Harsh Gemavat

Nirmal Bang Equities Pvt Ltd. is the brokerage subsidiary of Nirmal Bang Financial Services in India. Headquartered in Mumbai, the firm was founded in 1986 and offers corporate houses and institutions dealing capabilities on India stock exchanges (NSE and BSE) in the cash and derivatives segments. This unit has devised a process driven approach to address the needs of institutional clients who have unique and specialized investment needs. Their specialized services consist of the most experienced market professionals and Institutional Broking Services are backed by an insightful research team who provide the most in-depth reports on the markets.

ICICI Securities Ltd. (Broker) is the brokerage division of ICICI Securities Ltd., a subsidiary of ICICI Bank Ltd. (NSE: ICICIBANK) in India. Headquartered in Mumbai, the firm was founded in 1995 and offers retail trading and investment services for corporates, financial institutions, high net-worth individuals and retail investors.

Anand Rathi Financial Services Ltd. (ARFS) is an independent securities brokerage firm headquartered in Mumbai, India. The firm was founded in 1994 as Anand Rathi Securities Ltd. ARFS provides Indian equities trading capabilities in the mid and small-cap companies to institutions, corporations, high net-worth individuals and families.

IDBI Capital Markets & Securities Ltd. (ICMS) is the brokerage subsidiary of IDBI Bank Ltd. (NSE: IDBI). The firm is headquartered in Mumbai. ICMS provides brokerage services to their clients.

SBICAP Securities Ltd. (SSL) is the wholly-owned brokerage subsidiary of SBI Capital Markets Ltd., itself a subsidiary of the Indian Government's State Bank of India (BOM: 500112, NSE: SBIN). The firm was created in 2006 to take over the broking operations of SBI Capital Markets Ltd., which was founded in 2001. Headquartered in Mumbai, SSL provides broking services to a range of investors including financial institutions, FIIs, mutual funds, banks, corporates, high-net worth individual, non-residential investors and retail Indian investors. Its broking product range covers Institutional and Retail Equity, Derivatives, Depository Participant services, On-Line trading and a wide variety of Third Party Distribution products.

Karvy Stock Broking Ltd. (KSBL) is an independent brokerage firm headquartered in Hyderabad, India. The firm offers stock broking services to corporate, institutions and individual investors. Their services include share trading, currency trading, demat services and investment in various financial products at competitive brokerage charges in each segment. KSBL offers a user-friendly online trading platform in the industry that provides the benefits of trading in equities, derivatives and currencies. It also facilitates investments in bonds, NCDs, exchange traded funds (ETF) and mutual funds.

Equirus Capital Pvt Ltd. is an investment bank based in Mumbai, IN. and has subsidiaries in India. The private company was founded in 2007 by Ajay Garg, who has been the CEO since 2007. The company's expertise in structuring and delivering transactions tailored to client needs sets them apart, and they provide proven solutions to maximize investments. Equirus has established a reputation and market presence across domains, offering expert advisory for growth, capital, and wealth management.

JM Financial Institutional Securities Ltd. (JMF-IS) is the securities arm of JM Financial Services Ltd., which is owned by JM Financial Ltd. (NSE: JMFINANCIL), an integrated financial services group based in India. Headquartered in Mumbai, the firm was founded in 1995 as ASK-Raymond James & Associates Pvt Ltd., a joint venture between India-based ASK Investment and Financial Consultants Ltd., US-based Raymond James Financial, Inc. and Bharat Shah. JMF-IS provides trade execution services as well as research and analysis with a strong focus on the Indian economy. Their clients are domestic and offshore institutions, high-net worth individuals and non-resident Indians.

Part of IndiaNivesh Ltd., IndiaNivesh Securities Ltd. is a Mumbai-based company that offers online share trading, financial updates, and a range of investment options such as equities, mutual funds, commodities, currencies, private equity, and portfolio management services. The company provides tailored brokerage solutions and advisory services, and clients can access their online share trading account from their mobile, tablet, and desktop. IndiaNivesh Securities also offers research reports on different financial products such as equity, mutual fund, commodity, and currency. The company was founded by Dinesh Kumar Nuwal, who has been the CEO since incorporation. IndiaNivesh Securities was acquired by Sanyei Corp. Ltd. on February 02, 2006 for $1.13 million.

Investec Capital Services (India) Pvt Ltd. (Investec India) is a securities broker headquartered in Mumbai, India. The firm was founded in 2010 and is a subsidiary of Investec Bank Plc, which is owned by Investec Plc (LON: INVP; OTCMKTS: IVTJF) in Great Britain. Investec India provides execution services for investors interested in Indian equities.

Elara Securities (India) Pvt Ltd. (Elara Securities India) is a securities brokerage firm headquartered in Mumbai, India. The firm was founded in 2007 and is a subsidiary of Elara Capital (India) Pvt Ltd., which is owned by Elara Capital Plc in Great Britain. Elara Securities India is a market maker across Indian cash equities and equity derivatives and offers execution services across a host of platforms, state of the art services in term of DMA, algorithm trading, and state of the art programs. They serve long only funds, hedge funds and asset management companies and private banks amongst other institutions.

Emkay Global Financial Services Ltd. (Broker) (Emkay-Broker) is the securities brokerage division of Emkay Global Financial Services Ltd. (NSE: EMKAY), a publicly held financial services company headquartered in Mumbai, India. Founded in 1995, Emkay-Broker offers commodities, currency derivatives and retail broking services to various investors.

DAM Capital Advisors Ltd. (Broker) (DAM Capital-Broker) is the securities broker division of DAM Capital Advisors Ltd., an integrated full-service equity-focused Investment Bank and Institutional Equities platform headquartered in Maharashtra, India. The firm was founded in 1993 and formerly known as IDFC Securities Ltd. DAM Capital-Broker offers proficient and effective research and broking services to marquee global and local institutions investing in Indian equities.

HDFC Securities Ltd. is a securities brokerage firm headquartered in Mumbai, India. The firm was founded in 2000 and is a subsidiary of HDFC Bank Ltd. (NSE: HDFCBANK). HDFC provides brokerage services across different asset classes such as equity, gold, debt, real estate, stocks, derivatives, mutual funds, fixed deposits, NCDs, insurance, bonds and currency derivatives.

Part of Morgan Stanley, Morgan Stanley India Co. Pvt Ltd. is an Indian financial services company that has been operating for 25 years. The company is based in Mumbai, India. The company offers various services and career opportunities, and its employees bring innovative solutions to every role they tackle. Additionally, the company has an Inclusive Ventures Group that aims to broaden access to capital for underrepresented innovators and spotlight their successes. Aisha de Sequeira has been the CEO of the company since 2008.

Part of Centrum Capital Ltd., Centrum Broking Ltd. is an Indian brokerage company. The company is based in Mumbai, India. The company was founded in 1977. Nischal Maheshwari has been the CEO of the company since 2018.

JHP Securities Pvt. Ltd. is an independent brokerage firm headquartered in Mumbai and was founded in 1997. The firm provides broking and equity portfolio management services.

Axis Capital Ltd. is an institutional brokerage firm headquartered in Mumbai, India. The firm was founded in 2005 and is a subsidiary of Axis Bank Ltd. (NSE: AXISBANK). Axis Capital offers an entire suite of execution services across cash and derivatives segments – with high touch and electronic trading capabilities for all their clients with access to unique pools of liquidity across large and mid-market segments.

Haitong Securities India Pte Ltd provides online share trading services. The company is headquartered in Mumbai, India.

Part of BNP Paribas SA, BNP Paribas Securities India Pvt Ltd. is an Indian company that provides brokerage services. The company is based in Mumbai, India and was founded in 2008.

Motilal Oswal Securities Ltd. (MOSL) is a diversified brokerage firm headquartered in Mumbai with an extensive network of branch offices throughout India. The firm is a subsidiary of Motilal Oswal Financial Services Ltd. (NSE: MOTILALOFS). MOSL provides research-based brokerage services that covers equity and derivatives. Their clients are international institutions from the US the UK, Hong Kong and Singapore, as well as corporations, high-net worth individuals and retail investors.

Part of Mirae Asset Financial Group, Mirae Asset Capital Markets (India) Pvt Ltd. is a diversified and well-integrated financial services company based in Mumbai, IN. Established in 2017, the company has an initial capital of US $300 million to support investment banking business by investing across debt and equity instruments. The Indian company offers innovative, thought-provoking research and powerful investment strategies for corporates, cutting through the clutter across the investment landscape. The company aims to offer a full range of top-quality services including investment banking, investment, advisory services, proprietary trading, and brokerage. Jisang Yoo has been the CEO of the company since 2021.

Nomura Financial Advisory & Securities (India) Pvt Ltd. (NFASPL) is a brokerage firm headquartered in Mumbai, India. The firm was founded in 2007 and is a subsidiary of Nomura Holdings, Inc. (TYO: 8604) in Japan. NFASPL provides stock broking, merchant banking and research to various investors.

Infosys Consulting India Ltd. provides technology consulting, application, system integration and engineering services. The company is headquartered in Bangalore, India.

Systematix Shares & Stocks (India) Ltd. is the securities brokerage subsidiary of Systematix Group in India. Headquartered in Mumbai, the firm provides broking services to an array of clients such as Foreign Institutional Investors, Domestic Financial Institutions, Insurance Companies, Bank Treasuries, Corporates, Corporate Treasuries, Promoters, Ultra HNIs, HNIs and retail investors.

Sunidhi Securities & Finance Ltd. is a brokerage firm founded in 1985. The private company is based in Santacruz (East) Mumbai, India. The Indian company provides brokerage services.

Kisan Ratilal Choksey Shares & Securities Pvt. Ltd. is an independent securities brokerage firm headquartered in Mumbai, India. Founded in 1979, the firm offers trading services to high net-worth individuals, corporates, NRI, mutual funds, as well as other financial institutions.

Part of Caledonia Investments Plc, Marwadi Shares & Finance Ltd. is an Indian company that provides securities and commodity brokerage services. The company is based in Rajkot, India. The company was founded in 1992. Ketan Marwadi has been the CEO of the company since 1992. Marwadi Shares & Finance was acquired by Amber 2010 Ltd. from India Capital Growth Fund Ltd. on August 26, 2011 for $7.27 million.

CGS-CIMB Securities (India) Pvt Ltd. (CGS-CIMB India) is a securities broker headquartered in Jakarta, India. The firm was founded in 2012 and is a subsidiary of CGS-CIMB Securities International Pte. Ltd., ultimately held by government-owned China Investment Corp. CGS-CIMB India provides equities brokerage services to retail, corporate and institutional clients.

InCred Research Services Pvt Ltd. (InCred Research) is an investment research firm headquartered in Mumbai, India. The firm was founded by Devesh Kumar and Bhupinder Singh. They are a subsidiary of InCred Financial Services Ltd., which is ultimately owned by KKR & Co., Inc. (NYSE: KKR) in the US. InCred Research provides equities research and trading services in Indian companies to clients across Institutions/Corporates, Ultra-High/High-Net-Worth Individuals and Small and Medium Enterprises.

Part of Reliance Capital Ltd., Reliance Securities Ltd. is an Indian company that provides brokerage services. The company is based in Mumbai, India.

Sharekhan Ltd. is an independent brokerage firm headquartered in Mumbai, India. Founded in 2000, the firm provides trading and investment solutions to its clients.

Aditya Birla Sun Life AMC Ltd. (Investment Management) (ABSLAMC-IM) is the investment management division of Aditya Birla Sun Life AMC Ltd. (NSE: ABSLAMC), a publicly-listed investment company headquartered in Mumbai, India. The firm was founded in 1994 and formerly known as Birla Sun Life Asset Management Co. Ltd. They are a subsidiary of Aditya Birla Capital Ltd. (NSE: ABCAPITAL), which is owned by Grasim Industries Ltd. (NSE: GRASIM). ABSLAMC-IM acts as the investment manager of Aditya Birla Sun Life Mutual Fund (ABSLMF) and manages a variety of mutual funds, fund of funds and offshore funds for wholesale and retail clients.

Nuvama Wealth Management Ltd. (Nuvama) is the securities brokerage subsidiary of Edelweiss Financial Services Ltd. (NSE: EDELWEISS) in India. Formerly known as Edelweiss Securities Ltd., the firm is headquartered in Mumbai and provides brokerage services to global and domestic institutional investors. Nuvama offers perspective and fundamental research on economic issues, emerging themes and strategic analysis. They cover more than 250 stocks across 25+ sectors. Their trading desk offers multiple platforms that enable seamless execution of complex trades, across the entire gamut of trading strategies.

Edelweiss Financial Services Ltd. (Broker) (Edelweiss-Broker) is the securities broker division of Edelweiss Financial Services Ltd. (NSE: EDELWEISS), an investment and financial services company headquartered in Mumbai, India. The firm was founded by Rashesh C. Shah in 1996. Edelweiss-Broker provides broking services to global and domestic institutional investors.

Techno Group has emerged as an investor-friendly, technology-savvy, transparent and reliable name in financial services sector, offering single-window convenience for fulfillment of investment needs of every investor. Founded on a deeply etched philosophy of A Service Approach To Growth.

Quantum Securities Pvt Ltd. is an independent investment research firm headquartered in New Delhi, India. Founded in 1994, the firm provides research and in depth market analysis to institutions and High net worth individuals. Quantum Securities is strongly focused on Emerging ideas particularly in Mid-caps.

Mata Securities (India) Pvt Ltd is a boutique financial services company based in Mumbai, IN. The private company was founded in 1993 by Madhur Murarka, who has been the CEO since 1993. The Indian company provides solutions to core investment requirements of an institutional investor.