What Marwadi Chandarana Intermediaries Brokers does

Marwadi Chandarana Intermediaries Brokers Private Limited (MCIBPL) is a SEBI-regulated, multi-asset Indian financial services firm incorporated in August 2018 as a joint venture between Marwadi Shares and Finance Limited (MSFL) and Chandarana Intermediaries Brokers Private Limited (CIBPL), operating within the broader Marwadi Chandarana Group (MCG) which traces a 30+ year legacy in Indian financial markets. The company holds trading memberships on NSE, BSE, MCX, NCDEX, and MSEI, alongside SEBI registrations as a Stock Broker, Merchant Banker, Investment Advisor, Depository Participant, and Research Analyst. MCIBPL serves retail traders, HNI clients, and corporate/institutional customers through a 500+ branch and authorised-person distribution network spanning 5,000+ Indian PIN codes, with reported daily exchange volume exceeding Rs. 400 crores and 15.53% market share in the SLBM segment as of FY 2025-26.

The product portfolio spans equity, commodity, and currency derivatives broking; algorithmic and ultra-low-latency high-frequency trading infrastructure; an end-to-end merchant banking practice covering IPO management, equity capital markets, qualified institutional placements, valuations, M&A advisory, and corporate restructuring; distribution services for mutual funds, IPOs, and NPS; precious-metals ETFs; and depository services via NSDL and CDSL. Underlying technology includes proprietary algorithmic and HFT execution systems, multi-exchange arbitrage infrastructure, in-house research capabilities, and SEBI-registered investment advisory workflows. The company carries the WCAG 2.1 Level AA accessibility certification on its digital properties.

The revenue model is transaction-fee-driven across broking, distribution, and proprietary trading activities, supplemented by professional-services fees from merchant banking mandates (IPO underwriting, advisory, valuations) and recurring fees from SEBI-registered investment advisory services. The go-to-market is sales-led through the branch and authorised persons network, with the corporate office in Rajkot and a merchant banking regional hub in Mumbai supplementing institutional outreach. Customer segments span mass retail, active retail traders, HNI clients seeking execution speed, and small-to-large corporates raising capital or executing restructuring transactions.

Name

Marwadi Chandarana Intermediaries Brokers

Legal name

Marwadi Chandarana Intermediaries Brokers Private Limited

Website

https://marwadichandaranagroup.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Marwadi Chandarana Intermediaries Brokers (MCIBPL) is a SEBI-regulated Indian financial services firm offering multi-asset broking, merchant banking, investment advisory, and depository services to retail, HNI, and corporate clients across India through a 500+ branch network and memberships on NSE, BSE, MCX, NCDEX, and MSEI.

Ownership category

akta.pro rank

Product category

Brokerage and Investment Banking Services

NAICS

Investment Banking and Securities Intermediation (52315), Portfolio Management and Investment Advice (52394)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Independent Broker-Dealers (Retail Network) (FSAAAAAC)

akta.pro secondary industries

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL), Prime Brokerage Financing (Margin/Stock Loan) (FSACAIAD)

Keywords

• Equity broking services
• Commodity derivatives trading
• Merchant banking advisory
• Investment advisory services
• Depository participant services

Headquarters

HQ city

Rajkot

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Broking Commission: Commission income from equity, commodity, and currency derivatives trading executed on behalf of clients across NSE, BSE, MCX, NCDEX, and MSEI. Revenue is transaction-volume based with per-trade or percentage commissions.
2. Merchant Banking Advisory: Fees from managing, underwriting, and syndicating IPOs; advisory services; managing documentation and regulatory assignments including IPOs, open offers, buyback offers, delisting, and rights issues for corporate clients.
3. Distribution Services: Revenue from distributing mutual funds, IPO products, and NPS (National Pension System) to retail customers, acting as a distributor.
4. Proprietary Trading: The company conducts proprietary trading and arbitrage activities across various stock exchanges in securities, government securities, derivative instruments, commodities, and currency markets, generating trading P&L.
5. Investment Advisory: SEBI-registered investment advisory services providing personalised, research-driven investment recommendations to individual investors, generating advisory fees.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels3 records

Core offering

Marwadi Chandarana Intermediaries Brokers Private Limited (MCIBPL) is a SEBI-registered stock broker, merchant banker, and investment advisor that provides equity, commodity, and currency derivatives broking across Indian exchanges (NSE, BSE, MCX, NCDEX, MSEI), along with merchant banking services such as IPO management, underwriting, M&A advisory, valuations, and private equity placement. It also offers depository services through NSDL and CDSL, distribution of mutual funds, IPOs, and NPS, and proprietary algorithmic and high-frequency trading capabilities, serving retail, HNI, corporate, and institutional clients across India.

Product overview

Marwadi Chandarana Intermediaries Brokers operates as a comprehensive financial services platform offering a unified portfolio of broking, investment advisory, and merchant banking services. The core offerings include Broking Services (equity, commodity, and currency derivatives across NSE, BSE, MCX), Algo Trading with quantitative models, HFT Trading infrastructure, Merchant Banking for capital market transactions, Distribution Services for mutual funds and NPS, ETF - Precious Metals for gold/silver/platinum exposure, and Depository Participant Services through NSDL/CDSL. Additional services include SEBI-registered Investment Advisory, Equity Capital Market Services, Valuation, Private Equity Placement, and Corporate Restructuring. The company serves retail, corporate, and institutional customers across India with trading memberships on major Indian exchanges.

Differentiator

Problem solved

Functional benefit

Brands

• Broking Division: Equity, Commodity & Currency Derivatives broking services.
• Algo Trading
• HFT Trading
• Merchant Banking Division
• Distribution Services
• ETF - Precious Metals
• Depository Participant

Products and services

• Broking Services Equity, commodity, and currency derivatives trading services providing access to NSE, BSE, MCX, NCDEX, and MSEI exchanges for retail, HNI, and institutional clients across India.
• Algorithmic Trading Advanced algorithmic trading platform with quantitative models enabling automated and systematic trading strategy execution across exchanges.

Quantifiable outcome

• Average daily volume exceeding Rs. 400+ crores on stock exchanges
• +2 more outcomes

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Marwadi Shares and Finance Limited (MSFL)coreStrategic or Co-development PartnerMSFL is the parent/joint venture partner of MCIBPL. It is a SEBI-registered Stock Broker (INZ000174730), Depository Participant (IN-DP-476-2020), and Research Analyst (INH000002186) operating as part of the Marwadi Chandarana Group. MSFL provides the broking and depository infrastructure foundation on which MCIBPL was established.
• Chandarana Intermediaries Brokers Private Limited (CIBPL)coreStrategic or Co-development PartnerCIBPL is the other parent/joint venture partner of MCIBPL alongside Marwadi Shares and Finance Limited. Together, the two entities formed MCIBPL on August 9, 2018 to carry on business as brokers, merchant bankers, and arbitrageurs across securities, derivatives, commodities, and currency markets.
• NSE (National Stock Exchange)coreOthersMCIBPL holds trading membership on NSE (Membership No. 90197) covering Cash Market, Derivative Market, and Currency Market segments since 2019. MSFL holds NSE Membership No. 08760.
• BSE (Bombay Stock Exchange)coreOthersMCIBPL holds trading membership on BSE (Membership No. 4091) and MSFL holds Membership No. 0910, enabling equity and derivatives trading on India's oldest stock exchange.
• MCX (Multi Commodity Exchange)coreOthersMCIBPL holds trading membership on MCX (Membership No. 56780) and MSFL holds Membership No. 56410, enabling commodity derivatives trading.
• NCDEX (National Commodity and Derivatives Exchange)coreOthersMCIBPL holds trading membership on NCDEX (Membership No. 01316) and MSFL holds Membership No. 1280, enabling agri-commodity derivatives trading.
• NSDL (National Securities Depository Limited)coreOthersMCIBPL operates as a Depository Participant providing demat account services through NSDL (DPID: IN300974 for MSFL). Enables paperless securities holding and management.
• CDSL (Central Depository Services Limited)coreOthersMCIBPL operates as a Depository Participant providing demat account services through CDSL (DPID: 12035100 for MSFL). Enables electronic securities holding and management.
• MSEI (Metropolitan Stock Exchange of India)minorOthersMCIBPL holds trading membership on MSEI (Membership No. 84850) in addition to NSE, BSE, MCX, and NCDEX.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Emerging players

• 5paisa Capital: Discount/online-first Indian broking platform offering low-cost equity and commodity trading plus distribution—competes with MCIBPL for the same retail trader base but via a tech-first, low-fee model.

Direct peers

• Choice Broking: Mid-sized Indian broker-dealer offering retail broking, depository, merchant banking, and investment advisory across multiple Indian exchanges—directly comparable as a smaller multi-vertical integrated brokerage.
• Geojit Financial Services: Mid-sized Indian broker with strong regional distribution (South India) offering multi-asset broking, mutual fund distribution, and investment advisory—analogous to MCIBPL's regional-distribution-led strategy.
• IIFL Securities: Full-service Indian broker providing equity broking, depository, merchant banking, and distribution services with active exchange memberships—highly comparable across MCIBPL's broking, ECM, and distribution verticals.
• Anand Rathi Financial Services: Indian financial services firm offering broking, investment banking (IPO management, M&A, valuations), wealth management, and distribution—comparable mix of transactional and advisory revenue streams as MCIBPL.
• Motilal Oswal Financial Services: Mid-sized Indian financial services group operating across broking, investment banking, wealth management, and asset management with strong retail distribution and equity capital markets advisory—closely comparable to MCIBPL's multi-vertical integrated model.
• Sharekhan (BNP Paribas): Large retail-focused Indian stock broker with an extensive branch and authorised-person network offering equity, commodity, and derivatives broking plus investment advisory—directly analogous to MCIBPL's retail distribution-led model.

Broad incumbents

• ICICI Securities: Large, listed Indian broker-dealer offering retail broking, investment banking, and wealth advisory—operates broadly in the same space as MCIBPL but at materially larger scale and pan-India reach.
• Kotak Securities: Bank-affiliated full-service Indian broker offering equity, commodity, and currency broking plus distribution and investment advisory—overlaps with MCIBPL's offering as part of a wider financial services portfolio.
• SBI Capital Markets: Large, established domestic investment bank offering IPO management, underwriting, ECM/DCM advisory, and broking—comparable on the merchant-banking side of MCIBPL's business at much larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/marwadi.chandarana
• LinkedInlinkedin.com/company/mcibpl

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 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 Marwadi Chandarana Intermediaries Brokers