SOURCE: Millennium India Acquisition Co. Inc.

October 10, 2012 11:40 ET

Millennium India Acquisition Company Announces That Its Principal Investment -- SMC Global -- Is Awarded India's "Best Equity Broking House"

NEW YORK, NY--(Marketwire - Oct 10, 2012) - Millennium India Acquisition Company, Inc. ("Millennium") (PINKSHEETS: 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 number of coveted awards in India. At the 2012 Bombay Stock Exchange and Dun & Bradstreet Equity Broking Awards, SMC Global was awarded India's "Best Equity Broking House." SMC also received two more coveted awards at the same ceremony: India's "Best Derivatives Broker" and India's "Largest Distribution Network."

These awards were accepted on behalf of SMC by Mr. Subhash C Aggarwal (Chairman and Managing Director), Mr. Mahesh C Gupta (Vice Chairman and Managing Director), Mr. Ajay Garg (Director) and Mr. Pradeep Kumar Aggarwal (Director), from Dr. C K G Nair, Secretary, Financial Sector Legislative Reforms Commission at a ceremony held at Mumbai on October 8, 2012. The BSE-D&B awards acknowledge and honor the extraordinary financial leaders and visionaries of India's financial sector and are bestowed across eight categories. The event was attended by India's leading policy makers, economists, and business leaders.

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

Subhash C Aggarwal, Chairman and Managing Director, SMC said, "It is an honor to be awarded the Best Equity Broking House for the second time in last three years. Our other awards 'Best Equity broking house -- Derivative segment' and 'Broking House with Largest Distribution Network' also gives immense pleasure to me. This distinction is a validation of our commitment to excellence in delivering superior financial services and solutions to our customers. I am privileged to note that SMC has now been independently recognized as India's number one financial services company for three years in a row, in the following categories."

2012 Awards: Best Equity Broker, Best Derivatives Broker, Best Currency Broker, Largest Distribution Network

2011 Awards: Best Currency Broker, Best Wealth Management, Largest Distribution Network

2010 Awards: Best Equity Broker, Largest Distribution Network

Mahesh C Gupta, Vice Chairman & Managing Director, SMC added, "The great efforts put together by our staff, management, partners and all the stakeholders of the company have made us achieve prestigious number one position in India for three years in a row, as noted above. 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, Millennium India added, "SMC has built itself as one of India's largest and most respected retail financial services platforms. Being recognized as number one in India in multiple categories for three years in a row, independently testifies to the quality, strength and scale of the SMC franchise that has been built by its experienced management team. Today, SMC is a reliable and trustworthy financial brand in India, providing diverse financial products and services to over 720,000 satisfied customers through over 2,500 office locations across 500 cities in India."

About SMC Global
Headquartered 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 and derivative arbitrage and trading, on-line trading services, investment banking, custodial services, clearing services, and distribution of mutual funds, IPOs and insurance products, and wealth management services. For the year ended March 31, 2012, SMC was one of the most active trading firms in India, averaging over 325,000+ trades per day. SMC continues to grow, and has one of the largest retail investor networks in India today, serving the needs of 720,000 investors presently. The retail distribution footprint in India has expanded from the last fiscal year, taking the total to over 2,500 locations, as of June 30, 2012. Currently, SMC has approximately 3,250 employees and a retail distribution network of more than 16,500 independent financial advisors, in over 500 cities across India. More information regarding the SMC can be found at www.smcindiaonline.com.

About Millennium India Acquisition Company Inc.
MIAC's principal asset is its ownership of a 14.03% equity interest in SMC Global. More information regarding Millennium India Acquisition Company Inc. can be found at www.milcapital.com.

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