Alacrity Securities is a stock-market native that has spent over 25 years as a quiet force in Indian broking, and is now trying to turn itself from a proprietary trading desk into a full-service financial firm that serves outside clients. Incorporated in December 1994 and listed on the Bombay Stock Exchange since August 2013, the company was for years a business that mostly traded its own capital - in FY21, proprietary share and derivatives trading made up 99.62% of its turnover. The recurring idea that explains its current shape is a pivot from “trading for ourselves” to “serving everyone else,” building out broking, advisory and depository services on top of the same market infrastructure it already knows. # Business segments A single financial-services engine in the middle of a deliberate transformation - historically a proprietary trading book, now layering on client broking, wealth advisory and depository services, all run by a lean team of 13 people. ## 1. Proprietary trading: the engine that funded everything else **The company’s own capital, deployed through automated algorithms across shares and derivatives, has historically been the dominant activity - and the cash generator that lets it build client-facing businesses.** - **Trading its own book** - the company buys and sells shares and futures & options on its own account, an activity that contributed 99.62% of total turnover in FY21 and FY20, making it far more a principal trader than a broker for most of its life. - **Machines make the calls** - it runs automated trading strategies built on algorithmic and quantitative models, which it says give it a competitive edge by removing human delay from execution. - **Inventory is just demat holdings** - the trading book sits as shares in demat accounts and a small amount of physical securities, verified regularly by management against the actual holdings. ## 2. Stock broking: the client-facing storefront **A membership card on both NSE and BSE lets the company earn brokerage by executing trades for retail investors and high-net-worth individuals - the business it is now pushing to grow.** - **Dual-exchange access** - it holds a single SEBI registration (INZ000215936) as a trading member of both the National Stock Exchange and the Bombay Stock Exchange, so clients can trade equity, equity derivatives, currency futures and mutual funds through one account. - **Personalised dealing for active money** - dedicated dealers and advisors give one-on-one trade execution and advice to active traders, retail investors and HNIs, which is how the firm competes against larger discount brokers. - **A network of feet on the street** - the company proposes to engage sub-brokers, authorised persons, dealers and franchisees to bring in clients and distribute products, extending its reach beyond its own 13 employees. - **Lending against shares** - it offers margin trading and share financing, so clients can borrow against their holdings to trade larger positions, a service that also generates interest income for the firm. - **The newest licence** - in June 2026, it received a SEBI certificate to act as a Depository Participant (DP), meaning it can now hold client securities in demat form directly, closing the loop from trade to custody. ## 3. Wealth management and advisory: the ambition beyond broking **A fledgling effort to advise clients on where to put their money - mutual funds, portfolio strategy, investment banking - built by affiliating with an established wealth management partner.** - **Bought-in expertise** - the company has affiliated with what it calls “one of the best wealth management companies” to offer comprehensive wealth services, rather than building the capability from scratch. - **Mutual funds as the entry product** - it provides mutual fund advisory, using research and data to help clients pick funds, which is typically the first rung of wealth management for a broking client base. - **The wider licence envelope** - its Memorandum of Association now covers acting as an investment advisor, investment analyst, investment banker, portfolio manager and fund manager, giving it the legal room to expand into higher-fee advisory work over time. # Group structure and partners **A promoter-led, standalone company with no subsidiaries - but deep ties to a common promoter group and a recent history of raising growth capital through preferential warrants.** - **No group companies on the books** - as of March 2025, Alacrity Securities has no holding, subsidiary, joint venture or associate companies, though it previously held small stakes in Odyssey Corporation and Pooja Equiresearch, both promoter-group entities. - **A 12.69% stake in a listed corporate advisor** - in December 2020, the company bought an additional 3.17% of Navigant Corporate Advisors, a BSE-listed firm, taking its holding to 12.69%, a strategic minority bet on a related financial-services business. - **Funded for the pivot** - between late 2023 and mid-2024, the company raised capital by issuing convertible warrants and equity shares on a preferential basis to promoters and non-promoters, with the stated purpose of expanding market-making, building exchange margins for multi-asset trading, and funding working capital.