SBICAP Securities
SBICAP Securities is a wholly-owned stock broking subsidiary of State Bank of India, providing online equity and derivatives trading, IPO advisory, investment research, and corporate advisory services to retail, institutional, and government clients across India.
- Company typePrivate
- Founded2006
- HeadquartersMumbai, India
- Headcount1,001–5,000
- GTM typeB2B and B2C
- OfferingServices
What SBICAP Securities does
SBICAP Securities Ltd. is a wholly-owned stock broking subsidiary of State Bank of India (SBI), founded in 2006 and headquartered in Mumbai, India. The company operates an online share market trading platform at sbisecurities.in, providing retail investors access to equity trading, derivatives trading, IPO investments, and market research. Its product surface extends beyond retail broking into institutional and government-facing investment banking services, including IPO book running, corporate advisory, project valuation studies, and government divestiture management (e.g., Coal India OFS, GIC Re stake sale, SBI Funds IPO, Bagmane Prime Office REIT IPO).
The business model is primarily transaction-fee based: brokerage commissions on retail and institutional trades, underwriting and lead management fees on capital market issuances, and advisory fees on government and corporate mandates. Pricing is pay-as-you-go, with bank-owned brokers including SBICAP reducing fees to compete with discount players like Zerodha, Groww, Angel One, and Upstox, which collectively held 62% of NSE active client market share as of November 2025. The primary customer segment is retail investors, supported by institutional clients and government entities requiring research, valuation, and capital market services.
The firm is led by MD & CEO Bhuvaneshwari A. (appointed November 1, 2025) with a stated focus on digital transformation and investor accessibility. SBICAP's principal competitive assets are its parent SBI's branch distribution, brand trust, and preferential access to large government and group IPO mandates. Reported Q3 FY26 results showed 16.64% standalone net profit growth and 10.91% sales growth, with management forecasting double-digit earnings growth for FY27-FY28.
SBICAP Securities firmographics
Firmographics- Name
- SBICAP Securities
- Legal name
- SBICAP Securities Ltd.
- Website
- https://sbisecurities.in
- Company type
- Private
- Founded year
- 2006
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- SBICAP Securities is a wholly-owned stock broking subsidiary of State Bank of India, providing online equity and derivatives trading, IPO advisory, investment research, and corporate advisory services to retail, institutional, and government clients across India.
- Ownership category
- akta.pro rank
SBICAP Securities industry classification
Industry- Product category
- Retail Stock Brokerage
- NAICS
- Portfolio Management and Investment Advice (52394)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)
- akta.pro primary industry
- Margin Financing & Stock Loan Brokerage (FSAEACAO)
Keywords
Where SBICAP Securities is headquartered
LocationHeadquarters
- HQ city
- Mumbai
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
SBICAP Securities business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Brokerage and Trading Services: Commission-based brokerage services for equity trading, derivatives, and other securities transactions executed through the SBICAP Securities platform.
- IPO Advisory and Underwriting: Investment banking services including IPO recommendations, valuations, and book running lead manager activities for capital market offerings.
- Research and Advisory Services: Market research reports, stock recommendations, and investment advisory provided to clients generating revenue through brokerage relationships.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Competitive brokerage fees to compete with discount brokers |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels4 records
SBICAP Securities product offering
Product offeringCore offering
SBICAP Securities is a full-service stock brokerage that provides an online trading platform for retail investors to trade equities, derivatives, and IPOs in Indian markets. The firm also delivers investment advisory, fundamental equity research reports, and corporate advisory services. As a wholly-owned subsidiary of State Bank of India, it additionally acts as a book running lead manager for IPOs and as a financial consultant for government infrastructure projects.
Product overview
SBI Securities operates as a single unified online stock trading and investment platform, providing retail investors access to equity trading, derivatives trading, IPO investments, and market research services through its website-based trading interface. The platform serves as the primary digital channel for State Bank of India group's retail brokerage operations.
Differentiator
Problem solved
Functional benefit
Products and services
- SBI Securities Online Trading Platform
Quantifiable outcome
- Active client base increased while major discount brokers saw declines in FY26
- +1 more outcomes
Companies that use SBICAP Securities
Customer profileSegments3 records
Ideal customer profiles3 records
SBICAP Securities technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
SBICAP Securities partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered flagship and core.
- Telangana State GovernmentflagshipSBICAPS appointed as official consultant for Hyderabad Metro Phase-I takeover and Phase-II development. Conducts valuation studies, identifies lending agencies, and analyzes expansion routes and financing models. Both governments established formal liaison structure committed to basing decisions on SBICAPS's comprehensive report.
- Union Government of IndiaflagshipJoint initiative with Telangana state for Hyderabad Metro Phase-I and Phase-II development. SBICAPS serves as official consultant conducting valuation studies and financing analysis for the infrastructure project.
- Bagmane Prime Office REITcoreSBICAP Securities appointed as one of seven book running lead managers for Bagmane Prime Office REIT IPO raising up to ₹3,405 crore.
- SBI Funds Management Ltd.coreSBICAP Securities (SBI Capital Markets) appointed among nine banks managing SBI Funds IPO aiming to raise up to $1.5 billion with valuation target of $13-15 billion.
- Government of India (GIC Re Stake Sale)coreGovernment aiming to raise ₹3,090 crore via 5% stake sale in GIC Re through OFS mechanism. Part of government's ₹80,000 crore divestment target for FY27.
- Government of India (Coal India Stake Sale)coreGovernment OFS for up to 2% stake in Coal India at ₹412 per share. Five brokerage firms appointed to manage the offering.
Scale indicators4 records
Recent moves5 records
Expansion highlights5 records
SBICAP Securities competitors and assessment
Company assessmentDirect peers
- Zerodha: India's largest discount broker with dominant share of NSE active clients. Direct competitor in retail trading and the structural headwind SBICAP faces from low-cost, technology-led disruptors.
- HDFC Securities: Subsidiary of HDFC Bank offering stock broking, research, and investment advisory. Closely comparable to SBICAP as both are bank-owned retail/institutional brokers leveraging their parent's branch distribution for client acquisition.
- Angel One: Listed Indian discount broker with strong retail client growth. Direct competitor in retail trading and one of the named competitors pressuring SBICAP's fee structure.
- Axis Securities: Subsidiary of Axis Bank offering retail stock broking, IPO services, and investment advisory. Comparable as another bank-owned broker targeting similar retail and institutional clients in India.
- ICICI Securities: Listed Indian securities broker and investment bank, subsidiary of ICICI Bank. Offers retail trading, institutional research, and IPO underwriting - a near-direct comparable to SBICAP Securities as a bank-owned broker with similar product mix and client segments.
- Sharekhan: Full-service Indian retail broker offering equity, derivatives, and mutual fund distribution. Comparable to SBICAP's retail brokerage segment with overlapping target customer base and product set.
- Kotak Securities: Wholly-owned subsidiary of Kotak Mahindra Bank providing full-service stock broking, derivatives, and investment advisory services. Directly comparable bank-broker peer with similar product offering and customer segments in India.
- Upstox: Tech-focused Indian discount broker. Direct competitor on retail equity and derivatives trading, named among the discount brokers holding 62% of NSE active client share.
- Groww: Leading Indian discount broker and investment platform. Direct competitor in the retail trading segment, representing the technology-led, low-fee model SBICAP is positioning against.
- Motilal Oswal Financial Services: Listed Indian financial services firm offering broking, institutional equity research, investment banking, and asset management. Highly comparable as a full-service broker with strong research and institutional franchise similar to SBICAP.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
SBICAP Securities social profiles
Digital presenceSBICAP Securities financial estimates
Financial estimateRevenue estimate
Valuation estimate
SBICAP Securities leadership team
Management profileNumber of profiles
Profiles3 records
SBICAP Securities funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
SBICAP Securities M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about SBICAP Securities
What does SBICAP Securities do?
SBICAP Securities is a full-service stock brokerage that provides an online trading platform for retail investors to trade equities, derivatives, and IPOs in Indian markets. The firm also delivers investment advisory, fundamental equity research reports, and corporate advisory services. As a wholly-owned subsidiary of State Bank of India, it additionally acts as a book running lead manager for IPOs and as a financial consultant for government infrastructure projects.
Is SBICAP Securities a public or private company?
SBICAP Securities is a private company. It is classified as corporate owned and is currently operating.
When was SBICAP Securities founded?
SBICAP Securities was founded in 2006. It employs 1,001 to 5,000 people.
Where is SBICAP Securities based?
SBICAP Securities is headquartered in Mumbai, India, in the Asia region.
How does SBICAP Securities make money?
Three revenue lines are on record. Brokerage and Trading Services are the primary driver. The others are IPO Advisory and Underwriting and research and Advisory Services.
Who are SBICAP Securities's main competitors?
Direct peers on record are Zerodha, HDFC Securities, Angel One, Axis Securities, ICICI Securities, Sharekhan, Kotak Securities, Upstox, Groww and Motilal Oswal Financial Services.
Does SBICAP Securities have an API?
No public API is recorded for SBICAP Securities.
What industry is SBICAP Securities in?
SBICAP Securities's product category is Retail Stock Brokerage. Its primary akta.pro industry code is FSAEACAO, Margin Financing & Stock Loan Brokerage. Its NAICS code is 52394 and its SIC code is 6211.