| Equity and Derivatives Broking | Equity cash and derivatives trading on NSE & BSE, currency and commodity segments; client broking services and clearing. | Registered self-clearing member, SEBI registration, strong digital platform, experienced client servicing and risk-control infrastructure. | Retail investors, high-net-worth individuals, corporates; B2C and B2B segment. | Proprietary trading and derivatives segments generate higher margins. | 1450 | 44 | Brokerage fees, transaction commissions, proprietary trading profits. | Competitive brokerage rates, volume-based commissions. | Increased retail participation, digital onboarding, margin trading facility, expansion in derivatives volumes. | Rikhav Plus App |
| Market Making Services | Liquidity provisioning and market making on SME segments of NSE and BSE, facilitating IPOs and post-listing trading. | Exclusive market maker status on BSE since 2012 and NSE since 2016; strong placement in SME ecosystems. | SME listed companies and investors; B2B and B2C. | Market making on SME stocks with high issuance activity. | 450 | 14 | Liquidity spreads, market-making fees. | Fee-based and spread capture models. | Rising SME IPO listings, regulatory support for SME liquidity enhancement. | |
| Mutual Fund Distribution & IPO Applications | Mutual fund advisory and distribution, IPO application facilitation via digital platforms. | Extensive AMC network, efficient digital onboarding, and broad product access. | Retail and high-net-worth individual investors; B2C. | High-margin fund distribution and commission income. | 130 | 4 | Commissions and fees from AMC partnerships and IPO processing. | Commission-based with advisory royalties. | Mutual fund industry growth, increasing investor awareness, and rising IPO activities. | |
| Depository Services | Demat account services and securities custody as a CDSL Depository Participant. | Permanent CDSL DP status, longstanding client relationships. | Retail investors and corporate clients; B2C and B2B. | Account servicing and transaction management. | 50 | 2 | Account maintenance and transaction fees. | Recurring account fees and transaction charges. | Growing retail participation in equity markets, regulatory mandates for dematerialization. | |
