| Advisory & Merchant Banking Fees | Project and financial advisory, issue management, private placements, debt syndication, corporate restructuring. | Strong SEBI registration, experienced advisory team, established client relationships. | Corporate clients, industrial houses, financial institutions (B2B). | Corporate advisory and structured finance services. | 8 | 17 | Fee-based advisory and merchant banking charges. | Fee-based depending on project and transaction size. | Increased corporate financing needs and capital market activities. | |
| Income from Securities/Investments | Trading and investment in government securities, equities, bonds, and other financial instruments. | In-house research division and strong market presence. | Institutional and proprietary trading activities. | Gains from strategic investments and trading activities. | 27 | 56 | Returns and profits from investments and securities trading. | Market-driven investment income based on asset performance. | Active debt market participation and strategic securities portfolio management. | |
| Equity Brokerage & Related Income | Equity brokerage services, secondary market operations, client servicing. | Membership in NSE and BSE with established brokerage infrastructure. | Retail and institutional investors (B2C and B2B). | Brokerage from high volume clients and value-added services. | 1 | 3 | Brokerage commissions and transaction fees. | Commission based on trade volumes. | Increased retail investor participation in equity markets. | |
