| Government Securities | Underwriting, trading, and market making in Central and State Government securities. | Regulatory license as Primary Dealer, strong market reputation, and extensive client network. | Institutional investors including banks, mutual funds, and government bodies (B2B). | Underwriting and primary issuance support. | 2192 | 46 | Revenue through trading gains, underwriting fees, and commission on securities handling. | Transaction-based fees and trading spreads. | Government borrowing programs and supportive RBI policies. | |
| T-Bills/CP/CDs | Trading and distribution of Treasury Bills, Commercial Papers, and Certificates of Deposit. | Established distribution channels and strong market knowledge. | Banks, corporate investors, and financial institutions (B2B). | Commercial Paper placements. | 716 | 15 | Trading margins and fee-based income. | Trading spreads and commission. | Short-term borrowing demand and liquidity management needs. | |
| Corporate Bonds & Debentures | Trading and placement of corporate bonds and debentures. | Access to diverse issuer base and credit market expertise. | Corporate clients and institutional investors (B2B). | High-quality corporate bond placements. | 676 | 14 | Revenue from trading gains and underwriting fees. | Commission and transaction fees. | Corporate debt market growth and credit rating improvements. | |
| Mutual Fund Units | Distribution and trading of mutual fund units. | Strong client relationships and market presence. | Mutual fund investors and distributors (B2B and B2C). | Fee-based distribution services. | 340 | 7 | Commission-based revenue. | Commission and fee-based. | Rising mutual fund penetration and investor awareness. | |
| Derivatives | Trading in equity derivatives and interest rate swaps. | Experienced trading team and market insight. | Institutional investors and trading desks (B2B). | Selective derivative products. | 64 | 1 | Trading profits and fees. | Trading spreads and fees. | Financial market volatility and hedging demand. | |
| Fixed Deposits | Acceptance and management of fixed deposits. | Efficient fund management and liquidity expertise. | Banks and financial institutions (B2B). | Interest rate arbitrage. | 39 | 1 | Interest income spread. | Interest margin. | Demand for stable short-term investments. | |
