My Money Securities is a stockbroker that chose advice over automation - a full-service firm that earns its keep by telling clients what to trade, not just giving them a screen to trade on. Founded in 1992 by the Seth family and still promoter-run three decades later, it has held its ground against a wave of discount brokers by doubling down on relationships, research, and a planned blend of physical branches with digital tools it calls a “phygital” model. The recurring logic is simple: serve clients who value guidance - wealthy individuals, mid-size corporates, and institutions - and charge for that expertise rather than competing on price alone. # Business segments A single engine with two complementary cylinders - stock broking and advisory is the core, while investment banking and wealth management extends the same relationships into capital-raising and portfolio advice - both built on the same HNI-first, knowledge-led approach. ## 1. Stock broking and advisory: the main engine **A full-service broker that makes money by advising clients on what to buy and sell across equities, currencies, and derivatives, not by offering the cheapest execution.** - **Advice, not just a trading app** - the company deliberately sets itself apart from discount brokers by concentrating on “knowledge and advisory,” running dedicated advisory desks for mass-retail and affluent clients rather than leaving them to trade alone. - **Cash-heavy, which cushioned regulatory blows** - a higher proportion of revenues comes from cash-market broking than from futures and options, so when SEBI tightened F&O rules in FY25 (upfront option premiums, larger contract sizes, fewer weekly expiries), the company was “least impacted” compared to discount peers. - **HNI relationships are the moat** - the Managing Director personally focuses on deepening ties with high-net-worth individuals, especially women traders, and the firm has a stated goal of cultivating thousands of clients with multi-crore portfolios alongside corporate relationships for fund-raising. - **Exchange memberships define the playing field** - it is a trading member of the National Stock Exchange (cash and derivatives) and the Metropolitan Stock Exchange (currency segment), backed by a bank guarantee of Rs. 50 lakh to the NSE and overdraft lines from Canara Bank for working capital. - **Depository services as a cost of doing business** - the company runs a depository participant operation not as a profit centre but as a “necessary cost” to comply with SEBI’s pay-in and pay-out rules, started roughly three years before FY22. ## 2. Investment banking and wealth management: the advisory extension **Helping the same mid-size corporates and wealthy families raise capital, buy companies, and manage their money - a natural add-on to the broking relationships.** - **SME fund-raising specialist** - the investment banking arm advises clients on raising capital on the SME platform, leveraging strong relationships with the managements of leading mid-size corporates. - **Wealth advice for existing clients** - the wealth management business provides advisory services to the same HNI base that trades through the broking desk, keeping the wallet share within the firm. - **A real-estate desk was on the drawing board** - recognising that most HNI client portfolios are skewed toward property, the company planned to set up a dedicated real-estate advisory desk to capture that conversation. # Group structure and partners **A promoter-led, standalone company with no subsidiaries, but surrounded by a constellation of related family entities that extend its reach into credit, insurance, commodities, and technology.** - **No subsidiaries, one strategic stake** - as of March 2025 the company has no subsidiary, joint venture, or associate, but it holds a 19.35% stake in My Money Credits Private Limited, a financial consultancy and investment firm, built up through acquisitions in 2022 and 2024. - **Mutual funds routed through the associate** - management decided to distribute mutual fund products through My Money Credits, turning a related entity into a distribution channel. - **A family of financial services firms** - related parties include My Money Technologies (digital platform development), My Money Insurance Brokers, Camco Commodities (commodity broking, in which the company once held 12.2%), and My Money Realtors, with directors overlapping across several of them. - **Technology kept in the family** - the company has a related-party transaction justified on the grounds that it “will help preserve the confidentiality of clients and data within the group”. - **Promoters hold nearly two-thirds** - promoter and promoter-group shareholding stood at 63.82% as of March 2025, following a series of preferential allotments and warrant conversions between 2021 and 2024 that brought in capital from both promoter entities and outside investors.