Asha Securities Ltd was originally incorporated in December 1982 as Mercantile Stock Brokers Ltd, a subsidiary of Mercantile Credit Ltd. On the 22nd of October 1992 the company changed its name to Allied Stock Brokers and, in addition to the head office; a branch in Matara was established. With the Colombo stock market experienced rapid growth, the company formed an alliance with Phillip Securities of Singapore in 1993. This move was in line with the industry trend where several major Sri Lankan stock brokerages entered into partnerships with foreign brokerage houses. With the acquisition of the majority stake by Mercantile Merchant Bank, the firm’s name was changed to MMBL Phillip Securities Ltd in 1998 to reflect the new ownership structure. The firm was renamed in 2003 to Asha Phillip Securities Ltd with renowned high net worth investor, Mr. Udeshi acquiring 59.22% of the company from Mercantile Merchant Bank. Phillip Securities continued to retain its holdings in the firm. Currently the firm operates the largest branch network amongst Sri Lankan stock brokers, bringing the opportunity to invest in capital markets closer to all Sri Lankans.
