Pune e-Stock Broking Ltd is a technology-enabled financial firm that lets Indians trade stocks, commodities, and derivatives, and increasingly manages their money - all under one roof. It started in Pune in 2007 as a traditional broker, got its licence in 2008, and later absorbed two sister firms before listing on the BSE SME platform in 2024. The recurring idea is a deliberate pivot away from simply chasing trading volumes toward higher-value services - research, advice, and lending against shares - a shift the company itself calls “quality over quantity”. # Business segments A single integrated engine - broking, proprietary trading, and margin funding - that generates the core revenue, with an asset-management platform being built on top of it. ## 1. Broking, proprietary trading and margin funding: the core engine **The company earns by executing trades for retail clients, lending them money to buy shares, and trading with its own capital - all treated as one unified broking business.** - **Broking across almost every exchange and asset** - clients can trade cash equities, futures and options, commodities, and currencies because the company is a corporate member of the NSE, BSE, and MCX (the commodity exchange it joined in 2019). - **Self-clearing keeps the experience seamless** - since 2021, the company has cleared its own trades rather than relying on an outside clearing member, which gives it direct control over settlement and client service. - **Lending against shares, not just broking** - through its margin trading facility (MTF), the company lends clients money to buy shares, and this loan book has been continuously growing, funded partly by credit lines that stood at roughly 165 crore rupees as of August 2025. - **Trading its own book for profit** - proprietary trading in derivatives and cash markets is a significant contributor, run with what management calls disciplined position management. - **Research and advisory bolted on** - the company obtained a SEBI Research Analyst registration in August 2024, valid for five years, so it can now sell stock research and advice alongside execution. ## 2. Asset management: the emerging second engine **The company is building a platform to pool client money into a professionally managed fund - an Alternative Investment Fund - and has already begun gathering assets.** - **A fund for sophisticated investors** - the board approved the venture in September 2024, and the entity, PESB Capital Ventures, received its SEBI registration as a Category III Alternative Investment Fund in March 2025 with perpetual validity. - **Already gathering assets** - by May 2026, the fund had reached roughly 50 crore rupees in assets under management, with a stated ambition to scale that to about 300 crore rupees. - **A subsidiary to run the show** - PESB Asset Management LLP, in which the company holds a 99% stake, was set up as the sponsor to manage the fund. - **Merchant banking added to the toolkit** - a separate SEBI merchant-banker registration obtained in September 2025 lets the company underwrite and anchor initial public offerings, a capability that sits alongside the fund management business. # Group structure and partners **The company operates through a web of subsidiaries that extend its reach into clearing, offshore trading, insurance, and fund management, though several are still in the set-up phase.** - **A clearing and lending subsidiary** - Pune Finvest Limited, in which the company holds a 79% stake, acts as a clearing member, though it had no material operations during FY24. - **A GIFT City outpost for global trading** - Pune E-Stock Broking IFSC Limited is a wholly-owned subsidiary based in Gujarat’s international financial hub, set up to serve NRI clients and trade global derivatives; it was pre-operational as of the last report. - **Promoters retain majority control** - the promoter group held just over 51% before a preferential issue of warrants, and would hold just over 50% after full conversion, with key promoters drawn from the Shah and Ghodnadikar families.