SMIFS

What SMIFS does

SMIFS Limited is a privately held Indian financial services firm founded in 1993 and headquartered in Kolkata, West Bengal. Operating under the unified brand "SMIFS & Mackertich One," the firm runs a multi-product wealth management and capital-markets platform spanning stock broking across equity, commodity, and currency derivatives; portfolio management services (PMS); mutual fund distribution; depository services; institutional and retail research; and insurance advisory. SMIFS is regulated under multiple SEBI/AMFI/APMI/IRDAI registrations (including stock broking INZ000220635, depository IN-DP-414-2019, PMS INP000004623, research INH300001474, merchant banking INM000013475, AMFI ARN-3080, APMI APRN00855, and IRDAI CA1102) and holds trading membership on NSE, BSE, MSEI, MCX, and NCDEX. The firm operates two wholly-owned subsidiaries — Stewart & Mackertich Commodities Limited and SMIFS Wealth Management Limited (APMI APRN05659) — segmenting regulated lines into separate compliance shells.

The firm serves retail investors, high-net-worth and ultra-high-net-worth individuals, family offices, corporate treasuries, and institutional clients (mutual funds, insurance companies, banks, FIIs, NBFCs) through a hybrid distribution model. Digital channels include the ARTH WEB web trading platform and the SMIFS Arth mobile application on iOS and Android (App ID 6738736563 / com.rs.smifs) supporting self-directed trading in equities, derivatives, mutual funds, and IPOs. Core product categories include Wealth Management (with dedicated sub-products for Ultra HNIs, Family Offices, Corporate Treasuries, Education Planning, Retirement Planning, and Wealth Protection & Preservation), Equities & Commodities (Listed Equity, Margin Trading Facility, Equity Derivatives, Commodity Derivatives, Currency Derivatives, IPO & Tender Offers), Institutional Research, Institutions (mutual funds, insurance companies, FIIs, family offices, corporate treasuries), Insurance, and Structured Solutions. Coverage spans 16+ Indian cities through a branch network and dedicated relationship managers.

SMIFS earns revenue through a mix of transaction-based brokerage commissions (equities and derivatives on Indian exchanges), recurring subscription and management fees (PMS with SEBI-mandated ₹50 lakh minimum per client, depository services, institutional research), and affiliate/distribution commissions (mutual fund distribution under AMFI ARN-3080 and IRDAI-registered insurance distribution). Customer acquisition spans sales-led enterprise engagement for HNI and institutional clients, direct-to-consumer digital self-service via ARTH WEB and the mobile app, and dedicated institutional desks for asset managers, insurers, FIIs, banks, and corporate treasuries. Specific brokerage rates and pricing tiers are not publicly disclosed; PMS minimum is ₹50 lakh per investor as per SEBI regulation.

Name

SMIFS

Legal name

SMIFS Limited

Website

https://smifs.com

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

501–1,000 employees

Short description

SMIFS Limited is a privately held Indian financial services firm headquartered in Kolkata, offering stock broking, commodity and currency derivatives, portfolio management, mutual fund distribution, institutional research, and insurance advisory to retail, HNI, family office, and institutional clients across 16+ cities under multi-SEBI regulated licenses.

Ownership category

akta.pro rank

Product category

Wealth Management & Brokerage Services

NAICS

Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Managed Platforms & Wrap Programs for Private Clients (Model Portfolios, UMA/SMAs) (FSAAABAM)

akta.pro secondary industries

Institutional Separate Accounts & SMAs (Mandates) (FSAAAGAL), Managed Accounts & Model Portfolios (SMA/UMA) (FSAAAAAG)

Keywords

• Wealth management services
• Stock broking
• Portfolio management
• Investment advisory
• Depository services

Headquarters

HQ city

Kolkata

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Stock Broking Services: Brokerage revenue from equity and derivatives trading executed on NSE, BSE, MSEI exchanges. SMIFS operates as a trading member providing execution services for retail and institutional clients.
2. Commodity Trading: Brokerage revenue from commodity derivatives trading on MCX and NCDEX exchanges, executed through subsidiary Stewart & Mackertich Commodities Limited.
3. Depository Services: Revenue from demat account services as a Depository Participant of NSDL and CDSL, providing securities custody and settlement services.
4. Portfolio Management Services: PMS revenue from discretionary and non-discretionary portfolio management for HNI and Ultra-HNI clients, with minimum investment of ₹50 lakh as per SEBI regulations.
5. Mutual Fund Distribution: Distribution commissions from selling mutual fund schemes of various Asset Management Companies, registered with AMFI (ARN-3080).
6. Research Services: Revenue from institutional research services provided to institutional investors including sector reports, company analysis, and market insights as a SEBI-registered Research Analyst Entity.
7. Insurance Distribution: Advisory and distribution revenue from life, health, and general insurance products sourced from leading insurers, registered with IRDAI.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

SMIFS provides integrated wealth management, equities and commodities trading, institutional research, depository services, and portfolio management services to retail, HNI, and institutional clients in India. The firm operates proprietary digital trading platforms (ARTH WEB and the SMIFS Arth mobile app), is a Depository Participant of NSDL and CDSL, a trading member of NSE/BSE/MSEI/MCX/NCDEX, a SEBI-registered Portfolio Manager, Research Analyst, and Merchant Banker, and a distributor of mutual funds (AMFI ARN-3080) and insurance (IRDAI CA1102). The offering spans the full investment lifecycle from execution to long-term wealth planning through its two wholly-owned subsidiaries, Stewart & Mackertich Commodities Limited and SMIFS Wealth Management Limited.

Product overview

SMIFS is a multi-service financial platform operating as a single unified brand (SMIFS & Mackertich One) that offers an integrated suite of wealth management, trading, and advisory services. The core offerings span Wealth Management (holistic financial planning), Equities & Commodities (trading across equity, commodity, and currency derivatives), Research (institutional-grade market analysis), Institutions (services for mutual funds, insurance companies, FIIs, and corporate treasuries), Insurance (life, health, and general insurance advisory), and Structured Solutions (customized wealth solutions for HNIs and institutions). Under the Wealth Management umbrella, SMIFS offers targeted products for distinct client segments including Ultra HNIs, Family Offices, Corporate Treasuries, Education Planning, Retirement Planning, and Wealth Protection & Preservation. The Equities & Commodities platform comprises Listed Equity, Margin Trading Facility (MTF), Equity Derivatives, Commodity Derivatives, Currency Derivatives, and IPO & Tender Offers. Investment management services include PMS & Advisory (with discretionary and non-discretionary options, minimum ₹50 lakh), Mutual Funds distribution (ARN 3080), Private Equity, Bonds & Fixed Income, Structured Products, Alternative Investments, ETFs, Portfolio Restructuring, Bespoke Investment Solutions, and Philanthropy & Impact. SMIFS operates a subsidiary, SMIFS Wealth Management Limited (APMI APRN-05659), and offers the SMIFS Arth mobile app (iOS and Android) for trading equities, mutual funds, and IPOs. The company holds multiple SEBI registrations across stock broking, depository services, portfolio management, and research, and is registered with AMFI, CDSL, and NSDL.

Differentiator

Problem solved

Functional benefit

Products and services

• Wealth Management Holistic wealth solutions that evolve with life stages, helping individuals and families build, preserve, and transition wealth through structured planning and informed decision-making, covering segments from retail investors and HNIs to Ultra HNIs, family offices, and corporate treasuries.
• Equities & Commodities Trading Trading platform and advisory services enabling investors to access listed equity, equity derivatives, commodity derivatives, and currency derivatives across NSE, BSE, MSEI, MCX, and NCDEX, with execution via the ARTH WEB platform and the SMIFS Arth mobile app.
• Institutional Research Institutional research platform providing comprehensive market analysis, sector insights, company research, and macroeconomic analysis across Indian financial markets, distributed to institutional investors and retail clients through daily dossiers, morning notes, and sector reports.
• Institutional Equities Services Dedicated institutional services platform supporting investment strategies, trade execution, research distribution, and customized financial solutions for mutual funds, insurance companies, banks, FIIs, family offices, NBFCs, alternative investment funds, and corporate treasuries.
• Insurance Distribution and Advisory Insurance advisory solutions encompassing life insurance, health insurance, and general insurance (motor, home, travel) sourced from leading insurers, integrated with broader wealth management and registered with IRDAI.
• Structured Solutions Bespoke wealth solutions including structured products, bespoke investment strategies, and alternative investments designed for high-net-worth individuals, families, and institutions seeking capital protection, enhanced yield, or controlled-risk market participation.
• Portfolio Management Services (PMS) Portfolio Management Services providing customized, actively managed portfolios for HNI and Ultra-HNI clients with a minimum investment of ₹50 lakh, offered as discretionary and non-discretionary mandates under SEBI registration and delivered through the wholly-owned subsidiary SMIFS Wealth Management Limited (APMI registered).
• Mutual Fund Distribution Distribution of equity, debt, hybrid, and other mutual fund schemes from leading Asset Management Companies under AMFI ARN-3080, made available through SMIFS platforms, relationship managers, and the SMIFS Arth mobile app.
• Depository Participant Services Dematerialised securities holding and settlement services offered as a Depository Participant of NSDL and CDSL, providing custody, settlement, and account servicing across equity, debt, and other listed instruments for retail and institutional clients.
• SMIFS Arth Mobile Application Mobile trading application available on iOS and Android (App ID: com.rs.smifs) enabling retail investors to trade equities and mutual funds, apply for IPOs, and monitor portfolios on mobile devices.

Quantifiable outcome

• 40+ years of market experience shaping investment strategies in India
• +2 more outcomes

Named customers12 records

Segments6 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered core.

• National Stock Exchange of India (NSE)coreTechnology or IntegrationSMIFS is a trading member of NSE for cash, F&O, and currency derivative segments, providing execution services for equities and derivatives trading.
• BSE Limited (BSE)coreTechnology or IntegrationSMIFS is a trading member of BSE for cash, F&O, and currency derivative segments, enabling trading across multiple asset classes.
• Multi Commodity Exchange of India (MCX)coreTechnology or IntegrationSMIFS provides commodity derivatives trading through MCX for metals, energy, and agricultural commodities.
• National Securities Depository Limited (NSDL)coreTechnology or IntegrationSMIFS is a Depository Participant of NSDL (DP ID IN301629) providing demat account services and securities custody.
• Central Depository Services (India) Limited (CDSL)coreTechnology or IntegrationSMIFS is a Depository Participant of CDSL (DP ID 12016000) enabling electronic securities holding and settlement.
• Association of Mutual Funds of India (AMFI)coreChannel Partner/ Reseller/ DistributorSMIFS is registered with AMFI (ARN Code 3080) enabling distribution of mutual fund schemes from various Asset Management Companies.
• Association of Portfolio Managers in India (APMI)coreChannel Partner/ Reseller/ DistributorSMIFS and subsidiary SMIFS Wealth Management Limited are registered with APMI (APRN00855 and APRN05659 respectively) for portfolio management services.
• Stewart & Mackertich Commodities LimitedcoreOthersSubsidiary of SMIFS Limited and trading member of NCDEX (SEBI Registration INZ000064332) providing agricultural commodity derivatives trading services.
• SMIFS Wealth Management LimitedcoreOthersSubsidiary of SMIFS Limited, registered with APMI (APRN05659), providing portfolio management services.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Geojit Financial Services: India-based broker-dealer offering equities, derivatives, commodities, mutual funds, and PMS with regional branch network. Comparable to SMIFS as a mid-sized multi-product Indian financial intermediary.
• Anand Rathi Wealth Services: India-listed wealth manager focused on HNI/UHNI financial planning, distribution, and PMS. Closely comparable to SMIFS's wealth management arm given similar client profile and bespoke solution emphasis.
• ICICI Securities: Bank-affiliated Indian broker-dealer offering equity broking, derivatives, distribution, wealth management, and institutional research. Compares directly to SMIFS across retail, HNI, and institutional client segments.
• Motilal Oswal Financial Services: Indian broker-dealer and wealth manager offering equities broking, PMS, mutual fund distribution, institutional research, and wealth advisory. Direct competitor across SMIFS's full product stack with similar HNI/institutional focus.
• Kotak Securities: Bank-affiliated Indian broker providing equity, derivative, and commodity broking plus research and depository services. Direct peer across SMIFS's trading and execution offerings.
• IIFL Securities: Indian broker-dealer and wealth manager spanning equities broking, PMS, distribution, loans, and institutional research. Direct peer to SMIFS across retail, HNI, and institutional offerings.
• Axis Capital: Bank-affiliated Indian institutional broker and merchant banker offering investment banking, institutional equities, and research. Comparable to SMIFS's institutional desk and merchant banking capabilities.
• JM Financial: Indian diversified financial services group with broking, PMS, wealth advisory, and merchant banking. Direct peer with overlapping institutional and HNI segments relative to SMIFS.
• Sharekhan: Pan-India retail-focused broker (BNP Paribas subsidiary) offering equities, derivatives, mutual funds, and IPO services with branch-driven relationship model. Direct peer to SMIFS's retail brokerage segment with comparable distributed advisory footprint.
• HDFC Securities: HDFC Group broker-dealer offering equities, derivatives, mutual funds, IPO, and research services. Directly comparable to SMIFS on integrated trading-plus-research product suite and India retail/HNI focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks4 records

Key highlights6 records

Customer concentration

• Xx.com/SmifsLimited

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 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 SMIFS