HDFC Securities, a leading brokerage firm and a wholly owned subsidiary of HDFC Bank, on Wednesday (November 27) responded to rumors circulating on WhatsApp and social media that the company was shutting down its franchise business due to compliance issues.

“We are aware of inaccurate messages circulating on WhatsApp and social media suggesting that HDFC Securities is shutting down its franchise operations due to compliance issues,” the company said.

In an official clarification, the company said the decision to suspend franchise partnerships was a strategic decision made earlier this year to streamline operations and improve service quality, and was not related to any compliance issues.

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“We would like to clarify that our decision to suspend partnerships was a strategic decision taken earlier this year to streamline operations and improve service quality rather than being linked to compliance issues,” HDFC Securities said.

The brokerage highlighted its strong performance across business segments, including its low-cost brokerage platform, HDFC SKY, and investment advisory service, HDFC TRU. HDFC Securities reiterated its commitment to providing high quality financial solutions and thanked its customers and stakeholders for their continued trust and support.

“HDFC Securities continues to demonstrate consistent growth across all its business segments, including our low-cost brokerage platform, HDFC SKY, and our investment advisory service, HDFC TRU. We remain committed to providing high-quality financial solutions and appreciate the efforts of our customers and stakeholders. “trust and support,” he adds.

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