IIFL Securities
IIFL Securities Limited is an Indian full-service stockbroker and investment services company headquartered in Mumbai, Maharashtra. It is a listed subsidiary of IIFL Finance Limited (formerly IIFL Holdings Limited), the financial services conglomerate founded by Nirmal Jain and R. Venkataraman in 1995 under the name India Infoline Limited. IIFL Securities is listed on NSE (IIFLSEC) and BSE (BSE code: 532636), having been demerged from IIFL Holdings Limited and listed as an independent entity in 2019. The company offers retail and institutional equity broking, equity and currency derivatives, commodity broking, mutual fund distribution, portfolio management services, and investment banking advisory. IIFL Securities is distinct from 5paisa Capital, which was separately demerged from the IIFL group in 2016 to operate as the group’s dedicated discount broker.
Listing details: IIFL Securities Limited is listed on NSE (IIFLSEC) and BSE (532636). Shares became listed through the demerger from IIFL Holdings Limited, which took effect in 2019. The demerger did not constitute a fresh IPO; existing IIFL Holdings shareholders received IIFL Securities shares as part of the court-approved scheme.
Founding and history
India Infoline origins (1995-2005)
Nirmal Jain and R. Venkataraman founded India Infoline Limited in 1995 in Mumbai. The company’s initial focus was financial information and equity research, publishing research reports and financial data to institutional and corporate clients in the pre-internet era. India Infoline’s research operation built a reputation for sector coverage and fundamental equity analysis.
The company obtained NSE and BSE stockbroking memberships and transitioned into active retail broking during the early 2000s. The timing aligned with India’s broader capital market development post-liberalisation and with the growth of internet-based equity trading. The Indiainfoline.com portal combined financial news, research, and trading access.
India Infoline listed on NSE and BSE in 2005, providing public capital for further expansion. By the mid-2000s, it had developed one of the larger retail stockbroking franchise networks in India, with thousands of sub-brokers and authorised persons (APs) in cities and towns across the country. This franchisee model, similar to Angel Broking’s approach, provided geographic reach without the capital intensity of direct branches.
IIFL rebranding and group expansion (2011-2019)
India Infoline rebranded to IIFL Holdings Limited in 2011 to reflect the broader financial services group that had grown around the original India Infoline stockbroking and research business. The IIFL group by this point included:
- IIFL Finance Limited (subsequently spun off): non-banking financial company (NBFC) operations including gold loans, home loans, and business loans
- IIFL Securities Limited (subsequently demerged): retail and institutional stockbroking, research, and investment services
- IIFL Wealth Management Limited (subsequently demerged and rebranded): wealth advisory and alternative investment management, later rebranded to 360 One WAM Limited
- 5paisa Capital Limited (previously demerged, 2016): discount broking operations
This conglomerate structure allowed the IIFL group to serve retail mass-market broking clients (through IIFL Securities), ultra-high-net-worth wealth management clients (through IIFL Wealth), discount broking clients (through 5paisa), and lending clients (through IIFL Finance) under a single brand umbrella.
2019 demerger
In 2019, IIFL Holdings executed a three-way demerger, creating three separately listed entities:
- IIFL Finance Limited: encompassing the NBFC, gold loan, and retail lending businesses
- IIFL Securities Limited: encompassing the stockbroking, investment services, and institutional equities business
- IIFL Wealth Management Limited (subsequently 360 One WAM Limited): encompassing high-net-worth wealth management and alternative assets
This demerger gave investors separate exposure to each business segment and allowed each entity to operate with its own focused management team, balance sheet, and capital allocation. IIFL Securities received IIFL Holdings’ stockbroking operations, including NSE and BSE exchange memberships, SEBI stockbroking registration, research operation, institutional equities business, and retail franchisee network.
Post-demerger operations (2019-2025)
Following the demerger, IIFL Securities continued to operate as a full-service broker with its research-led identity. The company launched a competitive flat-fee trading plan to address the discount broker challenge, bringing intraday and F&O brokerage to Rs 20-25 per order for clients who opted into the plan, while retaining the standard percentage-based model for others.
IIFL Securities maintained its institutional equities research operation, which serves FPIs, domestic mutual funds, insurance companies, and pension funds with equity research, sector analysis, and execution services. This institutional capability sets IIFL Securities apart from pure retail discount brokers.
Ownership and corporate structure
IIFL Securities Limited (CIN: L99999MH1996PLC132983) is a listed company under SEBI LODR obligations. The promoter group, comprising Nirmal Jain, R. Venkataraman, and associated entities (principally through IIFL Finance Limited), held approximately 50-56% of IIFL Securities as of available disclosures (consult NSE/BSE shareholding filings for the current figure). Foreign and domestic institutional investors, and public retail shareholders, hold the remainder.
IIFL Securities’ principal activities are conducted directly under the listed entity, which holds the SEBI stockbroking registration. The company’s wealth management and PMS operations are conducted through relevant divisions and subsidiaries.
Products and services
Equity trading
NSE and BSE retail equity trading for intraday and delivery segments under both standard (percentage-based) and competitive flat-fee plans. Dealer-assisted trading is available through IIFL Securities’ branch and franchise network for clients who prefer assisted execution.
Equity and currency derivatives
NSE and BSE equity F&O and currency derivatives are fully supported. The IIFL Markets app and web platform provide option chain data, OI analysis, and strategy support tools.
Commodity derivatives
MCX commodity futures and options are accessible through IIFL Securities’ MCX member status.
Mutual funds
AMFI-registered direct and regular plan mutual fund distribution is provided, covering all major AMCs with SIP, lump-sum, and STP modes.
Portfolio management services
SEBI-registered PMS is offered to clients meeting the Rs 50 lakh minimum investment threshold. PMS strategies draw on IIFL Securities’ research output.
Institutional equities
The IIFL Institutional Equities division serves FPIs, domestic mutual funds, insurance companies, and provident fund managers. Coverage includes large-cap, mid-cap, and select small-cap Indian equities. The research is distributed to institutional clients and is widely read in the institutional investment community. IIFL Securities also provides access to primary market transactions (IPO and QIP) for institutional clients.
Investment banking and advisory
Through affiliated divisions, IIFL offers equity capital market (ECM) services including IPO management, qualified institutional placements (QIP), and rights issues, as well as debt capital market (DCM) and mergers and acquisitions (M&A) advisory.
NRI services
IIFL Securities provides portfolio investment scheme (PIS) accounts for NRIs investing in Indian equities under FEMA/RBI regulations, leveraging the group’s banking and NBFC relationships.
Charge structure
Flat-fee plan (approximate):
| Segment | Brokerage |
|---|---|
| Equity delivery | Nil |
| Equity intraday | Rs 20-25 per executed order |
| Equity futures | Rs 20-25 per executed order |
| Equity options | Rs 20-25 per executed order |
| Currency derivatives | Rs 20-25 per executed order |
| Commodity F&O | Rs 20-25 per executed order |
Standard plan (approximate):
| Segment | Brokerage |
|---|---|
| Equity delivery | 0.30-0.50% of trade value |
| Equity intraday | 0.025-0.05% |
| Equity futures | 0.025% |
| Equity options | Rs 50-100 per lot |
Account charges (approximate; verify at iiflsecurities.com):
- Account opening: Nil or nominal
- Demat annual maintenance charge (AMC): Rs 250-400 per annum
- Call-and-trade surcharges apply for orders placed via telephone
- STT, exchange transaction charges, SEBI fees, stamp duty, and GST at regulatory rates
Technology platforms
IIFL Markets app
The IIFL Markets mobile application (Android and iOS) is the primary consumer-facing application, supporting equity and F&O trading, mutual fund investment, IPO applications, and portfolio monitoring.
IIFL Markets web platform
The browser-based trading platform at iiflsecurities.com provides the full suite with integrated access to IIFL Securities Research reports, market data screens, and order management.
Trade Racer
Trade Racer is IIFL Securities’ downloadable desktop trading terminal for Windows, offering advanced charting, customisable workspaces, and level-2 market depth data. It targets active traders who prefer a desktop application over browser-based trading.
Regulatory registrations
- SEBI stockbroker: INZ000164132 (NSE, BSE, and derivatives segments)
- MCX member: for commodity broking
- NSDL and CDSL depository participant: for demat account and custody services
- AMFI-registered mutual fund distributor
- SEBI-registered portfolio manager
- Listed company: NSE (IIFLSEC), BSE (532636), under SEBI LODR
Comparison with Zerodha
IIFL Securities provides a full-service offering with institutional equity research, PMS, and a nationwide franchise reach; Zerodha is a pure-technology discount broker without a franchise network or advisory services. Zerodha’s flat-fee brokerage, Kite Connect API, and Varsity educational platform are more suited for self-directed active traders. IIFL Securities’ institutional research, dealer-assisted service model, and investment banking affiliate access are more suited for clients who prefer adviser-assisted investing and want access to primary market transactions. The 5paisa Capital entity within the IIFL group handles discount broking needs, so clients seeking flat-fee broking under the IIFL umbrella typically compare 5paisa rather than IIFL Securities against Zerodha.
References
- SEBI SCORES broker registration, IIFL Securities Limited (INZ000164132)
- NSE active client data, January 2026, National Stock Exchange of India
- IIFL Securities annual report FY2024-25, iiflsecurities.com investor relations
- BSE corporate filings, IIFL Securities Limited (532636), quarterly results and shareholding
- IIFL Holdings demerger scheme of arrangement, 2019, BSE/NSE regulatory announcements
- SEBI circular on true-to-label fee disclosure, September 2023
- MCX member directory, IIFL Securities Limited
- AMFI distributor registration, IIFL Securities Limited
- SEBI-registered portfolio manager database, IIFL Securities Limited
- IIFL Institutional Equities research portal