One of India's largest custodial services providers Stock Holding Corporation of India (SHCL) is exploring the option of selling its 5% stake in National Stock Exchange. The integrated financial services provider hopes to use the stake-sale proceeds to start an NBFC and step into businesses like wealth management and private equity businesses. “Our core activities are all market-related… so when the market goes up, our profits zoom and when the market drops, we have very normal earnings. We'll have to diversify to keep the business going,” said Ashok Motwani, managing director and CEO of SHCIL, which claims to have 1,500 employees on its rolls. SHCIL, incorporated in 1986, has been jointly promoted by institutions like IDBI Bank, ICICI Bank, Special Undertaking of UTI, IFCI, LIC, GIC and NIC. […]