| Trading in Shares & Securities | Brokerage, equity and derivatives trading, commodity trading, arbitrage and portfolio advisory services. | Established market presence with subsidiaries in major Indian exchanges, diversified trading platforms. | Retail and institutional investors primarily in Indian capital markets (B2C and B2B). | Broking and advisory services in equity and derivatives segments. | 219 | 99 | Revenue through brokerage fees, commissions on trades and advisory service charges. | Transaction-based fees and advisory service charges; non-recurring revenue. | Market volumes, increased retail investor participation, expansion in commodity trading. | MEFCOM Securities Ltd, MEFCOM Commodity Brokers Ltd |
| Merchant Banking Service | IPO/FPO management, acquisitions, takeovers, rights issues, and financial advisory services. | Renewed strategic focus with Mumbai office close to financial hubs, enhancing client access and deal flow. | Corporate clients seeking capital raising and acquisition advisory (B2B). | IPO underwriting and advisory mandates. | 1 | 1 | Fees from underwriting, advisory mandates, and capital market transaction services. | Mandate fees, success fees, and retainers; project-based revenue. | Strategic revival in 2025, growing deal pipeline, successful IPO completions. | Merchant Banking Division |
