| Merchant Banking Services | Issue management, financial advisory, lead/co-management roles in securities offerings, investment consulting. | Registered NBFC with RBI; experience and compliance build client trust but limited scale moats. | B2B corporations seeking capital market services. | Advisory and issue management services have higher margins due to expertise-driven nature. | 0 | 100 | Fees and commissions from merchant banking activities and interest income. | Fee-based, project-wise billing and incidental interest income. | Stable demand in capital market advisory and compliance with RBI regulations for NBFCs. | |
