National Supervisory Authority & Licensing Qualification Dossier • Asia-Pacific
SEBI
IndiaSecurities and Exchange Board of India
Source / Native Reference: 印度证券委员会
- Supervisory tier
- Tier-2
- License classes
- 2
- Licensed records
- 38
- Active / regulated
- 38
Statutory Supervisory Mandate & Scope
National Banking and Securities Commission of Mexico (CNBV) (CNBV) is the Tier-2 statutory financial markets and securities supervisory authority in Mexico. It grants and supervises financial services licences across broker-dealers, investment advisers, asset managers, and market operators, enforcing initial and ongoing prudential capital requirements, segregated client asset rules, market conduct standards, and public register disclosures.
Prudential Tier Assessment
Tier-2Tier-2 national capital markets, securities, and derivatives supervisory authority in India, IOSCO member standards-aligned.
National licensing qualifications & statutory authorisation classes (SEBI)
Authorisation categories, permitted institutional and retail activities, minimum initial capital adequacy, and ongoing prudential solvency rules enforced by SEBI in India.
| License class / code | Official designation | Permitted institutional & retail activities | Minimum initial / base capital | Ongoing prudential & solvency rule |
|---|---|---|---|---|
| Category 1 / Principal Broker-Dealer | Full-Scope Securities & Derivatives Dealer (Market Maker / Principal) | Dealing as principal or market maker in securities, FX, CFDs, futures, options, and underwriting. | USD $150,000 – $500,000 equivalent minimum paid-up capital | Risk-weighted capital adequacy + minimum liquid capital buffer ≥ 25% of annual fixed overheads. |
| Category 2 / Agency Broker & Asset Manager | Securities Brokerage (Agency / STP) & Discretionary Portfolio Management Licence | Order execution, reception and transmission of client orders, discretionary portfolio management, and investment advisory. | USD $75,000 – $150,000 equivalent minimum paid-up capital | Strict client money segregation, best-execution monitoring, and quarterly regulatory financial returns. |
Investor compensation, client money segregation & digital-asset regime
Statutory counterparty protections, custody reconciliation mandates, and virtual-asset licensing status under SEBI.
National Investor Protection / Compensation Scheme (India)
- Maximum coverage per client
- Subject to statutory national investor protection fund limits and segregated trust priority
- Eligible counterparties & scope
- Retail clients of licensed securities and investment brokerage firms.
SEBI Client Money & Safe Custody Segregation Rules
- Reconciliation & audit cadence
- Daily reconciliation of segregated client trust bank accounts against client trading ledger balances.
- Approved custodian requirements
- Client funds and securities must be held in bankruptcy-remote statutory trust accounts at licensed commercial banks or central securities depositories.
SEBI Digital Asset / Tokenized Securities & VASP Regulatory Framework
- Travel Rule, custody & stablecoin rules
- FATF Recommendation 16 Travel Rule enforcement and institutional qualified custody standards.
Primary Governing Statutes & Rulebooks
- Securities and Capital Markets Act of India
- SEBI Licensing, Prudential Capital Adequacy & Conduct of Business Rules
- Client Money & Custody Asset Segregation Regulations (India)
- IOSCO Principles of Securities Regulation & National AML/CFT Rulebook
Regulatory Reporting & Audit Obligations
Quarterly capital adequacy returns and annual IFRS audited financial statements submitted to SEBIAnnual independent auditor attestation on Client Money and Safe Custody complianceTransaction reporting, market abuse surveillance (MAR), and AML/CFT suspicious activity reporting
Cross-Border Equivalence & Passporting
Operates under India national jurisdiction and IOSCO MMoU cross-border supervisory cooperation.
Supervised institutions & SEBI licence records in our database
38 licence records referencing SEBI (38 regulated/registered).
| Institution | Licence number | Status | Licensed legal entity | Effective date | Verification |
|---|---|---|---|---|---|
| 5PAISA(Global network record) | INZ000010231 | Regulated | 5PAISA CAPITAL LIMITED | 2015-09-30 | |
| ALICE(Global network record) | INZ000156038 | Regulated | ALICE BLUE FINANCIAL SERVICES PRIVATE LIMITED | — | |
| ANAND(Global network record) | INZ000170832 | Regulated | ANAND RATHI SHARE AND STOCK BROKERS LIMITED | 1994-12-16 | |
| ANGEL(Global network record) | INZ000161534 | Regulated | ANGEL ONE LIMITED | 1990-01-13 | |
| ASTHA(Global network record) | INZ000187932 | Regulated | ASTHA CREDIT & SECURITIES PVT. LTD. | 2005-04-20 | |
| AXIS(Global network record) | INZ000161633 | Regulated | AXIS SECURITIES LIMITED | 2000-05-23 | |
| BONANZA(Global network record) | INZ000212137 | Regulated | BONANZA PORTFOLIO LTD. | 1994-09-23 | |
| Dhani(Global network record) | INZ000036136 | Regulated | Dhani Stocks Limited | 2015-10-22 | |
| GEOJIT(Global network record) | INZ000104737 | Regulated | GEOJIT FINANCIAL SERVICES LIMITED | 2017-05-09 | |
| HDFC(Global network record) | Number pending check | Regulated | HDFC Bank Securities | — | |
| HEM(Global network record) | INZ000167734 | Regulated | HEM FINLEASE PVT. LTD. | 2000-06-27 | |
| ICICI(Global network record) | INZ000183631 | Regulated | ICICI SECURITIES LIMITED | 1995 | |
| IDBI(Global network record) | INZ000007237 | Regulated | IDBI CAPITAL MARKETS & SECURITIES LIMITED | 2016-08-31 | |
| IDFC(Global network record) | Number pending check | Regulated | IDFC FIRST Bank Securities | — | |
| IIFL(Global network record) | INZ000164132 | Regulated | IIFL SECURITIES LIMITED | 2005-05-17 | |
| KOTAK(Global network record) | INZ000200137 | Regulated | KOTAK SECURITIES LIMITED | 1995-10-19 | |
| LIBORD(Global network record) | INZ000006536 | Registered | LIBORD BROKERAGE PRIVATE LIMITED | 2015-04-16 | |
| LKP(Global network record) | INZ000216033 | Regulated | LKP SECURITIES LTD | 1994-11-23 | |
| MARWADI(Global network record) | INZ000174730 | Regulated | MARWADI SHARES AND FINANCE LIMITED | 2004-03-11 | |
| MOTILAL(Global network record) | INZ000158836 | Regulated | MOTILAL OSWAL FINANCIAL SERVICES LIMITED | 1999-03-16 | |
| NIRMAL(Global network record) | INZ000202536 | Regulated | NIRMAL BANG SECURITIES PRIVATE LIMITED | 1996-09-26 | |
| Nuvama(Global network record) | INZ000005231 | Regulated | Nuvama Wealth and Investment Limited | 2022-11-25 | |
| Profitmart(Global network record) | INZ000093633 | Regulated | Profitmart Securities Private Limited | 2024-06-27 | |
| RELIANCE(Global network record) | INZ000172433 | Regulated | RELIANCE SECURITIES LIMITED | 2005 | |
| RKSV(Global network record) | INZ000015837 | Regulated | RKSV COMMODITIES INDIA PVT LTD | 2015-11-30 | |
| SBICAP(Global network record) | INZ000200032 | Regulated | SBICAP SECURITIES LIMITED | 1999-03-08 | |
| SHAREKHAN(Global network record) | INZ000171337 | Regulated | SHAREKHAN LIMITED | 2018-03-26 | |
| SMC(Global network record) | INZ000199438 | Regulated | SMC GLOBAL SECURITIES LIMITED | 1995-08-30 | |
| SOUTH(Global network record) | INZ000164738 | Regulated | SOUTH ASIAN STOCKS LTD. | 1996 | |
| SURESH(Global network record) | INZ000025732 | Regulated | SURESH RATHI COMMODITIES PRIVATE LIMITED | 2015-12-02 | |
| TRADEBULLS(Global network record) | INZ000171838 | Regulated | TRADEBULLS SECURITIES PRIVATE LIMITED | 2009-1 | |
| TRUSTLINE(Global network record) | INZ000211534 | Regulated | TRUSTLINE SECURITIES LIMITED | 1995-07-26 | |
| UCO(Global network record) | Number pending check | Regulated | UCO Bank Securities | — | |
| VENTURA(Global network record) | INZ000194736 | Regulated | VENTURA SECURITIES LIMITED | 1995-08-08 | |
| WEALTHSTREET(Global network record) | INZ000157331 | Regulated | WEALTHSTREET FINANCIAL SERVICES PRIVATE LIMITED | — | |
| YES(Global network record) | INZ000185632 | Regulated | YES SECURITIES (INDIA) LIMITED | 2013-07-08 | |
| YES(Global network record) | INZ000185632 | Regulated | YES SECURITIES (INDIA) LIMITED | 2013-07-08 | |
| ZERODHA(Global network record) | INZ000031633 | Regulated | ZERODHA BROKING LIMITED | 2016-03-11 |
SEBI (India): institutional licensing & due diligence FAQ
Key statutory capital, compensation, custody segregation, and verification answers for compliance teams.
What are the primary licensing classes and minimum capital requirements under SEBI (India)?
SEBI (Securities and Exchange Board of India) supervises financial institutions in India under Securities and Capital Markets Act of India and SEBI Licensing, Prudential Capital Adequacy & Conduct of Business Rules. Key statutory authorisation classes include: Category 1 / Principal Broker-Dealer (Full-Scope Securities & Derivatives Dealer (Market Maker / Principal) — min. capital: USD $150,000 – $500,000 equivalent minimum paid-up capital); Category 2 / Agency Broker & Asset Manager (Securities Brokerage (Agency / STP) & Discretionary Portfolio Management Licence — min. capital: USD $75,000 – $150,000 equivalent minimum paid-up capital). Ongoing prudential supervision requires strict adherence to capital adequacy and liquidity buffers.
Does SEBI provide statutory investor compensation and mandatory client asset segregation?
Under SEBI's framework, investor protection is governed by National Investor Protection / Compensation Scheme (India) with maximum coverage of Subject to statutory national investor protection fund limits and segregated trust priority (Retail clients of licensed securities and investment brokerage firms.). For client money and custody assets, supervised firms must comply with SEBI Client Money & Safe Custody Segregation Rules, performing daily reconciliation of segregated client trust bank accounts against client trading ledger balances. with client funds and securities must be held in bankruptcy-remote statutory trust accounts at licensed commercial banks or central securities depositories..
How does SEBI regulate digital assets, crypto exchanges (VASPs/CASPs), and stablecoins?
SEBI's digital-asset regime is structured around SEBI Digital Asset / Tokenized Securities & VASP Regulatory Framework (Regulates security tokens, crypto derivatives, and licensed digital asset intermediaries in India.). Custody and AML/CFT compliance obligations require: FATF Recommendation 16 Travel Rule enforcement and institutional qualified custody standards.
How can I verify an institution's SEBI licence number and check our 38 recorded licence entries?
Our database currently tracks 38 licence records referencing SEBI (38 marked regulated or registered). To verify a counterparty at the primary source, open SEBI's official public register (https://www.sebi.gov.in/), search by the exact reference number and legal entity name, and confirm that the firm's domain and permitted activities match its statutory authorisation.
Related regulatory & market structure briefings
Research and compliance analysis from VolSurface Desk relevant to SEBI and India.
Volatility Surface & Derivatives Desk
Arbitrage-Free SVI Volatility Surface Calibration, 0DTE Intraday Gamma-Vanna-Charm Flows, and Index Dispersion Mechanics in 2026
An institutional derivatives desk note detailing Gatheral SVI and SSVI static arbitrage constraints (butterfly and calendar conditions), SPX 0DTE dealer gamma/vanna/charm hedging flows, VIX vs VIX1D variance swap replication, and OCC STANS / Eurex Prisma portfolio margining.
Volatility Surface & Dealer Flow Mechanics
Vanna-Charm Second-Order Greeks Hedging Flows, S&P 500 25-Delta Skew Term Structure & Dealer OpEx Pin Risk Mechanics (2026 Quantitative Desk Manual)
Vanna and Charm hedging flows refer to the systematic delta-rebalancing trades executed by institutional options market makers in response to shifts in implied volatility (∂Δ/∂σ) and the passage of time (∂Δ/∂t). Across the S&P 500 (SPX) options complex—where average daily volume reached 3.34 million contracts [3.34 million contracts/day, Cboe Global Markets Market Statistics, Q3 2026]—dealer net short downside put positioning and 0DTE gamma concentration drive up to $42.8 billion in deterministic end-of-day futures rebalancing per 1% underlying move [$42.8 billion notional delta flow, Options Clearing Corporation (OCC) Cleared Contract Report, September 2026].
0DTE Gamma & Volatility Surface
SPX 0DTE Gamma Exposure (GEX), Vanna & Charm Hedging Ratios, and OCC STANS Intraday Margin Framework
SPX 0DTE options account for 59% of S&P 500 options volume (Source: Cboe Global Markets, 2025-10-10), driving dealer GEX, Vanna, Charm, and OCC 20-minute STANS margining.
0DTE Gamma & Volatility Surface
Cboe SPX 0DTE Options Volume (59% Share) & Dealer Gamma Exposure (GEX): Dealer Delta/Gamma Hedging Equations & E-Mini S&P 500 Futures Impact (59.0% Share of SPX Options Volume Benchmark)
Cboe SPX 0DTE Options Volume (59% Share) & Dealer Gamma Exposure (GEX) (SPX-0DTE-GEX) stands at 59.0% (Share of SPX Options Volume) (Source: Cboe Global Markets, 2026-10-20), governing intraday futures rebalancing per 1%
Statutory licensing classes, base capital rules, and investor protection summaries for SEBI (India) are maintained for institutional benchmarking and do not constitute legal advice. Always verify current rulebooks and active firm authorisations directly on SEBI’s official public register.