Nirmal Bang Securities Pvt Ltd
Nirmal Bang Securities is a privately held, Mumbai-headquartered Indian brokerage founded in 1986, offering equity, derivatives, commodity, forex, and depository services to retail and institutional clients across India via the ODIN platform, Beyond Trading App, and a pan-India branch and franchise network.
- Company typePrivate
- Founded1986
- HeadquartersMumbai, India
- Headcount1,001–5,000
- GTM typeB2B and B2C
- OfferingServices
What Nirmal Bang Securities Pvt Ltd does
Nirmal Bang Securities Private Limited is a privately held, Mumbai-based retail and institutional brokerage founded in 1986 by Dilip Bang and Kishore Bang. The firm operates as a multi-asset trading and financial services platform serving both retail investors and institutional clients across India, with a headcount of 1,001–5,000 employees and a pan-India network of branches and franchises. Core product lines include equity and derivatives trading on NSE and BSE, commodity trading on MCX and NCDEX, currency derivatives, institutional broking, depository participant services through NSDL and CDSL, algorithmic trading, mutual fund distribution (via the wholly-owned subsidiary Nirmal Bang Wealth), IPO services, NPS, insurance broking (via Nirmal Bang Insurance Broking), and Portfolio Management Services.
The technology stack centers on the ODIN desktop trading terminal and the Beyond Trading mobile app (iOS and Android), with real-time streaming quotes, multiple watchlists, integrated demat and trading accounts, and 128-bit SSL encryption (Entrust-certified). The firm has exposed an ODIN API connector for third-party platform integrations and operates a public-facing content hub (webinars, research reports, social media, and Bloomberg TV appearances) that supports a research-led go-to-market motion. Business segments are organized under four wholly-owned subsidiaries — Nirmal Bang Equities, Nirmal Bang Commodities, Nirmal Bang Wealth, and Nirmal Bang Insurance Broking — to separate core broking, commodity, wealth, and insurance functions.
Revenue is generated predominantly through transaction fees on equity, derivatives, commodity, and forex trades, supplemented by affiliate and referral income from mutual fund distribution, insurance commissions, depository service fees, and PMS fees. The company is privately held with concentrated ownership in the founding Bang family, no disclosed external institutional investors, and a strong balance sheet that it cites as a differentiator. Pricing is not publicly disclosed on the website; the firm operates a pay-as-you-go brokerage model with selective ancillary fees (e.g., margin pledge charges of INR 10 for POA clients and INR 20 for non-POA clients). FY2026 revenue was Rs 486.61 crore (down 1.43% YoY) with Q4 FY26 revenue of Rs 126.66 crore (up 18.67% YoY), suggesting a recent re-acceleration.
Nirmal Bang Securities Pvt Ltd firmographics
Firmographics- Name
- Nirmal Bang Securities Pvt Ltd
- Legal name
- Nirmal Bang Securities Private Limited
- Website
- https://nirmalbang.com
- Company type
- Private
- Founded year
- 1986
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Nirmal Bang Securities is a privately held, Mumbai-headquartered Indian brokerage founded in 1986, offering equity, derivatives, commodity, forex, and depository services to retail and institutional clients across India via the ODIN platform, Beyond Trading App, and a pan-India branch and franchise network.
- Ownership category
- akta.pro rank
Nirmal Bang Securities Pvt Ltd industry classification
Industry- Product category
- Securities Brokerage
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (52316), Investment Banking and Securities Intermediation (52315)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211), Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Fixed Income Brokerage (Bonds) (FSAEACAJ)
Keywords
Where Nirmal Bang Securities Pvt Ltd is headquartered
LocationHeadquarters
- HQ city
- Mumbai
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
Nirmal Bang Securities Pvt Ltd 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
- Equity and Derivatives Brokerage: Commissions from executing equity and derivatives trades on NSE and BSE for retail and institutional clients
- Commodity Trading: Brokerage revenue from commodity trading including grains, metals, oil, crude on MCX and NCDEX exchanges
- Forex Trading: Currency derivatives trading services as authorized broker for NSEC, BSEC and MCXC
- Institutional Broking: Corporate houses and institutions dealing capabilities on India's leading stock exchanges
- Depository Services: Depository participant services registered with NSDL and CDSL for securities custody and settlement
- Mutual Fund Distribution: Distribution of mutual fund schemes with Nirmal Bang Wealth as AMFI registered mutual fund distributor
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Standard brokerage rates apply for equity and derivatives trading |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels5 records
Nirmal Bang Securities Pvt Ltd product offering
Product offeringCore offering
Nirmal Bang Securities is an Indian stock broking firm that executes equity, derivatives, commodity, and forex trades on NSE, BSE, MCX, NCDEX and other exchanges for retail and institutional clients. It also provides depository participant services (NSDL/CDSL), mutual fund distribution, IPO services, NPS, insurance broking, portfolio management services, and loan against securities. The brokerage operates through proprietary platforms including the ODIN trading terminal and the Beyond Trading mobile app, supported by a research division and pan-India branch and franchise network.
Product overview
Nirmal Bang Securities Pvt Ltd operates as a diversified financial services brokerage offering an integrated platform of trading and investment products. The core offerings include Equity & Derivatives Trading (NSE/BSE), Forex Trading, Commodity Trading (MCX/NCDEX), Depository Services (NSDL/CDSL), and Institutional Broking. The ecosystem is supported by the ODIN proprietary trading terminal and Beyond Trading mobile app as technology platforms, with Algo Trading and Loan Against Securities as add-on services. Additional services include Mutual Funds distribution (via Nirmal Bang Wealth), IPO Services, National Pension Scheme, Insurance Distribution, and Portfolio Management Services. Research capabilities through the Nirmal Bang Research division provide technical calls, equity research, commodity research, currency research, and institutional research to support client investment decisions.
Differentiator
Problem solved
Functional benefit
Brands
- Beyond App: Mobile trading application for retail investors enabling trading on NSE and BSE
- Beyond Pro
- ODIN
- Nirmal Bang Wealth
- Beyond Market
Companies that use Nirmal Bang Securities Pvt Ltd
Customer profileNamed customers2 records
Segments2 records
Ideal customer profiles2 records
Nirmal Bang Securities Pvt Ltd technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Nirmal Bang Securities Pvt Ltd partnerships and signals
Strategic signalScale indicators4 records
Recent moves6 records
Expansion highlights5 records
Nirmal Bang Securities Pvt Ltd competitors and assessment
Company assessmentDirect peers
- Motilal Oswal Financial Services: Indian full-service broker with strong research capabilities, retail and institutional broking, wealth management, and asset management. Comparable to Nirmal Bang in research-led differentiation and diversified product suite spanning equities, commodities, and mutual funds.
- HDFC Securities: Bank-affiliated full-service broker providing equity, derivatives, commodities, mutual funds, IPO, and NRI services with strong research. Comparable to Nirmal Bang in multi-product retail and institutional brokerage model and pan-India presence.
- Sharekhan: Indian full-service stockbroker offering equity, derivatives, commodity, and mutual fund services with pan-India branch presence. Closely comparable to Nirmal Bang in multi-asset retail and institutional brokerage positioning and exchange memberships.
- ICICI Securities: Bank-affiliated full-service broker offering equities, derivatives, commodities, mutual funds, IPO, and research with institutional and retail clients. Comparable to Nirmal Bang in product breadth, depository services, and exchange memberships.
- Angel One: Indian broker with broad retail trading platform offering equities, derivatives, commodities, mutual funds, and IPO with strong digital focus. Comparable to Nirmal Bang's pan-India retail client base and exchange memberships, though with a more digital-native positioning.
- Geojit Financial Services: Indian multi-asset broker offering equities, derivatives, commodities, mutual funds, and wealth advisory with regional bank partnerships. Comparable to Nirmal Bang in product breadth, depository services, and pan-India distribution.
- Anand Rathi: Indian full-service financial services group with broking, wealth management, investment banking, and insurance distribution. Comparable to Nirmal Bang in diversified financial services group structure and family-led ownership.
- JM Financial: Indian diversified financial services group with retail and institutional broking, investment banking, wealth management, and asset management. Comparable to Nirmal Bang's group structure spanning multiple financial services with broking as a core vertical.
- Kotak Securities: Bank-affiliated full-service broker offering equities, derivatives, currency derivatives, commodities, mutual funds, and research. Comparable to Nirmal Bang's multi-asset offering, depository services, and exchange memberships across NSE/BSE/MCX.
- Axis Securities: Bank-affiliated broker offering equity, derivatives, mutual funds, IPO, and digital trading platforms. Comparable to Nirmal Bang in multi-product offerings, retail client focus, and online trading platform infrastructure.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Nirmal Bang Securities Pvt Ltd social profiles
Digital presenceNirmal Bang Securities Pvt Ltd financial estimates
Financial estimateRevenue estimate
Valuation estimate
Nirmal Bang Securities Pvt Ltd leadership team
Management profileNumber of profiles
Profiles2 records
Nirmal Bang Securities Pvt Ltd subsidiaries and ownership
Company hierarchySubsidiaries4 records
Nirmal Bang Securities Pvt Ltd funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Nirmal Bang Securities Pvt Ltd M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Nirmal Bang Securities Pvt Ltd
What does Nirmal Bang Securities Pvt Ltd do?
Nirmal Bang Securities is an Indian stock broking firm that executes equity, derivatives, commodity, and forex trades on NSE, BSE, MCX, NCDEX and other exchanges for retail and institutional clients. It also provides depository participant services (NSDL/CDSL), mutual fund distribution, IPO services, NPS, insurance broking, portfolio management services, and loan against securities. The brokerage operates through proprietary platforms including the ODIN trading terminal and the Beyond Trading mobile app, supported by a research division and pan-India branch and franchise network.
Is Nirmal Bang Securities Pvt Ltd a public or private company?
Nirmal Bang Securities Pvt Ltd is a private company. It is classified as family owned and is currently operating.
When was Nirmal Bang Securities Pvt Ltd founded?
Nirmal Bang Securities Pvt Ltd was founded in 1986. It employs 1,001 to 5,000 people.
Where is Nirmal Bang Securities Pvt Ltd based?
Nirmal Bang Securities Pvt Ltd is headquartered in Mumbai, India, in the Asia region.
How does Nirmal Bang Securities Pvt Ltd make money?
Six revenue lines are on record. Equity and Derivatives Brokerage is the primary driver. The others are commodity Trading, forex Trading, institutional Broking, depository Services and mutual Fund Distribution.
Who are Nirmal Bang Securities Pvt Ltd's main competitors?
Direct peers on record are Motilal Oswal Financial Services, HDFC Securities, Sharekhan, ICICI Securities, Angel One, Geojit Financial Services, Anand Rathi, JM Financial, Kotak Securities and Axis Securities.
Does Nirmal Bang Securities Pvt Ltd have an API?
Yes. Nirmal Bang offers an ODIN API connector for third-party platform integration. The API enables partners to access market data and trading functionality through a token-based authentication system. The connector is accessible at connector-app.odinconnector.co.in and supports partner integrations for the ODIN trading platform. Developer documentation is at connector-app.odinconnector.co.in/market-place/api?sAppToken=NirmalBangB2C2098173581d&sTwoWayToken=abc&sPartnerId=008005&sTenantId=5.
What industry is Nirmal Bang Securities Pvt Ltd in?
Nirmal Bang Securities Pvt Ltd's product category is Securities Brokerage. Its primary akta.pro industry code is FSAEACAJ, Fixed Income Brokerage (Bonds). Its NAICS code is 5231 and its SIC code is 6211.