Our Marquee Reports

Hero Banner
Prevent unauthorised transactions in your account ---> Update your mobile numbers/email IDs with your stock brokers. Receive information of your transactions directly from Exchange on your mobile/email at the end of the day .......... Issued in the interest of Investors.

Institutional Equities

Our Institutional Equities business offers quality research and analysis-based broking services to both domestic and off-shore institutional clients. The team is well recognised as a thought leader on emerging themes across sectors as well as across the macroeconomic landscape.

By drawing on our deep intellectual capital, we provide clients with the resources and stock research reports needed to prosper in an evolving global marketplace. By means of fundamental analysis of a company, the team is able to provide valuable insights into companies. We strive to maintain the highest standards of compliance in every aspect of conducting our businesses.

    Our services revolve around three key tenets:
  • High quality research with a focus on new stock ideas
  • Intensive client servicing to keep our customers abreast and ahead of key corporate/market trends
  • Efficient trade execution to give our clients the best price possible and hassle-free post-trade settlements

Our Services

  • Research Icon


    Through exhaustive fundamental research and unique insight derived from independent thinking, our research analysts strive to identify companies that can deliver superior investment returns. Engaged in studying the economy and industry from a macro perspective, the team offers thematic research, industry research reports, and customised solutions to deliver optimum value to our clients.

  • Sales Icon


    Our equity salesforce leverages the firm’s highly regarded equity research reports. Focused on understanding clients’ needs, the team delivers innovative investment ideas to clients by way of fundamental analysis of stocks, in all its key geographies.

  • Sales and Trading Icon

    Sales and Trading

    Our sales and trading teams cover top institutional investors – both domestic as well as foreign, participating in the Indian capital markets. Backed by a strong research team and consistent investments in best-in-class technology platforms, the team is able to seamlessly execute on-demand, and ensure client confidentiality in all its dealings.

Investors are requested to note that JM Financial Institutional Securities Limited is permitted to receive money from investor through designated bank accounts only named as Up Streaming Client Nodal Bank Account (USCNBA). JM Financial Institutional Securities Limited is also required to disclose these USCNB accounts to Stock Exchanges. Hence, you are requested to use following USCNB accounts only for the purpose of dealings in your trading account with us. The details of these USCNB accounts are also displayed by Stock Exchanges on their website under “Know/ Locate your Stock Broker” in case of NSE and under “Member Directory” in case of BSE.

Details of Client Bank Accounts:
Name of Bank Account Bank Account number IFSC
JM Financial Institutional Securities Limited
- USCNB Account
00600340008464 HDFC0000060
JM Financial Institutional Securities Limited
- USCNB Account
57500000445843 HDFC0000060


The Economic Times

3 September | Mumbai

The Economic Times

31 August | Mumbai

Investment Guru

30 August | Mumbai


Important Advisory

  • Your trading account has a “Unique Client Code” (UCC), different from your demat account number. Do not allow anyone (including your own stock broker, their representatives and dealers) to trade in your trading account on their own without taking specific instruction from you for your trades. Do not share your internet/ mobile trading login credentials with anyone else.
  • You are required to place collaterals as margins with the stock broker before you trade. The collateral can either be in the form of funds transfer into specified stock broker bank accounts or margin pledge of securities from your demat account. The bank accounts are listed on the stock broker website. Please do not transfer funds into any other account. The stock broker is not permitted to accept any cash from you.
  • The stock broker’s Risk Management Policy provides details about how the trading limits will be given to you, and the tariff sheet provides the charges that the stock broker will levy on you.
  • All securities purchased by you will be transferred to your demat account within one working day of the payout. In case of securities purchased but not fully paid by you, the transfer of the same may be subject to limited period pledge i.e. seven trading days after the pay-out (CUSPA pledge) created in favor of the stock broker. You can view your demat account balances directly at the website of the Depositories after creating a login.
  • The stock broker is obligated to deposit all funds received from you with any of the Clearing Corporations duly allocated in your name. The stock broker is further mandated to return excess funds as per applicable norms to you at the time of quarterly/ monthly settlement. You can view the amounts allocated to you directly at the website of the Clearing Corporation(s).
  • You will get a contract note from the stock broker within 24 hours of the trade.
  • You may give a one-time Demat Debit and Pledge Instruction (DDPI) authority to your stock broker for limited access to your demat account, including transferring securities, which are sold in your account for pay-in.
  • The stock broker is expected to know your financial status and monitor your accounts accordingly. Do share all financial information (e.g. income, networth, etc.) with the stock broker as and when requested for. Kindly also keep your email Id and mobile phone details with the stock broker always updated.
  • In case of disputes with the stock broker, you can raise a grievance on the dedicated investor grievance ID of the stock broker. You can also approach the stock exchanges and/or SEBI directly.
  • Any assured/guaranteed/fixed returns schemes or any other schemes of similar nature are prohibited by law. You will not have any protection/recourse from SEBI/stock exchanges for participation in such schemes.

  • Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. September 1, 2020.
  • Update your mobile number & email Id with your stock broker/depository participant and receive OTP directly from depository on your email id and/or mobile number to create pledge.
  • Pay 20% upfront margin of the transaction value to trade in cash market segment.
  • Investors may please refer to the Frequently Asked Questions (FAQs) issued by NSE vide circular reference NSE/INSP/45191 dated July 31, 2020 and NSE/INSP/45534 dated August 31, 2020 and by BSE vide notice no. 20200731-7 dated July 31, 2020 and notice no. 20200831-45 dated August 31, 2020 and other guidelines issued from time to time in this regard.
  • Check your Securities / MF / Bonds in the consolidated account statement issued by NSDL/CDSL every month.
Issued in the interest of Investors

SEBI vide its circular SEBI/HO/CFD/DIL2/CIR/P/2020/13 dated January 22, 2020 streamlined the process to be followed in case of Rights Issue. One of the key features introduced in the process of Rights Issues is dematerialization of Rights Entitlements (“REs”) and ability to renounce REs by trading on stock exchange platform or off-market transfer through depository mechanism. REs are traded in the secondary market platform of stock exchanges with T+2 rolling settlement similar to equity shares.

Accordingly, investors are requested to note that REs have a distinct ISIN, and the same should not be mistaken for ordinary shares of the concerned company.

Investors may further note that the purchase of REs only gives the right to participate in the on-going Rights Issue of the concerned company by making an application with requisite application money or renounce the REs before the issue closes. REs which are neither subscribed by making an application with requisite application money nor renounced, on or before the Issue closing date, shall lapse and shall be extinguished after the Issue closing date.

FAQs on Rights Entitlement Rights Entitlement Investors’ Awareness Details of REs of listed companies

  • All investors are requested to take note that 6 KYC attributes i.e. Name, PAN, Address, Mobile Number, Email Id and Income Range have been made mandatory. Investors availing custodian services will be additionally required to update the custodian details.
  • The last date to update KYC is on or before March 31, 2022.
  • Thereafter non-compliant trading accounts will be blocked for trading by the Stock Exchange.
  • The non-compliant demat accounts will be frozen for debits by Depository Participant or Depository.
  • On submission of the necessary information to the stock broker and updation of the same by the stock broker in the Stock Exchange systems and approval by the Stock Exchange, the blocked trading accounts shall be unblocked by the Stock Exchange on T+1 trading day.
  • The demat account shall be unfreezed once the investor submits the deficient KYC details and the same is captured by the depository participant in the depository system.
  • To ensure smooth settlement of trades, the investors are requested to ensure that both the trading and demat accounts are compliant with respect to the KYC requirement.
  • The investors are hereby requested to comply with the regulatory guidelines issued by Stock Exchanges and Depositories from time to time with regard to KYC compliance and related requirements.
KYC Compliance

Attention Investors!
  • Beware of fixed/guaranteed/regular returns/capital protection schemes. Brokers or their authorized persons or any of their associates are not authorized to offer fixed/guaranteed/regular returns/ capital protection on your investment or authorized to enter into any loan agreement with you to pay interest on the funds offered by you. Please note that in case of default of a member claim for funds or securities given to the broker under any arrangement/ agreement of indicative return will not be accepted by the relevant Committee of the Exchange as per the approved norms.
  • Do not keep funds idle with the Stock Broker. Please note that your stock broker has to return the credit balance lying with them, within three working days in case you have not done any transaction within last 30 calendar days. Please note that in case of default of a Member, claim for funds and securities, without any transaction on the Exchange will not be accepted by the relevant Committee of the Exchange as per the approved norms.
  • Check the frequency of accounts settlement opted for. If you have opted for running account, please ensure that your broker settles your account and, in any case, not later than once in 90 days (or 30 days if you have opted for 30 days settlement). In case of declaration of trading member as defaulter, the claims of clients against such defaulter member would be subject to norms for eligibility of claims for compensation from IPF to the clients of the defaulter member. These norms are available on Exchange website at following links:
  • Brokers are not permitted to accept transfer of securities as margin. Securities offered as margin/ collateral MUST remain in the account of the client and can be pledged to the broker only by way of ‘margin pledge’, created in the Depository system. Clients are not permitted to place any securities with the broker or associate of the broker or authorized person of the broker for any reason. Broker can take securities belonging to clients only for settlement of securities sold by the client.
  • Always keep your contact details viz. Mobile number/Email ID updated with the stock broker. Email and mobile number is mandatory and you must provide the same to your broker for updation in Exchange records. You must immediately take up the matter with Stock Broker/Exchange if you are not receiving the messages from Exchange/Depositories regularly.
  • Don't ignore any emails/SMSs received from the Exchange for trades done by you. Verify the same with the Contract notes/Statement of accounts received from your broker and report discrepancy, if any, to your broker in writing immediately and if the Stock Broker does not respond, please take this up with the Exchange/Depositories forthwith.
  • Check messages sent by Exchanges on a weekly basis regarding funds and securities balances reported by the trading member, compare it with the weekly statement of account sent by broker and immediately raise a concern to the Exchange if you notice a discrepancy.
  • Please do not transfer funds, for the purposes of trading to anyone, including an authorized person or an associate of the broker, other than a SEBI registered Stock broker.

Clients who wish to trade in derivatives segment are advised to take extra care while dealing in this segment particularly in “Options”. Before doing any trade in “Options”, obtain full knowledge of the product & risk associated and consider its suitability.

Clients who trade in “Options” are hereby cautioned and advised to avoid practices like:
  • Sharing of trading credentials - login id & passwords including OTP’s.
  • Trading in leveraged products like options without proper understanding, this could lead to losses.
  • Writing / selling options or trading in option strategies based on tips, without basic knowledge & understanding of the product and its risks.
  • Dealing with unsolicited tips through Whatsapp, Telegram, YouTube, Facebook, SMS, calls, etc.
  • Trading in “Options” based on recommendations from unauthorized / unregistered investment advisors and influencers.

Clients who wish to trade in derivatives segment are advised to take extra care while dealing in this segment particularly in “Options”. Before doing any trade in “Options”, obtain full knowledge of the product & risk associated and consider its suitability.

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to ₹ 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.
1. SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

It has come to the notice of the Stock Exchanges that unsolicited messages via social media platforms like WhatsApp, Telegram, etc., are being sent by unregistered or unauthorized entities inducing to deal in these stocks/Futures & Options contracts. The circulation of such posts is not only detrimental to the interest of the investors but also adversely affects the integrity of the securities market.

Investors are advised to beware of unregistered Investment Advisors, offering assured returns and seeking trading credentials.

Issued in the interest of Investors

Dear Investor,

As you are aware, under the rapidly evolving dynamics of financial markets, it is crucial for investors to remain updated and well-informed about various aspects of investing in securities market. In this connection, please find a link to the BSE Investor Protection Fund website where you will find some useful educative material in the form of text and videos, so as to become an informed investor.


We believe that an educated investor is a protected investor !!!

Basic Details:
Stock Broker Name Registration Number Registered Address Contact Number Email ID
JM Financial Institutional Securities Limited INZ000163434 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025 +91 22 6630 3030 instcompliance@jmfl.com
Names and contact details of all Key Managerial Personnel including the Compliance Officer:
Sr. No. Name of the Individual Designation Contact Number Email ID
1 Samir Shah Whole Time Director +91 22 6630 3140 samir.shah@jmfl.com
2 Anish Damania Whole Time Director +91 22 6630 3020 anish.damania@jmfl.com
3 Chetan Dharod Chief Financial Officer +91 22 6630 3024 chetan.dharod@jmfl.com
4 Siddiqa Raeen Company Secretary +91 22 6224 1617 siddiqa.raeen@jmfl.com
5 Sahil Salastekar Compliance Officer +91 22 6224 1073 sahil.salastekar@jmfl.com
Details of Authorised Persons:
Sr. No. Authorised Person's Name Authorised Person Code (Exchange wise) Constitution Status Registered Address Terminal Details (Exchange Wise)
(Approved /
Address City State Pin code Terminal Allotted (Y/N) No. of Terminals
1 ASK Investment Managers Limited BSE - AP0104000146638
NSE - AP0317000023
Company Approved Birla Aurora, 16 Level, Office Floor 9, Dr. Annie Besant Road, Worli Mumbai Maharashtra 400030 Y 2
List of Authorised Persons cancelled on account of disciplinary reasons:
Sr. No. Name of Authorised Person Status Authorised Person Cancellation Details
Date Reason