| Broking Services | Equity, derivatives, commodities, currency market broking through branches, digital platforms, and authorized persons. | Wide branch network, established brand, proprietary digital platforms, and strong client loyalty. | Retail investors, high net worth individuals, institutions; predominantly B2C with significant B2B channel. | Equity cash and derivatives segments. | 1290 | 55 | Commissions from trades executed, brokerage fees from retail and institutional clients. | Transaction-based brokerage fees, tiered by trade volume and product type. | Growing active client base, higher trading volumes, increasing penetration in tier 2/3 cities. | Anand Rathi Brokerage |
| Margin Trading Facility (MTF) | Leverage facility against collateral enabling clients to trade larger volumes in equities cash segment. | Robust risk management, established collateral frameworks, and client credit evaluation systems. | Retail and institutional investors seeking leverage; B2C focus. | Interest income from diversified client payment profiles. | 438 | 18 | Interest income on funds lent to clients. | Interest charged on margin amounts, dependent on loan terms and collateral value. | Expanding MTF book backed by increased collateral and higher client leverage demand. | Anand Rathi MTF |
| Distribution of Financial Products | Distribution of mutual funds, alternative investment funds, structured products, portfolio management services. | Strong relationship management teams, multi-channel presence including digital platforms. | Retail and high net worth individuals; B2C primarily. | Mutual funds and PMS distribution. | 251 | 10 | Commissions and fees from product distributions and portfolio management services. | Commission-based on sales and assets under management fees. | Increasing assets under management and diversified product offerings driving distribution income. | Anand Rathi Investment Products |
