Modern Shares & Stockbrokers

What Modern Shares & Stockbrokers does

Modern Shares and Stockbrokers Limited (MSSL) is a SEBI-registered stockbroker (registration INZ000235036) and member of the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), operating as a listed public limited company in India. The firm provides retail broking services across equities and derivatives, with associated offerings including mutual fund distribution, Portfolio Management Services (PMS), and subscription research and advisory products. Its client base spans Indian retail investors and Non-Resident Indian (NRI) clients, with disclosed trading turnover exceeding ₹2,000 crores (~US$240M).

The company is led by Mr. Anil Manghnani as Whole Time Director, with Mr. Pankaj R. Ved serving as Chairman and Independent Director, supported by a research desk staffed with qualified CAs, MBAs, and in-house Technical Analysts. Operationally, MSSL runs a single office in the Churchgate area of Mumbai and has onboarded vernacular investor servicing across 15 Indian languages, alongside a recently configured SEBI-mandated standardized UPI payment-handle infrastructure for client collections. Its technology stack is a standard retail online trading platform paired with internal research workflows and digital client support channels.

MSSL's revenue model is a mix of brokerage commissions on retail execution, trail commissions from mutual fund distribution, PMS management fees, and subscription fees for research and advisory services. The business is positioned as a full-service rather than discount broker, with reliance on dealer-assisted relationships and a research-led value proposition for retail and NRI clients. Its single-office footprint and modest scale relative to larger Indian retail franchises (e.g., the publicly listed discount and full-service majors) frame it as a mid-tier regional player rather than a national-scale broker.

Name

Modern Shares & Stockbrokers

Legal name

Modern Shares And Stockbrokers Ltd

Website

https://modernshares.com

Company type

Public

Founded year

1939

Operating status

Operating

Headcount range

11–50 employees

Short description

Modern Shares and Stockbrokers Limited is a SEBI-registered, NSE/BSE-member Indian retail stockbroker providing equity and derivatives broking, mutual fund distribution, PMS, and research/advisory services to Indian retail and NRI investors from its Mumbai office.

Ownership category

akta.pro rank

Product category

Retail Stockbroking and Investment Services

NAICS

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

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Equities Brokerage (FSAEACAH)

Keywords

• Retail stockbroking
• Equity and derivatives trading
• Mutual fund distribution
• Portfolio management services
• Technical research advisory

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, Others

Revenue model

1. Retail Broking: Brokerage commissions from purchase and sale of securities including Equity and Derivatives Instruments listed on NSE and BSE. Provides dealer-assisted trade execution and access to IPOs for individual investors.
2. Mutual Fund Distribution: Distribution commissions from helping clients select mutual fund schemes suited to their profile, financial goals and risk appetite. Relationship managers provide advisory services for investment selection.
3. Portfolio Management Services (PMS): Portfolio management services for managing large investment portfolios with personalized strategies.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

Core offering

Modern Shares & Stockbrokers is a SEBI-registered, NSE/BSE-member stockbroker providing retail and NRI investors with dealer-assisted broking in equity and derivative instruments, IPO access, mutual fund distribution with advisory, in-house technical research for intraday and swing trading, and Portfolio Management Services (PMS) for larger portfolios.

Product overview

Modern Shares & Stockbrokers is a listed public company operating as a stockbroker and investment services firm. The company offers three core services: Retail Broking Services providing dealer-assisted trading and IPO access on NSE and BSE, Mutual Fund Distribution with advisory for selecting suitable schemes, and Research Services delivering technical analysis with intraday and swing trading levels. The company manages portfolios for individual and NRI investors, leveraging in-house research and a team of CAs, MBAs, and Technical Analysts.

Differentiator

Problem solved

Functional benefit

Products and services

• Retail Broking Services Dealer-assisted retail broking for individual Indian and NRI investors providing access to all major IPOs and seamless trading in Equity and Derivative Instruments listed on NSE and BSE.
• Mutual Fund Distribution
• Research Services
• Portfolio Management Services (PMS)

Quantifiable outcome

• Managing turnover exceeding Rs. 2,000 crores
• +1 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered core.

• National Stock Exchange of India Limited (NSE)coreOthersMember of National Stock Exchange providing access to NSE-listed equity and derivatives instruments for client trading. This exchange membership is essential for the company's core broking operations.
• Bombay Stock Exchange Limited (BSE)coreOthersMember of Bombay Stock Exchange providing access to BSE-listed securities for client trading. Combined with NSE membership, this enables the company to offer comprehensive market coverage.
• MUFG Intime India Private LimitedcoreImplementation/ SI/ Consulting PartnerRegistrar and Transfer Agent handling shareholder services, share transfers, dividend distributions, and IEPF-related matters. Located at C-101, 247 Park, L.B.S Marg, Vikroli West, Mumbai- 400 083.

Scale indicators4 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• ICICI Securities: Large diversified retail broker offering equity, derivatives, mutual funds, and IPO access on NSE/BSE. Comparable product set (retail broking, mutual fund distribution), but with much greater scale and integrated digital platform.
• Kotak Securities: Large retail broker offering equity, derivatives, and mutual fund distribution on NSE/BSE. Comparable product mix and retail/NRI customer focus, with greater scale and banking-group backing.
• HDFC Securities: Full-service retail broker providing equity, derivatives, and mutual fund distribution to Indian retail and NRI investors. Directly comparable services and customer segments, with significantly larger scale and banking-ecosystem distribution.
• Motilal Oswal Financial Services: Listed Indian financial services firm offering retail broking, PMS, and mutual fund distribution. Directly comparable product set (retail broking + PMS + MF distribution) and listed public-company structure.

Direct peers

• Angel One: Listed Indian retail broker offering equity, derivatives, and mutual fund distribution through a digital-first platform. Comparable in listed status and product offering, but competes via low-cost digital execution rather than dealer-assisted advisory.
• 5paisa Capital: Discount broker offering equity and derivatives trading on NSE/BSE as well as mutual fund distribution. Comparable in listed public-company structure and product scope, but competes via low-cost digital model.
• Choice Broking: Mid-sized Indian retail broker offering equity, derivatives, and mutual fund distribution with relationship-manager support. Comparable in scale, service model, and target customer base.
• Zerodha: India's largest retail stockbroker and a direct competitor in equity and derivatives trading on NSE/BSE. Highly comparable in core product (retail broking) but competes primarily via a low-cost, digital-only model without dealer-assisted advisory.
• Sharekhan: Full-service retail broker offering equity, derivatives, and mutual fund distribution with relationship-manager-driven advisory. Closely comparable to MSSL's dealer-assisted service model and target customer (retail/NRI investors).

Emerging players

• Groww: Fast-growing digital-first Indian broker offering equity, derivatives, and mutual fund distribution. Comparable in target customer (retail/NRI investors) and product scope, but competes via mobile-first self-service rather than dealer-assisted advisory.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 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 Modern Shares & Stockbrokers