Antique Stock Broking

What Antique Stock Broking does

Antique Stock Broking Limited is a privately held Indian institutional stock broking firm founded in 1994 and headquartered at ITI House, Parel, Mumbai. The firm operates as a SEBI-registered broker with memberships on the NSE (Cash and Equity Derivative segments, Membership No. 12987) and BSE (Cash segment, Membership No. 119), and is a CDSL Depository Participant. Its client base is exclusively institutional, comprising global institutions, mutual funds, hedge funds, insurance companies, and proprietary trading desks. The offering is structured around three interconnected service lines: Institutional Research (25 analysts of whom 16 are lead analysts covering 250+ stocks that represent 90%+ of Indian large caps), Institutional Trading (a desk executing blocks without materially impacting prices, supported by algorithmic trading systems), and Institutional Sales (a sales team with 100+ years of cumulative experience). The firm differentiates through a proprietary corporate access platform anchored by flagship events such as the annual 'Build India, New India' investor conference (4th edition in February 2018 attracted 120+ corporates and 3,000+ interactions) and an Artificial Intelligence Summit.

Revenue is generated primarily through institutional brokerage commissions on equity and derivatives transactions and through subscription-style institutional research services, with pricing structures negotiated bilaterally and not publicly disclosed. Distribution is exclusively direct institutional sales with no retail or digital self-serve channels; the firm maintains an in-house trading platform with client login portals and algorithmic trading capabilities marketed around execution speed and low error rates. Research products include Antique's Morning Presentation (AMP), sector reports, company reports, and thematic reports.

Antique Stock Broking is part of the broader Antique Group, which encompasses 13 affiliated entities across adjacent financial services verticals including Crest Debt Capital Markets (debt syndication), Distressed Asset Specialist (asset reconstruction), Fortune Credit Capital (LAS and small group loans), Intime Multi Commodity (commodity broking), Fasttrack Housing Finance (home finance), Fortune Integrated Assets Finance (asset finance), Inga Capital (investment banking), Intime Equities (retail broking), ITI Wealth Management, Safal Finserv (microfinance), ITI MF (mutual fund), ITI Reinsurance, and United Petro Finance (gold loan). Leadership includes Dhirendra Tiwari (Head of Research, 15+ years in capital markets), Jignesh Sangani (Director, Chartered Accountant, 24 years of experience), Ashish Maheshwari (Head of Institutional Equities), and Kirti Doshi (Head of Institutional Equities and promoter). Historical milestones documented include the 2018 AI Summit (January) and the 4th Build India, New India conference (February 2018).

Name

Antique Stock Broking

Legal name

Antique Stock Broking Limited

Website

https://antiquelimited.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

11–50 employees

Short description

Antique Stock Broking Limited is a private Indian institutional broker founded in 1994, offering equity research, trading, and sales services to global institutions, mutual funds, hedge funds, and proprietary trading desks, differentiated through its corporate access platform and algorithmic trading capabilities.

Ownership category

akta.pro rank

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Institutional Brokerage Commissions: Brokerage fees charged to institutional clients for equity trading, derivatives trading, and execution services
2. Institutional Research Services: Research services provided to institutional clients including sector reports, company reports, and thematic reports

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

Antique Stock Broking is an institutional stock broking firm that provides equity research, trading execution, and sales coverage to institutional investors in Indian markets. Its research team of 25 highly-rated analysts covers 250+ stocks; its trading desk offers algorithmic trading and block execution services; and its sales team delivers corporate access through conferences, roadshows, and site visits.

Product overview

Antique Stock Broking operates as an institutional broking firm offering a unified suite of services centered on institutional equities. The core portfolio consists of three interconnected services: Institutional Research (covering 250+ stocks with 25 analysts), Institutional Trading (with algorithmic trading capabilities), and Institutional Sales (100+ years combined experience). Research products include Antique's Morning Presentation (AMP), sector reports, and company reports. The company differentiates through flagship conferences like Build India, New India and Artificial Intelligence Conference. The Group also encompasses related entities including Crest Debt Capital Markets, Fortune Credit Capital, Intime Multi Commodity, Fasttrack Housing Finance, Fortune Integrated Assets Finance, Inga Capital, Intime Equities, ITI Wealth Management, Safal Finserv, ITI MF, ITI Reinsurance, and United Petro Finance.

Differentiator

Problem solved

Functional benefit

Products and services

• Institutional Research Equity research delivered to institutional clients through a team of 16 lead analysts within a 25-strong research group covering over 250 stocks across all leading sectors of the Indian economy. Research outputs include Antique's Morning Presentation (AMP), company reports, sector reports, and key event updates, designed to provide highly-differentiated stock ideas and incisive forecasts.
• Institutional Trading Trading execution services for institutional clients across Indian equities and derivatives, featuring algorithmic trading systems, block sourcing, and execution with low error rates. Combines quant and technical research expertise with deep market access to support large institutional order flow.
• Institutional Sales Sales and relationship coverage for institutional clients delivered by equity sales professionals with combined experience of 100+ years. The team manages direct relationships with global institutions, mutual funds, hedge funds, insurance companies, and proprietary trading desks, and supports client servicing through conferences, roadshows, corporate meetings, and site visits.

Quantifiable outcome

• 120+ corporates and 3,000+ interactions facilitated at Build India, New India conference
• +1 more outcomes

Named customers5 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Motilal Oswal Institutional Equities: Mid-sized Indian institutional equities research and broking franchise with similar coverage model and research-led differentiation. Former employer of Antique's Head of Research, indicating direct cultural and operational overlap.
• Kotak Institutional Equities: Top-tier Indian institutional equities research and trading desk serving mutual funds, FIIs, and domestic institutions. Closest scale and business model comparable to Antique's institutional equities franchise.
• Axis Capital: Indian institutional equities and investment banking franchise offering research, trading, and ECM services. Comparable mid-sized institutional model with diversified product mix similar to Antique's group structure.
• Edelweiss Institutional Equities: Indian institutional broking, research, and wealth franchise with similar customer base and integrated financial services platform. Comparable in scale and target institutional segment.
• CLSA India: Asia-focused institutional equities research and execution franchise with strong Indian presence. Closely comparable research-led, execution-oriented model serving similar institutional clients.

Broad incumbents

• ICICI Securities (I-Sec): Large Indian securities firm offering institutional equities, investment banking, and retail broking. Operates at greater scale with broader coverage but overlapping institutional client base.
• Jefferies India: Global broker with substantial Indian institutional equities presence offering research, trading, and ECM services. Larger scale but overlapping customer base and product offering.
• Nomura India: Global investment bank with a meaningful Indian institutional equities franchise providing research, trading, and ECM coverage to institutional clients. Larger balance sheet and global reach create different scale dynamics.
• Morgan Stanley India: Global bulge-bracket with deep Indian institutional equities operations including research, sales trading, and ECM. Competes for the same institutional wallet but at materially larger scale.
• HDFC Securities: Diversified Indian financial services firm combining institutional and retail broking with broader group capabilities. Overlaps with Antique in institutional equities while operating at greater scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xtwitter.com/antiquelimited
• LinkedInlinkedin.com/company/antique-stock-broking-limited

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries13 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Antique Stock Broking