- **Ashika Credit Capital began in 1994 as a traditional Kolkata-based lender, but today it is the listed holding company of the Ashika Group - a financial services platform that has systematically dismantled its old loan book and rebuilt itself through a series of mergers into a house of interconnected capital-market engines. The company, which received a fresh Certificate of Incorporation changing its name to Ashika Global Securities Limited in June 2026, now operates as a full-service platform spanning broking, investment banking, asset management, and wealth advisory, all consolidated under one listed entity. The recurring approach is visible in every move: wind down the balance-sheet-heavy past, acquire capabilities by merging group entities, and assemble a platform where each business feeds the next - research feeds broking, broking feeds investment banking, and all of them feed the proprietary treasury.** # Business segments Three engines at different stages - a mass-retail broking franchise built over thirty years, a capital-markets and advisory stack assembled through mergers, and an early-stage asset-management and wealth platform under construction - each designed to cross-feed the others. ## 1. Retail and HNI broking: the public face that brings in the crowd **A full-service, research-backed stock-broking platform serving over a lakh retail and high-net-worth clients, with a digital app processing roughly a lakh trades a day.** - **Thirty-year legacy in Eastern India** - the business has deep roots in Tier 2 and Tier 3 cities, built through more than 900 channel partners and over 300 authorised persons who bring in clients that a purely digital platform would never reach. - **Dual depository plus digital** - it is a registered Depository Participant with both CDSL and NSDL, so clients can hold securities in either, while the Dhanush App gives them a single screen for equities, derivatives, commodities, and mutual funds, maintaining an average app-store rating above 4.5. - **Margin funding as the silent earner** - the platform strategically pushes Margin Trading Funding, which generates interest income on top of plain brokerage, turning trading activity into a recurring revenue stream. - **Assets under advice of roughly ₹22,000 crore** - with over a lakh demat accounts, the scale of advised assets makes the broking arm a distribution powerhouse for the group’s own investment products down the line. ## 2. Institutional equities and investment banking: the high-ticket engine **A specialised desk that executes block trades for over a hundred domestic and foreign institutions, paired with a merchant bank that has moved more than two billion dollars in transactions.** - **Scuttlebutt research on mid-caps** - the institutional desk does on-the-ground, interview-driven research focused on emerging and mid-sized companies, which is exactly the kind of coverage that large brokerages often skip and that institutional investors pay for. - **Block and bulk deal execution** - technology-enabled execution lets the desk handle high-value trades without moving the market against its clients, a capability that matters when dealing with mutual funds, insurers, and foreign portfolio investors. - **Merchant banking with a two-billion-dollar track record** - the investment banking team of over fifteen professionals has executed public issues, open offers, buybacks, and delistings across more than ten sectors, giving the group a seat at the table when corporates raise capital. - **Now a wholly owned subsidiary** - Ashika Capital Limited, the SEBI-registered Category I merchant banker that houses this practice, was fully acquired in mid-2026, so all advisory fees now accrue entirely to the listed parent. ## 3. Treasury and proprietary investments: the house’s own capital at work **The company’s own money is deployed across shares, securities, and derivatives using a mix of long-term, tactical, and algorithmic strategies - this is where the old loan book used to sit.** - **The pivot that changed everything** - during FY24, the company wound its loan book down to nil and redirected nearly one-and-a-half times its net worth into shares and securities, making profit on sale of securities the primary revenue source. - **Three-bucket accounting** - the investment portfolio is classified into amortised cost, fair value through other comprehensive income, and fair value through profit or loss, so the company can calibrate how much market volatility hits its reported earnings. - **Algorithmic and derivatives participation** - the treasury is authorised to trade across spot, futures, and options in equity, currency, and commodities, which means it can pursue arbitrage and jobbing strategies, not just directional bets. ## 4. Asset management and wealth advisory: the future platform under construction **A collection of SEBI-registered alternative investment funds and a mutual fund licence in principle, all aimed at managing other people’s money alongside the group’s own.** - **Three AIF strategies under one roof** - a Category III fund runs a public-market strategy called G-VERGE (Growth, Valuation, Earnings, Re-Rating, Governance) with strict per-stock caps; a Category II private-credit fund lends to mid-sized corporates with collateral and cash-flow waterfalls; and a Category II private-equity fund invests in unlisted manufacturing and consumption companies from early to late stage. - **Mutual fund licence in the pipeline** - SEBI granted in-principle approval to sponsor a mutual fund in December 2025, and the plan is to house it under the broking subsidiary for operational alignment, which would let the group sell its own mutual fund products through its own distribution network. - **Family offices with a hundred-crore entry ticket** - the wealth management arm serves niche family offices with a minimum net worth of ₹100 crore, giving them access to the group’s in-house primary and secondary market offerings, so the same product factory serves both internal and external capital. # Group structure and partners **The Ashika Group was stitched together through two amalgamations that consolidated broking, commodities, and global securities into the listed parent, creating a holding company with nine operating subsidiaries.** - **Two mergers, one listed entity** - Yaduka Financial Services was absorbed in November 2025, lifting promoter shareholding above fifty-five percent, and then a composite scheme in May 2026 brought Ashika Commodities and Ashika Global Securities into the fold, with the latter’s name adopted by the listed company. - **Nine subsidiaries spanning the financial-services chain** - the group now holds wholly owned units in stock broking, investment management, wealth advisory, insurance broking, custodial services, and a step-down subsidiary in GIFT City, plus a majority stake in the private-equity advisor. - **A credit-rating agency stake in the works** - the company approved a small infusion to acquire a twenty-six percent stake in a newly incorporated credit rating agency, extending the platform into yet another regulated financial service.