| Equity/Commodity Broking, Proprietary Trading | Stock, currency, commodity broking; proprietary trading; margin trading facility. | Membership in major exchanges and established client base. | Retail and institutional investors (B2B and B2C). | Proprietary trading and margin trading financing. | 38 | 62 | Brokerage fees, trading gains, margin funding interest. | Transaction-based brokerage and proprietary trading profits. | Growing market volumes, client acquisitions, new product launches. | |
| Financing & Other Related Activities | Lending services through subsidiaries, investment products. | Non-banking finance subsidiary and regulatory registrations. | Retail and corporate clients requiring financial products (B2B and B2C). | Loan and financing services. | 13 | 21 | Interest income and fees. | Interest-based revenues, fee-based services. | Increased lending demand and diversified financial product offerings. | |
| Merchant Banking & Other Related Activities | Investment banking, advisory, IPO facilitation, wealth management. | SEBI registration as investment advisor and merchant banker. | Corporates and high net worth clients (B2B). | Merchant banking advisory. | 2 | 3 | Advisory fees, underwriting commissions. | Fee and commission based. | Capital market activity and IPO volumes. | |
| Others | Real estate, insurance broking, and miscellaneous financial services via subsidiaries. | Group synergy from multiple subsidiaries. | Varied across sectors including real estate clients and insurance buyers. | Insurance and real estate broking. | 1 | 2 | Fees and commission revenues. | Fee and commission. | Business diversification through subsidiaries. | |
