UK based foreign player, Standard Chartered Bank has plans to take over the entire control of former UTI Securities. This would be done by taking over another 25.1% stake in UTI securities by third quarter of 2010, a top official of the bank said.

StanChart currently 74.9% stake in erstwhile UTI Securities.

"We are planning to pick the remaining stake in (the erstwhile) UTI Securities from Securities Trading Corporation of India Limited (STCI) by the third quarter of this year," the bank's chief executive, India and south Asia, Neeraj Swaroop said.

The bank acquired 49% stake in UTI Securities on January 11, 2010. After this, the company was renamed as Standard Chartered - STCI Capital Markets Limited with effect from Jan 17, 2008.

The bank then acquired 25.9% stake in Standard Chartered - STCI Capital Markets Limited on 12th December 2008.

It would now be taking over the remaining 25.1% stake.

The bank is coming up with an Indian Depository Receipt (IDR) through which it plans to raise capital worth Rs.2,400-2,700 crore.