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Jainam Broking Limited

Capital MarketsISIN · INE0JY501027DRHP Filed
218
Indicative price · for information
17.7% 6M
As of 20 Sept 2026
Indicative price history
₹47(17.74%)over 6M
Indicative levels compiled by our team for information only — not a price feed, quote, or offer to deal.
Lot size
1,000
52-wk high
₹265
52-wk low
₹218
Market cap
3,924 Cr

About the companyJainam Broking Limited

Jainam Broking Limited (JBL) is a two-decade-old, Surat (Gujarat)-headquartered, promoter-led broking firm founded in 2003 by Milan Parikh. It is distinctive for pairing a high-margin, algo-driven proprietary derivatives ("delta") trading desk — covering roughly 3% of India's options trading volumes (nearly 5% of equity derivatives turnover in FY24) — with a full-service retail and partner broking business (equity, F&O, commodity, currency, MTF, mutual funds, IPOs, debt, depository and advisory, via in-house platforms JLite, JPlus, and SmartRMS). The company is a registered member of NSE, BSE, MCX, CDSL, and NCDEX, and a clearing member of NSE across equities, F&O, and currency segments. It is credit-rated IVR A-/Stable by Infomerics.

Business Model

JBL's key differentiator from peers like Groww or Upstox is its dual-vertical structure: a proprietary algo/derivatives trading desk alongside conventional broking. Historically, the company paid large sums to external arbitrage traders, but has since internalised this capability — a shift that dramatically improved profitability from FY22 to FY23.

IPO — The Headline Development

Jainam filed its DRHP with SEBI on September 27, 2025 for a mainboard IPO (book-built, fresh issue plus offer for sale, ₹10 face value shares) to be listed on NSE and BSE, with Intensive Fiscal Services Pvt. Ltd. as book-running lead manager. Issue size and pricing are yet to be announced.

Regulatory Cloud Around the IPO

Jainam derives a large share of revenue from options trading — precisely the segment SEBI is trying to cool:

  • JBL handled close to 5% of India's equity derivatives turnover in FY24, tying its earnings closely to options-market activity

  • SEBI found 91% of individual derivatives traders lost money in FY24-25, prompting stricter rules: larger minimum trade sizes, higher margins, tighter position limits

  • Retail options activity collapsed from ~375 million contracts to ~80 million — nearly an 80% drop

  • This volume collapse is almost certainly the driver behind the FY25 revenue contraction, and is the central risk overhanging the IPO

Scale, Workforce & Strategic Moves

  • Headcount tripled in about a year — from 472 employees (April 2024) to 1,377 (June 2025)

  • Strategic investments in National Commodity & Derivatives Exchange and Deciml; led Deciml's $3M seed round in March 2025

  • Brand momentum: Hosted the seventh Indian Options Conclave (IOC 7.0) with 11,500+ registrations from 450+ cities; achieved a Guinness World Record at IOC 6.0 (March 2025)

Competitive Position

JBL operates among 80 active competitors, with top peers including Groww, Upstox, and Motilal Oswal. As a full-service broker, it faces pressure from discount brokers like Zerodha on pricing; its moat lies in proprietary algo/options capability and a loyal Gujarat-centric base rather than retail-account scale.

Bottom Line

Strengths: A genuinely differentiated, high-margin prop-trading engine; strong FY22→FY23 profitability and net-worth growth from internalising arbitrage costs; resilient FY25 margins despite revenue contraction; comfortable leverage; an experienced, hands-on promoter; growing distribution muscle; investment-grade rating; and a clear path toward a mainboard listing.

Risks: Earnings are structurally tied to options-market volumes, now compressed by SEBI's F&O clampdown — visible in the FY25 revenue and EPS decline, and a direct overhang on IPO pricing. There's an open SEBI Show Cause Notice (Tradetron), intense competition from larger tech-focused brokers, and inherently higher earnings volatility than a pure brokerage.

Net: A profitable, well-run niche player with a real edge in algorithmic options trading, filing for an IPO at a moment when its core revenue segment faces the toughest regulatory cycle in years. The central question for prospective investors: can Jainam demonstrate a diversified, sustainable earnings base beyond speculative options volumes before it prices the issue?

Key dataFundamentals

Indicative price
₹218
Lot size
1,000
52-wk high
₹265
52-wk low
₹218
Market cap
3,924 Cr
No. of shares
17,99,92,515
Outstanding
P/E ratio
8.38
P/B ratio
2.23
Debt / Equity
0.62
ROE
26.61%
Book value
₹97.89
Face value
₹2
ISIN
INE0JY501027
PAN
AABCJ3918N
Company PAN

Figures in ₹ CrFinancials

ParticularsFY23FY24FY25Latest
Revenue551.62,5701,99023%
EBITDA244689791.515%
OPM (%)44.2726.8239.7648%
PBT223518626.721%
PAT166388468.321%
EPS (₹)61.586.7126.0270%

OwnershipShareholding Pattern

Equity Shareholding

Promoters51.39%
Others48.61%
Total100.00%

Capital historyFund Raise History

DateAmount RaisedPriceAllotment TypeInstrumentPAS‑3Valuation Report
22 Sept 2023₹42.82 Cr₹38910 nominal + ₹379 premiumPrivate PlacementEquity Shares
21 Aug 2023₹350 Cr₹40010 nominal + ₹390 premiumPrivate PlacementEquity Shares
15 Jul 2023₹307.26 Cr₹38910 nominal + ₹379 premiumPrivate PlacementEquity Shares

LeadershipManagement

MS
Milan Suresh Parikh
Chairman & MD
25+ yrs experienceLinkedIn

Reports & filingsYear-wise Annual Reports & Financials

Official annual reports and financial statements filed by Jainam Broking Limited, year by year. PDFs open in a new tab.

2024FY 2023–241 file
Annual Report
Not available
Financial Report
FY 2023–24 · PDF

QuestionsFrequently asked

How to buy Jainam Broking Limited?

Please find below the procedure for buying Jainam Broking Limited at UnlistedZone.

  1. 1. You confirm booking of Jainam Broking Limited Unlisted Shares with us at a trading price.

  2. 2. You provide your client master report (ask the broker if not available) along with PAN Card and Cancelled Cheque in case you are not transferring funds from the bank account as mentioned in the CMR Copy. These are KYC documents required as per SEBI regulations.
  3.  
  4. 3. We Will Provide the Bank details. You need to transfer funds to that account.

  5. 4. Payment has to be done in RTGS/NEFT/IMPS CHEQUE TRANSFER. No CASH DEPOSIT.

  6. 5. Payment has to be done from the same account in which shares are to be credited.

  7. We will transfer the shares in 24 hours if funds are credited before 2 pm. Important

    Note: Please note that the lock-in period for selling Jainam Broking Limited Unlisted Shares is 6 months after listing. Hence, you can’t sell Jainam Broking Limited Unlisted Shares which you bought in Pre-IPO for 6 months after its listing. i.e., You can sell it only after 6 months calculated from the listing date. For any queries, please contact us at [email protected]
How to sell Jainam Broking Limited?

Please find below the procedure for selling Jainam Broking Limited at UnlistedZone.


  1. 1. We will confirm our buying price of Jainam Broking Limited.

  2. 2. We will give you our client master report and you will transfer Jainam Broking Limited to our demat account.

  3. 3. We will ask for your bank details once Jainam Broking Limited are received in our demat account.

  4. 4. We will transfer the funds to your bank account within 24 hrs of receiving Jainam Broking Limited.

  5. 5. Payment will be made in RTGS / NEFT / CHEQUE TRANSFER/IMPS. No CASH DEPOSIT.

  6. 6. Payment will be given in the same account which is linked to the demat account or you need to provide the cancelled cheque showing your name to verify. As per SEBI regulations, the transfer of funds to a third-party account is not legal and our policy refrains us from doing so.

    Note:
    The price at which we are buying is valid for same day only. If you can't sell your stock on the same day, then the price of that day will be applicable when we receive the shares in our demat.
What is the lock-in period of Jainam Broking Limited?

The lock-in period for Jainam Broking Limited varies depending on the category of investors:

  1. 1. For Venture Capital Funds or Foreign Venture Capital Investors, there is a lock-in period of 6 months from the date of acquisition of Jainam Broking Limited.

  2. 2. For AIF-II (Alternative Investment Funds - Category II), there is no lock-in period.

  3. 3. For other types of investors, which include Retail Investors, High Net-worth Individuals (HNIs), or Body Corporates, the lock-in period is 6 months from the date of the IPO listing of Jainam Broking Limited.

This regulation was introduced by SEBI in August 2021. The rule change, which reduced the lock-in period from one year to six months, was aimed at encouraging more investments in startups that are preparing for public offerings or IPOs. This reduction in the lock-in period is seen as a significant step forward, and since its introduction, many Portfolio Management Services (PMS) have been advising their clients to invest in Pre-IPO shares to capitalize on the benefits of early-stage investments.

However, for SME IPOs, the lock-in period is of One year.

How is DIS used to sell Jainam Broking Limited?

DIS, or Delivery Instruction Slip, is a tool used by investors to sell or transfer Jainam Broking Limited from their demat account to another. There are two types of DIS Methods:

1. Offline-DIS: This is a traditional, paper-based method for transferring shares. When using Offline-DIS, investors are required to fill out a DIS form and submit it to their broker. The necessary fields in the form include:

a. ISIN number of Jainam Broking Limited.

b. Name of Jainam Broking Limited.

c. Quantity of Jainam Broking Limited.

d. Consideration Amount.

e. Target DP ID and Client ID.

f. Annexure.

2. Online DIS: Some brokers offer the facility to transfer Jainam Broking Limited through an online DIS system. It's advisable to check with your broker if such a facility is available.

For instance, platforms like Angel Broking provide an Online-DIS feature. In this method, an investor simply needs to add a beneficiary and transfer Jainam Broking Limited by filling in details similar to those required in the Offline-DIS.

For a more comprehensive understanding of this process, you can refer to our detailed article: https://unlistedzone.com/how-do-i-sell-my-unlisted-shares/

 

Minimum Ticket Size for investment in Jainam Broking Limited?

In recent years, the unlisted share market has expanded significantly, leading to a reduction in the minimum investment amount. Previously, the typical investment ticket size ranged from 5-10 Lakhs, but in the current market scenario, it has decreased to between 35-50k. Therefore, through our UnlistedZone platform, if someone wishes to invest in Jainam Broking Limited, the minimum investment required would now be in the range of 35-50k

Is buying Jainam Broking Limited legal in India?

Yes, buying and selling unlisted shares in India is indeed 100% legal. This activity is regulated and governed under the guidelines provided by the Securities and Exchange Board of India (SEBI). Investors and traders must adhere to these regulations and guidelines to ensure compliance with legal and financial standards. It's important for participants in the unlisted share market to be aware of and understand these regulations to engage in transactions legally and securely

Short-term Capital Gain taxes to be paid on Jainam Broking Limited?

When you sell unlisted shares within a period of two years from the date of acquisition, any profit earned from the sale is classified as Short-term Capital Gain (STCG). This gain is then added to your total income for that financial year. The tax on this short-term capital gain is calculated based on your applicable individual income tax slab rates. Therefore, the rate at which you will pay tax on the STCG from unlisted shares depends on your total income, including this gain, and the tax slab it falls under as per the prevailing income tax laws in India. It's important for investors to consider these tax implications when engaging in transactions involving unlisted shares.

Long-term Capital Gain taxes to be paid on Jainam Broking Limited and How are They Taxed?

Long-term Capital Gains (LTCG) on unlisted shares in India refer to the profits earned from the sale of unlisted shares that have been held for more than two years. The key aspects of LTCG on unlisted shares include:

    • 1. Tax Rate: LTCG on unlisted shares is taxed at a rate of 20%. However, it has now changed in Budget 2024 from 23rd July 2024 to 12.5%.

    • 2. Indexation Benefit
      : This is a significant advantage for investors. Indexation allows for adjusting the purchase price of the shares for inflation, which can reduce the taxable gain. However, This has removed in the Budget 2024 from 23rd July 2024.

    • 3. Importance for Investors
      : Understanding LTCG is crucial, especially for High Net-worth Individuals (HNIs) and retail investors, as it impacts their investment strategy and tax planning. Knowing these details helps in making informed investment decisions.

    • 4. Calculation
      : New LTCG will be calculated from 23rd July 2024 as flat rate of 12.5%.

    • 5. Applicability: LTCG tax is applicable to profits from the sale of unlisted shares held for more than two years.

    • 6. Relevance
      : This tax is particularly relevant to investors in the unlisted share market, including those considering selling their holdings after a period of more than two years.
Applicability of Taxes on Jainam Broking Limited once it is listed?

When shares initially bought in the unlisted market become listed, the taxation rules change significantly if these shares are sold through a stock exchange. Here's what investors need to know:

Transition to Listed Market Tax Rates: 
Once unlisted shares are listed on the stock exchange and subsequently sold, the tax rates applicable to listed securities come into effect. This shift means that the favorable tax treatments for listed shares, as per the prevailing tax laws, will apply.

Taxation Based on Holding Period: 
The crucial factor in determining the type of capital gains tax (Long-term or Short-term) is the holding period of the shares. Importantly, this period is calculated from the original purchase date when the shares were unlisted.

Long-term vs. Short-term Capital Gains: If the shares are sold after being held for more than one year from the date of purchase (including the period when they were unlisted), they are subject to Long-term Capital Gains (LTCG) tax.

Conversely, if sold within one year, Short-term Capital Gains (STCG) tax rates apply.

Significance for Investors: This information is vital for investors in the unlisted market, as it impacts their tax planning and decision-making process. Understanding these nuances ensures that investors can strategically plan the sale of their shares post-listing to optimize tax implications.

Advice for Investors: It's advisable for investors to keep a record of their purchase dates and monitor the listing dates closely. Additionally, staying updated with the latest tax regulations or consulting with a financial advisor is recommended for accurate tax calculations and compliance.

How to check the credit of Jainam Broking Limited?

When you purchase Jainam Broking Limited through UnlistedZone, it's important to note that, as per SEBI regulations, these shares can only be transferred to a demat account.

There are two primary ways to check the credit of Jainam Broking Limited in your account:

1. Using NSDL or CDSL Applications:

Download the NSDL or CDSL application from the Google Play Store.

To determine whether your stock broker is registered with NSDL or CDSL, you can examine the format of your Demat Account number. The Demat Account number consists of 16 characters, combining the DP ID and Client ID.

DP ID is the unique identification number of the Broker, assigned by CDSL or NSDL.

Client ID is the unique identification number of the Client, representing their portfolio.

In CDSL, the Demat Account number is entirely numeric (e.g., 12345678 for DP ID and 91234567 for Client ID).

In NSDL, the first two characters are alphabetic, representing the country (e.g., 'IN' for India), followed by a 6-digit unique number for the Broker (DP ID) and an 8-digit Client ID (e.g., IN123456 for DP ID and 78912345 for Client ID).

2. Checking in Broker's Application:

The credit of Jainam Broking Limited can also be checked in your broker's application. However, it's important to note that it may take T+2 days for the shares to show up in the application after the transaction.

How much time is taken to credit Jainam Broking Limited in a demat account?

The Jainam Broking Limited are credited in the demat account on the same day as the transfer of funds into our company's bank account.

How to check the daily price of Jainam Broking Limited?

"The price of Jainam Broking Limited can be checked in two ways. First, you can join our Telegram channel, where we share the latest prices of all unlisted shares daily in the morning. Secondly, you can check price on our UnlistedZone platform to view historical graphs and prices of all shares in one place."

What is the risk of buying Jainam Broking Limited?

Investing in Jainam Broking Limited, like any investment, carries certain risks that should be carefully considered:

1. Liquidity Risk: Unlisted shares, by their nature, are not traded on public stock exchanges. This can result in lower liquidity compared to listed shares, meaning it might be more challenging to find buyers when you wish to sell your shares.

2. Price Volatility: The price of Jainam Broking Limited can be more volatile compared to listed shares. This is partly due to the lack of regular public trading and potentially limited information available about the company's financial health and performance.

3. Regulatory Risk: Unlisted shares are subject to different regulatory frameworks than listed shares. Any changes in regulations or compliance requirements can impact the value and tradeability of these shares.

4. Limited Information: There may be less publicly available information about unlisted companies. This can make it more difficult to assess the company's true value and potential for growth, increasing the risk of investment.

5. No Guarantee of Future Listing: Investing in Jainam Broking Limited with the expectation of future listing on a public exchange carries the risk that the listing may not occur. This can affect both the liquidity and potential value appreciation of the shares.

6. Company-Specific Risks: Each company has its own set of risks based on its industry, management, financial health, and market position. These risks can significantly impact the performance of your investment in Jainam Broking Limited.

How to trust UnlistedZone before buying Jainam Broking Limited from its platform?

UnlistedZone: Pioneering Excellence in India's Unlisted Share Market

UnlistedZone stands as India's fastest-growing and leading marketplace for buying and selling unlisted shares. Over the past 5 years, we have carved a niche in the financial market, website hit user inflows over a 2 million users on our platform since inception. This remarkable journey is underscored by the sheer volume of transactions facilitated through UnlistedZone, which has already surpassed the 300 Crore mark.

At the helm of our success are our esteemed co-founders, Mr. Umesh Paliwal and Dinesh Gupta. Their insights and expertise are regularly sought after by leading financial publications such as MoneyControl, Business Standard, and The Economic Times, particularly for their authoritative views on IPOs and the unlisted market. Our journey over these 5 years has not just been about numbers; it's been about building trust and reliability.

UnlistedZone has established a formidable reputation in the industry, earning the trust and confidence of our users. This trust is our cornerstone, ensuring that new investors can engage with us without the apprehensions of fraud that are often associated with unknown brokers in the market.

At UnlistedZone, we are committed to maintaining the highest standards of transparency and integrity, ensuring that your investment journey is not just profitable but also secure and trustworthy.

How is the valuation of Jainam Broking Limited calculated?

Valuation Methodology at UnlistedZone for Jainam Broking Limited

At UnlistedZone, we employ a meticulous and strategic approach to valuing Jainam Broking Limited, utilizing two primary methods: Benchmark Valuation Based on Latest Funding:

1. Our first step is to examine the most recent funding round for Jainam Broking Limited. This provides us with a benchmark valuation, offering a clear indication of the company's current market value as perceived by investors and industry experts. This method is particularly effective in capturing the latest market sentiment and financial health of the company.

2. Comparison with Listed Peers: In cases where there hasn't been recent funding for Jainam Broking Limited, we adopt a comparative approach. This involves identifying a business in the listed market that closely resembles Jainam Broking Limited in terms of industry, size, and business model. By comparing and contrasting the two, we can ascertain a fair valuation for Jainam Broking Limited, drawing on the market data and performance metrics of its listed counterpart.

Investor Advisory: As experts in the unlisted space, we at UnlistedZone emphasize the importance of thorough risk assessment to all our investors. It's crucial to evaluate all risk parameters carefully before investing in unlisted shares. This due diligence is key to making informed and strategic investment decisions in the dynamic and evolving unlisted market.

How does UnlistedZone source Jainam Broking Limited?

"At UnlistedZone, our approach to sourcing Jainam Broking Limited involves a strategic and direct method. Primarily, we acquire these shares from two key groups:

1. Employees of the Company: Often, employees of a company receive shares as part of their compensation or through employee stock option plans (ESOPs). Over time, some of these employees may decide to liquidate their holdings for various reasons, such as financial needs or portfolio diversification. We engage with these employees, providing them a platform to sell their shares.

2. Initial Investors: These are the early-stage investors or angel investors who provided capital to the company during its initial phases. As the company grows and evolves, these initial investors might look to sell part or all of their stake in the company. This could be for reasons like capitalizing on their investment, reallocating assets, or other strategic financial decisions.

By connecting with these groups, UnlistedZone ensures a reliable and consistent supply of Jainam Broking Limited for our clients. This method not only helps employees and initial investors in liquidating their assets but also provides our clients with access to shares that are not readily available in the public market. It's a win-win for both the sellers and buyers, facilitated efficiently through our platform."

Does SEBI regulate the Unlisted Market?

"The Securities and Exchange Board of India (SEBI) does have a regulatory influence on the unlisted market, though it's not as comprehensive as its oversight of the listed markets.

Key aspects of SEBI's involvement in the unlisted space include:

1. Applicable Rules and Regulations: Certain SEBI regulations are indeed applicable to transactions in the unlisted market. This includes the mandatory lock-in period of 6 months, the requirement to pay stamp duty, and depository participant (DP) charges for every transaction. These measures are in place to ensure a certain level of standardization and protection in the unlisted market, similar to those in the listed markets.

2. Lack of Specific Regulation for Unlisted Brokers: As of now, SEBI does not have specific regulations for becoming an unlisted broker. This means that while certain SEBI rules apply to transactions within the unlisted market, the process of becoming a broker in this space is not directly regulated by SEBI. This lack of direct regulation highlights the importance of due diligence by investors when engaging with brokers in the unlisted market.

3. Investor Protection and Transparency: The regulations that do apply, such as the lock-in period and transaction charges, are designed to protect investors and add a layer of transparency to these transactions. They aim to mitigate some of the risks inherent in trading unlisted securities, which typically don't have the same level of public scrutiny and regulatory oversight as listed securities. In summary, while SEBI's regulatory framework does extend to certain aspects of the unlisted market, it does not comprehensively regulate all aspects of it, particularly concerning the accreditation of unlisted brokers. This underscores the need for investors to exercise caution and conduct thorough research when participating in the unlisted market."

How to track daily news of Jainam Broking Limited?

"For comprehensive and up-to-date news and information about Jainam Broking Limited, we have several platforms to keep you informed. Our website is regularly updated with the latest insights and developments. For real-time updates and engaging discussions, you can join our Telegram channel. Additionally, follow us on Twitter for quick news bites and industry trends. And for more in-depth analysis and informative content, subscribe to our YouTube channel. These resources are designed to provide you with a well-rounded understanding of the unlisted market, ensuring you have access to all the information you need about Jainam Broking Limited."

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