The Indian financial services firm AK Stockmart has named Nirmal Rungta as business head for its privilege client group and retail.

Rungta was head of the retail broking business at Alchemy Capital before joining AK Stockmart. He has over 25 years of experience behind him, having served senior roles at the likes of Motilal Oswal and Edelweiss.

He is joined by 15 other associates hired to expand the company's stockbroking and wealth management offerings, the most notable among whom were Harit Oberoi as vice president for business development and Alpesh Busa as vice president of products and channels. The new team was built to spearhead AK Stockmart's equity broking and distribution businesses, the company said in a statement.

"With Rungta’s substantial knowledge in the capital markets, in the broking space, and his recognition in the industry, he brings in a strong understanding of equities and with our own expertise in debt markets our investors and clients would have access to both in terms of product offerings and asset allocation advisory," Aditi Mittal, the firm's executive director, said.