Mumbai, Oct. 11 -- Anil Ambani-controlled Reliance Capital Ltd on Friday said that the existing management team of its broking business - Reliance Securities group - has entered into a binding agreement for buying out the broking and distribution business from Reliance Capital, the company said in a stock exchange filing.

Reliance Securities is 100% subsidiary of Reliance Capital. The transaction is subject to regulatory and other customary approvals.

The Reliance Securities' business includes retail and institutional broking, third party distribution, proprietary trading and structured products.

"This management buyout transaction is part of our ongoing asset monetization plan and also reflects our stated intent to focus primarily on ...