SBICAP Securities

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.

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

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

• Online stock brokerage
• Equity trading platform
• IPO underwriting
• Investment advisory services
• Equity research reports

Headquarters

HQ city

Mumbai

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. Brokerage and Trading Services: Commission-based brokerage services for equity trading, derivatives, and other securities transactions executed through the SBICAP Securities platform.
2. IPO Advisory and Underwriting: Investment banking services including IPO recommendations, valuations, and book running lead manager activities for capital market offerings.
3. Research and Advisory Services: Market research reports, stock recommendations, and investment advisory provided to clients generating revenue through brokerage relationships.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core 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

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered flagship and core.

• Telangana State GovernmentflagshipStrategic or Co-development Partner · 23 June 2026SBICAPS 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 IndiaflagshipStrategic or Co-development Partner · 23 June 2026Joint 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 REITcoreImplementation/ SI/ Consulting Partner · 28 April 2026SBICAP 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.coreImplementation/ SI/ Consulting Partner · 24 April 2026SBICAP 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)coreImplementation/ SI/ Consulting PartnerGovernment 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)coreImplementation/ SI/ Consulting PartnerGovernment 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

Direct 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

• LinkedInlinkedin.com/company/sbicap-securities

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about SBICAP Securities