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					   India's
   Leading
Equity Broking
   Houses
     2008
   India’s
   Leading
Equity Broking
   Houses
     2008
Contents
Preface……….…………………………………………………… . I

Foreword………..……………………………………………… .... II

Executive Summary…………………………………................. III

Methodology ......................................................................... IV

Industry Report……………………………… ........................... V

Industry Insights………… .................................................... XX

Company Listing ............................................................L1-L14
Preface
Dun & Bradstreet is pleased to release the second edition of
its publication, ‘India’s Leading Equity Broking Houses’. The
overwhelming response received for the inaugural edition of the
publication, released 2007 positioned it as a unique, authoritative and
comprehensive treatise on the equity broking industry in India.

The year 2007 will stand out as a remarkable one for the securities
markets worldwide. Stock markets experienced an exceptional year,
with record volumes of new capital issuance, surge in stock prices and
market capitalization. Of the 40 major stock markets that are tracked
globally, in as many as 35 markets stock prices rose between 5% to
150% during the year 2007.

In all probability the year 2007 may also be known as a major
milestone for emerging markets, which posted record growth rates
and witnessed huge gains in securities markets, with China, India and Brazil taking the lead.
A large number of emerging markets, big and small, showed a sharp rise in market activity
in 2007, signifying the growing importance and influence of the stock markets in this group
of countries, which caught the attention of a wide range of global and domestic investors.
Growing maturity in the quality of intermediation was also evident across the markets this year.
An interesting feature of the emerging markets is the greater resilience that is gradually building
up in the market dynamics, which could auger well for pursuing sustainable growth.

In this background, this publication would play an important role in analyzing trends, assessing
developments, and disseminating useful information on the markets and its intermediaries
to a wide cross section of constituencies in the global capital markets. Comprehensive data
and profiles on the leading players and market participants presented in this publication
would surely increase the depth of information and knowledge. It will help in forging business
relationships within India and abroad, thus adding value for the equity broking industry,
which is emerging now as one of the rapidly growing segments of Indian finance.

I hope you will enjoy reading India’s Leading Equity Broking Houses: 2008 and extend
the similar warm reception that you extended to the first edition of this publication. I look forward
to receiving your feedback and suggestions.

Dr Manoj Vaish
President & CEO - India
Dun & Bradstreet




                                                                                                    I
Foreword
I am happy to launch the second edition of Dun & Bradstreet’s
publication, ‘India’s Leading Equity Broking Houses 2008’.
The equity broking industry in India is gaining ground in terms of size
and significance; this publication will be a valuable source of reference
on major developments in the broking industry as also key information
on leading market intermediaries. D&B’s global footprint and market
reach will ensure that the publication is established globally as the
premier information resource on the Indian equity broking industry.

Equity markets in India had an exceptional year in 2007, and so too
the broking industry. Not only have transaction volumes increased
significantly, the broking industry has also experienced rapid growth in
terms of expanding sphere of business and network, accessing public
equity markets for capital, building business relationships with leading
banks in distribution of securities markets services as also forging partnerships with major
global and domestic financial institutions.

Emerging markets experienced record growth in business activity in the past year, with stock
market capitalization more than doubling in China, Brazil and India. India is placed amongst
the leaders among major global exchanges in terms of value of trading in equity derivatives.
These developments augur well for the further growth of equity broking in India and this
publication would be of great value in disseminating useful information on this industry.

After an exciting growth spanning over the last four years, global capital markets began to
show stress due to certain global developments such as the sub-prime crises in the US and
slowing down of economic growth in mature economies. Though the impact of these has been
limited for emerging markets as of now, some correction in the growth of the markets and
its fall out on the economies may not be avoidable. However, emerging markets and in
particular India are showing greater resilience to external developments and that should
enable India to meet the challenges that the coming year will pose.

Given the positive outlook for India’s economic growth, the equity broking houses will continue
to play a significant role in the country’s financial sector. At Dun & Bradstreet, we will continue
to endeavor to meet your expectations from our publication. I look forward to receiving your
feedback and suggestions.

David J. Emery
President
International Partnerships & Asia – Pacific




                                                                                                 II
Executive Summary
Dun & Bradstreet India (D&B India) is pleased to bring you the
second edition of its publication, ‘India’s Leading Equity Broking
Houses’, which was conceptualised to be a key source of information
and insight on India’s equity broking industry. It presents, on an annual
basis, important trends and developments in the equity broking industry
and also profiles major institutions and market intermediaries engaged
in the equities market.

The publication has profiled 193 equity broking firms in India, which
together account for more than 90,000 terminals, covering about 90%
of the total trading terminals in India. The number of terminals covered
under this study is more than double the number that was covered by
the previous edition of the publication.

Some important insights that the study revealed are as follows:
•	 There	are	25	broking	firms	with	more	than	1,000	terminals	each,	about	101	firms	have	100	
   or more terminals.
•	 The	top	10	firms	account	for	44%	of	the	total	terminals.
•	 Of	the	top	10	firms,	five	are	located	in	Mumbai,	four	in	Delhi	and	one	in	Rajkot.	
•	 The	top	centres	with	regard	to	terminals	are	in	the	following	order:	Mumbai,	Delhi,	Kolkata,	
   Ahmedabad, Chennai, Bangalore, Hyderabad and Jaipur, which together account for 46%
   of the total terminals in the country.
•	 The	193	equity	broking	firms	listed	in	this	publication	have	terminals	located	in	more	than	
   100 cities across the country.
•	 Approximately	80%	of	the	193	broking	firms	have	membership	in	more	than	one	exchange.	
•	 Approximately	 40%	 deal	 both	 in	 equities	 and	 equity	 derivatives	 and	 50%	 are	 engaged	
   in equities, equities derivatives and commodities. Less than 10% are engaged in only
   cash market business.
•	 The	 equity	 firms	 listed	 in	 this	 study	 have	 a	 franchise	 distribution	 network	 that	 consists	 of	
   40,971 sub-brokers spread across the country, while the commodity firms have a franchise
   network of 1,027 sub-brokers.
•	 A	 new	 development	 in	 the	 broking	 industry	 is	 the	 rapid	 rise	 in	 e-broking	 with	 some	 firms	
   reporting growth of up to 400% in e-broking.
•	 The	193	equity	broking	firms	listed	in	this	publication	employ	63,549	staff	and	have	a	network	
   of	11,648	branches/offices	spread	across	the	country.		

This edition of India’s Leading Equity Broking Houses has also made one significant
addition	by	incorporating	firm	operating	exclusively	in	commodities.	83	firms	that	are	involved	
only in commodity trading have been profiled in the publication.

In view of the sustained growth witnessed in the Indian stock markets, new opportunities
will continue to unfold for the equity broking industry. D&B India is confident that
India’s Leading Equity Broking Houses 2008 will provide the right platform to enable
the industry to prepare for the upcoming opportunities. We will continue to track the
development of this sector and enhance this publication as an authoritative reference guide.

Kaushal	Sampat
Chief Operating Officer
Dun & Bradstreet India



                                                                                                           III
Methodology
The publication, India’s Leading Equity Broking Houses 2008, profiles 276 companies
that are primarily into broking - equities, commodities or both. Dun & Bradstreet India
(D&B India) compiled the initial database of broking firms from various sources, such as
the internal D&B database, membership lists of the India’s two prime stock exchanges namely the
NSE and the BSE with nationwide presence. The information, contained in this book, pertains to
the period as of Oct 07. The information has been primarily sourced and compiled from
questionnaires	widely	circulated	and	administered	by	D&B	India	and/or	from	company	websites	
and/or	the	stock	exchanges.	The	questionnaire	sought	details	on	aspects	such	as	management,	
memberships, reach & access, size & strength, products & services, technology platforms & solution
providers, growth & consolidation plans and areas of focus and thrust in the future.

Besides information has also been collated from secondary sources such as the stock
exchanges, annual reports of the broking firms and their respective websites. Every effort was
made to ensure that companies respond to the questionnaire. However, in the eventuality that
a company, known to be a leading equity brokerage firm but has not responded with critical
data, such firms have not been included in the publication. This is to ensure that all information
contained in this book is authenticated and accurate.

D&B India reached out to almost 3,000 equity & commodity broking firms located across India
and we received responses from 340 firms. We removed those firms that were facing a
suspension of trading activities from the regulators at the time of collection of data. A final list of
top 276 firms was short-listed, based upon the criterion of the number of terminals. In view of
trading terminals being directly co-related with business revenue, number of trading terminals
was taken as the principal eligibility criterion for inclusion in the publication. Further as a cut for
inclusion, equity broking firms with terminals equal to or more than 15 and commodity broking
firms with terminals equal to or more than 5 in number were included in the study.

As an additional feature, this edition includes the section ‘Waiting in the Wings’. This contains
brief information on companies that do not fulfill the eligibility criteria of the current edition, but
are emerging and could form part of the next one.

The firms have been listed in the publication on parameters such as number of terminals,
sub-brokers, branches, employees and products & services offered. While the listing on
the basis of terminals is done for broking firms in equities and commodities futures separately,
other aspects of information such as number of branches, sub brokers and employees is given
in an alphabetical manner for all the firms together. A standardised format has been used for
reporting the information on the firms. The editorial team would appreciate if readers would keep
D&B regularly updated regarding any changes in their companies, as and when it occurs.

Each firm featured in the publication has been allotted its unique identification number
D-U-N-S® number (Data Universal Numbering System). This will help readers locate and obtain
full-fledged information reports on these companies from the Dun & Bradstreet database.

The editorial team is confident that ‘India’s Leading Equity Broking Houses 2008’
will prove useful. We would be pleased to receive your invaluable feedback and suggestions,
which we can incorporate in the next edition.


                                                                                                     IV
 Industry rEport
• GLoBaL CapItaL MarkEts
• stoCk MarkEts In IndIa
• EMErGInG trEnds and outLook
GLoBaL CapItaL
MarkEts
After a strong growth for about four years, global capital markets are in a major spin.
The first signs of it which were evident in July 2007, when the sub prime crises in the
US mortgage market began to unfold, later caught up like a whirlwind, with the global
investments banks together announcing write downs to the tune of US$ 90 bn for the fourth
quarter of 2007, followed by huge losses, with the fall out extending to the bond insurers by
early	 Jan	 2008.	 Structured	 finance,	 that	 enabled	 global	 banks	 to	 develop	 innovative	 market	
segments like Asset Backed Securities, Collateral Debt Obligations (which in a short span
of time reached a level of about US$ 20 trillion), began to suffer owing to rising defaults in
sub prime loans. This forced banks to close these instruments or reduce their size and take
them into their respective balance sheets, leading to huge write downs and losses. With major
global banks under pressure, stock markets which reached record levels in 2007 began to
retreat,	with	the	pace	and	pain	increasing	at	the	beginning	of	2008.


table 1. stock performance: developed Markets (% change)
              Markets                      Jan-dec 2007                        Jan 2008
 USA                                               4.09                            -10.85
 Canada                                          27.57                             -11.75
 Japan                                            -5.42                            -13.63
 Hongkong                                        37.48                             -18.39
 Australia                                       25.01                             -1906
 Singapore                                       23.91                             -16.96
 UK                                                4.72                            -12.35
 Switzerland                                       3.87                             -9.11
 Spain                                           20.67                             -15.88
 Italy                                             2.67                            -10.72
 Greece                                          29.23                             -16.23
 Germany                                         32.52                             -16.29
 France                                          10.92                             -13.88
Source: MSCI Barra

Policy responses followed in a big way to stem the crisis, which included a massive
200	 basis	 points	 cut	 in	 the	 Federal	 Funds	 Rate	 between	 Dec	 2007	 -	 Jan	 2008	 (from	 5.5%	
to 3.5%); a US$ 145 bn economic stimulus package announced by the US government;

                                                                                                    VI
a	US$	20	bn	coordinated	effort	by	the	central	banks	in	the	G8	countries	to	coordinate	stability	
in	global	financial	markets;	and	the	UK	Government	coming	forward	to	takeover	the	Northern	
Rock, a mortgage bank which was in the midst of default owing to sub prime crises related
losses.


table 2. prices of Bank stocks
             Company                        Jan 2008                          Jan 2007
 Bear Streams                                  $75.97                          $164.99
 Lehman                                        $57.98                            $78.18
 Merill Lynch                                  $50.04                            $93.81
 Morgan Stanley                                $48.28                            $81.35
 JP Morgan                                     $41.25                            $47.95
 Goldman                                      $194.09                          $203.73
 Bank of America                               $39.78                            $43.45
 Citigroup                                     $28.06                            $55.05
 UBS                                           $43.51                            $60.19
 CSFB                                          $57.34                            $68.30
Source: D&B Research

An added dimension to the financial crises is the contraction in the economies of the US,
Europe and Japan. Markets have already begun bearing the brunt of recession in the US,
though unfolding of major worries from Europe and Japan could not be ruled out. Another
concern looming over the global financial markets is about the sub prime crises extending
to other segments such as credit cards and auto loans, some signs of which are becoming
evident in the US. A recession in the US with a fragile global financial system could severely
dent	 the	 prospects	 for	 stock	 markets	 growth	 in	 the	 year	 2008.	 Global	 stock	 markets	
fell between 5% to 7% on Jan 21, 2007, the severity of the fall in several markets similar to that
of	following	9/11.	In	the	US,	stock	prices	fell	15%	from	the	Oct	2007	peak	period.	World	wide,	
200,000 jobs are expected to be lost in the financial sector with mortgage industry bearing the
most of this burden.


Notwithstanding	 the	 pressures	 cropping	 up	 in	 2008	 for	 the	 global	 stock	 markets	 industry,	
the year 2007 has been productive and rewarding. Market capitalization of the members of the
World Federation of Exchanges, which accounts for most of the global stock market activity,
rose 20% to US$ 60.6 trillion in 2007 from US$ 50.3 trillion in 2006. The share of Asia Pacific
in world market capitalization during 2007 increased from 23% to 29% on the back of strong
gains made by stock exchanges in China and India. In fact, India is placed second globally in
terms of growth in market capitalization in 2007. Value of share trading too rose sharply with
the total value of share trading of the WFE members reaching US$ 100 trillion in 2007 from

                                                                                                 VII
US$ 69 trillion in 2006. India is placed third in terms of best performing broad market index
in 2007. Asia Pacific leads the world in index performance, with a growth of 36.5% followed
by	Europe/Africa/Middle	East	with	13.2%	and	Americas	with	11.5%.	WFE	members	together	
showed	a	growth	of	18.3%	in	US$	terms	and	12.4%	in	local	currency	terms	with	regard	to	broad	
equity index performance.


1.2. Emerging Markets
For emerging markets, 2007 has been a banner year, with this group witnessing rapid growth
in all spheres of economy and financial markets. BRIC countries continued to show very high
rate of economic growth, corporate earnings and stock prices. Emerging markets as an asset
class became very popular with global investors. The growing strength and resilience of the major
emerging markets such as China and India gave rise to the concept of de-coupling; implying
that these economies might be relatively unaffected by the economic worries in the western
economies, though how potent the argument is yet to be seen. A few of the major trends that
were evident with regards to the emerging markets in 2007 included the following:
     a. sharp growth in stock markets:
     Stock prices in emerging markets rose about 36% on a y-o-y basis as compared to
     7% average for the world and 10-17% for the developed markets. Emerging markets
     in the Latin America and Asia showed strongest growth across various time periods.


     table 3. stock performance: annualised Historical (%)
         Emerging Markets             1 yr            3yrs            5yrs           10 yrs
      EM Asia                        38.30           30.41           29.63           11.68
      EM far east                    33.65           27.68           27.45           10.90
      EM Latin America               46.89           43.68           46.19           14.22
      EM Europe & middle east        28.88           31.30           36.53           13,32
      EM Eastern Europe              23.67           37.42           39.97           14.39
      All Ems                        36.48           31.95           33.65           11.69
      EM Europe                      27.83           35.94           40.86           15.21
      developed Markets
      Europe                         10.96           15.47           19.58            7.22
      EMU                            16.77           18.16           22.32            8.86
      North America                   5.60            7.94           11.94            4.60
      World                           7.09           10.76           14.93            5.43
     Source: MSCI Barra

     Indian stock markets showed robust growth in stock prices over the decade, even compared
     to	China.	Countries	like	Korea,	India	and	Egypt	top	the	emerging	markets	in	terms	of	10	
     year stock performance.

                                                                                              VIII
table 4. stock performance: annualised Historical (%)
  Emerging markets        1yr               3yrs              5yrs             10yrs
 China                    63.10             49.90             43.34             4.62
 India                    71.23             51.14             47.55            20.43
 Indonesia                50.81             42.26             47.89            15.37
 Korea                    29.95             30.64             28,81            28.71
 Malaysia                 41.54             22.88             20.63            11.66
 Pakistan                 32.50             26.81             23.76             7.40
 Philippines              38.04             37.02             34.72             4.56
 Taiwan                   5,43              8.19              13.57             -0.03
 Thailand                 40.94             16.41             28.81            12.36
 Brazil                   75.35             54.60             57.79            14.66
 Mexico                   9.28              30.19             32.95            14.14
 Israel                   35.83             16.41             23.78             9.23
 Russia                   22.88             47.38             41.51            14.92
 Turkey                   70.04             32.77             48.44            10.08
 Egypt                    54.85             65.41             78.07            20.22
 South Africa             14.72             18.60             26.84            10.81
 Sri Lanka               -15.15             16.56             19.39             4.66

Source : MSCI Barra

b. Contribution to the Global Economy
Among the 20 countries which are the major contributors to the growth of the world
economy, eight are from the emerging markets. China (12%), Russia (5%), Brazil and India
(about 4% each) were major contributors to the growth of the world economy in 2007.
Emerging economies today account for 30% of the world GDP at market exchange rates,
45% of the world’s total exports and 75% of the global foreign exchanges reserves.


c. Global Capital Flows
Emerging markets received record amounts of foreign portfolio investment flows in 2007
that have led the strong surge in stock performance. The dedicated equity flows to emerging
markets reported y-o-y growth from US$ 20.3 bn in 2005 to US$ 24.6 bn in 2006 to
US$ 44.7 bn in 2007. Assets in emerging market funds are reported to have risen from
US$	80	bn	in	1997	to	US$	800	bn	in	2007.




                                                                                         IX
Graph 1. Emerging Markets Indices performance: 2007 (%)

                                                Emerging Markets Indices Performance: 2007
       80
       70
       60
       50
       40
       30
       20
       10
        0
      -10
            China

                    India

                            Indonesia

                                        Korea

                                                Malaysia

                                                           Pakistan

                                                                      Phillipines

                                                                                    Taiwan

                                                                                             Thailand

                                                                                                        Argentina

                                                                                                                    Brazil

                                                                                                                             Chile

                                                                                                                                     Colombia

                                                                                                                                                Mexico

                                                                                                                                                         Hungary

                                                                                                                                                                   Russia

                                                                                                                                                                            Turkey

                                                                                                                                                                                     Egypt

                                                                                                                                                                                             South Africa
Source : MSCI Barra

d. Capital Issuance
Of the record US$ 255 bn of new capital raised in the global public equity markets
through IPOs in the first eleven months of 2007, the four BRIC countries accounted for
US$	107	bn,	through	382	deals,	which	was	a	sizeable	growth	on	the	US$	90	bn	raised	
through 302 deals during the same period in 2006. Asia Pacific accounted for 46% of
the	 worldwide	 IPO	 issuance,	 with	 the	 Hong	 Kong	 Stock	 Exchange	 accounting	 for	 13%	
of the market share. Of the 20 top global IPOs, 14 were from the emerging markets.
Russia’s	VTB	Bank	raised	the	largest	amount	of	US$	8	bn	for	a	singe	issue	in	the	year.	
China	alone	raised	US$	55	bn	through	22	issues.	India	raised	about	US$	8	bn,	similar	to	
the level evident in the year 2006.


IPOs from emerging markets received huge response from global investors in 2007. For
instance, the Industrial & Commercial Bank of China, for its dual listing of US$ 19.6 bn
issue in Oct 2006 received US$ 300 bn from institutional investors and US$ 55 bn from
retail investors. Mundra Port in India, for its US$ 450 mn issue, received subscriptions
to the tune of US$ 52 bn. An IPO from India that attracted huge global interest was the
Reliance	Energy’s	US$	3	bn	IPO,	which	received	subscriptions	to	the	tune	of	US$	188	bn	
(of which US$ 124 bn came from institutional investors) from 5 mn investors. Similarly,
Future	Capital’s	US$	125	mn	issue	in	Jan	2008	was	over	subscribed	by	133	times.


e. acquisitions in Global Markets
Equally significant was the increasing acquisition of companies in developed markets
by companies from developing markets. In 2007, companies from developing countries
spent more on mergers and acquisitions in the developed world than vice versa.


                                                                                                                                                                                                            X
         By mid - Nov 2007, cross border acquisitions by companies in Brazil, China, India and
         Russia, reached US$ 69 bn, close to the total of 2006. According to Dealogic, firms in
         developing countries completed US$ 14 bn of deals in the developed nations in 2003.
         By	 late	 2007,	 the	 value	 of	 such	 deals	 has	 multiplied	 nearly	 to	 US$	 128	 bn,	 compared	
         with the US$ 130 bn that companies in developed countries have spent on acquisitions
         in the other direction. Private equity too has been buoyant. In Asia alone, an additional
         US$ 34 bn was raised through private equity. China raised fresh private equity capital at
         US$ 6.9 bn, followed by India with US$ 5.3 bn.


Despite strong growth in the last few years and particularly in 2007, concerns over valuations in
these markets started to rise and came to the fore against the backdrop of negative sentiments
building	 up	 in	 developed	 markets.	 Emerging	 markets	 suffered	 sharp	 losses	 in	 Jan	 2008.	 The	
BSE in India recorded a huge loss of more than 2,000 points when the market opened on Jan
22,	2008,	leading	to	the	breaching	of	circuit	breakers	and	a	temporary	halt	to	the	trading.	Mid	
and small cap stocks were the worst hit in this market crash. Though the price levels pulled back
after trading resumed, vulnerability and uncertainty continue to persist stock markets in Asia
Pacific	were	down	19%	in	Jan	2008	and	27%	from	the	Oct	2007	peak.	Though	recent	corrections	
brought down the valuations in Asia, some pockets of concerns continue to persist.


table 5. Market performance: Emerging Markets (%)
          Emerging Markets                    Jan-dec 2007                          Jan 2008
 China                                               63.10                             -25.30
 India                                               73.23                             -19.67
 Indonesia                                           50.81                             -19.57
 Korea                                               29.95                             -16.68
 Malaysia                                            41.54                               -5.60
 Pakistan                                            32.50                               -2.51
 Philippines                                         38.04                             -18.39
 Taiwan                                                5.43                            -12.39
 Thailand                                              4.94                            -13.71
 Argentina                                            -5.36                            -13.05
 Brazil                                              75.35                             -16.04
 Mexico                                                9.28                              -9.78
 Israel                                              35.83                               -3.23
 Russia                                              22.88                             -16.02
 Turkey                                              70.04                             -21.26
 Egypt                                               54.85                               -9.93
 South Africa                                        14.72                             -12.61
Source : MSCI Barra



                                                                                                         XI
stock Markets in India
2.1 Evolution and structure
India is one of the oldest stock markets in the world with a strong presence of domestic and
local intermediation. It was the extent of the indigenous equity broking industry in India that led
to	the	formation	of	the	Native	Share	Brokers	Association	in	1875	which	later	came	to	be	known	
as	Bombay	Stock	Exchange	(BSE).	As	early	as	in	1864,	there	were	more	than	1,000	brokers	
in Mumbai trading in stocks. High premiums were also not something new. At the height of the
stock	market	boom	in	the	1860s,	following	the	American	Civil	War	which	led	to	the	formation	
of	 a	 large	 number	 of	 joint	 stock	 cotton/ginning	 mills	 that	 stirred	 the	 equity	 culture	 later	
booming into what was then called share mania, share prices reached stratospheric levels.
Bombay at that time enjoyed the distinction of being known as a major financial centre in
the Asia region having headquarters of 31 banks, 20 insurance companies and 62 joint stock
companies.

Stock markets in India surged once again following the introduction of a wide range of
economic reforms, with liberalisation of financial markets as one of the central themes.
Buoyed by greater freedom and flexibility, stock markets in India showed growth in the last one
and half decades. Despite major setbacks in the early 1990s and 2000s that led to extensive
investigations into the stock markets by the Joint Parliamentary Committees, stock markets in
India continued to show robust growth.

Some of the fundamental changes that fuelled rapid pace of market growth and at the same time
brought in orderliness in the manner and the conduct of the operations are a large number of
reforms that equipped Indian markets with the best of the processes and practices that included
abolition of open outcry and introduction of electronic trading (secondary markets), allowing
foreign ownership (foreign institutional investment) of shares, permitting Indian companies to
raise	capital	from	abroad	(ADRs/GDRs),	expansion	in	the	product	range	(equities/derivatives/
debt), book building process and transparency in IPO issuance (primary markets), T+2
settlement cycle (payments and settlements), depositories for share custody (dematerialization
of shares) governance of the stock exchanges (demutualization and corporatisation of stock
exchanges) and internet trading (e-broking). These changes resulted in dramatic growth of the
stock markets in India as well as the equity broking firms. The broking industry is emerging as a
rapidly growing segment in Indian finance, in terms of business growth, distribution and network
and enterprise value.

Indian stocks markets have an extensive market infrastructure in terms of a large number of
institutions and intermediaries.




                                                                                                      XII
table 6. Institutional structure of the Indian stock Market
                     Market Intermediaries                    as on october 31, 2007
 Stock Exchanges (Cash Market)                                             19
 Stock Exchanges (Derivatives Market)                                       2
 Brokers ( Cash Segment)                                                9,447
 Corporate Brokers (Cash Segment)                                       4,110
 Sub-brokers (Cash Segment)                                            37,116
 Brokers (Derivative)                                                   1,353
 Foreign Institutional Investors                                        1,124
 Custodians                                                                15
 Depositories                                                               2
 Depository Participants                                                  630
 Merchant Bankers                                                         153
 Bankers to an Issue                                                       50
 Underwriters                                                              40
 Debenture Trustees                                                        27
 Credit Rating agencies                                                     4
 Venture Capital Funds                                                     98
 Foreign Venture Capital Investors                                         88
 Registrars to an Issue & Share transfer Agents                            68
 Portfolio Managers                                                       188
 Mutual Funds                                                              38
 Collective Investments Schemes                                             0
 Approved Intermediaries (Stock Lending Schemes)                            3
Source: Securities and Exchange Board of India


2.2 India in Global Markets
The stature and significance of India is growing in the world capital markets. India is not only
attracting greater interest from world markets, but is also assuming increasing importance in
global finance.
    a. India is a major recipient of foreign institutional flows amongst the emerging markets.
         Since the opening up of domestic stock markets to foreign investors, cumulative net
         FII investments reached US$ 67 bn by Nov 07
    b. Indian companies are regularly covered by global and regional investment banking
         research
    c. India is major destination of private equity flows into the emerging markets
    d.	 India	 was	 host	 to	 the	 annual	 meetings/conference	 of	 the	 World	 Federation	 of	
         Exchanges (2005) and International Organization of Securities Commission
         (IOSCO) (2007)
    e. India emerged a trillion dollar market capitalization market in 2007, and was among the
         top 10 stock exchanges in the world in terms of market capitalisation
    f. India is amongst the top fifteen stock exchanges in the world in respect of
         equity turnover
    g. India emerged as a leading player in commodities futures market

                                                                                            XIII
    h. India is amongst the top five in the number of transactions
    i. India is among the top five in respect of volume traded in Stock Index Futures and
       Stock Futures
    j. India is one of the few markets with extensive dematerialization of shares
    k. India’s T+2 securities settlement cycle is on par with the global standards
    l. Indian stock markets have largest number of listings. Trading takes place in about
       2500-3000 stocks
    m. India’s most popular stock index (Sensex) is constructed on the basis of full float
       methodology, one of the firsts in the Asia region and a global standard
    n. Indian market indices such as Sensex and CNX Nifty are listed in foreign exchanges
       for trading as ETFs.

2.3 recent policy Initiatives
Several policy innovations were evident in the year 2007. A few of the important ones pertaining
to primary and secondary markets, foreign investors, mutual funds and stock exchanges are
summarized below.
    1. An Integrated Market Surveillance System (IMSS) that monitors across stock exchanges
        (NSE/BSE)	and	market	segments	(cash	and	derivatives)	aimed	to	enhance	efficacy	of	
        surveillance function became operational with effect from Dec 1, 2006
    2. Listed companies are now required to maintain a minimum level of public share holding
        at 25% of the total shares issues with some exceptions
    3. Grading of IPOs was made optional. In case an issuer opts for the grading, then these
        grades including the unaccepted ones should be disclosed in the detailed and abridged
        prospectus
    4. Guidelines on issue of Indian Depository Receipts (IDRs) were issued
    5. Qualified Institutional Placement (QIP) was facilitated to enable companies raise
        funds by way of private placement from Qualified Institutional Buyers. In case of QIP,
        the issuer is not required to file a draft offer document with SEBI. Resources raised
        under QIP showed a quantum jump in the first eight months of the year
    6. BSE and NSE began maintaining a reporting platform for corporate bonds, though
        volumes in corporate debt trading remain sluggish. At the instance of SEBI, BSE and
        NSE jointly launched a common portal at www.corpfiling.co.in which will disseminate
        filings made by companies listed in both the exchanges. In future, when the system
        becomes streamlined, a company would be required to file the information only once,
        irrespective of the exchange where it is listed
    7. Stock exchanges were advised to update the applicable VAR margin rates at least
        five times in a day; by taking the closing price of the previous day, at the start of trading
        and the prices at 11.00 am, 12.30 am, 2.00 pm, and at the end of the trading session
    8.	 As	a	part	of	strengthening	KYC	(Know	Your	Client),	Permanent	Account	Number	(PAN)	
        was	made	mandatory	for	all	the	entities/persons	having	transactions	in	cash	market.	
        PAN was made mandatory for all categories of Demat account holders
    9.	 Depository	Participants	were	advised	to	submit	tariff/charge	structure	to	the	respective	
        depositories every year
    10. SEBI approved and notified the Corporatisation and Demutualisation Schemes of
        19 stock exchanges

                                                                                                 XIV
    11. SEBI communicated the policy of the Government of India in regard to foreign investments
         in stock exchanges, depositories and clearing corporations where by:
         (a) Foreign investment up to 49% will be allowed in these companies with a separate
             FDI cap of 26% and FII cap of 23%
         (b) FDI will be allowed with specific prior approval of Foreign Investment Promotion Board
         (c) FIIs will be allowed only through purchases in the secondary markets;
         (d) FII shall not seek and will not get representation in the Board of Directors
         (e) No foreign investor, including persons in acting in concert, will hold more than
             five percent of the equity in these companies
    12. Mutual fund trustees are required to certify that the scheme approved by them is a new
         product	and	is	not	a	minor	modification	of	an	existing	scheme/product	
    13. SEBI Mutual Fund regulations were amended so as to permit the launch of Capital
         Protection Oriented schemes
    14. SEBI directed mutual funds to dispatch statement of accounts to the unit holders under
         SIP/STP/SWP	on	every	quarter	
    15. SEBI allowed the launch of Gold Exchange Traded Funds (GEFTs)
    16. SEBI permitted listed companies to send abridged annual report to the shareholders
    17. Limits for overseas investments by mutual funds enhanced
    18.	 SEBI	approved	new	derivative	products	which	included;	mini-contracts	on	equity	indices,	
         options	with	longer	life/tenure,	volatility	index	and	F&O	contracts,	Options	on	Futures,	
         Bond Indices and F&O contracts, Exchange-Traded Currency (Foreign-Exchange)
         Futures and Options and Exchange Traded products to cater to different investment
         strategies
    19. SEBI made some important decisions regarding the Participatory Notes (PNs) in
         Oct	 2007,	 among	 which	 is	 about	 not	 allowing	 FIIs	 and	 their	 sub-accounts	 to	 issue/
         renew ODIs with underlying as derivatives with immediate effect. It requires them to
         wind	 up	 the	 current	 positions	 over	 18	 months,	 during	 which	 period	 SEBI	 will	 review	
         the position from time to time. SEBI has clarified that there is no proposed bar to
         ODI contracts, expiring in Oct 2007 or in the following months, or being renewed,
         provided	the	renewal	does	not	go	beyond	18	months.	This	decision	unsettled	the	foreign	
         institutional investors resulting in a sharp drop in the markets, but normalcy was back
         soon after the clarifications were issued

2.4 Business in stock Exchanges
Business has been exceptionally good in primary and secondary markets, in the equities and
derivatives segments across both the national level stock exchanges. Average daily turnover
in	 equities	 segment	 in	 NSE	 rose	 from	 Rs	 88	 bn	 in	 Jan	 2007	 to	 Rs	 198	 bn	 in	 Dec	 2007,	 and	
in	BSE	from	Rs	44	bn	to	Rs	86	bn	during	this	period.	Cash	market	turnover	in	NSE	during	the	
first	eight	months	of	FY08	reached	Rs	25,707	bn	showing	a	y-o-y	rise	of	33%.	Similarly,	cash	
market turnover in BSE rose to Rs 11,602 bn during Apr-Dec 07, showing a growth of 21%
during the first eight months of the year. Turnover in Derivatives segment in NSE rose to
Rs 99,162 bn during Apr-Dec 2007 signifying a growth of 35 % in the first eight months of
the	FY08.	Average	Daily	Turnover	in	the	Derivatives	segment	in	NSE	rose	from	Rs	314	bn	in	
Jan 2007 to Rs 671 bn in Dec 2007. Net cumulative investments by the Foreign Institutional



                                                                                                        XV
Investors reached US$ 67 bn by Nov 2007, and during the first eight months the gross
purchases and sales by the FIIs amounted to Rs 5,972 bn and Rs 5,321 bn respectively.
BSE	Sensex	closed	at	20286	in	Dec	07	from	a	level	of	13,827.77	in	Jan	2007,	showing	a	rise	
of	46.7	%	during	the	year.	During	this	period,	it	touched	a	low	of	12316	and	a	high	of	20498.	
S&P	CNX	Nifty	rose	from	4007.4	on	Jan	2,	2007	to	6138.6	on	Dec	31,	2007	and	showing	a	
growth	of	54.8%	(local	currency)	based	on	monthly	averages	of	index	movement.	Except	some	
parts of the information technology, most of the sectors witnessed sizeable spurt in the stock
prices.

Graph 2. BsE sectoral Indices: Jan-dec 2007




                        Source: BSE
Primary markets too were very robust. During the period Apr-Nov 2007, capital mobilised
through public issues, rights issues, qualified institutional placements, and preferential allotments
reached Rs 927 bn in 300 issues as compared to Rs 339 bn in 334 issues showing a growth of
173% during the same period last year. During this period, amount raised from IPOs increased
from	Rs	151	bn	to	Rs	246	bn.	In	the	first	eight	months	of	FY08,	19	issues	were	offered	under	
Qualified Institutions Placement that raised Rs 127 bn, as compared to the 10 issues that raised
Rs	 20	 bn	 in	 the	 first	 eight	 months	 of	 FY07.	 Preferential	 allotments	 too	 showed	 high	 growth;	
from Rs 145 bn in 257 issues in Apr-Nov 2006 to Rs 339 bn during Apr-Nov 2007 (133%) in 231
issues. The NSE and BSE reported private placement of corporate debt to the tune of Rs 776
bn during Apr-Nov 2007. Trading in corporate debt at the exchanges for the first eight months
of	FY08	amounted	to	Rs	325	bn	in	BSE	and	Rs	214	bn	in	NSE.	During	the	same	period,	mutual	
funds	mobilised	Rs	1,351	bn	as	against	Rs	1,008	bn	during	the	same	period	last	year.	

By	 Jan	 2008,	 235	 bn	 shares	 were	 under	 dematerialized	 form	 with	 the	 National	 Securities	
Depository Ltd and 42 bn shares with Central Depository Services Ltd. Shares of about
7,000 companies are under dematerialization. The market capitalization of shares under
dematerialization	 rose	 from	 Rs	 38,769	 bn	 in	 Apr	 2007	 to	 Rs	 64,691	 bn	 in	 Nov	 2007.	
There are about 7,000 DP locations in the country. NSDL holds 9 million depository accounts
with a geographical coverage of 792 cities and towns.

2.5 Market Intermediaries
The number of stock brokers registered with Securities and Exchange Board of India showed


                                                                                                       XVI
a	 net	 increase	 of	 108	 from	 9,335	 in	 FY06	 to	 9,443	 in	 FY07.	 There	 were	 263	 additions	 and	
155 cancellations during the year. National Stock Exchange of India has the highest number of
brokers (1077) followed by Calcutta Stock Exchange (960), Inter-Connected Stock Exchange
(925) and BSE (901). The proportion of corporate members at NSE was at 92% and at BSE
at	 76%.	 The	 number	 of	 sub	 brokers	 registered	 during	 FY07	 rose	 from	 23,479	 in	 FY06	 to	
27,541. NSE and BSE account for 95% of all sub brokers. This segment showed a growth of
17.3% during the year. As on Jan 25, 2007, 1,269 Foreign Institutional Investors and 3,760
Sub Accounts were registered with SEBI. As on Mar 31, 2007, 40 mutual funds were registered
with SEBI of which 33 were in the private sector and seven in the public sector. The number
of	 domestic	 venture	 capital	 funds	 rose	 to	 90	 during	 FY07	 from	 80	 in	 the	 previous	 year.	
Number	of	foreign	venture	funds	doubled	from	39	to	78	during	the	period.	The	fees	charged	
of	market	intermediaries	by	the	regulator	rose	from	Rs	580	mn	to	Rs	2,010	mn.	Major	heads	
that generated fees included take over fees (Rs 520 mn), stock brokers and sub-brokers
(Rs	450	mn),	offer	documents/prospects	(Rs	340	mn),	mutual	funds	(Rs	210	mn),	derivative	
members (Rs 110 mn) and FIIs (Rs 90 mn). As a part of investigations, SEBI suspended
52 market intermediaries, issued warning to 27 intermediaries and prohibitive directions issued to
345	intermediaries	and	non	intermediaries	during	FY07.

An important feature of the Indian stock markets as compared to other emerging markets as
also developed markets is the large number of listed companies and also a good number of
member brokers. While the share of top securities in the total turnover is declining over the
years,	the	share	of	top	brokers	in	trading	volumes	is	increasing.	For	instance	in	FY01,	the	top	
10	 securities	 accounted	 for	 70%	 of	 the	 turnover	 in	 BSE	 which	 gradually	 fell	 to	 24%	 in	 FY07.	
Similarly	in	NSE,	the	top	10	securities	accounted	for	73%	of	the	volume	in	FY01,	which	came	
down	 to	 28%	 in	 FY07.	 The	 top	 100	 securities	 now	 account	 for	 71%	 of	 the	 trading	 volume	 in	
BSE	 and	 84%	 in	 NSE.	 The	 top	 10	 members	 of	 BSE,	 who	 accounted	 for	 14%	 of	 the	 turnover	
in	 cash	 segment	 in	 FY01,	 saw	 their	 share	 climbing	 to	 24%	 in	 FY07.	 In	 NSE,	 the	 share	 of	
top	members	rose	from	13%	to	25%	during	FY01-07.	The	top	100	members	now	account	for	73%	
and 75% of the cash market turnover of BSE and NSE respectively.

Commodities futures markets, which began in India in the early 2000s, are showing rapid
growth and progress. Total value of trading at all commodities exchanges for the period
Apr	 2,	 2007	 -	 Jan	 31,	 2008	 stood	 at	 Rs	 31,610	 bn	 as	 against	 Rs	 30,313	 bn	 during	 the	
corresponding	 period	 in	 FY07.	 Commodities	 futures	 markets	 in	 India	 have	 taken	 off	 in	 a	 big	
way; but concerns arising from sharp spurt in prices of certain essential commodities and limits
imposed on trading of a few agricultural commodities dampened the growth in their volumes,
though trading in other commodities continues to grow. Though a large number of equity broking
houses offer commodities trading also, exclusive commodity brokerages are emerging as a
separate class.




                                                                                                       XVII
Emerging trends and
outlook
Equity brokerage industry in India is experiencing rapid growth and diversity. Following
the wide range of stock market reforms in the early 2000s, brokerage industry underwent
major transformation from being engaged in only brokerage business to offering a wide range
of financial services. A modern broking house in India may well be a corporate entity that offers
a wide range of products, relies on research for advice, uses modern technology, has large
distribution network connecting the country, provides investor education and awareness and
is compliance focused. These developments have resulted in huge spurt in business as also
growing market share of the large sized brokerage houses that led to surge in enterprise value,
thus becoming objects of interest for global investing. In the recent period, global and domestic
private equity firms have taken stake in brokerage firms such as Anand Rathi (Citigroup),
Edelweiss (Lehman Brothers), Geojit (BNP Paribas), SMC (Millennium India), Motilal Oswal
(New Vernon), Marwadi Shares (India Capital Growth Fund), J R G Securities (Barings Pvt
Equity) and Network Broking (Amas Bank of Hindujas), India Infoline (Orient Global) etc. Initial
Public Offerings of large firms in 2007 such as Motilal Oswal, Edelweiss and Religare received
huge response from the markets (over subscription going more than 100%) and also high
premiums. Large issues of these brokerage firms debuted in the stock exchange with premiums
ranging from 20% to 75%. With the stock market momentum likely to continue, broking firms
could look forward to scaling up their resource mobilization to fund growing operations and
expansion. Brokerages mopping up huge resources from the market is not unusual even in the
emerging markets. For instance, Citic Securities, a Chinese securities firm reported to have
raised US$ 3.3 bn last year and other firms such as Haitong and Goldstate are planning to come
out	with	IPOs	of	US$	4-5	bn	in	2008.

In India, there are about 45 equity brokerage houses that are at present listed in the stock
exchanges that together reported Rs 3.5 bn of equity, Total Income of Rs 47 bn and net profit of
Rs	3	bn	for	the	second	quarter	of	FY08.

prospects and outlook
Indian broking houses could look forward to a period of growth and consolidation. India’s economic
growth and deepening of the financial system will present the broking firms with numerous
opportunities for growth and expansion. Integration of the financial markets will enhance the
scope of their business and scalability. Access to public equity markets will enable them to raise
resources to fund expansion and growths as also pursue useful business acquisitions. Growing
international investor interest in India will add newer opportunities to scale up the business
as also harmonizing with global standard and practices. Introduction of new products such as
mini contracts in the derivatives and other futures and options products will add new
opportunities for creating new business segments.

While opportunities abound, there is a great need for reform and restructuring of the equity
broking	 industry.	 There	 are	 about	 9,000	 brokers	 registered	 with	 SEBI	 but	 80	 percent	 of	 the	

                                                                                                   XVIII
turnover in NSE and BSE is accounted for by about 100 brokers. Consolidation thus becomes
relevant to forge a stronger industry. Similarly, capital levels too need to be strengthened.
The 40 odd listed broking firms in India together have a meager Rs 3.5 bn of capital, which
is far less than what one top broking firm in China could raise from the capital markets.
Better performance and practices will enable broking firms to increase capital levels that will be
essential for funding expansion.

Skill sets and compliance norms are the key to the sustainable growth of the industry.
Securities and Exchange Board of India promoted National Institute of Securities Management,
which is mandated to launch extensive certifications and examinations to the broking industry
professionals to equip them with required skill sets and expertise. It becomes important for the
broking industry to actively support such national endeavors that would enhance the quality of
the markets.

Investor education and awareness is another aspect broking industry should promote in the
long term interest of the market. As the product mix and risk matrix in financial markets is
continuously changing, it becomes imperative for the intermediaries to educate and create
awareness in the clients that would be mutually beneficial. Better understanding of the financial
products and associated risk by the investors will be in the interest of the growth and stability
of the markets.

Indian broking industry is coming of age. It has enormous opportunities for growth and diversity.
As markets expand and get globalised, these firms will have increased opportunity to cater to a
large and diverse range of clientele with a wide mix of products and services. Expanding markets
offer enhanced opportunities. Those who are well prepared will be in a better position to garner
the benefits.




                                                                                               XIX
Industry InsIGHts
Broking Insights
The equity broking industry in India is gaining momentum in terms of scope and scale of business.
With the Indian securities markets experiencing rapid growth and with financial integration
gaining speed, the role of intermediation will further strengthen. However in the long term,
quality and maturity of service will determine the success and sustainability of firms operating
in	 this	 segment.	 Key	 factors	 to	 drive	 growth	 and	 success	 in	 the	 broking	 industry	 would	 be	
distribution networks, diversification of services, expertise and research, transparency and
disclosure, compliance and market integrity.

D&B India has sought to provide a comprehensive coverage of the Indian equity brokerage
industry through this publication. Apart from profiling the leading players, this section of
the study provides key insights into this important segment of the Indian financial sector.
The information collected from firms profiled in this edition has been analysed to provide a
deeper understanding on the reach, access and potential growth areas for these firms.
The sample of firms for this study was those that had responded with the requisite information
to questionnaires administered by D&B India.

numbers to note
The 193 equity broking firms included in the study have reported a total of 90,531 trading
terminals, which account for about 90% of the equity trading terminals in the country.
118	equity	broking	firms	reported	a	total	of	40,971	sub-brokers,	and	171	equity	broking	houses	
that	provided	information	on	the	branches	and	offices	reported	11,648	branches/offices	spread	
across	the	country.	The	number	of	employees	reported	by	the	186	equity	broking	houses	stood	
at 63,549.

new kids on the Block                      Graph 1.

A majority of the 193 broking
firms,	 about	 80%,	 featured	 in	 this	
publication entered the business
in the decade following the 1990s.
The financial sector reforms initiated
in that decade opened up avenues
for business in the securities
markets, thus providing the scope
for new entrants. The changes in
the admission process brought
about by the NSE through deposit
based membership enabled a large
number of new firms to get started in the broking business with relative ease, leading to a great
spurt in the memberships. The momentum continued in the 2000s, with BSE too relaxing its
membership norms from card based to deposit based ones, leading to a surge in the number of
broking firms.

scaling up the Business
As the number of broking firms have increased significantly in the last one and a half decades,
so too has the scope of the business. A majority of the members now have memberships in
more than one stock exchange, enabling them to expand the business into a number of products.
A large number of broking firms today have memberships across equities, equity derivatives


                                                                                                     XXI
and commodities futures in domestic and international stock exchanges. Increase in the scale of
business led top notch broking firms enhance their enterprise value.

distributing the key driver
A key driver of the business growth in the broking industry is its distribution. The 193 equity
broking firms featured in this publication together hold about 90% of the trading terminals in the
country. The important aspects brought about by the distribution of broking services included
Graph 2. Membership pattern                         Graph 3. segment-wise Break-up




•	 Broking	activity	is	developing	in	a	number	of	cities	other	than	the	main	centres	and	metropolitan	
   cities. Broking activity is spreading in the Tier II and Tier III cities in India on the back of a
   growing equity culture as well as a technology enabled trading platforms.

•	 Improvements	in	information	dissemination	is	spreading	awareness	about	alternative	asset	
   classes among people, with a growing preference to invest in equity

•	 Liberalization	of	memberships	at	stock	exchanges	and	advent	of	technology	enabled	broking	
   firms to spread their networks across the country

Graph 4. Major Centres                            Graph 5. Emerging Centres




GroWInG BusInEss
The equity broking industry showed exceptional growth in 2007. The surge in business in terms
of new customer accounts and value of share trading was evident across the entire spectrum of
the equity broking industry. Major equity broking houses reported impressive gains in opening
new customer accounts. The range of services provided by the broking firms transformed from
being plain vanilla trading services to numerous financial services in the realm of primary and
secondary markets as also fund management and wealth management services.

                                                                                                XXII
table 1. number of accounts added in 2007

             Equity Broking Companies                                    accounts
Indiabulls Securities Limited                                               238546
Reliance Money Limited                                                      203538
Bonanza Portfolio Limited                                                     38639
Angel Broking Limited                                                       105076
Motilal Oswal Securities Limited                                            103000
Marwadi Shares & Finance Private Limited                                      65635
India Infoline Limited                                                        52773
Anand Rathi Securities Limited                                                52525
Jhaveri Securities Private Limited                                            50000
Karvy	Stock	Broking	Limited                                                   48430
Asit C Mehta Investment Intermediates Limited                                 39390
Networth Stock Broking Limited                                                38639
Emkay Share & Stock Brokers Limited                                           28276
Unicon Financial Intermediaries Private Limited                               27000
Anagram Securities Limited                                                    26460
India Capital Markets Private Limited                                         23500

Equity broking firms which reported significant rise in their trading terminals during the first
10 months of 2007 included Motilal Oswal (3,744), Reliance Money (905), Master Capital
(505),	 Inventure	 (529),	 Adroit	 Financial	 (438),	 Indiabulls	 (287),	 Emkay	 (281),	 Techno	
Shares	 (217),	 Sushil	 Finance	 (294),	 Jhaveri	 Securities	 (169),	 KRC	 (147),	 SKI	 Capital	 (155)	
and Mansukh (125).

Firms	 with	 significant	 increase	 in	 the	 branches/offices	 during	 the	 first	 10	 months	 of	 CY07	
included	 Bonanza	 (335),	 Arcadia	 (285),	 Master	 Capital	 (202),	 Khandwala	 Integrated	 (195),	
Reliance	 Money	 (107),	 Anand	 Rathi	 (93),	 Microsec	 Capital	 (90),	 Kunvarji	 Finstock	 (77),	
SKI	Capital	(55),	Indiabulls	(45)	and	Networth	Stock	Broking	(34).	

Growth in the number of sub-brokers too was robust during the year amongst several equity
broking firms. A few of these included Reliance Money (1494), Anagram (366), Arcadia (361),
Motilal	 Oswal	 (242),	 Unicon	 Financial	 (238),	 Bonanza	 (200),	 Khandwala	 Integrated	 (210),	
S S J Finance & Securities (120) and Bakliwal Financial (175).

diversified revenue streams
The revenue streams of equity broking firms are undergoing changes, against the background of
growing business opportunities and diversified financial services. The major sources of revenue
from major players are tabulated below:




                                                                                                   XXIII
table 2. Equity trading

                 name of the firm                                   revenue (%)
Brics Securities                                                         85%
Ashika Stock Broking                                                     85%
Motilal Oswal                                                            80%
Arihant Capital Markets                                                  79%
Dalal & Broacha                                                          70%
A F N Langrana Shares                                                    70%
K	R	Choksey	                                                             70%
Zen Securities                                                           65%
Indiabulls                                                               60%

table 3. derivatives trading

                 name of the firm                                   revenue (%)
India Advantage Securities                                              87%
Crimson Financial                                                       80%
Dolat Capital                                                           60%
Kantilal	Chhaganlal                                                     59%
Kunvarji	Finstock                                                       59%
R Wadiwala                                                              43%
Angel Broking                                                           43%

table 4. arbitrage

                 name of the firm                                   revenue (%)
Dalmia Securities                                                       93%
Arcadia                                                                 62%
Adroit Financial                                                        51%
Inventure                                                               48%
A S Stock Broking                                                       30%

table 5. Margin Financing

                     name of the firm                               revenue (%)
Anand Rathi                                                              8%
Indiabulls                                                               7%
Reliance Money                                                           6%
K	R	Choksey                                                              4%
Motilal Oswal                                                            3%

Revenues from sale of mutual found was found to be significant in respect of J M Financial
(31%),	Kantilal	Chhaganlal	(20%),	Reliance	Money	(15%),	Doha	Brokerage	(7%),	Anand	Rathi	
(6%),	Khandwala	Integrated	(4%).	Investment	advisory	is	emerging	as	an	important	source	of	
revenue	 for	 S	 S	 Kantilal	 (42%),	 Shreyas	 Stock	 (40%),	 ICMPL	 (2%)	 and	 K	 R	 Choksey	 (2%),	
while revenues from distribution of IPOs form considerable share in respect of J M Financial
(20%),	J	G	Shah	Financial	(10%),	Khandwala	Integrated	(9%),	and	Patco	(5%).	




                                                                                                XXIV
E-Broking
An emerging trend in the equity broking business is the rapid growth of e-broking. Leading firms
reported huge growth in the opening of e-broking accounts.

table 8. number of E – Broking accounts registered in 2007

                 name of the Firm                            E – Broking accounts registered
Indiabulls Securities Limited                                         451611
Reliance Money Limited                                                215678
Motilal Oswal Securities Limited                                       19065
Unicon Financial Intermediaries Private Limited                        13787
Angel Broking Limited                                                  11828
Asit C Mehta Investment Intermediates Limited                           9748
SMC Global Securities Limited                                           7704
Anand Rathi Securities Limited                                          6793
Doha Brokerage & Financial services Limited                             6400
Networth Stock Broking Limited                                          6120
Bonanza Portfolio Limited                                               2977
Arihant Capital Markets Limited                                         2726
Mansukh Securities & Finance Limited                                    2500
Emkay Share & Stock Brokers Limited                                     2147
SKI	Capital	Services	Limited                                            2000
Alankit Assignments Limited                                             2000

E-broking is contributing a sizeable portion to the trading volumes as also to the revenue
generated for leading firms. Some examples of the percentage contribution to trading
volumes contributed by e-broking are 91% in Reliance Money, 62% in Indiabulls, 20% each in
A S L Capital and Shreyas Stock, 19% in Angel Broking, and 15% in Farsight. In respect of
revenues generated from e-broking, Indiabulls (63%), Reliance Money (54%), Unicon Financial
(30%)	and	Shreyas	Stock	(20%)	reported	higher	shares	in	2007.	Ashika	reported	98%	growth	in	
e-broking business in the first 10 months of 2007.

Another significant trend is the growing incidence of overseas customer acquisitions. Leading
firms are increasing their international business; Broking firms that reported presence of an office
outside	India	include	Reliance	Money,	Motilal	Oswal,	Karvy	Stock	Broking,	J	R	G	Securities,	
Vogue and Bonanza. Equity broking firms that have added sizeable number of overseas customers
include	 DBFS	 (2800),	 J	 R	 G	 Securities	 (264),	 J	 M	 Financial	 (191),	 Angel	 Broking	 (168),	
Brics	Securities	(125),	K	R	Choksey	(53),	and	Kunvarji	Finstock	(26).

staff and skill sets
Employment in the equity broking industry is showing rapid growth. Employee numbers reported
by	186	equity	broking	firms	in	this	study	stood	at	63,549.	

Another interesting aspect that has emerged in the employment structure of broking firms is the
incidence of a wide range of skill sets and expertise. Though dealers form the major chunk of the
employees, others such as analysts, marketing and sales personnel and back office staff form
a significant component of the staff. In terms of skill sets, employees’ educational backgrounds
include post graduates, engineers and MBAs.


                                                                                                XXV
Graph 6. profile wise Break-up                   Graph 7. Qualification wise Break-up




Commodities Futures Broking Firms
The	83	broking	firms	that	exclusively	trade	in	commodities	futures	profiled	in	this	study	reported	
3,791 trading terminals. Given that many leading brokers use common front applications through
which they can trade multiple products in multiple exchanges, the commodities brokers and
their terminals reported in this study pertain only to those trading exclusively in commodity
futures.	 The	 83	 exclusive	 commodities	 brokers	 have	 692	 branches/offices,	
1,027 sub-brokers and 1,905 employees. The five leading firms in commodity futures trading
are	Geojit	Commodities,	Karvy	Comtrade,	Angel	Commodities,	Kunvarji	Commodities	Brokers	
and True Value Commodities, which account for 54% of the total trading terminals.




                                                                                              XXVI
India’s Leading                                                             Alphabetical Listing   L1
  Equity Broking Houses 2008


India’s Leading Equity Broking Houses 2008
Sr No   Company Name                                            City /District
 1      A F N Langrana Shares & Stock Brokers Private Limited   Indore
 2      A G Shares & Securities Limited                         Agra
 3      A N G Commodities Private Limited                       Delhi
 4      A R M Commodities Private Limited                       Kolkata
 5      A S E Capital Markets Limited                           Ahmedabad
 6      A S L Capital Holdings Private Limited                  Chennai
 7      A S Stock Broking & Management Private Limited          Mumbai
 8      Aaryavart Commodities Private Limited                   Ahmedabad
 9      Action Financial Services (India) Limited               Mumbai
 10     Adinath Stock Broking Limited                           Jalna
 11     Adroit Financial Services Private Limited               Delhi
 12     Agarwal Commodity Trading Company                       Kanpur
 13     Agarwal Secu-Comm Private Limited                       Gwalior
 14     Ajay Natavarlal Securities Private Limited              Rajkot
 15     Ajmera Associates Private Limited                       Mumbai
 16     Alankit Assignments Limited                             New Delhi
 17     Alka Securities Limited                                 Mumbai
 18     Alpha Commodity Exchange Private Limited                Mumbai
 19     Ambit Capital Private Limited                           Mumbai
 20     Anagram Securities Limited                              Mumbai
 21     Anand Rathi Securities Limited                          Mumbai
 22     Angel Broking Limited                                   Mumbai
 23     Angel Commodities Broking Private Limited               Mumbai
 24     Anush Shares & Securities Private Limited               Chennai
 25     Arcadia Share & Stock Brokers Private Limited           Mumbai
 26     Arch Finance Limited                                    New Delhi
 27     Archi Shares & Stock Brokers Private Limited            Ahmedabad
 28     Ardee Exports Private Limited                           Kolkata
 29     Arihant Capital Markets Limited                         Mumbai
 30     Arihant Metcom Private Limited                          Kolkata
 31     Aryan Share And Stock Brokers Limited                   Chennai
 32     Ashika Commodities And Derivatives Private Limited      Kolkata
 33     Ashika Stock Broking Limited                            Mumbai
 34     Ashokkumar K Damani                                     Mumbai
 35     Asit C Mehta Investment Intermediates Limited           Mumbai
 36     Bakliwal Financial Services India Private Limited       Mumbai
 37     Balaji Equities Limited                                 Vijayawada
 38     Baljit Securities Limited                               Kolkata
 39     Basis Point Commodities Private Limited                 Mumbai
 40     Betala Stock Broking Limited                            Mumbai
India’s Leading                                                      Alphabetical Listing   L2
  Equity Broking Houses 2008
Sr No   Company Name                                     City /District
 41     Bharat Bhushan Equity Traders Limited            New Delhi
 42     Bhas Commodities Private Limited                 Wayanad
 43     Bonanza Portfolio Limited                        New Delhi
 44     Boost Marketing Private Limited                  New Delhi
 45     Brics Securities Limited                         Mumbai
 46     C D Equisearch Private Limited                   Kolkata
 47     C I L Securities Limited                         Hyderabad
 48     C N B Finwiz Limited                             New Delhi
 49     Capital Wizard Stock Broking                     Ghaziabad
 50     Carnation Financial Services Limited             Kolkata
 51     Chona Financial Services Private Limited         Chennai
 52     Citigroup Global Markets India Private Limited   Mumbai
 53     Cochin Stock Brokers Limited                     Kochi
 54     Coimbatore Capital Limited                       Coimbatore
 55     Composite Investments Private Limited            Bangalore
 56     Consortium Securities Private Limited            New Delhi
 57     Cosmic Commodity Private Limited                 Unjha
 58     Credential Stock Brokers Limited                 New Delhi
 59     Crimson Financial Services Limited               New Delhi
 60     Cross Seas Capital Services Private Limited      Mumbai
 61     Cub Share Broking Securities Limited             Chennai
 62     D B S Cholamandalam Securities Limited           Chennai
 63     Dalal & Broacha Stock Broking Private Limited    Mumbai
 64     Dalmia Securities Private Limited                Kolkata
 65     Dammani Investments                              Bikaner
 66     Deep Commodities Private Limited                 Surat
 67     Dhandania Commodity Private Limited              Nagpur
 68     Dhyan Stock Broking Private Limited              Mumbai
 69     Doha Brokerage & Financial Services Limited      Kochi
 70     Dolat Capital Market Private Limited             Mumbai
 71     Edelweiss Securities Limited                     Mumbai
 72     Elite Stock Management Limited                   New Delhi
 73     Emkay Share & Stock Brokers Limited              Mumbai
 74     Eureka Stock & Share Broking Services Limited    Kolkata
 75     Express Securities Private Limited               New Delhi
 76     Farsight Securities Limited                      New Delhi
 77     Finquest Securities Private Limited              Mumbai
 78     First Financial Holdings Limited                 Chennai
 79     Ford Brothers Capital Services Limited           Mumbai
 80     Fortune Commodities                              Bangalore
 81     Fortune Futures Private Limited                  Indore
 82     G Das Shares & Stock Brokers Private Limited     Mumbai
 83     G S Futures Commodity                            Bikaner
India’s Leading                                                             Alphabetical Listing   L3
  Equity Broking Houses 2008
Sr No   Company Name                                            City /District
 84     Galaxy Enterprises                                      Jaipur
 85     Gandhi Securities & Investment Private Limited          Mumbai
 86     Garg Commodities Private Limited                        Kolkata
 87     Gaurav Comtrade Private Limited                         Delhi
 88     Gautam Labdhi Commodities Private Limited               Mumbai
 89     Geojit Commodities Limited                              Kochi
 90     Girraj Multi Commodity & Securities                     Jaipur
 91     Gogia International Securities Limited                  New Delhi
 92     Gold Coin Capital Market Private Limited                Kolkata
 93     Greenback Commodities Private Limited                   Mumbai
 94     Grishma Intermediaries Private Limited                  Mumbai
 95     Guiness Securities Limited                              Kolkata
 96     Gupta Equities Private Limited                          Mumbai
 97     Guru Share Brokers Private Limited                      Jaipur
 98     H S E Securities Limited                                Hyderabad
 99     HEM Securities Private Limited                          Jaipur
100     I C D S Securities Limited                              Bangalore
101     I S E Securities & Services Limited                     Navi Mumbai
102     I T I Financial Services                                Chennai
103     IL&FS Investsmart Securities Limited                    Mumbai
104     Inani Securities Limited                                Hyderabad
105     India Advantage Securities Limited                      Mumbai
106     India Capital Markets Private Limited                   Mumbai
107     India Cements Investment Services Limited               Chennai
108     India Infoline Limited                                  Mumbai
109     Indiabulls Securities Limited                           New Delhi
110     Indistock Securities Limited                            Mumbai
111     Intime Spectrum Securities Limited                      Mumbai
112     Inventure Growth & Securities Limited                   Mumbai
113     J B Multi Commodity                                     Nokha
114     J G Shah Financial Consultants Private Limited          Mumbai
115     J H P Securities Private Limited                        Mumbai
116     J K Securities Private Limited                          Anand
117     J M Financial Services Private Limited                  Mumbai
118     J R G Securities Limited                                Kochi
119     J V Capital Services Private Limited                    New Delhi
120     Jainam Commodities Private Limited                      Surat
121     Jainam Share Consultant Private Limited                 Surat
122     Jaju Commodities Private Limited                        Hyderabad
123     Jamnadas Virji Shares & Stock Brokers Private Limited   Mumbai
124     Jay Ambey Commodities Private Limited                   New Delhi
125     Jayanti Commodities Private Limited                     Jaipur
126     Jet Age Securities Private Limited                      Kolkata
India’s Leading                                                                 Alphabetical Listing   L4
  Equity Broking Houses 2008
Sr No   Company Name                                                City /District
127     Jhaveri Securities Private Limited                          Vadodara
128     Jyoti Commodities Private Limited                           New Delhi
129     K B Commodities Private Limited                             Nasik
130     K J M C Capital Market Services Limited                     Mumbai
131     K M Jain Stock Brokers Private Limited                      Mumbai
132     Kamal Kumar Jalan Securities Private Limited                Mumbai
133     Kantilal Chhaganlal Securities Private Limited              Mumbai
134     Karvy Comtrade Limited                                      Hyderabad
135     Karvy Stock Broking Limited                                 Hyderabad
136     Kassa Finvest Private Limited                               New Delhi
137     Kaynet Commodities Private Limited                          Pune
138     Kaynet Finance Limited                                      Pune
139     Kedia Shares & Stock Brokers Limited                        Mumbai
140     Khambatta Securities Limited                                Mumbai
141     Khandwala Integrated Financial Services Private Limited     Ahmedabad
142     Khandwala Securities Limited                                Mumbai
143     Kisan Ratilal Choksey Shares & Securities Private Limited   Mumbai
144     Kotak Securities Limited                                    Mumbai
145     Kredent Brokerage Services Limited                          Kolkata
146     Kredent Commodities Private Limited                         Kolkata
147     Krish Commodities India Private Limited                     Mumbai
148     Krishana Commodities                                        New Delhi
149     Kshitiz Commotrade Private Limited                          Kolkata
150     Kunvarji Commodities Brokers Private Limited                Ahmedabad
151     Kunvarji Finstock Private Limited                           Ahmedabad
152     L K P Securities Limited                                    Mumbai
153     L M P Commodities Private Limited                           Allahabad
154     Lalkar Securities Private Limited                           Mumbai
155     Latin Manharlal Securities Private Limited                  Mumbai
156     Lohia Securities Limited                                    Kolkata
157     M P Bullion                                                 Indore
158     M S E Financial Services Limited                            Chennai
159     Mahalakshmi Commodities                                     Guntur
160     Maheshwari Technical & Financial Services Limited           New Delhi
161     Manashvi Securities Limited                                 Mumbai
162     Manokamna Commodities                                       Indore
163     Mansukh Securities & Finance Limited                        New Delhi
164     Marfatia Stock Broking Private Limited                      Vadodara
165     Market Creators Limited                                     Vadodara
166     Marwadi Shares & Finance Limited                            Rajkot
167     Master Capital Services Limited                             Mumbai
168     Mavji Haribhai Commodities                                  Rajkot
169     MF Global Sify Securities India Private Limited             Mumbai
India’s Leading                                                                  Alphabetical Listing   L5
  Equity Broking Houses 2008
Sr No   Company Name                                                 City /District
170     Microsec Capital Limited                                     Kolkata
171     Microsec Commerze Limited                                    Kolkata
172     Milestone Commodity Broking Private Limited                  Kolkata
173     Mithun Securities Private Limited                            New Delhi
174     Motilal Oswal Securities Limited                             Mumbai
175     Multiplex Capital Limited                                    Delhi
176     N N M Securities Private Limited                             Mumbai
177     Nakamichi Securities Limited                                 Kolkata
178     Nangalia Holdings Private Limited                            Mumbai
179     Networth Stock Broking Limited                               Mumbai
180     Nikunj Stock Brokers Limited                                 New Delhi
181     Nirmal Bang Securities Private Limited                       Mumbai
182     O J Financial Services Limited                               Delhi
183     Omniscient Commodities Private Limited                       Mumbai
184     Ortem Securities Limited                                     Kolkata
185     P C S Securities Limited                                     Hyderabad
186     P P R Comdex Private Limited                                 Ghaziabad
187     P S E Securities Limited                                     Pune
188     Pamas Holdings Private Limited                               New Delhi
189     Parag Parikh Financial Advisory Services Limited             Mumbai
190     Parko Commodities (India) Private Limited                    Ahmedabad
191     Pashupati Capital Services Private Limited                   Mumbai
192     Patco Investments And Consultancy Services Private Limited   Chennai
193     Pavak Securities Private Limited                             Mumbai
194     Pelf Finstock Limited                                        New Delhi
195     Pinnacle Brocom Private Limited                              Mumbai
196     Poddar Commodities Private Limited                           Kolkata
197     Prakash K Shah Shares & Securities Private Limited           Mumbai
198     Pravin Ratilal Share And Stock Brokers Limited               Ahmedabad
199     Premium Commodities Private Limited                          Navi Mumbai
200     Premium Global Securities Private Limited                    Indore
201     Pride Commodity Private Limited                              Ahmedabad
202     Pritam Vinay Commodity House                                 New Delhi
203     Prognosis Commodities Private Limited                        Kolkata
204     Pushpak Commodity Brokers                                    Bhavnagar
205     R K Stockholding Private Limited                             New Delhi
206     R L P Securities Private Limited                             Hyderabad
207     R M Share Trading Private Limited                            Kolkata
208     R N Patwa Shares & Stock Brokers Private Limited             Mumbai
209     R S Credits Private Limited                                  Bikaner
210     R Wadiwala Securities Private Limited                        Surat
211     Radhe Commodities                                            Jodhpur
212     Raga Commodities Private Limited                             Jabalpur
India’s Leading                                                                Alphabetical Listing   L6
  Equity Broking Houses 2008
Sr No   Company Name                                               City /District
213     Raga Securities & Finance Private Limited                  Jabalpur
214     Raghunandan Industries Private Limited                     Agra
215     Rajesh Bordia                                              Ratlam
216     Rajvi Stock Broking Limited                                Ahmedabad
217     Ratnakar Securities Private Limited                        Ahmedabad
218     Reliance Money Limited                                     Mumbai
219     Riddhi Siddhi Commodity House                              Jaipur
220     Rishu Commodities Private Limited                          New Delhi
221     RR Equity Brokers Private Limited                          New Delhi
222     S G Online                                                 Alwar
223     S I C Stocks & Services Private Limited                    Mumbai
224     S K I Capital Services Limited                             New Delhi
225     S K Jain Commodities                                       New Delhi
226     S K P Securities Limited                                   Kolkata
227     S P T Securities Limited                                   Kolkata
228     S S J Finance & Securities Private Limited                 Mumbai
229     S S Kantilal Ishwarlal Securities Private Limited          Mumbai
230     S V S Securities Private Limited                           Mumbai
231     Saaketa Consultant Limited                                 Hyderabad
232     Saamco Consultant Limited                                  Lucknow
233     Safe Commodities                                           Jodhpur
234     Saikripa Securities Limited                                Mumbai
235     Sajag Securities Private Limited                           Pune
236     Saket Commodeal Private Limited                            Kolkata
237     Sanskriti Enterprises                                      Udaipur
238     SBICAP Securities Private Limited                          Mumbai
239     Seema Securities Private Limited                           Agra
240     Shisodiya Futures                                          Ajmer
241     Shree Jee Investments                                      Jodhpur
242     Shree Paras Derivatives Brokers Private Limited            Kota
243     Shreyas Stock Private Limited                              Chennai
244     Single Window Securities Limited                           Coimbatore
245     Sino Credits & Leasing Limited                             New Delhi
246     SMC Global Securities Limited                              Delhi
247     Solar Tradelinks Private Limited                           Mumbai
248     Soni Commodities Private Limited                           Ahmedabad
249     Sri Mahalakshmi Shares Private Limited                     Chennai
250     Sudhratan Securities & Investments Limited                 Mumbai
251     Sugal And Damani Share And Stock Brokers Private Limited   Chennai
252     Sunrise Commodities                                        Bhatinda
253     Surana E Trade                                             Chennai
254     Sushil Finance Consultants Limited                         Mumbai
255     Svarn Financial Service Private Limited                    New Delhi
India’s Leading                                                       Alphabetical Listing   L7
  Equity Broking Houses 2008
Sr No   Company Name                                      City /District
256     Swastika Finlease Limited                         Indore
257     Swastika Investmart Limited                       Indore
258     Sykes & Ray Equities (I) Limited                  Mumbai
259     Techno Shares & Stocks Limited                    Mumbai
260     The Ganga Nagar Commodity Exchange Limited        Sriganganagar
261     The Omniscient Securities Private Limited         Mumbai
262     Trade Winds Impex Private Limited                 Indore
263     Transwarranty Capital Private Limited             Mumbai
264     True Value Commodities Private Limited            Ahmedabad
265     U P S E Securities Limited                        Kanpur
266     U T I Securities Limited                          Mumbai
267     Unicon Financial Intermediaries Private Limited   New Delhi
268     Urja Investment Private Limited                   Mumbai
269     V C K Share & Stock Broking Services Limited      Kolkata
270     Vertex Securities Limited                         Kochi
271     Vinod And Company                                 Jodhpur
272     Vogue Commercial Company Limited                  New Delhi
273     Yashwi Securities Private Limited                 Kolkata
274     Yug Commodities Private Limited                   Delhi
275     Zen Securities Limited                            Hyderabad
276     Zodiac Broking Private Limited                    Mumbai
India’s Leading                                                        Equity Terminal Listing   L8
  Equity Broking Houses 2008


India’s Leading Equity Broking Houses 2008
Rank    Company Name                                              Total No of Terminals
 1      Motilal Oswal Securities Limited                                          7923
 2      Angel Broking Limited                                                     5715
 3      Kotak Securities Limited                                                  4320
 4      SMC Global Securities Limited                                             4036
 5      Marwadi Shares & Finance Limited                                          3555
 6      Bonanza Portfolio Limited                                                 3019
 7      Indiabulls Securities Limited                                             2876
 8      Anagram Securities Limited                                                2556
 9      Adroit Financial Services Private Limited                                 2481
 10     Reliance Money Limited                                                    2428
 11     Arcadia Share & Stock Brokers Private Limited                             2343
 12     J R G Securities Limited                                                  2048
 13     Asit C Mehta Investment Intermediates Limited                             1799
 14     Karvy Stock Broking Limited                                               1700
 15     Khandwala Integrated Financial Services Private Limited                   1652
 16     IL&FS Investsmart Securities Limited                                      1644
 17     Anand Rathi Securities Limited                                            1527
 18     I S E Securities & Services Limited                                       1500
 18     Master Capital Services Limited                                           1500
 20     India Infoline Limited                                                    1354
 21     Arihant Capital Markets Limited                                           1145
 22     Unicon Financial Intermediaries Private Limited                           1129
 23     Edelweiss Securities Limited                                              1030
 24     L K P Securities Limited                                                  1013
 25     Sushil Finance Consultants Limited                                        1008
 26     Alankit Assignments Limited                                                925
 27     Sykes & Ray Equities (I) Limited                                           860
 28     U T I Securities Limited                                                   835
 29     Nirmal Bang Securities Private Limited                                     790
 30     Consortium Securities Private Limited                                      762
 31     Eureka Stock & Share Broking Services Limited                              700
 31     HEM Securities Private Limited                                             700
 31     Mansukh Securities & Finance Limited                                       700
 34     Networth Stock Broking Limited                                             698
 35     Ashika Stock Broking Limited                                               672
 36     MF Global Sify Securities Private Limited                                  600
 37     A S E Capital Markets Limited                                              586
 38     Techno Shares & Stocks Limited                                             559
 39     Inventure Growth & Securities Limited                                      539
 40     J H P Securities Private Limited                                           500
India’s Leading                                                          Equity Terminal Listing   L9
  Equity Broking Houses 2008
Rank    Company Name                                                Total No of Terminals

 40     P C S Securities Limited                                                     500
 40     Swastika Investmart Limited                                                  500
 43     Coimbatore Capital Limited                                                   495
 44     Doha Brokerage & Financial Services Limited                                  490
 45     Emkay Share & Stock Brokers Limited                                          486
 46     Jhaveri Securities Private Limited                                           475
 47     Vogue Commercial Company Limited                                             454
 48     I T I Financial Services                                                     446
 49     Latin Manharlal Securities Private Limited                                   425
 50     Kisan Ratilal Choksey Shares & Securities Private Limited                    423
 51     Kantilal Chhaganlal Securities Private Limited                               398
 52     RR Equity Brokers Private Limited                                            383
 53     R K Stockholding Private Limited                                             350
 53     S S J Finance & Securities Private Limited                                   350
 55     Kunvarji Finstock Private Limited                                            345
 56     Cochin Stock Brokers Limited                                                 315
 57     Guiness Securities Limited                                                   300
 58     India Capital Markets Private Limited                                        288
 59     Capital Wizard Stock Broking                                                 280
 60     Zen Securities Limited                                                       270
 61     Brics Securities Limited                                                     263
 62     Microsec Capital Limited                                                     250
 62     Multiplex Capital Limited                                                    250
 62     Swastika Finlease Limited                                                    250
 65     S K P Securities Limited                                                     249
 66     Vertex Securities Limited                                                    235
 67     Market Creators Limited                                                      234
 68     J M Financial Services Private Limited                                       216
 69     Farsight Securities Limited                                                  210
 70     Ajmera Associates Private Limited                                            209
 71     Ajay Natavarlal Securities Private Limited                                   200
 71     Maheshwari Technical & Financial Services Limited                            200
 71     Ratnakar Securities Private Limited                                          200
 74     S K I Capital Services Limited                                               197
 75     Kassa Finvest Private Limited                                                184
 76     Balaji Equities Limited                                                      180
 76     C N B Finwiz Limited                                                         180
 76     Kredent Brokerage Services Limited                                           180
 79     S V S Securities Private Limited                                             175
 80     Bakliwal Financial Services India Private Limited                            160
 80     Prakash K Shah Shares & Securities Private Limited                           160
 82     Gupta Equities Private Limited                                               155
 82     Shreyas Stock Private Limited                                                155
India’s Leading                                                           Equity Terminal Listing   L10
  Equity Broking Houses 2008
Rank    Company Name                                                 Total No of Terminals

 84     Baljit Securities Limited                                                     150
 84     Dolat Capital Market Private Limited                                          150
 84     Elite Stock Management Limited                                                150
 84     Lohia Securities Limited                                                      150
 84     Manashvi Securities Limited                                                   150
 89     India Advantage Securities Limited                                            148
 90     Jainam Share Consultant Private Limited                                       140
 90     Sino Credits & Leasing Limited                                                140
 92     Mithun Securities Private Limited                                             138
 93     Pashupati Capital Services Private Limited                                    126
 94     Gandhi Securities & Investment Private Limited                                115
 95     D B S Cholamandalam Securities Limited                                        113
 96     P S E Securities Limited                                                      108
 97     Chona Financial Services Private Limited                                      105
 97     Kamal Kumar Jalan Securities Private Limited                                  105
 99     C I L Securities Limited                                                      101
 99     V C K Share & Stock Broking Services Limited                                  101
101     R L P Securities Private Limited                                              100
102     Cub Share Broking Securities Limited                                           98
103     H S E Securities Limited                                                       97
104     A G Shares & Securities Limited                                                88
105     Seema Securities Private Limited                                               86
106     Rajvi Stock Broking Limited                                                    85
107     U P S E Securities Limited                                                     82
108     R Wadiwala Securities Private Limited                                          77
109     C D Equisearch Private Limited                                                 75
110     I C D S Securities Limited                                                     70
110     J G Shah Financial Consultants Private Limited                                 70
110     Sugal And Damani Share And Stock Brokers Private Limited                       70
110     The Omniscient Securities Private Limited                                      70
114     Finquest Securities Private Limited                                            67
115     Gogia International Securities Limited                                         65
115     Nakamichi Securities Limited                                                   65
117     Saaketa Consultant Limited                                                     62
118     Solar Tradelinks Private Limited                                               61
119     India Cements Investment Services Limited                                      60
119     Kaynet Finance Limited                                                         60
119     Urja Investment Private Limited                                                60
122     Saikripa Securities Limited                                                    58
123     Cross Seas Capital Services Private Limited                                    57
124     K M Jain Stock Brokers Private Limited                                         56
125     Sri Mahalakshmi Shares Private Limited                                         53
126     Patco Investments And Consultancy Services Private Limited                     52
India’s Leading                                                      Equity Terminal Listing   L11
  Equity Broking Houses 2008
Rank    Company Name                                            Total No of Terminals

127     M S E Financial Services Limited                                          51
127     Raga Securities & Finance Private Limited                                 51
129     A S Stock Broking & Management Private Limited                            50
129     Aryan Share And Stock Brokers Limited                                     50
129     Bharat Bhushan Equity Traders Limited                                     50
129     Crimson Financial Services Limited                                        50
129     J V Capital Services Private Limited                                      50
129     Pelf Finstock Limited                                                     50
129     R M Share Trading Private Limited                                         50
136     Dalal & Broacha Stock Broking Private Limited                             49
137     Single Window Securities Limited                                          48
138     Transwarranty Capital Private Limited                                     46
139     Credential Stock Brokers Limited                                          45
139     Sajag Securities Private Limited                                          45
141     Anush Shares & Securities Private Limited                                 43
141     J K Securities Private Limited                                            43
141     S S Kantilal Ishwarlal Securities Private Limited                         43
144     R N Patwa Shares & Stock Brokers Private Limited                          41
145     Citigroup Global Markets India Private Limited                            40
145     First Financial Holdings Limited                                          40
145     Pamas Holdings Private Limited                                            40
145     S P T Securities Limited                                                  40
145     Svarn Financial Service Private Limited                                   40
150     Dhyan Stock Broking Private Limited                                       36
151     Arch Finance Limited                                                      35
151     Betala Stock Broking Limited                                              35
151     Khambatta Securities Limited                                              35
151     S I C Stocks & Services Private Limited                                   35
155     A F N Langrana Shares & Stock Brokers Private Limited                     34
155     Pravin Ratilal Share And Stock Brokers Limited                            34
156     Lalkar Securities Private Limited                                         33
157     Ford Brothers Capital Services Limited                                    32
158     Marfatia Stock Broking Private Limited                                    30
158     Yashwi Securities Private Limited                                         30
161     Indistock Securities Limited                                              28
162     Ambit Capital Private Limited                                             26
163     Action Financial Services (India) Limited                                 25
163     Dalmia Securities Private Limited                                         25
163     G Das Shares & Stock Brokers Private Limited                              25
163     K J M C Capital Market Services Limited                                   25
163     Surana E Trade                                                            25
168     Gold Coin Capital Market Private Limited                                  24
168     Jamnadas Virji Shares & Stock Brokers Private Limited                     24
India’s Leading                                                 Equity Terminal Listing   L12
  Equity Broking Houses 2008
Rank    Company Name                                       Total No of Terminals

170     Alka Securities Limited                                              22
170     Pavak Securities Private Limited                                     22
172     Jet Age Securities Private Limited                                   21
173     A S L Capital Holdings Private Limited                               20
173     Adinath Stock Broking Limited                                        20
173     Ashokkumar K Damani                                                  20
173     Express Securities Private Limited                                   20
173     Guru Share Brokers Private Limited                                   20
173     Inani Securities Limited                                             20
173     Khandwala Securities Limited                                         20
173     N N M Securities Private Limited                                     20
173     Nangalia Holdings Private Limited                                    20
173     Nikunj Stock Brokers Limited                                         20
173     Ortem Securities Limited                                             20
173     Parag Parikh Financial Advisory Services Limited                     20
173     Premium Global Securities Private Limited                            20
186     SBICAP Securities Private Limited                                    19
187     Archi Shares & Stock Brokers Private Limited                         17
188     Carnation Financial Services Limited                                 16
188     Composite Investments Private Limited                                16
188     Zodiac Broking Private Limited                                       16
191     Intime Spectrum Securities Limited                                   15
191     Kedia Shares & Stock Brokers Limited                                 15
191     O J Financial Services Limited                                       15
India’s Leading                                              Commodity Terminal Listing   L13
  Equity Broking Houses 2008


India’s Leading Equity Broking Houses 2008
Rank    Company Name                                          Total No of Terminals
 1      Geojit Commodities Limited                                             627
 2      Karvy Comtrade Limited                                                 560
 3      Angel Commodities Broking Private Limited                              470
 4      Kunvarji Commodities Brokers Private Limited                           249
 5      True Value Commodities Private Limited                                 150
 6      Raghunandan Industries Private Limited                                 111
 7      Ashika Commodities And Derivatives Private Limited                     100
 8      Kredent Commodities Private Limited                                     85
 9      Vinod And Company                                                       80
 10     A N G Commodities Private Limited                                       70
 10     Krishana Commodities                                                    70
 10     Pinnacle Brocom Private Limited                                         70
 13     Alpha Commodity Exchange Private Limited                                65
 14     M P Bullion                                                             56
 15     Agarwal Commodity Trading Company                                       35
 15     Riddhi Siddhi Commodity House                                           35
 17     Fortune Commodities                                                     34
 18     Shree Jee Investments                                                   30
 19     Sunrise Commodities                                                     29
 20     Jyoti Commodities Private Limited                                       27
 21     G S Futures Commodity                                                   26
 22     Basis Point Commodities Private Limited                                 25
 22     Dhandania Commodity Private Limited                                     25
 22     Prognosis Commodities Private Limited                                   25
 22     Rajesh Bordia                                                           25
 22     The Ganga Nagar Commodity Exchange Limited                              25
 27     Sanskriti Enterprises                                                   23
 28     Parko Commodities (India) Private Limited                               22
 29     Gautam Labdhi Commodities Private Limited                               20
 29     Jay Ambey Commodities Private Limited                                   20
 29     Jayanti Commodities Private Limited                                     20
 29     Mavji Haribhai Commodities                                              20
 29     Microsec Commerze Limited                                               20
 29     P P R Comdex Private Limited                                            20
 29     Rishu Commodities Private Limited                                       20
 29     Sudhratan Securities & Investments Limited                              20
 37     Cosmic Commodity Private Limited                                        18
 37     Deep Commodities Private Limited                                        18
 39     Dammani Investments                                                     17
 39     Raga Commodities Private Limited                                        17
India’s Leading                                           Commodity Terminal Listing   L14
  Equity Broking Houses 2008
Rank    Company Name                                       Total No of Terminals

 41     Aaryavart Commodities Private Limited                                16
 41     Trade Winds Impex Private Limited                                    16
 43     Gaurav Comtrade Private Limited                                      15
 43     Girraj Multi Commodity & Securities                                  15
 43     Pushpak Commodity Brokers                                            15
 43     R S Credits Private Limited                                          15
 43     Shisodiya Futures                                                    15
 48     Soni Commodities Private Limited                                     13
 48     Yug Commodities Private Limited                                      13
 50     Jainam Commodities Private Limited                                   12
 50     Safe Commodities                                                     12
 50     Shree Paras Derivatives Brokers Private Limited                      12
 53     Krish Commodities India Private Limited                              11
 54     A R M Commodities Private Limited                                    10
 54     Agarwal Secu-Comm Private Limited                                    10
 54     Ardee Exports Private Limited                                        10
 54     Bhas Commodities Private Limited                                     10
 54     Grishma Intermediaries Private Limited                               10
 54     J B Multi Commodity                                                  10
 54     Kshitiz Commotrade Private Limited                                   10
 54     Mahalakshmi Commodities                                              10
 54     Omniscient Commodities Private Limited                               10
 54     Pride Commodity Private Limited                                      10
 54     Saket Commodeal Private Limited                                      10
 65     Greenback Commodities Private Limited                                 9
 66     Fortune Futures Private Limited                                       8
 66     Garg Commodities Private Limited                                      8
 66     L M P Commodities Private Limited                                     8
 66     S G Online                                                            8
 70     Galaxy Enterprises                                                    7
 70     Poddar Commodities Private Limited                                    7
 70     Saamco Consultant Limited                                             7
 73     Arihant Metcom Private Limited                                        6
 73     Boost Marketing Private Limited                                       6
 73     Kaynet Commodities Private Limited                                    6
 73     Milestone Commodity Broking Private Limited                           6
 73     Radhe Commodities                                                     6
 78     Jaju Commodities Private Limited                                      5
 78     K B Commodities Private Limited                                       5
 78     Manokamna Commodities                                                 5
 78     Premium Commodities Private Limited                                   5
 78     Pritam Vinay Commodity House                                          5
 78     S K Jain Commodities                                                  5
India’s Leading Equity Broking Houses 2008
Published in India by dun & Bradstreet Information services India pvt Ltd. (d&B)

registered office
ICC Chambers, Saki Vihar Road,
Powai, Mumbai - 400 072.
Tel:	+91	22	6680	1300/2847	6291-92-93
Fax:	+91	22	2847	6281/82
Email: eagops@mail.dnb.co.in
URL: www.dnb.co.in
new delhi office                            Bangalore office                        d&B predictive sciences &
FB - 01, NSIC STP Centre,                   No.	7/2	Gajanana	Towers,	               analytics pvt Ltd
NSIC Bhawan,                                1st Floor, Annaswamy Mudaliar Street,   9th	Floor,	Prince	Infocity,	286/1,	
Okhla Industrial Estate,                    Opposite Ulsoor Lake,                   Old Mahabalipuram Road,
New Delhi - 110 020.                        Bangalore – 560 042.                    Kandanchavadi,	Kottivakkam,	
Tel:	+91	11	4149	7900/01/6537	8227          Tel	:	+91	80	4073	1100	                 Chennai – 600 096.
Fax: +91 11 4149 7902                       Fax	:	+91	80		4073	1110                 Tel: +91 44 6677 9999
Email: dbdelhi@mail.dnb.co.in               Email: dnbblr@vsnl.com                  Fax:	+91	44	6677	9988
                                                                                    Email: info@chn.dnb.co.in
ahmedabad office                            Chennai office
G-01, Samruddhi,                            2D, 2nd Floor, Taas Mahal,
Opp. Old High Court,                        10, Montieth Road, Egmore,
Ahmedabad	-	380	014.                        Chennai	-	600	008.
Tel:	+91	79	2754	0558/59                    Tel	:	+91	44	2851	6648/79
Fax: +91 79 2754 0560                       Fax	:+91	44	2851	6698
Email: dbabd@mail.dnb.co.in                 Email: dbmadras@mail.dnb.co.in
kolkata office                              Hyderabad office
166B, S.P. Mukherjee Road,                  103, “Saeed Plaza”, 6-1-73,
Merlin Links, 3rd Floor, Unit 3E,           Above	HDFC	Bank,	Lakdi-Ka-Pul,
Kolkata	-	700	026.                          Hyderabad - 500 004.
Tel: +91 33 2465 0204                       Tel: +91 40 6662 4102, 6651 4102
Fax: +91 33 2465 0205                       Fax:	+91	40	6661	9358
Email: dbkolkata@mail.dnb.co.in             Email: hyd2_dnbhyd@sancharnet.in


Editor                   Dr Bandi Ram Prasad
sub-Editors		            Avinash	Khemka,	Diya	Sengupta
Editorial team           Ajay	Lobo,	Kamna	Adhikari,	Samar	Mirza,	Deepa	Venkateshwaran,	Dheeren	Khemani,	
                         Hemant Sangani, Ishwari Joshi, Leroy Dsouza, Ritumegha Mehta, Someraj Bhowmik,
                         Maggie Rodrigues, Pratyusha Nandy, Roli Srivastava, Ajit Parab, Imran Baig, Mahendra Mahale
Marketing                Ravi Saneja

                         Mamta	Singh,	Kopal	Dube,	Payal	Thakkar,	Ami	Shah,	Alok	Gupta,	Meenal	Chandorkar,	
                         Mansi Narayan, Mrinal Agarwal, Gagan Bhatla, Neethi Rana, Sudeshna Ghosh Sharma,
                         Nitu Choudhary, Gopikrishnan Manghat, Anisha Thadani
operations team		 Abhishek	Dalvi,	Nadeem	Kazi,	Vishwa	Desai
design team              Mohan Chilvery, Pramod Vast, Sachin Darge,
                         Tushar Awate, Shilpa Chandolikar, Sonal Gangnaik, Parul Nirmal

all rights reserved
This publication is copyright and all rights are reserved. Apart from any fair dealing for the purpose of private study,
research, criticism or review as permitted under the Copyright Act, no part may be reproduced by any process without written
permission. Enquiries should be addressed to the publishers.
Although every effort has been made in compiling and checking the information given in this publication to ensure that
it is accurate, the authors, the publishers and their servants or agents shall not be held responsible for the continued
currency of the information or for any errors, negligence or otherwise howsoever or for any consequence arising therefrom.
India’s Leading Equity Broking Houses 2008
Second Edition
ISBN	978-81-89262-22-8
printed By         Srinivas Fine Arts (P) Ltd.

				
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Description: this is a study on various broking houses in india and their detials..