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. 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