Financial services provider HSBC InvestDirect (India) on Wednesday said that its subsidiary IL&FS Investsmart Insurance Brokers Ltd (IIIBL) will discontinue the insurance broking business, reports PTI.

The board of directors at their meeting held on 5^th January have approved to discontinue the insurance broking business by IIIBL, HSBC InvestDirect (India) said in a filing to the Bombay Stock Exchange.

The company would surrender its insurance broker licence to the Insurance Regulatory and Development Authority (IRDA).

HSBC InvestDirect (previously known as IL&FS Investsmart Ltd), owns 45% in IIIBL. "This is with a view to align the business with the long-term strategy of HSBC InvestDirect," the company said.

HSBC InvestDirect (India) provides varied range of services through its subsidiaries to individual and corporate customers.

In 2008, HSBC had acquired a 73.2% stake in IL&FS Investsmart, a leading retail brokerage house in India.

— Yogesh Sapkale