What Ratnakar Securities does

Ratnakar Securities Limited is a SEBI-registered Indian stock broking and investment advisory firm incorporated in October 1994 in Ahmedabad, Gujarat. The company operates as a multi-asset full-service brokerage offering equity and derivatives trading on NSE and BSE, currency derivatives, commodity trading on MCX and NCDEX (through subsidiary Ratnakar Commodities Pvt. Ltd.), mutual fund distribution across ~16 Indian AMCs, depository services via NSDL, and adjacent lines in insurance distribution, loan referrals, real estate advisory, bonds, and securities lending/borrowing (SLBS). Execution is delivered through an omnichannel stack consisting of proprietary web platforms (estro*net, Trade*Net, Trade*Web), Android mobile apps (TradeExpress, Wealth Management), telephone trading, and a sub-broker/business associate/authorized person network serving retail, HNI, NRI, and institutional clients across India.

The technology stack is conventional brokerage infrastructure rather than a differentiating AI or data platform: bespoke web trading front-ends, back-office systems for branches and associates, online mutual fund access via an Investwell integration, and basic investor tools (SIP calculator, risk profiling calculator). No public API, SDK, or developer portal is documented, and there are no disclosed AI/ML capabilities.

The business model is transaction-fee-driven (brokerage on cash equity, F&O, currency, and commodities), complemented by recurring/subscription economics from wealth management and PMS, mutual fund distribution trails, insurance commissions, and loan/referral fees. Account opening fees are non-refundable; deeper pricing is not publicly disclosed. Go-to-market combines direct-to-consumer digital acquisition (website, mobile apps, online KYC) with a sales-led motion for HNIs via dedicated relationship managers, alongside a channel-partner program (sub-brokers, business associates, authorized persons) to extend reach outside Ahmedabad. The firm is bootstrapped and founder/family-owned under Ajay Shah (CMD) with Kushal Shah (COO) and Ajay Nagindas Gandhi (CFO), and currently sits in the 11-50 employee band, making it a small-to-mid-tier full-service broker in the Indian market.

Name

Ratnakar Securities

Legal name

Ratnakar Securities Limited

Website

https://ratnakarsecurities.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

11–50 employees

Short description

Ratnakar Securities is an Ahmedabad-based, SEBI-registered Indian stock broking and investment advisory firm offering equities, derivatives, commodities, mutual funds, wealth management, insurance, and related financial services to retail, HNI, NRI, and institutional investors across India via proprietary web and mobile platforms.

Ownership category

akta.pro rank

Product category

Retail Brokerage

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Securities and Commodity Contracts Intermediation and Brokerage (5231), Portfolio Management and Investment Advice (523940)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Independent Broker-Dealers (Retail Network) (FSAAAAAC)

akta.pro secondary industries

Introducing Broker (IB) (FSAEACAE), Stock Borrow/Loan (Equities Securities Lending) (FSACAFAD)

Keywords

• Retail broking services
• Equity derivatives trading
• Mutual fund distribution
• Wealth management services
• Securities lending borrowing

Headquarters

HQ city

Ahmedabad

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Brokerage on Equity Trading: Commission-based brokerage income from equity trading services on NSE and BSE exchanges for retail and institutional clients.
2. Derivatives Trading: Brokerage revenue from futures and options trading across equity, currency, and commodity derivatives segments.
3. Mutual Fund Distribution: Distribution fees from selling mutual fund products across multiple fund houses including Axis, Birla, HDFC, ICICI, SBI, Kotak, Tata, and others.
4. Commodities Trading: Brokerage income from commodity trading on MCX and NCDEX exchanges through subsidiary Ratnakar Commodities Pvt. Ltd.
5. Wealth Management Services: Fees from comprehensive wealth management and portfolio management services including investment advisory, portfolio tracking, and financial planning.
6. NRI Investment Services: Specialized investment services and brokerage for Non-Resident Indian investors across various asset classes.
7. Insurance Distribution: Commission income from distributing general insurance products including health, vehicle, personal accident, and business insurance.
8. Loans Referral: Referral fees from affiliated lenders for personal, home, vehicle, and business loans through financing schemes.
9. Real Estate Advisory: Expert consultancy and research-based real estate investment solutions including residential, commercial properties, and land investments through builder affiliations.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels4 records

Core offering

Ratnakar Securities is a SEBI-registered stock broker and NSDL depository participant offering trading in equities, derivatives (F&O and currency), and commodities across NSE, BSE, MCX, and NCDEX. The firm distributes mutual funds across multiple AMCs, provides wealth management and portfolio management services with dedicated relationship managers for HNIs, and serves NRI investors with India-focused investment solutions. Complementary offerings include securities lending and borrowing (SLBS), bonds, general insurance distribution, loan referral, and real estate advisory.

Product overview

Ratnakar Securities is a full-service Indian brokerage and investment advisory firm offering a multi-platform trading ecosystem. The core offering spans equity and derivatives trading (cash market, F&O, currency derivatives), commodity trading on MCX/NCDEX, and mutual fund distribution. The platform is complemented by wealth management services, NRI advisory, HNI services with dedicated relationship managers, SLBS (securities lending), bonds, real estate consultancy, insurance distribution, and loans facilitation. The product portfolio includes web-based trading (Online Trading Platform), mobile trading (TradeXpress app), and wealth management tools (mobile app). Additional offerings include Narnolia Investment Advisory Portfolios, SIP Calculator, and Risk Calculator. The company operates as both a stock broker (SEBI registered) and depository participant (NSDL), serving retail, institutional, and high-net-worth investors across India.

Differentiator

Problem solved

Functional benefit

Brands

• TradeXpress: Mobile trading application for Android devices enabling online equity and derivatives trading
• Wealth Management
• TradeExpress
• estro*net
• Trade *Net
• Trade *Web
• Narnolia Investment Advisory Portfolios

Products and services

• Equity Trading Equity trading and investment services allowing investors to buy and sell shares on NSE and BSE exchanges.
• Derivatives Trading (F&O and Currency) Futures and Options trading enabling leverage and hedging against market risks, plus currency derivatives for FX risk management.
• Mutual Fund Distribution Distribution of mutual fund schemes from multiple AMCs (Axis, Birla, HDFC, ICICI, SBI, Kotak, Tata, DSP, Franklin Templeton, IDFC, Invesco, L&T, Mirae, Motilal Oswal, Reliance, Sundaram, etc.) for pooled investment.
• Commodities Trading Trading in commodity futures on MCX and NCDEX exchanges for risk management, hedging, and speculation, operated through subsidiary Ratnakar Commodities Pvt. Ltd.
• Wealth Management (PFM) Portfolio Financial Management services offering comprehensive wealth protection, management, and growth solutions for individuals across life stages.
• HNI Services Tailored investment solutions for High Net-worth Individuals with dedicated relationship managers, Portfolio Management Services, mutual funds, insurance, and tax-efficient investment options.
• NRI Investment Services Specialized investment solutions for Non-Resident Indians and foreign nationals, including equity, mutual funds, and bonds, supported by research and a dedicated team.
• SLBS (Securities Lending and Borrowing) Securities Lending and Borrowing System enabling stockholders to lend shares for returns while borrowers can short sell, increasing liquidity.
• Bonds Debt instrument investment services including government and corporate bonds for fixed income returns.
• Real Estate Advisory Real estate investment consultancy offering residential, commercial properties, and land investment solutions through builder affiliations.
• Insurance Distribution General insurance distribution including health, vehicle, personal accident, factory, and workmen compensation policies.
• Loans Referral Financing services through affiliates providing personal, home, vehicle, and business loans with competitive rates.
• Narnolia Investment Advisory Portfolios Investment advisory portfolio management services offered in partnership with Narnolia for wealth management clients.
• Online Trading Platform (estro net / Trade Web / Trade Net) Web-based and browser-based trading platform providing access to equities, derivatives, and other financial instruments through estro net (client web), Trade Web (browser-based), and Trade Net (backoffice for branches and associates).
• TradeExpress Mobile App Android mobile trading application for executing equity and derivatives trades on the go.
• Wealth Management Mobile App Android mobile application for accessing wealth management and portfolio management services.
• NSDL Depository Services Depository participant services for dematerialization and holding of securities in electronic form through NSDL.

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Seven partnerships are on record, tiered supporting and core.

• Cameo Corporate Services LimitedsupportingOthersRTA (Registrar and Transfer Agent) partner handling investor services, document management, and regulatory compliance documentation. Located at #1, Subramanian Building, Club House Road, Chennai-600002.
• NSE (National Stock Exchange)coreOthersCorporate member providing equity, derivatives, and SLB trading services. SEBI Registration No. INZ000191735. Ratnakar Securities has been corporate member since September 1995.
• BSE (Bombay Stock Exchange)coreOthersCorporate member providing equity trading services. SEBI Registration No. INZ000191735. Corporate member since June 2008.
• NSDL (National Securities Depository Limited)coreOthersDepository participant providing dematerialization services. SEBI Registration No. IN-DP-NSDL-66-88. Depository services launched December 1998.
• MCX (Multi Commodity Exchange)coreOthersCommodity exchange member through subsidiary Ratnakar Commodities Pvt. Ltd. SEBI Registration No. INZ000024138. Corporate member since December 2005.
• NCDEX (National Commodity and Derivatives Exchange)supportingOthersCommodity derivatives exchange member since December 2005, enabling trading in agricultural and other commodity derivatives.
• Mutual Fund Houses (Axis, Birla, HDFC, ICICI, SBI, Kotaka, Tata, etc.)coreChannel Partner/ Reseller/ DistributorDistribution partner for mutual fund products across major Indian fund houses including Axis, Birla SL, DSP, Franklin Templeton, HDFC, ICICI Prudential, IDFC, Invesco, Kotak, L&T, Mirae, Motilal Oswal, Reliance, SBI, Sundaram, and Tata mutual funds.

Scale indicators4 records

Recent moves17 records

Expansion highlights5 records

Emerging players

• Groww: Mobile-first Indian discount broker and MF distribution platform. Comparable in mutual fund distribution and stock broking; relevant as a fast-growing competitor for retail onboarding and MF flows.
• Zerodha: India's largest discount broker, technology-led, with zero-commission equity delivery and low-cost F&O trading. Indirectly comparable as the primary disruptor shaping the competitive environment for Ratnakar's retail brokerage revenue.

Direct peers

• Geojit Financial Services: Indian retail-focused broker with strong Kerala/Gulf NRI presence offering equity, derivatives, MF, and PMS. Comparable multi-product, NRI-focused, and partnership-led distribution model.
• ICICI Securities: Listed Indian full-service broker offering equities, derivatives, mutual funds, IPOs, bonds, and wealth management across web, mobile, and partner channels. Comparable product mix and SEBI-regulated stack.
• Angel One: Indian full-service-turned-discount broker offering equities, derivatives, MF, IPO, and bonds via mobile-first app. Comparable product breadth, now competing aggressively on price in the same retail segment.
• HDFC Securities: Bank-affiliated full-service broker providing equity, derivatives, MF, IPO, and NRI services to retail/HNI clients. Overlaps on NSE/BSE membership, multi-platform trading, and depository services.
• Kotak Securities: Bank-affiliated Indian broker with cash, F&O, currency derivatives, mutual funds, and online trading platforms. Comparable NSE/BSE memberships and multi-asset distribution.
• Sharekhan (BNP Paribas subsidiary): Indian full-service retail broker with strong sub-broker/authorized-person network offering equity, derivatives, MF, and trading platforms. Closely comparable multi-channel model and retail/HNI focus.
• Motilal Oswal Financial Services: Indian full-service broker and wealth manager offering equity, derivatives, mutual funds, PMS, and investment advisory to retail and HNI clients. Directly comparable product breadth, multi-channel distribution, and NSE/BSE membership footprint.

Others

• Narnolia Financial Services: Indian investment-advisory and PMS firm partnering with Ratnakar on Narnolia Investment Advisory Portfolios. Adjacent, complementary player; comparable in PMS/wealth advisory delivery.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/ratnakarsecurities
• LinkedInlinkedin.com/company/ratnakarsecuritiespvtltd

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

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 Ratnakar Securities