Mirae Asset Capital Markets India

What Mirae Asset Capital Markets India does

Mirae Asset Capital Markets (India) Private Limited is a wholly-owned Indian subsidiary of South Korea's Mirae Asset Financial Group, incorporated in 2017 (CIN: U65990MH2017FTC300493) and headquartered in Kurla, Mumbai. The company operates an integrated financial services platform across three verticals: Investment Banking (ECM and DCM advisory covering IPOs, QIPs, FPOs, block deals and M&A), Institutional Business (equity sales, fixed income broking and research for domestic and global institutional investors), and Retail Brokerage. The retail arm spans the digital self-serve m.Stock platform — launched in April 2022 with an industry-first 'Zero brokerage for life' model and MTF interest rates starting at 6.99% p.a. — and the traditional offline brokerage Sharekhan, acquired from BNP Paribas in December 2023 for Rs 3,000 crore.

The technology foundation is built on proprietary OMS and RMS stacks migrated to AWS, with stated AI/ML-led decisioning capabilities for retail, institutional and wholesale platforms. The company is regulated under multiple SEBI registrations (stock broking INZ000163138, merchant banking INM000012485, research analyst INH000007526, depository participant IN-DP-589-2021) and is also an AMFI-registered mutual fund distributor (ARN-188742), enabling diversified distribution of mutual funds, bonds, fixed deposits, insurance and loan products alongside core securities brokerage.

The business model generates revenue from three principal streams: transaction-based MTF and margin pledge interest on the retail book (supplemented by zero-delivery brokerage and intra-day/F&O trading fees), institutional brokerage commissions across cash, derivatives and fixed income, and investment banking success fees and underwriting income. Distribution is multi-channel: the m.Stock digital self-serve platform, a dedicated institutional sales team, the Mirae Asset Partners program (launched April 2024 with up to 100% revenue sharing across 9 revenue streams), and Sharekhan's 130+ branch network with 4,000+ business partners. The entity has achieved operational profitability within three years of m.Stock's launch, supported by INR 1,420 crore in parent equity infusions in 2023.

Name

Mirae Asset Capital Markets India

Legal name

Mirae Asset Capital Markets India Private Limited

Website

https://cm.miraeasset.co.in

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Mirae Asset Capital Markets India is a wholly-owned subsidiary of South Korea's Mirae Asset Group, offering integrated investment banking, institutional brokerage, and retail stockbroking (m.Stock zero-brokerage platform and acquired Sharekhan) to retail investors, domestic and global institutions, and corporate clients across India.

Ownership category

akta.pro rank

Product category

Capital Markets Services

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (523940)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

akta.pro secondary industry

Corporate Finance & Capital Advisory (BPAHADAB)

Keywords

• Retail stock broking
• Investment banking advisory
• Institutional equity brokerage
• Margin trading facility
• Capital markets services

Headquarters

HQ city

Kurla

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Retail Brokerage (m.Stock): Zero brokerage model for equity delivery, mutual funds, and IPOs. Revenue generated from MTF (Margin Trading Facility) interest at 6.99% p.a. starting rate, margin pledge interest, and other fee-based services.
2. Institutional Brokerage: Brokerage services for domestic and global institutional investors including Mutual Funds, Insurance Companies, Pension Funds, Banks, FPIs, and Financial Institutions across Cash, Derivatives, and Fixed Income markets.
3. Investment Banking: Advisory and management services for ECM transactions (IPOs, QIPs, FPOs, Block Deals) and DCM (debt financing). Revenue from success fees and underwriting.
4. Partner Program Revenue Sharing: Revenue sharing model with authorized business partners across 9 streams: brokerage, MTF interest, margin pledge interest, DP AMC, pledge/unpledge fee, DP sell transaction charges, account opening fee, DPC, and operating charges.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

Mirae Asset Capital Markets India is a SEBI-registered integrated financial services firm offering investment banking advisory (Equity and Debt Capital Markets, M&A, private equity fundraising), institutional equity and fixed income brokerage with proprietary research, and retail stock broking through the m.Stock digital platform (zero brokerage for life) and the Sharekhan brand. The firm serves a hybrid client base spanning domestic and global institutional investors, Indian corporates, and individual retail traders.

Product overview

Mirae Asset Capital Markets (India) offers diversified financial services through an integrated platform combining retail broking (m.Stock with zero brokerage model), institutional brokerage, investment banking, and fixed income services. The m.Stock platform serves retail clients with zero-fee equity/MF/IPO trading and low-cost MTF leverage, while the Institutional Business division provides equity sales, research, and fixed income broking to institutional investors. The company also operates Mirae Asset Sharekhan (acquired 2023) as a traditional brokerage arm and offers the Mirae Asset Partners program for authorized business partners. Investment banking covers ECM and DCM transactions including IPOs, QIPs, and M&A advisory.

Differentiator

Problem solved

Functional benefit

Brands

• m.Stock: Digital-first retail brokerage platform offering zero brokerage on equity delivery, competitive pricing across intraday, F&O, and currency segments. Targets millennial and Gen-Z investors in India. Expanded to offer mutual funds, bonds, fixed deposits, insurance, and loan products.
• Sharekhan

Products and services

• m.Stock Retail stock broking platform offering zero brokerage for life across Equity Delivery, Mutual Funds, and IPOs, with leverage products like MTF starting at 6.99% p.a. Users can trade across F&O, Equities, Currencies, Intraday, IPOs, and Mutual Funds. Designed for millennial and Gen-Z individual investors in India.
• Investment Banking Advisory and management services across Equity Capital Markets (IPOs, QIPs, FPOs, Block Deals) and Debt Capital Markets, including mergers, acquisitions, divestitures, private equity, and venture capital fund raising. Targeted at Indian corporates and promoters needing capital markets and corporate finance solutions.
• Institutional Business Preferred brokerage for domestic and international institutional investors, offering institutional sales, equity and fixed income broking, and comprehensive research across sectors representing ~80% sector weightage in the Nifty 50 index. Serves Mutual Funds, Insurance Companies, Pension Funds, Banks, FPIs, and Financial Institutions.
• Mirae Asset Sharekhan Retail broking platform acquired from BNP Paribas, providing offline and online trading across equity, derivatives, commodities, and mutual funds, with a pan-India branch network and relationship managers.
• Mirae Asset Partners Business partner program offering up to 100% revenue sharing across 9 distinct revenue streams with a hybrid discount and traditional brokerage model, including a proprietary online Partner Dashboard for client management and plan customization.

Quantifiable outcome

• 18 lakh users acquired within 2 years of launch
• +4 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature3 records

Partnerships

One partnership is on record.

• BNP Paribas (Sharekhan)coreOthers · 12 December 2023Mirae Asset acquired retail broking firm Sharekhan from BNP Paribas for Rs 3,000 crore in December 2023. Sharekhan had 6.24 lakh NSE active clients (11th spot) and brings 4,000+ business partners and 130+ branches. Mirae Asset aims to leverage this network to acquire more customers and break into top 5 brokers within 5 years.

Scale indicators13 records

Recent moves10 records

Expansion highlights7 records

Direct peers

• Upstox: India's second-tier discount broker offering low-cost equity, F&O, and commodity trading via a digital platform. Competes head-to-head with m.Stock on retail pricing, app-based trading experience, and MTF/leverage products.
• Angel One: Full-service-to-discount transition broker with leading market share in active NSE clients. Competes with both m.Stock (discount retail) and Sharekhan (acquired subsidiary) across retail broking, advisory, and MTF products in India.
• Zerodha: India's largest discount stockbroker by active clients and the category-defining zero-brokerage disruptor. Directly competes with m.Stock on retail trading pricing, technology, and digital onboarding; both target millennial/Gen-Z retail investors in Indian equities and F&O.
• 5paisa: Discount stockbroker offering low-cost equity, F&O, and mutual fund investing to retail investors in India. Direct competitor to m.Stock on zero/low-brokerage retail pricing and digital onboarding.
• Groww: Top Indian discount broker with a mobile-first, zero-commission mutual fund and equity platform. Directly comparable to m.Stock on retail self-serve onboarding, equity/MF product breadth, and target demographic of first-time Indian retail investors.
• Motilal Oswal Financial Services: Diversified Indian financial services firm offering retail broking, institutional equities, investment banking, and wealth management. Competes with Mirae Asset across all three verticals — IB, institutional brokerage, and retail broking; former employer of m.Stock CBO Hina Qureshi.

Broad incumbents

• ICICI Securities: Bank-affiliated full-service broker with dominant institutional brokerage and IPO advisory franchises, plus a growing discount arm (ICICI Direct). Overlaps with Mirae Asset's institutional, IB, and retail verticals with the additional backing of ICICI Bank's distribution.
• Kotak Securities: Bank-affiliated full-service broker with strong institutional and retail franchises. Competes with Mirae Asset's institutional sales and IB arms; its discount arm (Kotak Neo) directly targets m.Stock's retail digital-first segment.
• HDFC Securities: Bank-affiliated broker offering retail broking, institutional sales, and investment banking distribution under the HDFC umbrella. Comparable to Mirae Asset on multi-vertical structure, though its parent-bank distribution gives it retail reach advantages.

Emerging players

• Sharekhan (pre-acquisition context): Legacy full-service retail broker now wholly-owned by Mirae Asset Capital Markets India (acquired December 2023). Listed here as a peer because the integration challenge of combining its traditional model with m.Stock's digital-first proposition is a key strategic theme for the consolidated entity.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/mStockbyMirae
• YouTubeyoutube.com/channel/UCiJgZbBI1yy7bE9mWTqP8DA
• Facebookfacebook.com/mstocks
• LinkedInlinkedin.com/company/mirae-asset-capital-markets-india-pvt-ltd
• Instagraminstagram.com/mstocks_in

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mirae Asset Capital Markets India