| Stock Broking | Institutional stock broking services to banks, insurance companies, and institutional investors. | Empanelment with leading institutions; experienced brokerage team. | Institutional clients including public sector banks and insurance firms. | Institutional brokerage fees with scale benefits. | 0 | 83 | Brokerage fees from trades executed; mainly B2B revenue. | Commission and brokerage fees based on transaction volumes. | Increased trading volumes and institutional investor participation. | Munoth Stock Broking |
| Depository Participant Operations | Electronic securities dematerialization and maintenance for retail and institutional investors. | Trusted depository participant with widespread client base. | Retail and institutional investors holding securities electronically. | Account maintenance fees. | 0 | 10 | Service fees from account maintenance and transactions. | Annual maintenance charges and transaction-based fees. | Rising shift to electronic securities and investor base expansion. | Munoth Depository Services |
| Merchant Banking and Portfolio Advisory | Valuation services, IPO lead management, portfolio advisory; PMS registration being surrendered. | Track record of managing 47 IPOs; credible advisory presence. | Corporate clients and high net worth individuals. | IPO lead management fees. | 0 | 7 | Fees from advisory, lead management, and valuation services. | Project and advisory fees. | Capital market reforms and corporate fundraising activities. | Munoth Merchant Banking |
