After concentrating exclusively on institutional clients for more than 20 years, Vallabh Bhansali-founded Enam is getting into the retail broking space, targeting clients in 30 cities this year.

Enam Securities Direct was created as a wholly-owned subsidiary of Enam Securities to tap the retail broking space. This subsidiary will also look into the portfolio management business (PMS) of Enam, said Rajesh Sampat, chief operating officer of Enam Securities Direct.

As part of its steady growth plan, the company will launch its internet broking business by the end of this month, which is powered by Religare Technova, he said.

While Enam Securities will look into institutional broking for domestic institutional investors (mutual funds and insurance companies) and foreign institutional investors (FIIs), Enam Securities Direct will focus only on retail clients.

“Enam Securities Direct has been formed to segregate our client base. We also have large base of clients for initial public offerings, who will be serviced by Enam Securities Direct,” Sampat said.

Enam was founded in 1984 by Manek Bhanshali, Nemish Shah, Vallabh Bhanshali and Jagdish Master, who were referred to as the ‘Formidable Four’ of Dalal Street.

The retail broking firm has opened its own branches in the four metros, in addition to Pune, Bangalore, Hyderabad, Surat, Baroda and Rajkot. The company plans to extend its reach to 30 cities by the end of this year. Enam is also diversifying into other financial services businesses. For insurance broking, it has created a separate venture Enam Insurance Broker. It was started by the promoters of Enam group and Sandeep Dadia, who is its director.