What B.N.Rathi Securities does

B.N. Rathi Securities Limited is a Hyderabad-headquartered Indian stock broking and financial services firm incorporated in 1985 and publicly listed on BSE and NSE. Operating as a SEBI-registered intermediary, the company provides retail investors, active traders, and high-net-worth clients with access to Indian securities markets through equity, futures and options, commodity, and currency segments across NSE, BSE, MCX, NCDEX, and MSE. The firm serves more than 40,000 clients through the Prime Trade web and mobile platforms, an authorised-person/sub-broker channel network, and AMFI-registered mutual fund distributors, anchored by a 10-in-1 unified demat account and e-KYC onboarding.

The technology stack centers on the Prime Trade trading system (rated 4.8 on Google Playstore with 1,000+ reviews and 50k+ downloads), which integrates order routing across NSE, BSE, and MCX with features such as an algorithmic trading API, advanced charting, basket trading, real-time option Greeks (16+), and 2-factor authentication. Adjacent capabilities include SEBI-registered Portfolio Management Services (PMS, INP000009135), a Category III Alternative Investment Fund (B-FLY India Opportunities Fund launched July 2024), an online IPO application portal covering mainboard and SME platforms, mutual fund distribution across 70+ AMCs, fundamental research reports, and SME market making on NSE/BSE. Merchant banking is signalled as forthcoming.

Revenue is generated through a diversified mix of transaction-based brokerage (with a flat Rs. 20 per-trade option on equity delivery and competitively negotiated rates on intraday and F&O), recurring fees on depository, PMS, AIF, and research mandates, mutual fund distribution commissions, and margin trading facility economics. Distribution combines product-led growth through e-KYC self-serve onboarding, channel partner expansion via authorised persons and sub-brokers, and direct-to-consumer engagement through weekly research webinars and investor awareness programs. Regulatory positioning rests on five SEBI registrations — stock broker (INZ000160834), depository participant (IN-DP-612-2021, both CDSL and NSDL), PMS (INP000009135), research analyst (INH000014687), and AMFI ARN-77516.

Name

B.N.Rathi Securities

Legal name

B.N. Rathi Securities Limited

Website

https://bnrsecurities.com

Company type

Public

Founded year

1985

Operating status

Operating

Headcount range

101–250 employees

Short description

B.N. Rathi Securities Limited is a Hyderabad-based SEBI-registered Indian stock broking firm serving 40,000+ retail and HNI clients via the Prime Trade platform across NSE, BSE, and MCX, offering equity, derivatives, commodities, mutual funds, PMS, and AIF services.

Ownership category

akta.pro rank

Headquarters

HQ city

Hyderabad

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Stock Broking Services: Brokerage fees and charges for equity delivery, intraday, F&O futures, F&O options trading across NSE, BSE, and MCX. Revenue generated through competitive brokerage rates mutually agreed upon with clients.
2. Depository Services: DP services including demat account maintenance, securities holding, and pledge management for client portfolios.
3. Margin Trading Facility: Interest-free margin money requirements and margin trading facilities generating revenue through client margin positions and market exposure.
4. Mutual Fund Distribution: AMFI-registered mutual fund distributor (ARN-77516) earning commission from distribution of mutual fund products including SIP investments.
5. Research and Advisory: Fundamental research reports covering equity analysis, company financials, and investment recommendations. SEBI Research Analyst Registration No: INH000014687.
6. IPO Distribution: Facilitating IPO applications and allotments for clients across mainboard and SME platforms (NSE SME, BSE SME).
7. Portfolio Management Services: SEBI registered PMS service (INP000009135) providing expert-led investment management for eligible clients.
8. Alternative Investment Fund: SEBI Registered Category III AIF under B-FLY India Opportunities Fund brand for qualified investors.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

B.N. Rathi Securities Limited is a SEBI-registered stock broking and financial services company that provides trading access across equity, derivatives (F&O), commodities, and currency segments on NSE, BSE, and MCX, along with demat/depository services, mutual fund distribution, IPO subscriptions, portfolio management services (PMS), and a SEBI-registered Category III alternative investment fund (B-FLY India Opportunities Fund). The company delivers these services through its proprietary Prime Trade mobile and web trading platforms, an algo trading API, and a pan-India sub-broker and authorised-person network.

Product overview

B.N.Rathi Securities operates as a comprehensive stock broking and investment platform offering a unified multi-segment trading and investment ecosystem. The core platform is the Prime Trade system (available as mobile app and web trading), which provides access to Equity & Stocks, Futures & Options, Commodity, Currency, IPO, ETFs, and Bonds across NSE, BSE, and MCX exchanges. Supporting modules include Algo Trading API for automated execution, Mutual Fund platform with 70+ AMC access, Research Reports, Portfolio Management Services, Margin Trading Facility, Basket Trading, Pre-IPO investments, and the B-FLY India Opportunities Fund (Category III AIF). Additional tools include Margin Calculator, Brokerage Calculator, SIP Calculator, and Return Calculator. The company also provides SME Market Maker services on NSE/BSE. Founded in 1985, the platform serves over 40,000 satisfied clients.

Differentiator

Problem solved

Functional benefit

Brands

• Prime Trade: Mobile trading application offering fast, reliable trading across Indian market segments including equity, commodity, currency and F&O with advanced charting, option chain data with 16+ greeks, and seamless fund transfers.
• B-FLY India Opportunities Fund

Products and services

• Equity & Stocks Trading Long-term equity portfolio building across NSE and BSE with expert research guidance, available to retail and HNI investors through the Prime Trade platform.
• Futures & Options Trading Advanced F&O trading across NSE and BSE for active traders, with live option chain data including 16+ Greeks, advanced charting, and margin trading facility.
• Commodity Trading Commodity derivatives trading through MCX (MCX-56475) for diversification and risk hedging across metals, energy, and agricultural commodities.
• ETF Trading Exchange Traded Funds (ETFs) for diversified and low-cost market exposure, accessible through the Prime Trade web and mobile platforms.
• Basket Trading Curated multi-stock basket trading with automation, enabling streamlined portfolio construction and diversified investing through a single order flow.
• Prime Trade Mobile App Mobile trading application offering fast, reliable trading across equity, commodity, currency, and F&O segments with advanced charting, historical data, intuitive navigation, and quick trade entry/exit for retail and active traders.
• Web Trading Platform Browser-based trading platform for managing accounts and trading across NSE, BSE, and MCX market segments from desktop, tablet, or mobile devices.
• Algo Trading Service Algorithmic trading service with Prime Trade Dealer and Prime Trade Client software, plus an Algo Trading API that connects client strategies to the exchange for automated execution in F&O, with strategies customized per client requirements.
• Mutual Fund Distribution AMFI-registered mutual fund distribution (ARN-77516) connecting investors to 70+ AMCs including HDFC, ICICI Prudential, Nippon India, and SBI, with SIP and lump-sum investment options and a SIP calculator.
• Portfolio Management Services (PMS) SEBI-registered Portfolio Management Services (INP000009135) providing expert-led discretionary investment management for eligible HNI clients.
• B-FLY India Opportunities Fund (Category III AIF) SEBI-registered Category III Alternative Investment Fund for qualified investors seeking alternative investment opportunities under the B-fly brand.
• IPO Services Online IPO application and allotment service for mainboard and SME IPOs (NSE SME, BSE SME), enabling investment in emerging companies with allotment tracking.
• Pre-IPO / Unlisted Share Investments Investment options in early-stage and unlisted companies before public listing, offered to clients seeking pre-IPO exposure.
• Margin Trading Facility (MTF) Margin Trading Facility providing interest-free margin money as a percentage of securities price, with mark-to-market valuation and additional margin calls for losses exceeding available margin.
• Online e-KYC Account Opening Digital e-KYC service enabling clients to open a 10-in-1 demat and trading account online in approximately 10 minutes with streamlined document verification and single submission across 8 platforms.
• Bonds Fixed income bond products for portfolio diversification, accessible through the Prime Trade platform.
• SME Market Making Market making services for SME stocks listed on NSE and BSE exchanges, providing liquidity in the small and medium enterprise segment.
• Research and Advisory Services SEBI-registered research analyst (INH000014687) services providing fundamental analysis reports on company financials, market calls, and weekly 'Markets This Week' webinars for client education and investment decisions.
• Depository (Demat) Services SEBI-registered Depository Participant services (CDSL IN-DP-612-2021 and NSDL) for dematerialisation, rematerialisation, holding, and pledge management of client securities.

Quantifiable outcome

• 592.11% increase in consolidated net profit for Q4 March 2026 quarter
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature6 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• National Stock Exchange of India Limited (NSE)coreOthersPrimary exchange partner for equity, F&O, and currency derivatives trading. SEBI registered stock broker (NSE-07141). Provides real-time market data, trading infrastructure, and regulatory oversight.
• Bombay Stock Exchange Limited (BSE)coreOthersPrimary exchange partner for equity trading. SEBI registered stock broker (BSE-3233). Enables trading across equity segments and SME platform listings.
• Multi Commodity Exchange of India Limited (MCX)coreOthersCommodity derivatives exchange partner. SEBI registered member (MCX-56475). Enables commodity trading including metals, energy, and agricultural commodities.
• Metropolitan Stock Exchange of India Limited (MSE)minorOthersStock exchange for equity derivatives and currency trading in India.
• Central Depository Services India Limited (CDSL)coreOthersDepository participant for demat services. SEBI registration IN-DP-612-2021. Handles dematerialisation, rematerialisation, and pledge management for client securities.
• National Securities Depository Limited (NSDL)coreOthersDepository participant for demat services. Enables electronic holding of securities and settlement of trades in Indian securities market.
• National Commodity and Derivatives Exchange Limited (NCDEX)minorOthersCommodity exchange for agricultural commodities derivatives trading.
• Securities and Exchange Board of India (SEBI)coreOthersRegulatory authority overseeing all securities market operations. B.N. Rathi Securities holds multiple SEBI registrations for stock broking, depository, PMS, and research analyst services.
• Reserve Bank of India (RBI)coreOthersRegulatory authority for banking and financial system in India.
• Association of National Exchange Members of India (ANMI)minorOthersIndustry body for stock exchange members representing and supporting trading members in India.
• Association of Mutual Funds in India (AMFI)coreOthersIndustry body for mutual fund industry. B.N. Rathi Securities is AMFI-registered mutual fund distributor (ARN-77516) enabling distribution of mutual fund products.

Scale indicators8 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Angel One: Listed Indian retail broking platform with strong mobile-first technology and broad product suite including equity, F&O, mutual funds and IPO. Directly comparable as a similarly productized Indian broker with an in-house trading app, though at much larger scale.
• Zerodha: India's largest discount broker offering zero-commission equity and derivatives trading via in-house Kite platform, plus direct mutual fund and bond platforms. Competes head-on with B.N. Rathi for Indian retail and active traders and is the primary force behind industry brokerage compression.
• Groww: Leading Indian digital investment platform offering broking, mutual funds and IPO access with a strong mobile-first UX. Targets the same Indian retail investors as B.N. Rathi and has emerged as one of the highest-share discount brokers.
• IIFL Securities: Listed Indian broker-dealer providing equity, derivatives, currency, commodity, mutual fund distribution and PMS. Comparable product breadth and listed-entity structure make it a direct peer for B.N. Rathi.
• Motilal Oswal Financial Services: Indian listed broking and wealth management firm offering equity, derivatives, commodity, mutual fund distribution, PMS and research services with multi-city branch presence. Highly comparable to B.N. Rathi on product mix (trading + distribution + PMS + research) though at materially larger scale.
• Sharekhan (by BNP Paribas): Indian retail broking franchise offering equity, derivatives, commodity and mutual fund distribution with a strong branch-led model. Closely comparable to B.N. Rathi's full-service, multi-city distribution approach to retail investors.

Broad incumbents

• HDFC Securities: Bank-affiliated Indian broker offering equity, derivatives, mutual fund distribution and IPO services to retail clients. Competes in the same Indian retail brokerage space but with the brand and capital backing of the HDFC group.
• Kotak Securities: Bank-affiliated Indian broker with full-service retail and institutional offerings across equity, derivatives, mutual funds and IPOs. Directly overlapping product suite with B.N. Rathi but with substantially larger distribution and balance-sheet support.
• ICICI Securities: Large listed Indian brokerage and investment bank offering broking, distribution, PMS and investment banking. Overlaps significantly with B.N. Rathi's product set but at much larger scale and as part of a banking group ecosystem.

Regional players

• Choice Broking: Indian full-service broker with multi-asset offerings across equity, derivatives, commodity, mutual funds and PMS, with a regional branch footprint. Closely comparable to B.N. Rathi on size, product mix and listed/small-cap profile.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/BNRATHI3

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 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 B.N.Rathi Securities