Aryaman Capital Markets Limited

What Aryaman Capital Markets Limited does

Aryaman Capital Markets Limited (ACML) is a BSE SME-listed (Scrip code 538716) capital market intermediary incorporated in 2008 in Maharashtra, India, operating as a subsidiary of Aryaman Financial Services Limited (AFSL), which itself is a SEBI-registered Category I Merchant Banker (Registration No. INM000011344). The company is headquartered at 60 Khatau Building, Fort, Mumbai, with an additional presence on Dalal Street. ACML carries out the fund-based and secondary market activities of the Aryaman group, providing market making services for listed and SME scrips on BSE, equity and debt broking on BSE and NSE, commodity trading on MCX and NCDEX, and depository participant services via CDSL (DP Id 12086100). The firm also underwrites primary issuances on a fixed and performance fee basis and earns brokerage from equity and debt market placements. ACML holds SEBI Registration No. INZ000004739 and claims to be the first merchant banker to manage an SME IPO in India, positioning itself within the SME capital markets segment for issues ranging from Rs 10 crore to Rs 500 crore.

The company serves three primary customer segments: corporate issuers (SME and listed companies seeking primary market capital raising and post-listing liquidity), HNI and institutional investors requiring bulk/block deal facilitation and execution advisory, and retail investors utilizing broking and depository services. Revenue is generated through five streams: fund-based trading and investments in quoted and unquoted securities; market making fees from corporates plus spread/trading revenues; brokerage commissions from equity and debt placements; underwriting fees on a fixed and performance basis; and corporate advisory commissions on large-ticket transactions. The technology stack is conventional — there is no proprietary platform referenced; services are delivered via standard exchange memberships and direct sales-led client coverage.

ACML operates within a broader Aryaman group ecosystem that includes merchant banking (parent AFSL), portfolio management services (Escorp AMC), and NBFC lending (Aryaman Finance), enabling cross-sell of structured finance, advisory, and lending products to SME issuers. Distribution is direct and relationship-driven, with no significant digital or marketing-channel investment. The business model is sales-led and referral-driven, targeting institutional buyers, HNI investors, and corporate clients through existing client networks and regulatory memberships rather than broad marketing campaigns. The headcount of 11–50 employees and FY26 revenue of approximately Rs 59.08 crore (~$7M USD) reflect a small, niche intermediary focused on the SME segment of Indian capital markets.

Name

Aryaman Capital Markets Limited

Legal name

Aryaman Capital Markets Limited

Website

https://afsl.co.in

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Aryaman Capital Markets Limited is a BSE SME-listed Mumbai-based capital market intermediary that provides market making, underwriting, corporate advisory, equity/debt broking, commodity trading, and depository services primarily to SME corporate issuers and HNI/institutional investors in India, operating as a subsidiary of Aryaman Financial Services Limited.

Ownership category

akta.pro rank

Product category

Investment Banking / Merchant Banking

NAICS

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

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Equity Capital Markets Advisory (Equity Issuance Strategy & Readiness) (FSACAAAI)

akta.pro secondary industries

Clearing Broker / Carrying Broker (FCM & Clearing) (FSAEACAF), Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

Keywords

• Merchant banking services
• Equity capital markets
• Stock broking services
• Market making services
• Depository participant services

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Market Making: Fund-based and fee-based revenue from providing liquidity to scrips through two-way quotes on the counter. Earns fixed fees from corporates for market making services and generates spread and trading revenues from secondary market transactions.
2. Trading and Investments: Fund-based revenue from trading and investments in quoted and unquoted securities. Internal revenue generating stream from proprietary trading positions.
3. Brokerage Income: Fee-based revenue from equity and debt market placements, and brokerage commissions from client transactions.
4. Underwriting: Fee-based revenue from underwriting primary issuances on fixed fee and performance fee basis. Also earns revenues from investment activity when underwriting gets triggered.
5. Corporate Advisory: Advisory commissions from facilitating bulk and block deals for large HNI and institutional investors, including finding counterparties and advisory services on execution.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels1 record

Core offering

Aryaman Capital Markets Limited (ACML) operates as a capital market intermediary providing market making services for SME scrips, trading and investment in quoted and unquoted securities, underwriting of primary issuances, corporate advisory for bulk and block deals, and equity/debt market placements. The company also offers stock broking services through BSE/NSE memberships, commodity broking on MCX/NCDEX, and depository participant services through CDSL. It is a subsidiary of Aryaman Financial Services Limited, which holds a SEBI Category I Merchant Banker registration for lead management and syndication of SME IPOs and other fund-raising activities.

Product overview

Aryaman Capital Markets Limited (ACML) operates as a subsidiary of Aryaman Financial Services Limited, providing fund-based and secondary market activities including Market Making, Corporate Advisory, and Underwriting Services. The company's parent AFSL is a SEBI registered Category I Merchant Banker offering a comprehensive suite of capital market intermediary services including Lead Management and Syndication of IPOs/FPOs/Rights Issues, M&A Advisory, Stock and Commodity Broking, Depository Participant Services, Portfolio Management Services, and NBFC Lending. The product portfolio spans equity capital markets (IPOs, FPOs, QIPs, Rights Issues), M&A transaction management, structured finance advisory, and secondary market trading/investment activities in quoted and unquoted securities. ACML focuses on fee-based services combined with fund-based trading and investment activities, while AFSL serves as the primary merchant banking and syndication arm for the group.

Differentiator

Problem solved

Functional benefit

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Aryaman Financial Services Limited (Parent Company)coreOthersAryaman Capital Markets is a wholly-owned/fund-based subsidiary of Aryaman Financial Services Ltd. Carries out fund-based and secondary market activities of the group including trading, investments, underwriting, and market making.

Scale indicators5 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Axis Capital: Investment banking arm of Axis Bank providing ECM advisory, IPO underwriting and M&A. Comparable equity capital markets advisory business, but as part of a larger banking group.
• Sharekhan (BNP Paribas subsidiary): Large Indian retail broking franchise with BSE/NSE memberships and depository services, owned by BNP Paribas. Comparable equity/derivatives broking and DP services.
• Kotak Mahindra Capital: Investment banking subsidiary of Kotak Mahindra Bank, providing IPO/FPO underwriting, ECM advisory and M&A — competing directly for the same SME and mid-market issuance mandates ACML targets.
• Anand Rathi Share and Stock Brokers: Diversified Indian financial services group with broking, investment banking, wealth management and PMS — overlapping product mix with ACML but at significantly larger scale.
• Motilal Oswal Financial Services: Large Indian full-service broker and investment bank offering broking, merchant banking, wealth management and PMS. Comparable business model but at substantially larger scale than ACML.

Direct peers

• Choice Broking: India-focused retail and institutional broker with BSE/NSE/MCX memberships and depository services — closely comparable product offering to ACML with similar mid-tier scale.
• Geojit Financial Services: Kerala-headquartered securities firm with BSE/NSE/CSE membership and depository participant services, providing retail broking and institutional services — comparable multi-exchange Indian broker.
• SMC Global Securities: Indian brokerage and financial services firm offering equity/commodity broking, depository services, NBFC lending and merchant banking — directly comparable product stack to ACML across BSE/NSE/MCX/NCDEX memberships.
• Systematix Shares & Stocks: Bhopal-based Indian brokerage and investment services firm offering equity broking, merchant banking and depository services — comparable mid-sized full-service Indian broker.
• Batlivala & Karani (BK) Securities: Mumbai-based merchant banker and stock broker offering equity capital markets services, corporate advisory and broking — directly comparable Indian mid-market investment bank.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/aryaman-financial-services-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 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 Aryaman Capital Markets Limited