WSFX Global Pay Ltd


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WSFX Global Pay Ltd Company background

Founded in: 1986
WSFX Global Pay Limited (Formerly known as Wall Street Finance Limited) was established as a Public Limited Company in 1986. The Company is a premier financial services company with forex domain. The Company engages in the buying and selling of foreign currencies, travellers cheques, prepaid cards, remittances and various forexrelated services. The Reserve Bank of India (RBI) has granted license to operate as an Authorised Dealer CategoryII and holds a valid license till 31st December 2023.Apart from these, the Company offers financial services like fixed deposits, leasing, hire purchase, auto finance, portfolio management and bill discounting. The Company is promoted by the House of Patels. It has over 1000 centres in India and associates in Hong Kong, Singapore, Dubai, London, New York and Sydney, through which the company markets primary issues. It was the first company in India to be given a fullfledged money changers license by the RBI, and is now operating in 16 centres nationwide. The company has been granted four additional licences and 2 more mobile licences.The Company is a Corporate Member of the Vadodara Stock Exchange, and has transferred this membership to the newly floated Wall Street Capital Markets.The company plans to set up a 100% subsidiary in Mauritius, Wall Street Finance (Mauritius), to raise funds abroad, partly for various portfolio investments in India and to expand business activities in other parts of the world. The company is also venturing into inward money remittances, for which it has applied to the RBI.During the year 19992000, the Company issued 6 lakh Cumulative Convertible Preference shares of Rs. 100 each to OCBs/Promoters for repayment of deposits and retirement of high cost debts.During the period 200001, Wall Street Securities Investments (India) Limited (the erstwhile Wall Street Capital Markets Limited) ceased to be the Subsidiary of the Company, upon the allotment of equity shares to an Overseas Corporate Body (OCB) in terms of the approval received from the Foreign Investment Promotion Board. Due to Wall Street Securities Investments (India) Limited ceasing to be the Subsidiary of the Company, Wall Street.Com India Limited, the Subsidiary of the said Wall Street Securities Investments (India) Limited also ceased to be the Subsidiary of the Company.The Company added two new branches in the city of Mumbai to offer all its products. With this, the total number of licensed branches increased to 23 during the year 2003. During year 2006, Company started two new business lines namely, Mutual Fund Distribution and Portfolio Management Services. In 200607, it formed two fully owned subsidiaries for obtaining necessary memberships of the National Stock Exchange (NSE) and MultiCommodity Exchange/NCDEX.During the year 200910, to segregate business divisions, the Scheme of Arrangement between the Company and Goldman Securities Private Limited (GSPL), the wholly owned subsidiary of the Company for transferring the Instant Cash Division of the Company into GSPL was made effective from 24th August 2009.On 7th September 2009, Spice Investments and Finance Advisors Pvt. Ltd. (SIFAPL) acquired from a Constituent of the Group known as the House of Patels, the then Promoters of the Company, and from the Open Market, 59,28,650 Equity Shares constituting 51% of the Share Capital of the Company. SIFAPL acquired further 12,43,852 Equity Shares on 8th October 2009 thus taking their holding to 61.70% of the Share Capital of the Company. Consequent upon acquisition of majority stake, the Open Offer closed on 8th February 2010 and, from that date, SIFAPL along with other Constituents of the SPICE Group of Companies, became the New Promoters of the Company. After acquiring 51,392 equity shares offered by the shareholders of the Company in the Open Offer, SIFAPL held 72,23,894 Equity Shares constituting 62.14% of the Share Capital of the Company. Resulting to this, the name of the Company was changed from Wall Street Finance Limited to Spice Money Limited. Thereafter, SIFAPL acquired a majority stake in the Company and, consequently, Company was made a subsidiary of SIFAPL.The Company increased its branch network from 61 to 71 during the year 201011. During 201112, the Company divested the investment of 51,10,000 equity shares of Rs. 10/ each held in GSPL to Spice Investments and Finance Advisors Pvt. Ltd. at par value amounting to Rs. 511 lacs. Consequently, Goldman Securities Pvt. Ltd. ceases to be a subsidiary of the Company with effect from 30th September 2011.During the year 201314, a wholly owned Subsidiary Company named S GLOBAL INSURANCE ADVISORY LIMITED was incorporated on 16th July 2013.During 201516, the Company acquired 100% equity shares of Goldman Securities Private Limited (GSPL) on 14th December, 2015. During the year 2023, the Company changed its name from Wall Street Finance Limited to WSFX Global Pay Limited.
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