SPFL Securities

What SPFL Securities does

SPFL Securities Ltd is a privately held Indian stock brokerage firm founded in 1999, headquartered in India and operating exclusively in the domestic market. The company is registered with SEBI as an intermediary (NSE INZ000214237, BSE INZ000214237) and holds trading memberships on NSE across cash, futures & options, and currency derivatives segments, and on BSE across cash and currency derivatives. It is also a depository participant with both NSDL (DPID IN300556) and CDSL (DPID 12061200). SPFL operates as a full-service broker targeting individual retail investors, providing an integrated suite of online trading, depository services, mutual fund distribution, online IPO applications, and research-based investment guidance.

The company's technology stack centers on a web-based online trading platform at trade.spfl.co.in, complemented by the SPFL Edge mobile app available on iOS and Android, online account opening (live.meon.co.in/spfl), an IPO application portal (ipo.meon.co.in/spfl), and a digital RE-KYC facility. Auxiliary tools include a SPAN margin calculator for derivatives, a retirement planning calculator, and a Knowledge Center for investor education. Distribution is hybrid: a self-serve digital front-end plus a network of 40+ authorized persons (independent sub-brokers) who provide personalized guidance under SPFL's license.

Revenue is generated through transaction-based brokerage commissions on equity, derivatives, and other securities trades; recurring depository fees for demat account maintenance; mutual fund distribution commissions; and fees from facilitating online IPO applications. Pricing is pay-as-you-go and transaction-based, with specific brokerage rates not publicly disclosed. SPFL serves 25,000+ investors and has operated for 25+ years, but no revenue figures, headcount beyond the authorized persons network, or recent funding activity are disclosed in available data.

Name

SPFL Securities

Legal name

SPFL Securities Ltd

Website

https://spfl.co.in

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

SPFL Securities is a privately held Indian stock brokerage firm founded in 1999, offering retail investors an integrated online trading platform, mobile app, depository services (NSDL/CDSL), mutual fund distribution, IPO applications, and research-based investment guidance through self-serve digital channels and a 40+ authorized persons network.

Ownership category

akta.pro rank

Headquarters

HQ city

Kalkaji

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: Revenue generated from brokerage fees on equity, derivatives, and other securities trading transactions executed through their platform.
2. Depository Services: Revenue from providing depository services including demat account maintenance and securities handling.
3. Mutual Fund Distribution: Revenue from distribution of mutual fund products to investors.
4. IPO Application Services: Revenue from facilitating online IPO applications for investors.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels4 records

Core offering

SPFL Securities is an India-based stock brokerage firm offering online trading across equity, derivatives, debentures, and IPOs through a web platform and the SPFL Edge mobile app. The firm also provides depository services through NSDL and CDSL, mutual fund distribution, online IPO application facilitation, and capital market research to retail investors, supported by a network of 40+ authorized persons.

Product overview

SPFL Securities operates as a full-service stock brokerage platform providing an integrated suite of trading and investment services. The core offering is a web-based trading application enabling users to trade shares, debentures, and apply for IPOs online. The platform includes mobile apps (SPFL Edge for Android and iOS), mutual fund investment services, depository services through CDSL/NSDL partnerships, margin calculators, retirement planning tools, and research reports. The company also provides RE-KYC services and investor education through its Knowledge Center. The platform is accessible via multiple interfaces including the main website, dedicated trading portal, and mobile applications, serving over 25,000 investors with 40+ authorized persons and 25+ years of operation.

Differentiator

Problem solved

Functional benefit

Products and services

• SPFL Online Trading Platform Web-based internet trading facility enabling retail investors in India to trade across multiple segments including shares, debentures, and online IPO applications from any location. Registered with NSE (CM, F&O, CDX) and BSE (CM, CDX).
• SPFL Edge Mobile App Standalone mobile trading application available on Android and iOS platforms providing trading and portfolio management capabilities for retail investors on mobile devices.
• Mutual Fund Investment Service Platform for investing in mutual funds with streamlined account opening and management capabilities for retail investors seeking diversified fund investments.
• Depository Services Depository participant services for safeguarding investor assets in dematerialized form through CDSL and NSDL, including demat account maintenance and securities handling for retail investors.
• Online IPO Application Online facility for retail investors to apply for IPOs with streamlined and efficient processing through SPFL's portal.
• Capital Market Research Reports Research reports and market analysis providing clients with valuable inputs to support investment decisions and potentially achieve better returns.

Quantifiable outcome

• 25,000+ investors served
• +1 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core.

• NSE (National Stock Exchange)coreTechnology or IntegrationSPFL Securities is a registered broker with NSE, enabling trading in cash market (CM), futures & options (F&O), and currency derivatives (CDX) segments. The company executes trades on NSE's exchange infrastructure.
• BSE (Bombay Stock Exchange)coreTechnology or IntegrationSPFL Securities is a registered broker with BSE, enabling trading in cash market (CM) and currency derivatives (CDX) segments. The company executes trades on BSE's exchange infrastructure.
• NSDL (National Securities Depository Limited)coreTechnology or IntegrationSPFL Securities provides depository services through NSDL for dematerialization and safekeeping of securities. DPID: IN300556 (IN-DP-543-2021).
• CDSL (Central Depository Services Limited)coreTechnology or IntegrationSPFL Securities provides depository services through CDSL for dematerialization and safekeeping of securities. DPID: 12061200 (IN-DP-543-2021).
• SEBI (Securities and Exchange Board of India)coreTechnology or IntegrationSPFL Securities is a SEBI-registered intermediary (Registration Nos: NSE INZ000214237, BSE INZ000214237) operating under regulatory oversight for broker-dealer operations.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• 5paisa Capital: Discount Indian broker offering equity, derivatives, MF and loans via app/web; directly comparable in self-serve retail trading and online account opening.
• Upstox (RKSV Securities): Online Indian discount broker offering equity, derivatives, and MF trading through web and mobile platforms; directly competes for the same retail trading audience as SPFL.
• Sharekhan (BNP Paribas Sharekhan): Full-service Indian retail broker with research-led advisory and digital trading platform; very similar hybrid research-plus-online model targeting retail investors in India.
• Groww (Nextbillion Technology): Tech-first Indian retail broker focused on equity, mutual fund and IPO distribution; overlapping target customer (retail investors) with similar D2C account opening and mobile-first UX.
• Angel One (Angel Broking): Listed Indian full-service broker with online trading, mutual fund distribution, research, and advisory offerings; close product-level overlap with SPFL's research-and-guidance hybrid model.
• Zerodha (Zerodha Broking): India's largest retail broker offering equity, derivatives, MF and IPO services via Kite web/mobile platform - directly comparable in product mix and SEBI/NSE/BSE registration, with far larger scale (millions of clients).

Broad incumbents

• Motilal Oswal Financial Services: Large diversified Indian financial services firm with retail broking, research, MF distribution and wealth management; overlaps SPFL's research-led retail offering but at greater scale and breadth.
• Kotak Securities: Bank-affiliated Indian retail broker providing equity, derivatives, MF, IPO and depository services; competes for SPFL's same retail base with stronger parent-bank distribution.
• HDFC Securities: Bank-affiliated full-service Indian broker and depository participant; comparable multi-product retail offering but backed by a large parent banking franchise.
• ICICI Securities (ICICIdirect): Bank-affiliated Indian retail broker offering equity, derivatives, MF, IPO and depository services at large scale; broader product portfolio with an incumbent distribution advantage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

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 SPFL Securities