Joindre Capital Services is a retail stock broking firm that has been helping individuals and institutions trade on India’s stock exchanges since 1995. Incorporated in Mumbai and listed on the Bombay Stock Exchange, it built its business the old-fashioned way - through a network of branches, authorised agents and remisiers who bring clients to its trading desk, rather than through a digital-only app. Everything the company does flows from a single recurring approach: it earns a fee every time a client buys or sells, and it layers on depository, portfolio management and margin-lending services so that the same client stays within its ecosystem for all their capital-market needs. # Business segments A single engine - retail stock broking - supported by a ring of allied services that turn a transaction into a relationship. ## 1. Retail stock broking: the fee on every trade **The company makes its living by executing buy and sell orders on India’s two main exchanges, collecting brokerage on each transaction while also trading its own book.** - **Exchange memberships are the entry ticket** - it holds Trading-cum-Clearing Membership with BSE in the Cash and Derivatives segments, and with NSE in Cash, Derivatives and Currency Derivatives, which means it can both execute trades and settle them directly without relying on a third-party clearer. - **Clients come through people, not just pixels** - its distribution rests on a physical network of branches, Authorised Persons and Remisiers who source retail investors, giving it a reach that a purely online broker would struggle to replicate. - **Proprietary trading runs alongside client broking** - the company also trades for its own account, so it earns from market movements as well as from the brokerage fees it charges others. - **Technology keeps the pipes open** - clients trade through an internet-based platform and a terminal that shows real-time ledger balances, stock positions and fund positions, backed by Wide Area Networking, hybrid leased lines and redundant internet connections so that outages do not stop the business. - **Compliance is built into the plumbing** - the company runs a dedicated Compliance Department that sets rules on client registration, exposure limits, penny-stock dealing and brokerage rates, and it insists that all client receipts and payments move only through account-payee cheques or permitted banking channels, never cash. ## 2. Allied capital market services: keeping the client inside the ecosystem **Once a client opens a trading account, the company offers depository, portfolio management, margin lending and research - each service deepens the relationship and adds a separate fee stream.** - **Depository services turn trades into custody** - as a Depository Participant with CDSL, it holds securities in electronic form for its clients, earning depository income on an accrual basis every year those assets stay in its care. - **Portfolio management for those who want a professional at the wheel** - it offers Portfolio Manager Services, collecting a commission based on the terms agreed with the asset management company, so clients who do not want to pick stocks themselves still generate revenue. - **Margin funding lets clients trade with borrowed money** - the company extends a margin trading facility secured by tangible assets, and it books interest income on those loans using the Effective Interest Rate method, turning its balance sheet into an earning tool. - **Research reports give clients a reason to stay** - it provides research and financial updates to individual investors, helping them make decisions and reinforcing the habit of trading through Joindre rather than elsewhere. # Group structure and partners **The company operates through one wholly owned subsidiary that handles commodity futures, while a web of related-party brokers and entities sits alongside the main business.** - Joindre Commodities Ltd, the wholly owned subsidiary, provides commodity-futures trading as a member of NCDEX and MCX, though its stock-broker registration has been the subject of a legal tussle with SEBI over the NSEL matter - the Securities Appellate Tribunal stayed a cancellation order, keeping the licence alive while the appeal runs. - The group has significant related-party transactions in the ordinary course of business, including brokerage paid to and received from entities such as Esam Share & Stock Brokers, Neharaj Stock Brokers, Mumbai Stock Brokers and Nalanda Mercantiles, as well as rent paid to Ringman Investments & Finance Company Pvt. Ltd., Shree Swati Investments and the Chairman Mr. Anil Mutha.