ICICI Securities

What ICICI Securities does

ICICI Securities Limited is a publicly listed Indian retail brokerage and investment services company (NSE: I-SEC, BSE: 1336), incorporated in 1995 and headquartered in Mumbai as part of the ICICI Group conglomerate. The company operates the ICICI Direct platform, a digital-first multi-asset brokerage offering equity trading on NSE and BSE, futures & options, commodities on MCX, mutual funds, IPOs, ETFs, fixed deposits and bonds, NPS, insurance, REITs, and loans. The platform architecture centers on the ICICI 3-in-1 Account, which integrates ICICI Bank savings, demat, and trading accounts for seamless fund management, and is supported by algorithmic trading products including Breeze API and the Spring Automated Trading Platform.

The company's business model combines transaction-based brokerage (Prime Plan for investors at 0.07% on delivery trades, iValue Plan for traders), interest income from the Margin Trading Facility (MTF) providing up to 4X leverage at 9.85%, and affiliate/distribution commissions from mutual funds (ICICI Prudential AMC), insurance (ICICI Lombard, ICICI Prudential Life Insurance), IPO services, and fixed-income products. Go-to-market is product-led growth via icicidirect.com and mobile apps, with customer acquisition reinforced by ICICI Bank's branch network and customer base. Primary customer segments are retail investors, NRI investors, and high-net-worth individuals served through Private Wealth Management services.

ICICI Securities holds SEBI registration (INZ000183631) and is a member of all four major Indian exchanges (NSE 07730, BSE 103, MCX 56250, MSE 17680) and a depository participant with both NSDL and CDSL. The company operates 1,001-5,000 employees and serves millions of retail investors across India, with NRI services extending reach globally. Recent strategic moves include the 2022 acquisition of Multipie, expansion of algorithmic trading products, and broadening into wealth management and credit distribution within the ICICI Group ecosystem.

Name

ICICI Securities

Legal name

ICICI Securities Limited

Website

https://icicidirect.com

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

ICICI Securities is a publicly listed Indian retail brokerage and investment services company that operates the ICICI Direct digital platform, serving millions of retail, NRI, and HNI investors with multi-asset trading, mutual fund distribution, wealth management, and algorithmic trading products.

Ownership category

akta.pro rank

Product category

Retail Brokerage and Investment Services

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Investment Banking and Securities Intermediation (523150), Portfolio Management and Investment Advice (523940)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Commodity Contracts Brokers & Dealers (6221), Investment Advice (6282)

akta.pro primary industry

Digital Brokerage & Self-Directed Investing Platforms (FSAGAEAC)

akta.pro secondary industries

Multi-Asset Electronic Trading Platforms (FSAFANAH), Algorithmic Trading & Execution Platforms (FSAFANAN)

Keywords

• Retail brokerage services
• Online stock trading
• Mutual fund distribution
• Wealth management services
• Investment advisory

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Brokerage Commission: Charges brokerage fees on equity delivery trades starting at 0.07% under Prime plans, and varying rates for intraday and F&O trades. Brokerage is capped within SEBI-prescribed limits.
2. Margin Trading Facility (MTF): Provides leveraged buying power up to 4X at 9.85% interest rate, generating interest income on margin funding extended to customers.
3. Mutual Fund Distribution: Acts as a distributor for mutual funds, earning commission from asset management companies on SIP and lumpsum mutual fund investments. Non-exchange traded product distribution.
4. Insurance Distribution: Offers insurance products including health, term, car, and bike insurance as a composite corporate agent, earning referral commissions.
5. IPO Application Services: Facilitates IPO applications through UPI and other methods, generating fees for application processing.
6. Fixed Income Product Distribution: Distributes FD, bonds, government securities, sovereign gold bonds, REITs, and NPS, earning referral commissions from partner institutions.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

ICICI Securities operates the ICICI Direct online trading and investment platform, offering retail investors, NRIs, and HNIs access to equity, derivatives (F&O), commodities, mutual funds, IPOs, ETFs, bonds, NPS, insurance, and loans through an integrated 3-in-1 account linking ICICI Bank savings, trading, and demat accounts. The platform provides research insights, algorithmic trading via Breeze API, automated trading via Spring, margin trading facility (MTF), wealth management, and portfolio management services.

Product overview

ICICI Direct operates as a comprehensive online trading and investment platform offered by ICICI Securities, providing a unified platform for investing across multiple asset classes including stocks, mutual funds, IPOs, ETFs, bonds, fixed deposits, commodities, futures & options, NPS, insurance, and loans. The platform architecture centers on the ICICI 3-in-1 Account which seamlessly links ICICI Bank savings, trading, and demat accounts. Core trading products include Equity Trading, Futures & Options with algorithmic trading capabilities (Breeze API, Spring platform), and Commodity Trading. Investment products span Mutual Funds (with SIP starting at ₹100), IPOs, FD & Bonds, ETFs, NPS, and REITs. The platform also offers margin trading (MTF), wealth management services, NRI services, and insurance distribution. Supporting tools include iLearn (financial education), various calculators, stock screeners, and research insights. The platform is designed for both investors and traders with differentiated pricing plans (iValue for traders, Prime for investors), backed by 70+ years of ICICI legacy.

Differentiator

Problem solved

Functional benefit

Named customers3 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature10 records

Partnerships

Ten partnerships are on record, tiered core.

• ICICI BankcoreOthersICICI Direct operates as a subsidiary of ICICI Securities, which is a subsidiary of ICICI Bank. The platform leverages ICICI Bank's savings accounts, branch network, and customer relationships for the 3-in-1 account integration. ICICI Bank is the parent company providing banking infrastructure and distribution reach.
• NSE (National Stock Exchange)coreOthersMember of NSE (Member code: 07730) enabling equity, F&O, and currency derivative trading on India's largest stock exchange.
• BSE LimitedcoreOthersMember of BSE (Member code: 103) enabling trading across equity, F&O, and other segments on the Bombay Stock Exchange.
• MCX (Multi Commodity Exchange)coreOthersMember of MCX (Member code: 56250) enabling commodity trading including gold, silver, crude oil, and other commodities.
• MSE (Metropolitan Stock Exchange)coreOthersMember of MSE (Member code: 17680) for equity and derivative trading on the Metropolitan Stock Exchange.
• NSDL (National Securities Depository Limited)coreOthersDepository participant for dematerialization and holding of securities in electronic form through NSDL.
• CDSL (Central Depository Services Limited)coreOthersDepository participant for dematerialization and holding of securities in electronic form through CDSL.
• ICICI Prudential AMCcoreChannel Partner/ Reseller/ DistributorMutual fund distribution partnership with ICICI Prudential Asset Management Company for offering mutual fund products including SIPs and NFOs on the platform.
• ICICI Lombard General InsurancecoreChannel Partner/ Reseller/ DistributorInsurance distribution partnership with ICICI Lombard General Insurance Company for offering health, motor, and other insurance products through the platform.
• ICICI Prudential Life InsurancecoreChannel Partner/ Reseller/ DistributorLife insurance distribution partnership with ICICI Prudential Life Insurance for term and other life insurance products.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Zerodha: India's largest discount broker operating the Kite platform for retail equities, F&O, mutual funds and IPOs. Directly comparable to ICICI Direct as a multi-asset retail brokerage; the most aggressive price competitor driving the zero-brokerage delivery trend that ICICI Securities must respond to.
• Groww: Leading digital-first Indian retail broker (now also a stockbroker with NSE/BSE membership) covering equities, IPOs, mutual funds and ETFs. Directly comparable as a mobile-first retail investing platform targeting the same primary segment as ICICI Direct.
• Sharekhan (BNP Paribas Sharekhan): Full-service Indian retail broker (now backed by BNP Paribas) offering equities, derivatives, mutual funds and IPOs. Comparable to ICICI Direct as a traditional full-service broker with multi-asset retail offerings and research-led engagement.
• Kotak Securities: Bank-backed retail brokerage arm of Kotak Mahindra Bank offering equities, derivatives, mutual funds, IPOs and currency derivatives. Directly comparable to ICICI Direct in product breadth, target customer (Kotak Bank depositors), and bank-led distribution model.
• Paytm Money: Digital-first Indian retail broker backed by Paytm, offering equities, F&O, IPOs and mutual funds. Comparable to ICICI Direct as a mobile-first self-directed platform targeting the same retail investor base, with strong brand-led distribution.
• Motilal Oswal Financial Services: Full-service Indian broker with strong research franchise, retail broking, wealth and PMS. Comparable to ICICI Direct's research-driven, full-service retail brokerage model — particularly relevant for the research, advisory and wealth management overlap.
• Axis Securities (Axis Direct): Bank-backed retail brokerage arm of Axis Bank offering equities, F&O, mutual funds, IPOs and loans. Closely mirrors ICICI Direct's bank-led distribution model with similar 3-in-1-style account integration via Axis Bank savings accounts.
• Upstox: Tech-forward Indian discount broker offering equities, F&O, commodities and mutual funds via API-driven platform. Directly comparable to ICICI Direct's algorithmic and self-directed trading offering, including API access for systematic traders.
• Angel One: Full-service discount broker offering equities, F&O, commodities, mutual funds and IPOs with a heavy digital focus and large retail client base. Directly comparable to ICICI Direct as a multi-asset retail platform — historically full-service, now competing on price and digital UX.
• HDFC Securities: Bank-backed retail and institutional brokerage subsidiary of HDFC Bank. The closest direct peer — same bank-distribution model, same multi-asset retail brokerage, and the principal competitor ICICI Securities benchmarks against within the bank-broker archetype.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/icici_direct
• Facebookfacebook.com/icicidirect

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about ICICI Securities