| Fee based Operations | Investment banking, capital raising, M&A advisory, IPOs, private equity placements, corporate finance advisory, restructuring. | Strong market reputation, SEBI Category I Merchant Banker status, broad client base, and experienced management. | Institutional investors, corporations, and private equity firms (B2B). | Advisory and capital raising services have highest profitability. | 9 | 97 | Fees from advisory, underwriting, and capital market transactions. | Transaction-based fees, advisory charges and retainers. | Robust IPO market, rising corporate fundraising, regulatory clarity, increasing deal volumes. | |
| Investment/Stock Operations | Institutional and retail stock broking, equity sales, trading, research, and distribution services. | In-depth research capabilities and established relationships with institutional clients. | Institutional clients and retail investors (B2B and B2C). | Institutional equity sales and research services. | 0 | 3 | Brokerage and trading commissions. | Commission based on transaction volume. | Increased retail participation and institutional equity trading activity. | |
