Singhi Advisors has gone public with an IPO in India, but not all is good with the firm, which was set up by the then-chief executive officer of a rival brokerage.

RTE has learned that Singhi, which is now run by an advisory firm called the Financial Services Regulatory Authority of India, has been taken over by a company called RIT Partners.

RIT, which also has a brokerages business in India and has a number of other affiliates, has set up a company that will provide advisory services to Singhi.

Singhi Advisers has a valuation of Rs 5,000 crore ($8.7 million) and has been running in the stock market for two years.

Singhi did not respond to RTE’s queries on Tuesday.

The listing of Singhi is the latest move by Singhi to get into the stock markets after it was shut out in 2015 by the Reserve Bank of India (RBI).

Singhi had been listed by the brokerage in November 2015.RIT Partners is run by another advisory firm, The Advisory Group of India.

It has been operating in India for five years and is the parent company of several brokerage firms including Citi and HDFC Bank.

It also owns a number in the retail brokerage market, such as RIT Advisors, which it bought last year.

In November 2016, RIT was bought out by a private equity firm.