Dalmia Securities

What Dalmia Securities does

Dalmia Securities Private Limited is a Kolkata-headquartered, SEBI-registered Indian securities brokerage firm founded in 1993 (per firmographics; incorporated in its current private limited form circa 2018 per company history), operating across a horizontal stack of capital markets services. Its product portfolio spans equity broking (BSE/NSE), currency derivative broking, mutual fund distribution, dematerialization services through NSDL/CDSL, proprietary investment research (including a 'DRC Journal' brand alongside morning, technical, F&O, and company-specific reports), and corporate investment banking for equity and debt issuances where it acts as Book Running Lead Manager. The firm maintains trading memberships with both the Bombay Stock Exchange (Member Code 530) and the National Stock Exchange (Member Code 06453), an NSDL Depository Participant license (IN300222), and AMFI mutual fund distributor registration (ARN 0284), giving it multi-vertical regulatory access across Indian capital markets infrastructure.

The firm's underlying technology comprises an online trading platform integrated directly with BSE best1 and NSE trading systems, an NSDL-linked depository interface for electronic securities holding and corporate benefit processing, and an electronic payment gateway integrated with HDFC Bank and other banks for net banking-based fund transfer. Distribution is layered across self-service online account opening, a phone broking desk using designated executives, a Business Partner referral network, and education-driven acquisition through a 'Classroom' portal covering economy, portfolio, personal finance, asset classes, analysis, and investment strategies. Marketing channels include the corporate website, downloadable research reports, and organic social media presence on Facebook and Twitter. Geographic footprint is India-only; access is restricted from US-based persons and certain non-resident categories per SEBI Debt Regulations compliance disclosures.

Dalmia Securities monetizes primarily through transaction-fee revenue: brokerage commissions on equity and currency derivative trades (capped by SEBI maximum permissible limits), distribution commissions on mutual fund sales, depository service charges for dematerialization, and episodic professional-services fees from investment banking mandates for capital raising and underwriting. Its customer segmentation is described as horizontal and centered on retail investors, with investment banking serving corporate clients on a project basis; no enterprise customer concentration, AUM, or transaction volume metrics are disclosed. Pricing is not publicly listed and is described only as subject to SEBI caps. The firm is privately held with no parent company, no institutional investor backing, and no disclosed ownership composition or leadership roster in the available source material.

Name

Dalmia Securities

Legal name

Dalmia Securities Private Limited

Website

https://dalmiasec.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

101–250 employees

Short description

Dalmia Securities Private Limited is a Kolkata-based, SEBI-registered Indian stock brokerage offering equity broking, currency broking, mutual fund distribution, depository services, proprietary research, and investment banking to retail and corporate clients across India.

Ownership category

akta.pro rank

Product category

Retail Brokerage

NAICS

Investment Banking and Securities Intermediation (523150), Investment Banking and Securities Intermediation (52315), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro industry

PRIMARYFSAEALAM

Debt Capital Raising Intermediation (Private Debt/Mezzanine/Bonds)

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/Placement Agents & Capital Raising Intermediation

Keywords

• Equity broking services
• Currency derivatives trading
• Mutual fund distribution
• Depository participant services
• Investment banking advisory

Headquarters

HQ city

Kolkata

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Equity Broking: Brokerage fees charged on equity trading transactions executed on BSE and NSE exchanges
2. Currency Broking: Brokerage fees on currency derivative trading
3. Mutual Fund Distribution: Commission from distribution of mutual fund products (ARN: 0284)
4. Depository Services: Charges for dematerialization and depository participant services through NSDL
5. Investment Banking: Lead manager and co-lead manager fees for public offerings, acting as Book Running Lead Manager for debt and equity issuances
6. Research Services: Research reports provided to clients for investment decision making

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Dalmia Securities is a SEBI-registered full-service stock brokerage offering equity and currency broking on BSE and NSE, mutual fund distribution, NSDL depository participant services, proprietary investment research, and investment banking including Book Running Lead Manager roles for corporate debt and equity issuances. Services are accessed through an online trading platform, phone broking desk, and a partner referral channel for Indian retail and corporate clients.

Product overview

Dalmia Securities is a full-service stock brokerage firm offering an integrated financial services platform. The core offering consists of six interconnected services: Equity Broking (stock trading on BSE/NSE), Currency Broking (forex derivatives), Mutual Funds distribution, Depository Services (NSDL/CDSL dematerialization), Research (proprietary DRC Journal, technical reports, morning reports), and Investment Banking. These services are delivered through multiple channels including online trading platforms, phone broking, and a Classroom educational resource platform. The company operates as a SEBI-registered broker (INZ000181031) with memberships at BSE (Member 530), NSE (Member 06453), NSDL (IN300222), and AMFI (ARN 0284).

Differentiator

Problem solved

Functional benefit

Products and services

• Equity Broking Stock trading and investment services for equity shares listed on BSE and NSE exchanges, allowing clients to buy and sell securities through online or phone-based trading platforms. Targeted at Indian retail investors seeking exchange access.
• Currency Broking Foreign exchange trading services enabling clients to trade in currency derivatives on recognized Indian exchanges for hedging or speculative purposes.
• Mutual Funds Distribution services for mutual fund schemes across debt and equity categories, enabling clients to invest in diversified mutual fund products through the AMFI-registered distribution channel (ARN 0284).
• Depository Services Dematerialization and rematerialization services through NSDL (DP ID IN300222) and CDSL, enabling clients to hold securities in electronic form and process corporate actions such as dividends and bonuses.
• Research Investment research reports including morning reports, technical reports, F&O reports, company reports, and the DRC Journal covering economic analysis, market research, portfolio strategies, and investment insights for client decision-making.
• Investment Banking Corporate finance advisory and capital raising services including acting as Book Running Lead Manager and co-lead manager for public debt and equity offerings, along with IPO management for corporate clients.

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Partnerships

Five partnerships are on record, tiered core.

• BSE LimitedcoreOthersBSE membership (Member Code: 530) enables equity and currency trading on the Bombay Stock Exchange platform. Dalmia Securities executes trades on behalf of clients and settles transactions through BSE's clearing mechanism.
• National Stock Exchange of India LimitedcoreOthersNSE membership (Member Code: 06453) provides access to equity and derivatives trading on the National Stock Exchange. The company executes and settles trades through NSE's systems.
• National Securities Depository Limited (NSDL)coreOthersNSDL Depository Participant (DP ID: IN300222) enables dematerialization of securities, holding investments in electronic form, and processing of corporate benefits like dividends and bonuses.
• Association of Mutual Funds in India (AMFI)coreOthersAMFI registered mutual fund distributor (ARN: 0284) authorizes Dalmia Securities to distribute mutual fund products to retail and institutional investors.
• Securities and Exchange Board of India (SEBI)coreOthersSEBI registered broker (Registration No: INZ000181031) operating under SEBI regulations for stock broking, depository services, and investment banking activities.

Recent moves6 records

Expansion highlights4 records

Direct peers

• Zerodha: India's largest retail broker by active client base, operating a discount broking model on BSE/NSE. Competes for the same retail trading customers as Dalmia, with a structurally different cost model that pressures industry-wide transaction fees.
• Motilal Oswal Financial Services: Indian full-service broker offering equity broking, mutual fund distribution, depository services, research, and investment banking (including BRLM mandates). Closely mirrors Dalmia's diversified service stack and SEBI-registered full-service model.
• 5paisa Capital: Mid-sized Indian online discount broker offering equity, currency, and commodity broking plus mutual fund distribution. Comparable in scale tier to Dalmia and competes for the same tech-enabled retail segment.
• Angel One: Indian retail broker offering equity, commodity, and currency broking along with mutual fund distribution. Similar mid-tier positioning with multi-channel (online plus assisted) trading model targeting Indian retail investors.
• Sharekhan (by BNP Paribas): Long-established Indian full-service retail broker with equity, derivatives, mutual fund distribution, and depository services. Highly comparable in service breadth, multi-channel distribution, and target customer base.
• IIFL Securities: Indian full-service broker with broking, distribution, depository, research, and investment banking offerings. Operates under the same SEBI/BSE/NSE/CDSL/AMFI regulatory umbrella and targets the same retail and institutional client segments.

Broad incumbents

• Axis Securities (Axis Direct): Bank-affiliated Indian broker offering equity and currency broking, mutual funds, IPO, and research services. Comparable multi-product retail proposition, supported by Axis Bank's pan-India branch distribution.
• Kotak Securities: Subsidiary of Kotak Mahindra Bank providing broking, distribution, and investment banking services in India. Same product breadth as Dalmia but with significantly larger scale and parent-bank distribution advantages.
• HDFC Securities: Bank-affiliated Indian broker offering equity and currency broking, mutual fund distribution, depository, research, and IPO services. Competes with Dalmia for retail and HNI clients but with deeper balance-sheet backing and brand recognition.
• ICICI Securities: Large Indian brokerage subsidiary of ICICI Bank offering the full stack of equity broking, distribution, depository, research, and investment banking. Overlaps with Dalmia across virtually every product line but operates at materially larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/dalmiasec
• Facebookfacebook.com/dalmiasec
• LinkedInlinkedin.com/company/dalmia-securities-pvt.-ltd

Compliance5 records

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 Dalmia Securities