In an effort to improve the efficiency and transparency of major trade execution, the Securities and Exchange Board of India (SEBI) has released a circular for the implementation of a revamped block deal framework for stock exchanges. In order to prevent price manipulation, the block deal mechanism permits pre-negotiated agreements between parties to be carried out on the exchange during certain windows and under stringent guidelines. With a minimum order quantity of INR 25 crore, the price range will be ±3% of the reference price.
According to current standards, the minimum order size is INR10 crore, and the pricing range is ±1%. The order size was last adjusted by SEBI in October 2017. Since orders less than INR 25 crore will occur in the regular market, the higher threshold is anticipated to increase liquidity.
Two Specific Windows of Block Deal
There are two distinct times that block deals are available: 8:45 AM to 9:00 AM in the morning and 2:05 PM to 2:20 PM in the afternoon. According to the SEBI circular, the closing price of the stock the day before would serve as the reference price for executing block deals during the morning window.
The volume-weighted average price (VWAP) of trades made in the stock on the cash segment between 1:45 and 2:00 PM will serve as the reference price for the afternoon window.
Before the afternoon session begins, stock exchanges will compute and distribute the relevant VWAP between 2:00 and 2:05 PM. EffectiveDecember 7, 2025, the Sebi circular will be in force. According to the Sebi circular, the aforementioned clauses will also apply to the block deal window during the optional T+0 settlement cycle.
The 1st Framework was Introduced in 2005
As markets have expanded and block deal sizes have increased, regulations pertaining to these transactions have been re-examined. Since its initial release in 2005, the framework has undergone a number of reviews.
Although one of the exchanges had proposed a ±2% price range, a working committee on the matter had recommended a ±5% price range for the morning block transaction window and a ±3% price range for the afternoon trading window.
The working group had suggested raising the ceiling, citing the nearly threefold increase in benchmark indices over the previous ten years as justification. It was desirable to raise the restrictions since markets were becoming deeper and larger. 90% of block deals were larger than INR 14 crore, 75% larger than INR 26 crore, 60% larger than INR 50 crore, and 50% larger than INR 84 crore, according to SEBI’s analysis of the data from FY25 block deals at the NSE. Therefore, the order size needed to be reviewed.
Quick Shots
•Circular issued to enhance transparency and
efficiency in major stock trades.
•Threshold increased from INR 10 crore to INR 25
crore to boost liquidity and prevent market manipulation.
•New rules applicable from December 7, 2025,
including optional T+0 settlement cycle.
•Block deal framework first introduced in 2005;
reviewed multiple times as markets grew.
Jane Street, a high-frequency trading firm based in the United States, has requested further time from the Securities and Exchange Board of India (SEBI), the Indian market regulator. Jane Street Group told the media in a statement on the evening of July 28 that it is working cooperatively with SEBI and has requested an extension to reply to the July 3 interim decision.
SEBI had given 21 days to respond in its interim order dated July 3. It appears that the extension was requested after this deadline had passed. Jane Street did not reveal the extent of the timeframe extension it has attempted to provide in response to SEBI’s enquiries.
Jane Street promised in the same statement that the group is dedicated to maintaining market integrity. Jane Street is dedicated to actions that preserve the integrity of India’s capital markets and support their ongoing growth, the statement added.
According to the preliminary inquiry, Jane Street Group illegally gained INR 4,843.5 crore by manipulating trading on Bank Nifty and Nifty Index Options, as SEBI had claimed in its July 3 decision.
Jane Street Group was instructed by SEBI to seize and place the purportedly unlawful proceeds in an interest-bearing escrow account with a lien in SEBI’s favour.
SEBI’s Interim Measures and Jane Street’s Compliance
On July 11, Jane Street complied with Sebi’s instructions regarding the impoundment of alleged unlawful gains. Later, on July 21, SEBI removed the limitations on Jane Street Group’s trading in Indian markets, provided that it refrain from manipulating the market and that exchanges keep a close watch on its transactions.
SEBI’s Broader Crackdown on Market Manipulation
The entities have been instructed to stop and desist from directly or indirectly engaging in any fraudulent, manipulative, or unfair trade practices, as well as from engaging in any activity that may violate current regulations, such as dealing in securities using any of the patterns mentioned or identified in the interim order, according to a statement released by Sebi on July 21. The entities have attested to their intention to adhere to this.
Stock exchanges were instructed to continuously keep a close eye on Jane Street Group’s future transactions and holdings. Therefore, until SEBI’s investigation is finished and any related proceedings are concluded, entities must refrain from engaging in any form of manipulative behaviour, whether directly or indirectly, including dealing in securities using any of the patterns mentioned or identified in the interim order.
Jane Street Group had previously refuted Sebi’s accusations and said that the Indian capital market watchdog had misinterpreted its trading approach.
As it prepares for an IPO on the New York Stock Exchange, Figma is looking for a fully diluted valuation of up to $16.4 billion, a move that could boost the tech IPO market, which is currently recovering, according to a Reuters story.
According to a statement made on July 21, the San Francisco-based design software company and some of its investors intend to raise up to $1.03 billion by offering almost 37 million shares at a price of $25 to $28 each.
More than a year after Adobe’s $20 billion proposed acquisition of Figma was thwarted owing to regulatory issues in the UK and Europe, this IPO represents a significant milestone for the company.
Figma’s IPO Details and Valuation Strategy
The recent recovery of the overall market and the success of initial public offerings (IPOs) such as Circle’s have rekindled interest in tech listings. Figma’s pro-Bitcoin position and social media buzz have already generated interest in the company’s impending debut. According to its filing, as of March 31, it had invested $70 million in Bitwise’s bitcoin ETF and intended to spend an additional $30 million.
The sale will be managed by Morgan Stanley, Goldman Sachs, Allen & Co., and J.P. Morgan, and the business will list under the ticker symbol “FIG.” The latest secondary share sale of Figma, which involved early investors and staff, brought the company’s worth down to $12.5 billion in 2024.
Figma’s Growth Metrics and Financials
With clients including SAP, Workday, and ServiceNow, Figma provides a collaborative design platform for creating websites, apps, and user interfaces. In the first quarter of 2025, the company’s revenue increased by 46%, while its net income tripled.
The collaborative elements of Figma encourage viral user adoption and sales efficiency, according to venture financier Tomasz Tunguz, who commended the company’s product-led growth model. Dylan Field, the CEO, has also indicated that the business is open to making daring purchases that might not seem like the norm at first.
Challenges Figma Faces Post-IPO
The IPO does, however, coincide with shifting market conditions. Figma recognises that AI-powered design tools may lessen reliance on customers, even as it makes investments in AI.
Additionally, the business cited stringent immigration laws as a barrier to employment and cautioned about the risks to global demand associated with tariffs and economic uncertainties. According to corporate lawyer Leslie Marlow, investors are giving preference to companies with solid financials and obvious routes to success in this changing climate.
In accordance with regulatory orders, Jane Street, a New York-based capital market company, has placed INR 4,840 crore in escrow accounts. Jane Street has no imminent plans to start trading options in the Indian market again after this.
A temporary account used to keep money or assets while two parties are transacting is called an escrow account. A third party oversees its management. Jane Street, a US-based firm, had previously said that it would contest the SEBI order, which blocked the organisation from the securities markets in India.
SEBI has ordered the group to disgorge illegal gains of INR 4,843 crore for using holdings in the derivatives market to manipulate stock indices. This was quite likely the largest disgorgement amount that SEBI had ever ordered.
Why SEBI Barred Jane Street?
While it continued its inquiry, SEBI’s interim decision prohibited JSI Investments, JSI2 Investments Pvt Ltd, Jane Street Singapore Pte Ltd, and Jane Street Asia Trading—collectively known as the Jane Street Group—from trading until further notice.
SEBI was investigating the Jane Street (JS) Group for illegally profiting from stock market index level manipulation, namely through the highly liquid Bank Nifty and Nifty index options segments.
According to a SEBI probe, Jane Street made money from huge holdings and executed significant trades to influence market movements over a 21-day period between January 2023 and May 2025.
The regulator also observed that Jane Street saw an increase in trading activity across a number of market segments between January 2023 and March 2025. Jane Street Group LLC is a multinational proprietary trading company in the financial services sector that was founded in 2000.
With five offices in the US, Europe, and Asia, the group has over 2,600 employees. In 45 nations, it carries out trading activities.
Jane Street’s Response to SEBI
In an internal letter to staff, the US-based trading company Jane Street slammed the SEBI, calling its recent ruling accusing market manipulation “fundamentally mistaken.”
The letter went on to say that seeing the company misrepresented in this manner is really distressing. Jane Street is proud of the part it plays in global markets; therefore, it hurts to have a study that contains so many false or unsubstantiated claims damage its reputation.
In addition to prohibiting Jane Street and its group companies from engaging in the Indian market, SEBI’s ruling ordered the disgorgement of INR 4,834 crore in claimed “unlawful gains.” Additionally, the regulator stated that it was still looking into the group’s other trading tactics.
The market’s watchdog responded to Jane Street’s allegations by stating that the July 3 ruling, like all SEBI orders, is a speaking order that lays out SEBI’s prima facie case and answers all pertinent issues.
For failing to give all stakeholders equitable access to corporate filings and to take action against brokers who make frequent changes during trading, capital markets regulator SEBI fined the BSE INR 25 lakh on 25 June.
Following an inspection that took place between February 2021 and September 2022, the market regulator issued the order. SEBI ruled in a 45-page ruling that BSE had violated standards by allowing its paid clients and internal listing compliance monitoring (LCM) staff to view business announcements before they were posted on its website.
In order to preserve market integrity and avoid unfair information advantages, the regulator also noted that the data dissemination procedure lacked controls to guarantee simultaneous and equal access to all players.
SEBI Notifies Various Shortcomings of BSE
The Securities Contracts (Regulation) SECC (Stock Exchange and Clearing Corporations) Regulations, 2018, which require stock exchanges to provide equitable and transparent access to all users, were broken by BSE, according to SEBI’s remark.
Additionally, it pointed out that the BSE failed to set up a really basic syndication (RSS) feed, which would have reduced the possibility of unequal access to company filings. SEBI held that such corrective action was only done after the examination revealed shortcomings, even if the exchange later created a time gap to remedy the matter.
SEBI also pointed out significant flaws in BSE’s oversight of client code changes, which are only allowed when there are actual mistakes.
Concerns regarding potential abuse and a lack of due diligence in trades between unaffiliated institutional clients were raised by the BSE’s failure to take disciplinary action against brokers who made frequent adjustments and ‘error accounts’.
Comments Made by SEBI’s Quasi Judicial Authority Santosh Shukla
In the ruling, Santosh Shukla, SEBI’s quasi-judicial authority, stated that stock exchanges play a crucial role as the initial line of supervision when managing materially price-sensitive information concerning listed firms and their securities.
In order to maintain compliance with its responsibilities as a leading, internationally renowned stock exchange, BSE must have internal controls over how to handle and manage such corporate announcements.
Shukla stated that the concept of impartiality, transparency, and fairness in information dissemination from the first-level regulator BSE has been significantly compromised by the availability of information about listed companies to LCM employees of BSE and its paid subscribers prior to its release to general investors through its website.
Additionally, he argued, BSE has demonstrated carelessness and laxity in failing to enforce standards regarding client code modifications.
The way we save, invest, and exchange money is changing as a result of technological advancements in today’s lightning-fast financial industry. The pioneering force behind this transformation is fintech, an abbreviation for financial technology. When it comes to the stock market and online broking, Zerodha is what comes to the mind of an Indian. Zerodha is the most prominent and the leading discount brokerage company, founded in 2010. The company is the first-ever stock brokerage company that gave rise to discount brokerage options for investors as well as traders.
Today, Zerodha is the biggest brokerage company in India with a client count above 5 million. It is also known as the Robinhood of India.
The company contributes over 15% to every retail order volume in India on a daily basis through trading and investing in various stocks, Commodities, F&O, IPOs, and others. In this article, we have briefly discussed the business model and revenue model of Zerodha. Let’s get started!
About Zerodha
Zerodha is an Indian fintech startup that has been shaking up the conventional brokerage sector since its founding in 2010 by brothers Nithin Kamath and Nikhil Kamath. The company’s name represents its objective to remove hurdles and democratize finance. It is a mix of “Zero” and “Rodha,” the Sanskrit words for obstacles.
The largest online brokerage firm in India, Zerodha is widely famous for its discount brokerage option. Zerodha offers financial services with the main motive of providing low-cost services to customers. Zerodha is a significant member of BSE, MCX-SX, and NSE, which provides broking services to the traders of the stock market.
Zerodha is headquartered in Bengaluru and has a huge customer base. Zerodha is the first discount broker in India because of this, it gained huge support from the audience.
An essential part of Zerodha’s success has been its dedication to offering traders and investors products that are affordable, easy to use, and driven by technology. Belief in creating a world without brokers is Zerodha’s motto. The financial market players will benefit greatly from this ideology. In addition to meeting the unique demands of each client, the organization strives to offer cheap trade services and first-rate customer service. Using cutting-edge innovation, innovative ideas, and unparalleled customer service, Zerodha aims to build a world without brokerages.
Besides, the most intriguing thing about Zerodha is that it always comes up with brilliantly innovative ideas supported by several strategic and definite efforts. Zerodha runs with the tagline of “The Free Trade Zone“.
Moreover, Zerodha offers tons of open online education and community programs that uphold retail traders as well as investors.
Fintech platforms like Smallcase, Streak, Sensibull, Quicko
Technology service providers
Regulatory bodies like SEBI
Key Activities
Running trading platforms (Kite, Console)
Brokerage and margin trading operations
Developing fintech tools and APIs
Educating users through Varsity
Value Propositions
Zero brokerage on equity delivery trades
Flat ₹20 fee for intraday and F&O trades
Transparent and simple pricing
User-friendly tech tools and mobile platforms
Free mutual fund investment via Zerodha Coin
Customer Relationships
Self-service platform with online tutorials and support
Transparent reports and statements
Community building via social media and Varsity
Quick issue resolution through online support
Customer Segments
Young salaried professionals (below 30 years)
First-time investors
Active intraday and F&O traders
Tech-savvy developers and fintech enthusiasts
Key Resources
Trading and account management platforms (Kite, Console)
Kite Connect API
Skilled technology and support teams
Regulatory licenses and compliance systems
Channels
Zerodha website and mobile app
Social media platforms like Instagram, Twitter
Referrals and financial influencers
Educational platform Varsity
Cost Structure
Technology development and maintenance
Employee salaries and operations
Compliance and legal costs
Customer acquisition and marketing
Revenue Streams
Brokerage fees on intraday and F&O trades (up to ₹20/order)
Interest income from margin trading
Demat account DP charges
Subscription fees from partner tools (e.g., Streak, Smallcase)
Float income from idle client funds
Annual account maintenance charges (₹300/year)
Where does Zerodha operate?
Zerodha is a financial service company that offers various retail and institutional-based brokerage, bonds, mutual funds, and currency & commodities trades. Zerodha operates in various states of India, including Hyderabad, Bengaluru, and Pune.
Key Products and Services of Zerodha
The broking limited company, Zerodha, offers tons of key products to its customers. These products include Console for account management, Kite for trading platforms, Varsity for financial education, Quicko for the traders in Tax stems, Coin for Free Mutual Fund, Kite Connect API for the developers, Kill Switch for the risk management for retail traders, and Sentinel for the cloud-based market alert tool.
Zerodha majorly targets its potential audience in Pune, Bengaluru, and Hyderabad based on the average age group of people below 30 years. It focuses on those below 30 people who are new to their jobs and have already started saving from their salaries and are searching for better saving and investing methods to increase their money effectively. With its incredible services and products, it has gained over a million active users.
Zerodha Business Model
The most significant thing about the business model of Zerodha is the success and popularity it gained among the audience. Zerodha offers a very convenient service to its customers, because of which it gained absolute success in the strenuous market as well.
Zero Brokerage Model
When it comes to equity delivery deals, Zerodha stands out due to its zero brokerage strategy. This is a great alternative for long-term investors since it allows investors to purchase and hold equities without paying brokerage fees. They make money from many categories, including intraday trading, futures, and options, and others, by collecting a flat fee on each deal.
Transparent Pricing
Another important part of Zerodha’s business model is transparency. Importantly, being a fintech company they offer a straightforward pricing system. To prevent unpleasant unexpected events, traders can determine their trading costs in advance. Customers trust them more because of this openness, and they distinguish themselves from more conventional brokerages that have convoluted pricing structures.
Zerodha USP
The entire business model of Zerodha is very transparent and has no hidden costs later on. It lets you know all your transactions and also provides a quick tutorial on online trading.
It keeps all the information transparent and open to the customers. These facets help the company more vibrantly and gain more significant clients for trading.
The USP of Zerodha is its zero brokerage concept. Traders don’t need to pay to trade stocks if they plan to keep them for longer than a day. There is no brokerage fee; all the trader has to do is pay their taxes. Brokerage fees from intraday and derivatives trading are Zerodha’s main source of revenue. For FNO trading, Zerodha has a fixed brokerage fee of INR 20 per order.
Zerodha is the biggest trading network with the highest number of active users in India. People across India use Zerodha for investing and trading. Zerodha revenue sources include brokerage fees, interest on margin funding, and income from partner platforms and technology services. The company charges only Rs. 20 (or 0.03%) for every F&O and intraday capital trade.
Although its charge is pretty low, as a huge number of transactions take place, the company gains enough profit. Besides the account maintenance, it charges Rs. 300 annually.
From the records of the past few years, Zerodha experienced rapid growth. This results in the 2% contribution of investors in the stock exchange. This, later on, boosts the revenue of the company. With this revenue source, Zerodha raised its valuation worth $1 billion. The valuation of Zerodha is around $3.6 billion (2023).
Along with stock trading, Zerodha also provides a platform called Zerodha Coin where users may invest in mutual funds without paying a commission. Numerous clients seeking an easy method to put their money into mutual funds have taken advantage of this service. The larger movement towards digital wealth management and the use of the term “hire a fintech developer” to describe the process of creating and managing such systems is congruent with this.
Zerodha Financials
Particulars
FY24
FY23
FY22
FY21
Revenue
INR 9,994.5 Cr
INR 6,877.1 Cr
INR 4,964 Cr
INR 2,729.6 Cr
Expenses
INR 3,119.3 Cr
INR 2,992.7 Cr
INR 2,165.1 Cr
INR 1,260.2 Cr
Profit after Tax
INR 1,122 Cr
INR 2,094 Cr
INR 2,907 Cr
INR 4,700 Cr
Revenue Model of Zerodha
Zerodha has shown consistent growth in revenue and profit over the last few years. In FY24, the company saw significant growth in revenue and profit, continuing its upward trajectory from FY23.
Zerodha Revenue Breakdown:
Particulars
FY24
FY23
Revenue from operations
INR 9,372.2 crore
INR 6,832.8 crore
Other income
INR 622.3 crore
INR 44.3 crore
Total revenue
INR 9,994.5 crore
INR 6,877.1 crore
Zerodha’s revenue has consistently increased over the last few years, with a notable spike in FY24. Revenue from operations saw substantial growth, and other income showed a significant rise in FY24 compared to FY23.
Zerodha SWOT Analysis
Swot Analysis of Zerodha
Zerodha Strengths
Zerodha has shaken up India’s traditional brokerage market with its novel approach to trading, providing clients with commission-free trading.
Customers can rely on quick and dependable trading because of Zerodha’s powerful technological infrastructure.
To meet the demands of traders with varying skill sets, the firm has created several trading platforms and tools.
Thanks to its user-centric strategy and great customer service, Zerodha has a high customer satisfaction rating.
To meet the varied investing needs of its clients, Zerodha provides a comprehensive suite of financial products, including stocks, bonds, mutual funds, and derivatives.
Zerodha Weakness
The potential for growth and expansion is limited for Zerodha because its operations are limited to India.
Zerodha is at risk of cyber threats and system breakdowns because its business model is highly reliant on technology.
Brokerage fees and commissions are Zerodha’s only sources of income, which may lead to difficulties for the company down the road.
Zerodha Opportunities
Zerodha has a great chance for growth due to the continuously expanding population of retail investors and traders in India.
Zerodha has a golden opportunity to grow its business by taking advantage of the growing popularity of online shopping in India.
If Zerodha wants to diversify its revenue streams and access new markets, it might look into foreign expansion prospects.
Zerodha Threats
There is a lot of competition for Zerodha’s products and services from both well-established brokerage businesses and emerging startups.
Business operations and profitability at Zerodha are susceptible to changes in regulatory policies and guidelines.
Investor sentiment and trade volumes are influenced by economic uncertainty and market volatility, which in turn affect Zerodha’s revenue sources.
Even after this huge customer base, Zerodha is still working on expanding the company on a broad scale with a more significant client base. Nithin Kamath, the CEO of Zerodha, mentioned in an interview that he is aiming to take the company to a client base of 5-10 million in the upcoming years.
Zerodha believes in promoting its services, as the company hardly spends any money on advertising channels. The company holds a great reputation in the market because of its incredible services and customer interactions. This has resulted in the comprehensive and impeccable growth of the company.
Within the context of the Indian brokerage industry, Zerodha’s commission-free trading business model is characterized by an effective technological infrastructure, a high level of customer satisfaction, and diversified product offerings that offer significant value. These offerings are relatively uncommon and difficult to imitate, and a robust organizational culture supports them. This helps the company maintain its significant competitive advantage.
In the upcoming years, Zerodha is expected to grow even more and expand more promptly. Stay tuned for more updates!
FAQ
What does Zerodha do?
Zerodha Broking Ltd. is an Indian stock broker and financial services company. The company provides institutional and retail brokerage services, as well as currency and commodity trading. Additionally, Zerodha offers investment options in mutual funds and bonds.
Is Zerodha free?
Traders don’t need to pay to trade stocks if they plan to keep them for longer than a day. There is no brokerage fee; all the trader has to do is pay his taxes. For FNO trading, Zerodha has a fixed brokerage fee of INR 20 per order.
What are the strengths of Zerodha?
The strengths of Zerodha include commission-free trading, its technological infrastructure, versatile trading platform, high customer satisfaction, and its comprehensive financial products.
What is Zerodha business model?
Zerodha follows a discount brokerage business model, offering low-cost trading services in stocks, commodities, and currencies. It charges zero brokerage on equity delivery trades and a flat fee of ₹20 per order for intraday and F&O trades. The company earns revenue from brokerage fees, interest on margin funding, and its tech platforms like Kite and Coin. By focusing on technology and low costs, Zerodha has attracted a large base of retail investors.
How Zerodha earns money?
Zerodha earns money through brokerage fees on intraday and F&O trades, charging up to INR 20 per order. It also makes money from interest on margin funding, DP charges when clients sell shares, and subscription fees for premium tools like smallcase and Streak. Additionally, it earns float income from idle client funds.
Stock Exchange is the real game. It helps you invest your money and get huge benefits from it. The share market has a lot to offer and if guided well in today’s competitive world, you are sure to make profits.
To be in good hands, you can surely consider Edelweiss. An Indian financial service company that can guide you through all your doubts when it comes to the share market and stocks.
Edelweiss believes that India is a country that holds strong grounds for long-term prospects of financial stability as well as sustainability. Hence, it has looked at the country to have complete financial inclusion and aims to cover as much area as possible and build a rigid bedrock.
It has learned the diverse financial needs of the Indian region and has in return offered the perfect solution for all categories. Edelweiss is present for its Indian clients in every stage of life, providing guides to generate wealth and grow it further. It aims at protecting the inheritance and wealth of its clients in every way possible.
To work towards its goal, Edelweiss has a perfect business model that reflects the experience of the company and the understanding it has shown in dealing with the Indian consumer facets.
Edelweiss is one of the leading financial services conglomerates in India. With its engaging and strong platform, the finance fiscal service has gained a huge base in the country as well as around the globe.
It has garnered experience while working with every class and category. From domestic to large industries, Edelweiss has dealt with every niche.
The company was co-founded by two men, Rashesh Shah, and Venkat Ramaswamy. It has since been registered with the National Stock Exchange of India as well as Bombay Stock Exchange and Multi Commodity Exchange.
Speaking of its services, Edelweiss works through subsidiaries and currently deals in several financial aspects such as brokerage services, life insurance, general insurance, private equity, and other investment-related services.
The business has a chain of sub-brokers and authorized people throughout the country, who deal with clients and understand them while also serving them with any financial solutions.
Edelweiss has got its customers covered with services regarding retail credit for home loans, SMEs, and business loans. Similarly, it serves its customers with Asset Management that covers both mutual funds and alternative assets, then the company is even great at asset reconstruction, and insurance both life and general.
Edelweiss – Industry
The finance service industry has grown in recent years. With its customer base learning to manage their own finances, that too from the comfort of their home, this sector has seen a drastic jump since the coronavirus pandemic.
There are new institutions that are gaining great profits. Another big revolution that the financial company has noticed is the digitization of its services. For this, everyone around the sector is adopting the latest technological build-ups and trying to expand more and more towards remote services.
Speaking of its growth rate, the financial service market size has also grown vastly. It is expected to grow from USD 31138.82 billion in 2023 to USD 33539.52 billion in 2024. This growth might rise at a compound annual growth rate (CAGR) of 7.7%.
By 2035 the finance industry sector is believed to be rapidly growing if the government focuses on financial inclusion and digital adoption. The above-stated result is also expected if the country witnesses rising income in the said period.
The industry might even see future growth in Artificial Intelligence and Machine Learning. These two segments will act as some of the most crucial ones in the future.
Edelweiss – Founders and Team
This absolute attention-grabbing finance service company was founded by Rashesh Shah and Venkat Ramaswamy in 1995.
Let’s get to know more about these two founders of Edelweiss.
Rashesh Shah
Rashesh Shah – Co-founder of Edelweiss
The chairman and CEO of Edelweiss Group, Rashesh Shah has over 28 years of experience in the financial market sector.
He has previously served as the president of the Federation of Indian Chambers of Commerce and Industry from 2017 to 2018. At present, he is one of the prime members of the High-Level Task Force on Public Credit Registry for India as well as the Insolvency Law Committees.
Shah has also given several speeches, interviews, and lectures related to the financial markets and their development.
Venkat Ramaswamy
Venkat Ramaswamy – Co-founder of Edelweiss
Venkat Ramaswamy is the vice chairman of Edelweiss Financial Services. He has more than 29 years of financial service experience in India. Ramaswamy is also the Co-head of Global Wealth & Asset Management business.
He is an alumnus of the University of Pittsburgh. Before Edelweiss he was the fund manager at Spartak Emerging Opportunities of India from 1994 to 1996.
During its initial years, Edelweiss worked on private equity syndication, mergers, and acquisitions, while also being focused on advisory services. The company even provided equity broking, portfolio management, and wholesale financing services to individuals and corporations.
Later in 2000, Edelweiss became a merchant bank and helped startups raise funds via non-IPO routes, which were venture capital and private equity funds.
The same year it had a capital mark of Rs 50 million and acquired Rooshnil Securities in 2001.
2004 to 2012 was the period when Edelweiss expanded its portfolio by adding institutional broking and nonbanking financial company activities.
Speaking of its global base, the Edelweiss Global Wealth Management, it was formed in 2007. This became a firm that provided wealth structuring solutions, asset protection, asset transfer strategies, risk management, and investment banking solutions.
Edelweiss – Mission and Vision
As per the finance assisting service, it aims to grow, protect, and help all of its customers to create wealth and grow wealth. It follows these lines as its key principles.
The company has created 13 guiding principles over the years that have helped it continue to serve its customers.
Edelweiss – Tagline and Logo
Edelweiss Logo
Regarding its tagline, the commerce service has two of them. Both of these lines depict the aims that Edelweiss wishes to conquer.
Ideas Create, Values Protect
Create, Grow, and Protect Everything
Edelweiss – Business Model
As per the company and its shared tenets, it follows certain key beliefs for its business model. These beliefs are being strong, steady, and also being sustainable.
The business model of Edelweiss is also based on its fortress balance sheet, steady earnings through diversification, internal ownership, good governance, strong global partnerships, and the EdelGive Foundation.
Moreover, Edelweiss aims to be a diversified financial service firm that too in a nonbanking financial company structure. For years, it has aimed to add new businesses constantly.
Edelweiss – Challenges Faced
As far as it has been till 2024, Edelweiss has usually faced a drop in its shares, which has been a challenge that resurfaced several times. But last year it was reported by Fobes that Edelweiss had to continue to meet its obligations to debtors.
The conglomerate had taken an estate loan that had turned sour. This was one of the most hurtful asset-liability contradictions that was about to sink the group.
Edelweiss – Investors and Shareholders
Below you can refer to the list of shareholders and how much equities they have.
Name
Equities
Percentage
Rashesh Chandrakant Shah
145,601,730
15.43 %
Dalal Street LLC
71,322,311
7.557 %
Venkatchalam Arakoni Ramaswamy
59,576,560
6.313 %
Nuveen Asset Management LLC
40,053,992
4.244 %
Edelweiss Employee Welfare Trust
38,750,000
4.106 %
Thomas Schmidheiny
36,880,726
3.908 %
Vidya Rashesh Shah
31,066,200
3.292 %
Life Insurance Corporation of India (Investment Portfolio)
24,282,094
2.573 %
The Vanguard Group, Inc.
22,255,332
2.358 %
BAMCO, Inc.
20,762,810
2.200 %
Edelweiss – Merger and Acquisition
Edelweiss acquired Anagram Capital, in 2010, for Rs 164 crore.
Then in 2014, the Financial Service also acquired Mumbai-based asset management company, Forefront Capital Management.
The Asset Management Company, in the year 2016, acquired fund schemes of JP Morgan Asset Management India.
Edelweiss Financial Services Ltd in September 2016 agreed to acquire Ambit Investment Advisors’ longshot hedge fund Ambit Alpha Fund.
Edelweiss – Marketing Campaign
The finance asset manager launched a marketing campaign for SME loans. This is where the company depicted its solution for semi and mid-size enterprises, solving their issue of facing a hard time getting loans through traditional banking institutions.
Then Edelweiss even came up with a media campaign on 27+ channels. It covered the maximum number of languages in a region, through which the company secured 4600+ spots and provided an estimated reach of about 9.8 million views.
Edelweiss Marketing Campaign
Edelweiss – Awards and Achievements
In 2019, Edelweiss was bestowed with the title of Most Innovative Investor Education Program by Outlook Money Conclave.
The finance assistant company was recognized among the top 25 Financial Innovations of India and received a Finnoviti Award in the year 2020.
Edelweiss also won the Customer FEST Awards, in 2020, during the 13th Edition of the ceremony. The company was awarded for Best Use of Technology to Enhance Customer Experience (SME Lending).
From its humble beginnings, Edelweiss has grown into a formidable entity, offering a diverse range of services and products that cater to various market needs. The company’s emphasis on robust risk management, technological integration, and sustainable growth has set it apart in a competitive industry.
By continually adapting to market changes and prioritizing the needs of its clients, Edelweiss has not only achieved remarkable financial milestones but has also built a reputation for reliability and excellence. This journey underscores the importance of resilience and visionary leadership in achieving long-term success.
FAQs
What is Edelweiss?
Edelweiss is an investment and financial services providing company.
The term stock market refers to numerous exchanges where publicly traded company shares can be purchased and sold. It is part of a free-market economy. These financial transactions occur on official exchanges and OTC marketplaces governed by specific regulations. The stock exchange ensures that all interested market players have access to data for all buy and sell orders, ensuring that securities are priced reasonably and honestly.
Traders on the stock market comprise market makers, investors, traders, speculators, and hedgers. Trading carries risk, so it’s important to understand how to handle it. Before investors decide, they must carefully weigh the rewards against the risks.
Reading books on these areas can be highly beneficial to people. It helps in understanding the complicated dynamics of the market and different trading strategies. To navigate the stock market successfully, you must first understand its fundamental concepts. The books on this list have been specifically chosen to assist you in this endeavor.
The Art and Science of Technical Analysis – Top Books to Understand Trading and Stock Market
This comprehensive guide takes readers on an expedition into the intricate realm of technical analysis, providing a fair blend of theory and practical insights. It focuses on the intersection of quantitative analysis and discretionary trading.
The book explores the history of various indicators, such as stochastic, RSI, and MACD, in the creation of modern technical analysis. It emphasizes what these indicators are capable and not capable of. Grimes even addresses the emotional side of trading and offers helpful coping mechanisms for individuals’ psychological challenges.
Value investing, identifying undervalued stocks, contrarian approach
One Up On Wall Street – Top Books to Understand Trading and Stock Market
Peter Lynch’s classic provides a refreshing and approachable strategy for investing. Lynch’s investment concept is based on common sense. He believes individual investors can use their everyday experiences and insights to find potential investment opportunities. According to the book, investors should be unconventional and seek opportunities where others seem pessimistic. He divides stocks into four groups: cyclicals, rapid growers, stalwarts, and slow growers. Each category requires a different approach to investing. Once you’ve identified them, you can modify your approach suitably.
How to Make Money in Stocks
Book
How To Make Money In Stocks
Author
William J. O’Neil
Goodreads Rating
4.04 out of 5
Target Audience
Beginner to Intermediate Investors
Focus
Can slim investing strategy, fundamental and technical analysis
How to Make Money in Stocks – Top Books to Understand Trading and Stock Market
William J. O’Neil is an acclaimed entrepreneur, stockbroker, and writer. His book has been written for individual investors. O’Neil offers the CAN SLIM strategy, a systematic approach to stock selection based on seven key traits. It is a tried-and-true method for reducing risk while increasing profits. The book further covers technical analysis, including chart reading and the use of technical indicators to detect trends and prospective purchasing opportunities.
The Art of Currency Trading – Top Books to Understand Trading and Stock Market
The Art of Currency Trading is an in-depth manual on foreign exchange trading. The book is authored by a professional interbank FX trader with over 20 years of experience. It covers the fundamentals of the forex market, currency pairs, and trading strategies. The book also studies economic data and news events that can affect currency rates. It discusses the significance of trading psychology and advises investors to refrain from making rash decisions and remain patient.
Coffee Can Investing – Top Books to Understand Trading and Stock Market
Author Saurabh Mukherjea introduces the coffee can investing approach in this book. It is a long-term investment strategy focusing on purchasing and holding high-quality mid-cap equities. The objective is to let the investments compound over time, usually over five years or longer. This low-risk strategy concentrates on quality stocks with solid fundamentals and a track record of performance. Mukherjea also uses case studies and examples to assist readers in comprehending the concept of Coffee Can Investing.
Trading For A Living – Top Books to Understand Trading and Stock Market
Alexander Elder’s Trading for a Living delves into the psychology, strategies, and money management aspects of trading. The book highlights the significance of mastering the three M’s of trading: Mind, Method, and Money. A major focus of the book is the significance of risk management.
Dr. Elder highlights the importance of using stop-loss orders and risk management to protect capital. He treats trading as a serious business and encourages readers to take a professional approach. This includes keeping accurate records and approaching trading as a talent that can be refined over time.
How to Make Money With Breakout Trading
Book
How to Make Money With Breakout Trading
Author
Indrazith Shantharaj
Goodreads Rating
4.25 out of 5
Target Audience
Intermediate Traders
Focus
Breakout trading strategy, entry and exit points
How To Make Money with Breakout Trading – Top Books to Understand Trading and Stock Market
How to Make Money With Breakout Trading focuses primarily on breakout trading, a strategy in which an investor enters the stock market when the price breaks over a level of support or resistance, hoping the momentum will carry over. Breakout trades must have a clear entry trigger. This guarantees that you enter the deal with reasonable expectations and at the right time. The book also discusses defining exit circumstances for profitable and failed bets.
The Little Book of Common Sense Investing
Book
The Little Book of Common Sense Investing
Author
John C. Bogle
Goodreads Rating
4.16 out of 5
Target Audience
All Investors
Focus
Passive investing, index funds, minimizing investment costs
The Little Book of Common Sense Investing- Top Books to Understand Trading and Stock Market
John Clifton is the founder and former CEO of The Vanguard Group. This widely regarded book offers major insights into the basics of passive investing and index funds. The book’s key point is to keep investment expenses as low as possible. According to Bogle, excessive fees associated with actively managed funds can considerably erode returns over time, and investors are better off focusing on low-cost solutions. The book warns readers to be aware of new investing trends and to keep investment techniques simple.
Conclusion
In the constantly changing world of finance, it’s critical to keep informed and never stop learning. Each recommended book offers a unique perspective, allowing readers to traverse the complexities of trading and the stock market confidently.
Which are the best books to understand trading and the stock market?
Some of the best books to understand trading and stock market are:
The Art and Science of Technical Analysis
One Up on Wall Street
How to Make Money in Stocks
The Art of Currency Trading
Coffee Can Investing
Trading for a Living
How to Make Money With Breakout Trading
The Little Book of Common Sense Investing
Can I learn trading on my own?
Yes, you can learn trading on your own through self-study and practice. However, learning trading doesn’t happen overnight. If you don’t have the time or motivation to train yourself well in trading, then it’s better not to trade. Achieving a winning trading system in the long term would require a lot of hard work and effort.
What is a good P/E ratio?
Typically, the average P/E ratio is around 20 to 25. Anything below that would be considered a good price-to-earnings ratio, whereas anything above that would be a worse P/E ratio. But it doesn’t stop there, as different industries can have different average P/E ratios.
The ride throughout the year 2021 was a turbulent one. There were many things taking place simultaneously. Many things were also happening for the first time or creating records. One of the similar record-breaking things that occurred throughout the year 2021 was the companies going public.
More than 63 companies went public in 2021 together raising the amount of Rs 1,19,882 crore. This was the newest formed record of raising the highest funds through IPOs breaking the old record of Rs 75,279 crores formed in 2017.
Following the given data and current market conditions. There can be some debate on Indian Companies going public. Amongst the list of multiple companies going public, below given is the list of startups and companies going public in India in 2022.
Bajaj Energy Ltd. is an Uttar Pradesh based company launched in 2008 working in the field of thermal energy plants. It is one of the largest private-sector thermal generating companies dealing with the financing, operating, and generating of thermal power. The recorded revenue for the year 2021 was above the range of 500 cr.
Bajaj Energy is also listed in the companies going public to pay debts and acquire partners’ stakes. With the listing, the company intends to raise Rs 5450 crores. Amongst them, Rs 5150 crores belong to the newly issued IPO, and the remaining Rs 300 crores an offered for sale shares.
2. Aadhar Housing Finance
Aadhar Housing Finance Logo
Aadhar Housing Finance is the largest housing finance company launched in 1990. The revenue collected by Aadhar Housing Finance in 2021 was about 1363.36 crores rupees. For the year 2022, Aadhar Housing Finance is listed as an IPO with an issue size of Rs 7300 crores. The funds collected will be used to boost their capital base. Amongst Rs 7300 crores, freshly issued shares are worth Rs 1500 crores, and the remaining Rs 5800 crores are offered as a resale.
3. Studds Accessories
Studds Accessories Logo
Studds Accessories is a well-known name for two-wheeler accessories. It was introduced in 1983 to provide two-wheeler accessories and related products. The revenue collected by Studds Accessories in 2021 was about Rs 479.62 crores. Studds Accessories will take the chance to raise Rs 450 crores with Rs 98 crores as a freshly issued and Rs 39.39 lakhs as an offer for shares by going public in 2022.
4. Arohan Financial
Arohan Financial Services Logo
Arohan Financial Services is the leading Non-banking financial company- a microfinance institute launched in 1991. It provides loan services in financially low-Income states of India. The operating revenue calculated by Arohan Financial Services in 2021 was above Rs 500 crores. Arohan Financial is also listed for IPO with an issue size of Rs 1800 crores. Amongst them, Rs 850 crores will be issued freshly and the remaining will be Offer for sale (OFS).
5. ESAF Small Finance Bank
ESAF Small Finance Bank Logo
ESAF Small Finance Bank is one of the leading banks introduced in 2016. The bank works towards providing several services such as client base size, net interest margins, etc. The operating profit recorded by ESAF Small Finance Bank in 2021 was about Rs 415.84 crores, a 28.07% increase from earlier. ESAF Small Finance Bank is also listed as a company going public in 2022 with a total issue size of Rs 998 crores. Within them, the freshly issued size is Rs 800 crores and the remaining Rs 198 crores are from OFS.
6. OYO
OYO Logo
OYO is a new-age technology platform giving out hospitality services. It is one of the leading platforms in the hospitality sector since the time of its introduction in 2012. The total revenue of OYO for 2021 was about Rs 41750 crores. There was a drastic decrease noticed in the revenue of OYO from 2020 to 2021 all because of the pandemic. However, for a better future, OYO is also listed for IPO 2022 with a total issue size of about 8430 crores with freshly issued shares of Rs 7000 crores and an offer for sale of Rs 1430 crores.
7. Snapdeal
Snapdeal Logo
Snapdeal is an Indian leading e-commerce company founded in 2007. Snapdeal was originally launched as a coupon booklet platform, however, in 2010, it was fully converted into an online shopping platform.
Revenue collected by Snapdeal in the year 2021 was about Rs 471 crores which was about 44% less than the previous year. Snapdeal is all prepared to raise funds from the IPO of freshly issued shares of Rs 1250 crores and some other OFS shares of the present investors and shareholders.
8. Delhivery
Delhivery Logo
Delhivery is a new age India-based logistics service company inaugurated in 2011. Delhivery works towards providing multiple facilities such as express parcel deliveries, good deliveries, cross-border supplies, etc. The revenue collected by Delhivery in 2021 was Rs 4644 crores with a 28% increment seen in its total income from the previous year.
Delhivery is also set to raise funds in 2022 by IPO with an issue size of Rs 7460 crores. Amongst them, Rs 5000 crores can be counted as freshly issued and the remaining shares can be taken as OFS.
9. Emcure Pharmaceuticals
Emcure Pharmaceuticals Logo
Emcure Pharmaceuticals is considered one of the leading pharmaceutical companies engaging in various services such as developing, manufacturing, and marketing medicines at a large level. Emcure was introduced in the year 1981 and now is considered the largest brand helping in the therapeutic areas of gynaecology, HIV antiviral, etc.
The revenue collected by Emcure Pharmaceuticals in 2021 was about Rs 6091.8 crores with a significantly increased income of Rs 418.6 from the previous year’s data. Emcure will also be raising funds through IPO for newly issued equity shares of Rs 1100 crores and some other OFS shares.
10. FabIndia
FabIndia Logo
FabIndia is India’s largest platform especially popular for its handmade products. It is a private platform that enables the sale of products made from traditional methods, skills, and techniques.
FabIndia was launched in 1976. The revenue collected by FabIndia in 2021 was about Rs 1059 crores with a fall of 30% in its revenue when compared with previous years’ data. FabIndia is looking forward to raising the funds through IPO for its purpose of global expansion by the issue size of Rs 4000 crores.
Droom is an operated marketplace easing out the process of buying and selling automobiles through its platform introduced in the year 2014. Droom operates with the help of a combination of an e-commerce platform integrated with a technology-driven prosperity ecosystem of products and services for the automobile industry.
Droom reported revenue of Rs 135.53 in the year 2021 with a slight increment noticed from the data for 2020. Droom will be going public to raise funds of an issue size of Rs 3000 crores.
12. Ixigo
Ixigo Logo
Ixigo launched in 2007 and operated by Le Travenues Technology is an Indian AI-based travel portal. It works to facilitate travelling by helping Indians with planning, booking and managing their trips of different modes. The recorded revenue of Ixigo in 2021 was about Rs 135.6 crores with a reported increment of 21% in its revenue from the previous year.
The list of IPO for 2022 also includes the name of Ixigo with a total issue size of about Rs 1600 crores. Within them, Rs 750 crores will be raised with freshly issued equity shares and the remaining Rs 850 crores will be OFS.
13. VLCC Healthcare
VLCC Logo
Vandana Luthra Curls and Curves (VLCC) is an Indian brand focusing on beauty and wellness products introduced in the year 1989. VLCC products are popular in the field of wellness and beauty products. Along with that, VLCC also works by training students with more than 95 institutes across India.
In the year 2021, VLCC reported a net income of about Rs 5,652.42 million, with a profit of Rs 62.42 million. In 2022, VLCC is expected to go public with the issue size of Rs 300 crores of newly issued equity shares and some OFS.
14. Hinduja Leyland Finance
Hinduja Leyland Finance Logo
Hinduja Leyland Finance Limited was incorporated in 2008 with the service of providing NBFC services to urban and semi-urban markets. It provides financing help for a large range of products falling in the category of vehicles and housing finances. The net worth of the company as reported by Hinduja Leyland Finance Limited in the year 2021 was about Rs 3825 crores.
There were significant changes seen between the years 2020 and 2021 due to the visible effects of a pandemic. Hinduja Leyland Finance Limited is about to raise funds from its initial public offerings of an issue size of Rs 700 crores. Amongst them, Rs 500 crores are freshly issued equity shares with the remaining as OFS.
15. Inspira Enterprise India
Inspira Logo
Inspira Enterprise India Pvt Ltd is a competent and professional provider of cyber security introduced in 2009. They provide digital transformation and cybersecurity services to their clients with bold thinking and path-breaking techniques.
The revenue collected by the company for the year 2021 was about Rs 803 crores. Inspira Enterprise India is also listed to go public in 2022 with an issue size of Rs 800 crores for foreign expansion.
16. Medi Assist
Medi Assist Logo
Medi Assist Healthcare Services Ltd offers a complete cashless hospitalization of customers through a network of healthcare service providers. It was launched in the year 2000 and mainly deals with the health insurance ecosystem. Medi Assist is also ready to raise funds through IPO in 2022 with a total issue size of about Rs 800 crores.
17. SAMHI Hotels
SAMHI Hotels Logo
SAMHI Hotels is one of the fastest-growing hospitality management companies since the time of its introduction in 2010. SAMHI Hotels mainly focus on the investment and development of international branded hotels across India.
From the year 2020 to the year 2021, there was a decrease in the revenue of SAMHI Hotels due to the presence of the pandemic period. SAMHI Hotels has a registered IPO of issue size Rs 2000 crores with Rs 1100 crores will be freshly issued shares.
18. Chemspec Chemicals
Chemspec Chemicals Logo
Chemspec Chemicals is a leading manufacturer of additives for FMCG ingredients worldwide. It was established in 1975. Chemspec Chemicals is also known to supply and manufacture Pharmaceutical drugs. Chemspec Chemicals has recorded its operating revenue to cross Rs 500 crores and it is estimated to go public with an IPO size of Rs 700 crores.
19. Shri Bajrang Power And Ispat
Shri Bajrang Power And Ispat Logo
Shri Bajrang Power And Ispat was founded in 2002 and is considered a major steel producer. It is considered one of the leading integrating steel companies working towards providing different products such as TMT bars, billets, sponge iron, etc.
As per the president of the company Shri Bajrang Power And Ispat, the revenue noted for the year 2021 was around Rs 3,031.21 crores with a net profit of Rs 312 crores. It is also listed for IPO with an issue size of Rs 700 crores planning to halve its debt by using funds.
20. SREI Equipment Finance
SREI Logo
Established in 1989, SREI Equipment Finance deals with infrastructure financing services throughout India. The company provides a loan facility for the purchasing of various equipment used in the construction industry, irrigation, IT infrastructure, etc.
The recorded revenue of SREI Equipment Finance is about Rs 522.78 crores in 2021. The company is looking to launch its IPO at the desired time with an issue size of Rs 2000 crores. In them, 1100 are freshly issued equity shares and the remaining are OFS.
Launched in 2008, Gemini Edibles and Fats Oil works in the business of manufacturing and marketing edible oils and fats. They are also considered one of the leading palm oil plantation companies across the globe. For the year 2021, the revenue collected by Gemini Edibles was about Rs 7,765.96 crore with Rs 185.85 crores.
Unlike other businesses, Gemini Edibles saw not much change in its demand as the demand for cooking oil was increased by houses whereas, on other hand, restaurants and hotels saw a sharp decline in demand hence equalizing the situation. For the year 2022, Gemini Edibles and Fats Oil are listed under the IPO list with an issue size of Rs 2500 crore from OFS.
22. Sterlite Power
Sterlite Power Logo
Sterlite Power founded in 2010 works as one of the leading private sector power transmission infrastructure developers and solutions providers. Sterlite Power owns and manages power transmission assets across India.
As per calculations the revenue collected by Sterlite Power is above Rs 500 crores but with a 26% decline in its operating revenue from the previous year’s data. Sterlite Power is listed in the IPO list 2022 with a freshly issued size of Rs 1250 crores. The raised funds will be mainly used to repay its debt.
23. Paradeep Phosphates Limited
Paradeep Phosphates Logo
Paradeep Phosphates Limited [PPL] was established in 1981 and is now considered India’s third-largest producer of non-urea fertilizer and the second-largest producer of di-ammonium Phosphate. PPL deals with the production, trading, and distribution of various fertilizers.
The total revenue recorded by PPL for the year 2021 was about Rs 5183.94 crores which was slightly higher than last year. PPL is planning to raise Rs 1255 crores from fresh sizes issued. These funds will be used to pay debts and to partly finance the acquisition of a fertilization manufacturing company in Goa.
24. Fincare Small Finance Bank
Fincare Logo
A smart banking platform launched in 2017 with its prime focus on unbanked and underbanked customers to get banking services with smart technology. The model of Fincare works by providing needed financial aid to businesses or individuals through the help of technology.
The revenue collected by Fincare in 2021 was about Rs 674.99 crore with a net profit of Rs 101.98 crores. Fincare Small Finance Bank is also known to raise funds through Initial Public Offerings of the issue size of Rs 1330 crores. Amongst them, 330 shares are newly issued and all others are from OFS.
Penna Cement is known to have its revenue above Rs 500 crores for the year 2021 with a significant increment of 13.06% in its net worth. Penna Cement is expected to raise a total of Rs 1550 crore through IPO. The funds raised will be then used to pay for borrowings, upgrading its law griding and cement mill, setting up a waste heat recovery plant, etc all at different places.
26. PharmEasy
Introduced in 2014, PharmEasy is a one-stop medical solution providing. They provide complete services from the booking of diagnostic tests to providing Over the counter medicines. They provide medical services such as radiology tests with the home delivery of needed products. The revenue collected by PharmEasy in 2021 was about Rs 2360 crore. PharmEasy has also participated in the upcoming IPOs list with an issue size of Rs 6250 crores.
27. Adani Wilmar
Adani Wilmar Logo
Adani Wilmar, founded in 1999 is one of the leading names in the edible oil industry. One of the most popular edible oils of Adani Wilmar is Fortune Oil. Adani Wilmar was known to be open on 27 January with a subscription of 17.37 times.
28. AGS Transact Technologies
AGS Transact Technologies Logo
Founded in 2002, AGS Transact Technologies is considered one of the largest integrated omnichannel payment solutions providers in India. They provide customized services and products mainly consisting of ATM and Cash recycler machines outsourcing, cash payment and digital payment solutions, etc.
The company recorded its revenue for the year 2021 as Rs 484.76 crores with a slight increment noticed in the revenue. For the year 2022, AGS will be going public with a total issue size of Rs 680 crores of IPO.
29. Vedant Fashions
Vedant Fashions Limited Logo
Introduced in 2022, Vedant Fashions Limited is a parent enterprise for some well-known brands such as Manyavar, Mohey, and Mebaz. The company Vedant Fashions Limited is considered a one-stop solution for every occasion by its customers.
The company was recorded to calculate less revenue collected from the year 2020. There was a gradual increment in its revenue from the year 2019 to the year 2020. However, it called for 38% in the year 2021 owing to the pandemic period. For 2022, Vedant Fashion is listed for raising funds through public offerings by the size of Rs 3149.19 crores.
30. Uma Export
Uma Exports Logo
Founded in 1988, Uma Export earlier was known to export and import building materials, however, in the current scenario, it is one of the leading exporters of agricultural products. The agricultural products are collected from the various parts of India to export and import to certain destinations.
The recorded revenue by Uma Export in 2021 was around Rs 260.94 crores with a net profit margin of around 1.72%. Uma Export is listed to raise funds by public offerings in 2022 with an issue size of Rs 60 crores.
Introduced in 1986, Ruchi Soya is the largest producer of edible oil in India. In 2019, Ruchi Soya was acquired by Patanjali Ayurved. Ruchi Soya has its prime focus on the business of processing oilseeds and refining crude oil to make it edible. Ruchi Soya is listed as Follow Public Offerings (FPO) consisting of freshly issued shares of about Rs 4300 crores.
32. Veranda Learning
Verdana Learning Solutions Logo
Established in 2018, Verdana Learning Solutions Private Limited is an e-learning platform giving out various career-defining courses. Courses can be found in a range of fields preparing one for the competitive exams or personal growth. The revenue collected by Veranda Learning in 2021 was around Rs 4.86 crores and a slight decline in its net profit margin. Veranda Learning is also listed for IPO with an issue size of Rs 200 crores.
33. Skanray Technologies
Skanray Technologies Logo
Incorporated in 2007, Skanray Technologies is considered one of the well-known players in the Indian medical device market. Skanray Technologies’ prime focus is to design, develop, manufacture and supply medical devices.
In the early five months of 2021, the revenue collected by Skanray Technologies was about Rs 88.8 crore rupees. The IPO size of the company is about Rs 400 crores. The funds will be invested in the required capital investment of the company along with some other basic investments such as inorganic plants and the company’s subsidiaries.
34. Five Star Business Finance
Five Star Business Finance Logo
Founded in 1984, Five Star Business Finance provided small loans to business owners and small mortgage loans to eligible candidates for their needs. It is registered with RBI as an NBFC company working with its underwriting model to provide secured finances. Five Star reported a gradual growth in its total income from the year 2020 to the year 2021 by the amount of Rs 787 crores to Rs 1051 crores respectively. The Five Star IPO issue size is Rs 2752 crores and it all comprises OFS.
35. Keventer Agro
Keventer Agro Logo
Introduced in 1986, Keventer Agro is considered the largest FMCG company in eastern India with its focus on packaging, dairy, and fresh food products. The company deals with multiple aspects of the food industry such as frozen food, beverages, export for food, etc.
The recorded revenue for the year 2020-2021 was around Rs 836.02 crores with a net loss of Rs 76.17 crores. The IPO size of Keventer Agro is about Rs 350 crores fresh issued and some other OFS. The funds will be used to be paid as debt and as a fund for the capital expenditure required by the company.
36. Tracxn Technology
Tracxn Technology Logo
Founded in 2013, Tracxn Technology is the combination of human analysts with Artificial Intelligence to work for the benefit of humans. It is considered a research firm that provides needed information for venture capitalists and corporate development offices through a large amount of data.
Tracxn reported a revenue of 100 crores with 70% of its revenue coming from outside of India. For Indian Market, Tracxn’s IPO issue size will be Rs 500 crores.
37. Apeejay Surrendra Park Hotel
Founded in 1987, Apeejay Surrendra Park Hotel is a hotel company providing services such as hotel rooms, dining restaurants, recreational and entertainment facilities, and providing venues for different purposes such as weddings, birthday events, etc.
The operating revenue collected by Apeejay Surrendra Park Hotel was between Rs 100 – 500 crores with a slight decline noticed from the year 2020 due to the pandemic period. Apeejay Surrendra Park Hotel is considered to go public with the issue size of Rs 1000 crores.
38. Harsha Engineers
Harsha Engineers Logo
Starting in 1986, Harsha Engineers is considered the largest manufacturer of bearing cages with almost 50% of the market share. They provide best-bearing cages with some other special-purpose stamped components. Harsha Engineers reported revenue of Rs 629.46 crores in the year 2021. Harsha Engineers is prepared to raise the funds through public offerings by the issue size of Rs 755 crores.
39. Annai Infra Developers
Annai Infra Developers Logo
Introduced in 2008, Annai Infra Developers belongs to the construction industry. They construct and sell multiple products such as water tanks, ponds, canals, roads, irrigation systems, etc. Annai Infra Developers will also be raising funds through IPO in the year 2022 of the issue size of Rs 250 crores.
40. Prudent Corporate Advisory Services
Prudent Logo
Started in 2000, Prudent Corporate Advisory Services Ltd is a leading investment providing solution company. It mainly deals with the financial services products such as Mutual funds, insurance, bonds, etc. The revenue for Prudent Corporate was counted as $412 million. Prudent Corporate is all prepared to raise its IPO in 2022 with yet to be declared OFS.
41. Tamilnad Mercantile Bank
Tamilnad Mercantile Bank Logo
Previously known as Nadar Bank, it was introduced in 1921. Tamilnad Mercantile Bank is one of the oldest private sector banks in India. Tamilnad Mercantile Bank calculated its revenue of 3,992.52 crores in 2020. For the year 2022, it is believed to raise funds through Public Offerings of 15.83 million freshly issued shares and 12.505 million shares from OFS.
42. Narmada Bio-chem
Narmada Biochem Logo
Established in the year 1996, Narmada Biochem is known to serve farmers for more than two decades. They are the leading manufacturer of world-class organic and biofertilizers. Narmada Biochem is noted to have its revenue in the range of Rs 100 – 500 crores. For the year 2022, it is planning to raise funds with an issue size of Rs 90 crores.
43. Popular Vehicles and Services
Popular Vehicles and Services Logo
Founded in 1984, Popular Vehicles and Services were introduced as the first batch of vehicle dealers by Maruti Suzuki. They are one of the popular automobile dealers with regional specific markets and centers The revenue noted by Popular vehicles and services in 2021 was around Rs 2,919.25 crores. They are also prepared to raise funds through IPO with an issue size of Rs 150 crores.
44. Fusion Microfinance
Fusion Microfinance Logo
Fusion Microfinance was started in 2010 with the thought of creating opportunities at the bottom of the pyramid. They provide financial help to un-served and underserved females from rural India. They focus mainly on increasing the come individuals to help increase the economic growth and prosperity of the whole country.
The noted revenue of the firm Fusion Microfinance in 2021 was about Rs 730.31 crores. They are also determined to raise funds through IPO 2022 by the issue size of Rs 600 crores and an additional OFS with 2,19,66,841 equity shares.
Conclusion
IPOs stand for Initial Public Offerings shared by any company or firm. Companies start taking investments from the public in return for the share of the firm. The amount collected by companies is then used for the advancement of the same firm. Many companies are opening up on getting public due to several situations. A list of companies going public in the year 2022 is shared above.
FAQs
Which is the best IPO in 2022?
Many IPOs are coming in the year 2022, some of the biggest and best ones are LIC. Other biggest IPOs of the year are Delhivery, Oyo, and PharmEasy.
Where can I get IPO data?
Bloomberg, Capital IQ, and CB Insights are some of the top sources to get complete information about upcoming IPOs.
NSE or the National Stock Exchange is one of the most famous institutions in India. As the name suggests, it is the National Stock Exchange of India, which is one of the apex institutes for investors in the Indian land. It is prestigious and holds upright the fundamentals and morals of the investors. The existence of the NSE can be attributed to some people and Chitra Ramkrishna was one of such names that come together with the stock exchange. Ramkrishna was selected to create NSE from scratch and has served as the CEO of NSE between 2013-2016. However, it is the co-location scam case of the NSE that she has now taken the centre stage of.
There are some people who are always present in every institution who try to manipulate the power and authority given to them in ways that are unethical or corrupted. They can be found in private, as well as public bodies. They can be found in banks, formal institutions, government propagated social institutions, These manipulators are present in almost every organisation you can think of.
There will always be people like these who try to manipulate the general public with the use of their authority or power. No institution is left without these people, even the NSE. There is a curious case of the National Stock Exchange with a person who used her power to do some fishy things. The case came out in the news and got a really big headline. However, most people still don’t remember the case in its entirety.
Here, in this article, we will see who was the fraudster behind the National Stock Exchange and what were the allegations that were posed to her. There are many twists and turns in its story that can even make a good story plot. Let us see how the case started and then slowly unfolded before the eyes of the law. Let’s unfold the complete Chitra Ramkrishna and NSE co-location case.
A Brief about Chitra Ramkrishna NSE Co-location Case
Before we go deep into the series of events that led to the eventual reveal of the big case, let us see the case at a glance. Here we will be discussing, what according to the news, the story was and how the case unfolded before everyone and how people are reacting to it. Let us see what was the issue that caused the fire to ignite. So this here is the co-location case in brief.
The National Stock Exchange, which is one of the oldest stock exchanges in the world, took a toll on its MD and CEO. Chitra Ramkrishna, who is the Ex-Managing Director and the Former Chief Executive Officer of the National Stock Exchange was accused of misusing her power.
It was alleged that she used her power and authority in the NSE to make some inapt appointments, which eventually lead to disruption of secrecy of the exchange. It was also said that there was an information leakage, which was to be concealed but she failed in doing so.
Another claim was that she was the one who made some incorrect and misleading submissions to the SEBI. The Securities Exchange Board of India was also seen stating that Chitra’s spiritual guru influenced her in doing the actions she was accused of. The ‘Himalayan Yogi’ mentioned was unnamed and unknown to the news and the media. All these were the claims that clouded the sky for Chitra Ramkrishna in the past.
The consequences of these actions were quite easy to see. The CBI or the Central Bureau of Investigation was the body that questioned her after the acquisitions and found out various fishy arrangements.
The CBI, during its enquiry, also issued some circulars against the Ex-Chief executive officer, Ravi Narain, who was her predecessor. It was also reported that the Central Bureau of Investigation also ordered circulars against the former GOO (Group Operating Officer), Anand Subramanian.
Who is Chitra Ramkrishna?
Chitra Ramkrishna is not a familiar name but in the world of finance, she is really well-known as a person. She is the former Managing Director and the Ex-Chief Executive Officer of the National Stock Exchange. She started her career as a Chartered Accountant. As she started and sailed through her career, she brushed some finance in her life.
Chitra Ramkrishna
In 1985, she IDBI (Industrial Development Bank of India). As her career and life moved forward, she got a short and brief notice period at the SEBI. After that brief work at the Securities Exchange Board of India, she returned to IDBI after two years. This was the time near the beginning of the NSE. She was eventually picked by SS Nadkarni, who was the then IDBI chairman, to establish the National Stock Exchange from zero.
What are the Allegations Against Ex-NSE Chief Ramkrishna?
By now you must have got an idea about the person who is at the centre of this case. Now is the time to understand the case and the allegations it posed towards Chitra Ramkrishna.
Starting from the beginning, Chitra Ramkrishna was appointed as the Managing Director and the chief executive officer on the first of April, 2013. She was worthy of the title and the post and designation that she received.
After her joining as the MD and CEO of the National Stock Exchange, she thought of appointing a person as the CSO (Chief Strategic Officer) for the exchange. Mr Subramanian was the person who was chosen for the post and this decision shocked everyone.
The reason why the decision shocked everyone was that the person, or the newly selected CSO, Mr Subramanian had no clue what stock and the capital market was. He had no prior exposure to the world of capital markets. He was Vice President of a leasing and repair service at an enterprise called Transafe Services private limited, before joining as the CSO for the exchange.
The Securities Exchange Board of India mentioned in a document that the person chosen for the job role had no prior exposure to capital markets. The selection of this candidate is subject to raising all the eyebrows in the room. The consultancy position for which Mr Subramanian was selected did not suit his prior life.
More than this, Subramanian’s salary at his last workplace was Rupees 15 Lakhs, which was now raised to a whooping 1.68 Crore rupees. This jump in the salary of Mr Subramanian from the last workplace to the National Stock Exchange was unjustified and abnormal.
Not only this, he was asked to work four days a week with all the benefits multiplied on his behalf. After all the appraisals and all the multiplied performance ratings, his compensation rose to 4.21 crore rupees just within two years. After all the eyebrow-raising and the magical promotions, he was redesigned to work as the GOO (Group Operating Officer) and Adviser to the Managing Director.
All of this and in the research and investigation, it was found that the exchange had no vacancy for the appointment of a CSO. Yes, The exchange never needed a Chief Strategic Officer, it was never advertised.
Chitra Ramkrishna not only appointed a person as a CSO but she also compensated him with exaggerated numbers and metrics. Remember, this is happening at the National Stock Exchange. This is a huge blow to the regulations and regulators.
Another claim or allegation that Chitra faced was this. The SEBI found out that the former chief (Before Chitra) was also guilty of spreading secret information for the exchange out in the open.
The information which is being regarded as confidential includes, some financial documents, organisations working model, dividend payout ratio and the board meeting consultations. All of this information was leaked in some sense or the other, by the ex NSE Chief who was said to have been following orders of her spiritual guru who remains unknown at the moment.
Chitra Ramkrishna and the board of directors were found guilty of not informing the regulator about the doings and leaking in the organisation. The regulator, in reply, asked both Subramanian and Ramkrishna to surrender their designations. Subramanian left the office officially in October 2016, followed by the surrender of Chitra Ramkrishna in December 2016.
The former chief of the National Stock Exchange has been examined for the case that was resisted in May 2018. The central bureau of investigation took the matter into its hands and are enforcing whatever it can.
According to the investigations of the CBI, it was found out that, the former member of the board had got access to the back servers of the exchange. This point of contact with the servers led to the control and manipulation of confidential and important data on the servers. This led to something similar to ‘Insider trading’ in the stock market.
When information travels asymmetrically, or faster to some people, they can use it to earn some abnormal gains. The brokers held unfair access between December 2012 to May 2014.
“Stock exchanges as institutional mechanisms have an important role to play in ensuring the stability of the financial and economic system,” the Bombay HC order had said.
In that light, Ramkrishna as the then-NSE chief is accused of financial misleading, concealing of information, and improper conduct. She was arrested in the co-location scam case on 6 March 2022, Sunday evening.
The Penalties and Orders by SEBI
Watching all the fraud play unfold, SEBI or the Securities Exchange Board of India made some orders and punishments to the offenders. According to the orders of the Securities Exchange Board of India, Chitra Ramkrishna has been denied to deal in stocks.
She will never trade in any of the securities, intermediate or with any clearing corporation for a period of three years. She is also ordered to pay a penalty of 3 Crore Rupees for the damage that has happened due to the bad governance.
For the denied time of 3 years, Mr Subramanian was also ordered to restrain himself from associating with any sort of market infrastructure institution. He has to stay away from the world of the market for the specified time and he has been ordered to pay a fine/penalty of 2 crore rupees.
On the market organisation of the NSE, it was ordered that the National Stock Exchange will not launch a new product or service for the next six months. Moreover, the NSE has been directed to leave/forfeit the excess leave encashment (cash in lieu of leaves) in 1.5 crore rupees and the deferred bonus of 2.8 crore rupees that the exchange owed to Ramkrishna. The forfeited amount that the NSE ordered to leave was to be utilised in its investor protection fund trust.
Other than these two people who were the centre of the storm of the fraud? there were more. The other three people who were also involved in the events were also penalised. They include Mr Narain who was the then president, A Company Secretary named J. Ravichandran, and the former regulatory officer J Ravichandran of violating some sections.
Those violated sections included the 15HB of the Securities Exchange Board of India Act 1992. Section of 23A and 23H of the securities contract Act 1956. In this case, not just president Narain was penalised but also the whole exchange was penalised. Both Narain and the National Stock Exchange were penalised with a penalty of 1 crore rupees.
The Mysterious ‘Himalayan Yogi’
This is probably the most amusing character in the case. He is a yogi who was said to be the person who was influencing the minds of the accused people. Both the people, Ramkrishna and Mr Subramanian, were at the centre of the case of misleading and making some confidential information open to the public.
Both of these parties, even after the trials and all the investigations, believe that the yogi is real and legitimate. They were seen mentioning that the spiritual guru they were talking about was a ‘Siddha purush’ or a ‘paramhansa’, which means a truly accomplished (Enlightened) being.
According to the former NSE chief, the spiritual guru has no physical coordinates and it is impossible to trace him. He is a guru that can only be found after you manifest at your own will. She also said that she met him twenty years ago on the banks of river Ganga. The yogi then gave her an email address for contacting him in the future.
All these claims were baseless and proved to be guilty of both the parties at the National Stock Exchange. SEBI, however, denied believing that the spiritual guru was fake, in fact, it said that it was a real person and the erstwhile Exchange chief went on several vacations with the guru. This proves the fact that the yogi is a real and legitimate individual.
It is the entity that makes the whole story a crooked one. Especially in a country like India, where gurus and pundits are celebrated and worshipped like demigods, this case does not stand differently. If this yogi analogy is a lie in the case, then it is very cunning on the sides of both Ramkrishna and Subramanian.
Confrontation with the Yogi
The Ex-NSE chief Chitra Ramkrishna was accused of several major lapses at NSE, which is the largest of the stock exchanges in India, and accused of making monumental decisions on behalf of the organisation under the influence of a Himalayan Yogi. She was later arrested for the charges pressed against her on March 6, 2022, and was eventually sent to a seven-day CBI custody on March 7, 2022.
As far as the reports go from the CBI sources, the Himalayan Yogi has been identified to be the former Group Operating Officer (GOO) of NSE, Anand Subramanian, who has been recorded with evidence of over 2,500 email exchanges with Chitra.
In order to reveal some more details regarding the case, the investigating agency requested the court for some questioning and confrontation with Chitra. This led to the questioning of Chitra Ramkrishna with her former aide, Anand Subramanian by her side, however, this shockingly didn’t dig up more mud, instead, Chitra refused to recognise him.
As per the reports, the controversial appointment of Anand Subramanian as the Chief Strategic Adviser and his later elevation to the Group Operating Officer and Adviser to the MD were all prompted by the mysterious guru.
This was the NSE co-location case that involved Ex-CEO and MD Chitra Ramkrishna. It was curious to see that people at such a high latitude of responsibility and authority fall prey to some gurus. And who knows if the guru is a legit person or a mere proportion of fake images, or mirages created by the fraud minds.
Chitra Ramkrishna and Mr Subramanian were found guilty of deep corporate governance frauds, which led to their denial from the exchange and the market for three and two years respectively.
They were also ordered to pay a hefty penalty of crores. This case, which can also be a script for a movie, was a very interesting case. This shows how people at the top of some institutions can really be cunning, as opposed to their stature and the magnitude of responsibility that they have to bear.
FAQs
Who is Chitra Ramkrishna?
Chitra Ramkrishna is the Former CEO and Managing Director of the National Stock Exchange (NSE), who is currently identified as the center of the co-location case scam of NSE.
What has Chitra Ramkrishna done in the co-location scam case?
The former CEO and MD of NSE, Chitra Ramkrishna has been charged with some major governance lapses at the NSE by SEBI. She has been accused of taking some major decisions under the influence of a Himalayan Yogi.
Who is the Himalayan Yogi?
The CBI sources have identified this Himalayan yogi to be none other than Ramkrishna’s former aide and Former Group Operating Officer at NSE, Anand Subramanian. According to reports, the decisions of Ramkrishna were influenced by the Yogi.
Who is Anand Subramanian?
Anand Subramanian is the Ex-Group Operating Officer of NSE and the Former Chief Strategic Adviser and an Adviser to the MD of NSE. He is the one who is currently discovered to be the Yogi in the co-location scam.
What is co-location?
Co-location is a term that designates dedicated spaces in the exchange building, which are positioned next to the exchange servers. Co-location spaces witness high-frequency and algo traders who can place their systems or programs.
In co-location facilities, a third party can lease a rack/server space along with other computer hardware. These facilities extend a wide range of infrastructures like power supply, bandwidth, and cooling, which greatly helps in setting up servers and storage of data.
What is the co-location scam of the NSE?
The NSE Co-location scam is the recent market manipulation at the National Stock Exchange, which involves several top officials of the NSE including Chitra Ramkrishna and Anand Subramanian.
Who is the first woman MD and CEO of the National Stock Exchange?
Chitra Ramkrishna was the first woman MD and CEO of the National Stock Exchange.
Why was Chitra Ramkrishna arrested?
Chitra Ramkrishna was arrested by CBI on 6 March 2022 in the NSE co-location scam.
What is the current update regarding the co-location scam of NSE?
The former NSE Chief Chitra Ramkrishna has been arrested on March 6, 2022, and has been sent to a seven-day CBI custody on March 7, 2022.
