Asit C Mehta Financial Services is a four-decade-old technology-led financial supermarket built on a simple belief: every Indian household and business needs to participate in financial markets, but doing it alone is difficult and expensive. It started as a sole proprietorship in 1987, became one of the first members of the NSE and CDSL, and was among the first brokers to computerise the BSE - a pattern of early bets on market infrastructure that still defines it. Today, part of the Pantomath Group, it pursues a “retail and class” strategy - using proprietary technology to keep costs low for the mass market while deploying experienced teams for high-value clients, all through an asset-light franchisee model it pioneered in Indian broking. # Business segments Three engines at different stages - a cash-market brokerage that is the dominant revenue driver, a fledgling high-net-worth advisory practice, and a mass-market WealthTech platform under construction - all stitched together by an in-house fintech backbone. ## 1. Stock broking and allied services: the cash-market engine that funds everything else **A digital-first brokerage serving over two lakh clients, where roughly 90% of brokerage revenue comes from the cash segment and 85% of total revenue comes from semi-urban and rural India - a retail, delivery-based franchise, not a derivatives trading house.** - **Cash delivery is the core** - about 60% of brokerage revenue comes from the delivery business, and only about 10% from derivatives, which means clients are largely long-term investors, not speculators. - **Franchisees carry the distribution** - a network of 350 active Business Associates (registered sub-brokers) and marketing agents across 23 states sells mutual funds and other financial products, so the company reaches small-town India without owning branches. - **Bank partnerships open the funnel** - a tie-up with Bank of India provides a direct link to block cash and shares, and BOI has agreed to market 3-in-1 accounts to its 11 crore customers; similar tie-ups with two co-operative banks are already in place. - **The product shelf is widening** - the company has added margin funding, is awaiting approvals for commodity and currency trading, and has on-boarded 70 institutional clients for AIF and IPO anchor investments, moving beyond plain-vanilla broking. ## 2. Portfolio management and advisory: high-touch wealth services for the “class” end **A small but deliberately built practice offering curated stock baskets and managed portfolios to HNIs and ultra-HNIs, backed by a dedicated team and a scientific, value-investing philosophy.** - **Curated portfolios, not just tips** - the iBasket product is a professionally curated collection of stocks built on a scientific investment approach aiming for capital safety and long-term growth, sold as a managed portfolio rather than a transactional recommendation. - **Senior talent was hired for this** - the company recruited senior-level team members specifically for the PMS sales division and set up a dedicated wealth management desk for HNI investors at the subsidiary level. - **Alternative assets are the growth lane** - the distribution team has already placed Category 2 AIF funds and debt paper with retail and HNI investors, and the group sees expanding awareness of PMS and AIFs as a key opportunity. - **A global desk is in the works** - the company is setting up a Global Wealth Management Office to serve overseas clients, extending the same high-touch model beyond India. ## 3. Chhota Nivesh: a mass-market WealthTech bet on India’s smallest savers **A subscription-based advisory platform designed for the 50 crore Indians with any savings at all in a bank account, targeting investments as small as Rs. 10 through a combination of an app and a physical “Saathi” guide network.** - **Subscription, not transaction fees** - the platform competes in a price-war scenario by charging a flat subscription rather than per-trade brokerage, making it viable for investors with financial savings of Rs. 1,000 to Rs. 50 lakhs. - **Saathis bridge the digital divide** - guides will be appointed in every pin code to handhold novice and rural investors, paid per call and via an annual charge based on the assets of clients they service, so trust is built physically even as the platform is digital. - **Eleven languages, one app** - the Chhota Nivesh Gold App will reach customers in 11 regional languages including Hindi and English, with no lower limit to start investing; one can begin with as little as Rs. 10. - **The addressable market is enormous** - the company estimates roughly 50 crore individuals have any savings at all in a bank account, and this platform is built specifically for those who have never invested before. # Edgytal - the in-house fintech backbone **A proprietary technology platform built at a competitive cost and hosted on a high-redundancy private cloud, which powers every trading and investment app the group offers - and is also being sold to other brokers.** - **One platform, every asset class** - the software provides mutual funds, IPOs, ETFs, sovereign gold bonds, government securities, stock baskets, direct equity, derivatives, and commodity and currency trading (commodity is currently under development) on a single interface. - **Built in-house, not bought** - developed by a 90.38%-owned subsidiary, the platform uses a proprietary API that gives the group complete control to adapt to changing market and regulatory demands, avoiding dependence on third-party vendors. - **Sold to competitors too** - Edgytal estimates its total addressable market at about 200 small and medium brokers over the next three years, turning a cost centre into a potential revenue stream. - **Hosted for near-zero downtime** - the entire software runs on YOTTA Private Cloud with 99.9999% redundancy, so retail clients and broker customers get institutional-grade uptime. # Group structure and partners **A listed holding company with one material operating subsidiary that does the heavy lifting, a captive fintech subsidiary, and a controlling shareholder - Cliqtrade - that is promoted by the founders of the Pantomath mid-market investment banking group.** - **ACMFSL is the listed parent** - incorporated in 1984 and listed on the BSE, it holds stakes in its operating businesses and earns standalone revenue from advisory services and property leasing. - **ACMIIL is the operating engine** - the material subsidiary (94.58% held) runs the stock broking, depository, PMS, and investment banking businesses, and is the entity behind the investmentz.com digital brand. - **Edgytal is the technology factory** - 90.38% owned by ACMFSL, it builds and maintains the fintech platform that powers the group’s apps and is also marketed to other brokers. - **Cliqtrade calls the shots** - promoted by the founders of Pantomath Financial Services Group, Cliqtrade Stock Brokers Private Limited became the holding company with 52.20% of ACMFSL after a series of acquisitions and a rights issue completed in January 2024. - **Pentation Analytics is a strategic bet** - ACMFSL holds a 17% stake in this AI and Big Data company whose clients include large Indian financial houses, a US plumbing company, and a payment switch handling over two billion transactions a month.