Joindre Capital Services

What Joindre Capital Services does

Joindre Capital Services Ltd. is a publicly listed Indian retail brokerage firm headquartered in Mumbai, founded in 1995 and operating under the ticker BSE 531861. It is a SEBI-registered stock broker with membership on BSE and NSE in the Cash and Derivatives segments (Registration No. INZ000174034), a CDSL Depository Participant (IN-DP-98-2015), a SEBI-registered Portfolio Management Service provider (INP000006138), and a SEBI-registered Research Analyst (INH000002061). Its wholly-owned subsidiary Joindre Commodities Ltd. previously provided commodity derivatives access on MCX and NCDEX but had its SEBI registration cancelled on 27 September 2021.

The company's product surface spans equity trading, futures and options, currency derivatives, IPO subscription, mutual fund distribution (JOINDREMF, hosted on the Investwell platform), demat/depository services, margin funding, discretionary PMS for HNW clients, and fundamental, technical, and pre-market research. Technology is delivered through self-serve web platforms: the jtrade online trading portal, a backoffice client portal, and an eKYC account-opening module, with customer support delivered via WhatsApp and a presence on Facebook and YouTube. No physical branch network is described; distribution is digital-first.

Revenue is generated predominantly through transaction-based brokerage on equity, derivatives, and currency trades, supplemented by demat account fees, mutual fund distribution commissions, and PMS fees. The target customer is a horizontal base of Indian retail investors and traders; there is no disclosed enterprise or institutional anchor customer base. The firm reports a headcount in the 101–250 range and is governed by a board that includes executive whole-time directors and non-executive independent directors, with material recent leadership turnover (2022 KMP change, 2025 whole-time director resignation and re-appointment, and a 2025 disclosure of a search at a director's residence).

Name

Joindre Capital Services

Legal name

Joindre Capital Services Ltd.

Website

https://joindre.com

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

101–250 employees

Short description

Joindre Capital Services is a publicly listed Mumbai-based SEBI-registered retail stockbroker offering equity, derivatives, currency, mutual fund, depository, and portfolio management services to Indian retail investors through its jtrade online trading platform and digital onboarding channels.

Ownership category

akta.pro rank

Product category

Retail Brokerage

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Investment Banking and Securities Intermediation (523150), Portfolio Management and Investment Advice (523940)

SIC

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

akta.pro primary industry

Full-Service Brokerage (Wirehouse/Universal) (FSAEACAA)

akta.pro secondary industry

Fund Custody & Transfer Agency Services (FSACAHAG)

Keywords

• Retail equity broking
• Derivatives trading services
• Depository participant services
• Portfolio management services
• Mutual fund distribution

Headquarters

HQ city

Mumbai

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. Brokerage/Transaction Fees: Revenue generated from brokerage fees on equity, derivatives, currency, and commodity trading executed through BSE and NSE exchanges. The company also offers margin funding services for which interest/fees are charged.
2. Depository Services: Revenue from demat account services as a CDSL registered Depository Participant, including account maintenance and transaction fees.
3. Mutual Fund Distribution: Commission revenue from distribution of mutual fund products through JOINDREMF platform (joindre.investwell.app).
4. Portfolio Management Services: Revenue from PMS (Portfolio Management Service) offered through joindrepms.com.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Joindre Capital Services is a SEBI-registered stock broker and research analyst that facilitates buying and selling of equities, equity derivatives, currency derivatives, and commodities on BSE, NSE, and commodity exchanges. Beyond execution, it acts as a CDSL depository participant, distributes mutual funds (JOINDREMF), offers portfolio management services, IPO subscription support, and margin funding, all delivered through the proprietary jtrade online platform and an offline Mumbai branch.

Product overview

Joindre Capital Services is a SEBI-registered stock brokerage providing a multi-channel trading platform across Indian capital markets. The core offering comprises equity, derivatives (futures and options), currency, and commodity trading services through BSE and NSE exchanges, with depository services via CDSL. The platform architecture consists of the jtrade online trading platform, backoffice portal for account management, JOINDREMF for mutual fund investments, and eKYC for digital account opening. Additional services include margin funding, Portfolio Management Service (PMS), and research reports (fundamental, technical, and pre-market). Joindre Commodities Ltd. operates separately to offer commodity trading through MCX and NCDEX.

Differentiator

Problem solved

Functional benefit

Brands

• JoindreMF: Mutual fund distribution platform - available at joindre.investwell.app
• JTrade

Products and services

• Equity Trading (Cash Segment) Execution of buy and sell orders in cash equities for retail and HNI clients on BSE and NSE through the jtrade online platform and dealer desk.
• Derivatives Trading (Equity F&O) Futures and options trading on equity indices and stocks on NSE, supported by margin funding and the jtrade platform.
• Currency Derivatives Trading Trading in currency futures and options on authorized exchanges for clients seeking rupee-foreign exchange exposure.
• Commodity Trading Execution of commodity derivatives orders for clients via Joindre Commodities Ltd., the firm's commodity broking subsidiary.
• Depository Services (CDSL) Demat account opening, custody of securities, settlement, and corporate action processing as a CDSL depository participant for clients.
• Mutual Fund Distribution (JOINDREMF) Distribution of third-party mutual fund schemes to clients through the JOINDREMF platform for commission-based fee revenue.
• Portfolio Management Services (PMS) SEBI-registered discretionary and non-discretionary portfolio management for HNI clients, generating subscription and management fees.
• IPO Services Application support and bidding services for retail and HNI clients applying to primary market IPO issuances.
• Margin Funding Funding provided to clients against securities held in demat to meet margin requirements for cash and derivatives positions, generating interest income.
• jtrade Online Trading Platform Proprietary web and mobile trading platform enabling clients to place orders, view holdings, and manage accounts across cash, derivatives, currency, and commodity segments.
• Research Reports Equity and market research reports and analyst coverage produced under the firm's SEBI research analyst registration to support client investment decisions.

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• BSE (Bombay Stock Exchange)coreOthersMember of BSE for Cash and Derivatives trading segments. SEBI Registration No.: INZ000174034. Provides equity, F&O, and other derivative trading facilities to customers.
• NSE (National Stock Exchange)coreOthersMember of NSE for Cash and Derivatives trading segments. SEBI Registration No.: INZ000174034. Provides equity, F&O, currency derivatives, and other trading facilities.
• CDSL (Central Depository Services Limited)coreOthersRegistered Depository Participant (DP) of CDSL. Depository Registration No.: IN-DP-98-2015. Provides demat account services, dematerialization and rematerialization of securities.
• NSDL (National Securities Depository Limited)minorOthersProvides e-Voting services and related investor services through NSDL infrastructure.
• MUFG Intime India Pvt. Ltd.coreOthersShare Transfer Agent (RTA) for the company. Located at C-101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai - 400 083. Manages share transfer, duplicate share certificates, and other shareholder services.

Scale indicators1 record

Recent moves6 records

Expansion highlights4 records

Direct peers

• Emkay Global Financial Services: Emkay Global is a mid-sized Indian broker-dealer with retail and institutional broking, PMS, and research offerings on BSE/NSE. Comparable to Joindre as a smaller full-service broker relying on research-led differentiated service rather than bank distribution.
• HDFC Securities: HDFC Securities is the bank-affiliated retail brokerage of HDFC Bank, providing equity, derivatives, currency, mutual funds, IPO, and depository services. Comparable to Joindre in product breadth and retail/HNI customer focus, with the scale advantage of HDFC Bank distribution.
• IIFL Securities: IIFL Securities is a publicly listed Indian brokerage offering equity broking, depository, PMS, mutual fund distribution, and research. Comparable to Joindre across nearly identical product licences and customer base of retail and HNI investors.
• Sharekhan: Sharekhan is an Indian full-service retail broker offering equity, derivatives, mutual funds, PMS, and depository services via BSE/NSE. Joindre and Sharekhan are directly comparable on product breadth, customer segment (retail/HNI), and full-service intermediary model in India.
• Motilal Oswal Financial Services: Motilal Oswal is a diversified Indian broker-dealer with retail broking, PMS, mutual fund distribution, and research across BSE/NSE. Comparable to Joindre across the same multi-licence stack (broker + PMS + research) serving retail and HNI investors.
• ICICI Direct: ICICI Direct is the retail broking arm of ICICI Bank offering equity, derivatives, mutual funds, IPO, and depository services. Directly comparable to Joindre as a full-service retail broker in India with multi-asset offerings; larger scale due to bank parent.
• Angel One (formerly Angel Broking): Angel One is a publicly listed Indian retail broker offering equity, F&O, currency, and mutual funds on BSE/NSE with strong digital onboarding. Closely comparable to Joindre on BSE-listed, retail-focused broking franchise, though typically larger in scale.
• Kotak Securities: Kotak Securities is the broking arm of Kotak Mahindra Bank, offering cash, F&O, currency, mutual funds, and depository services via BSE/NSE. Joindre competes for the same retail customers with similar product coverage; Kotak has a structural advantage from its bank parent distribution.
• 5paisa Capital: 5paisa Capital is a publicly listed Indian discount-to-full-service broker offering equity, derivatives, mutual funds, and depository services through a digital platform. Comparable to Joindre on listed status and broad product mix, with a more technology-led cost structure competing for the same retail customers.

Emerging players

• Zerodha: Zerodha is India's largest discount broker, disrupting traditional full-service brokers like Joindre with low-cost equity, F&O, and direct mutual fund platforms. Comparable as a peer reshaping the same Indian retail trading market, though business model (flat-fee discount) differs from Joindre's traditional brokerage approach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/playlist?list=PLnGBcIcnwM1LiUF7k5Rz2sGN9ih5ib0Uq
• Facebookfacebook.com/joindrecapital

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

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 Joindre Capital Services