inc. can be found at www.milcapital.com.

Cautionary Statement Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of the Federal securities laws about MIAC and SMC Global. Statements in this press release that are not statements of historical or current fact constitute forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the actual results of MIAC to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," 'intends," "anticipates," "plans," or similar terms to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in MIAC's filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Additionally, any information of SMC Global is provided by SMC Global and any financial information of SMC Global is prepared by SMC Global and derived from financial statements prepared in accordance with U.S. generally accepted accounting principles. Such financial information does not conform to the requirements of Regulation S-X under the Securities Act of 1933, as amended. Statements included in this press release are based upon information known to MIAC as of the date of this press release, and MIAC assumes no obligation to update or alter our forward-looking statements made in this press release, whether as a result of new information, future events or otherwise, except as otherwise required by applicable federal securities laws.

Contact Information

  • Contact information:
    Millennium India Acquisition Co. Inc.
    Email Contact