About JM Financial Services Limited
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JM Financial Services Limited is a public limited company based in Mumbai, Maharashtra, India, a subsidiary of Jm Financial Limited. It operates in the brokerage and trading services segment of the financial services sector. It was incorporated on 19 June 1998 and has been in existence for over 28 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U67120MH1998PLC115415. Its GSTIN is 27AAACJ5977A1ZL (Maharashtra). The company holds 20 GST registrations, of which 18 are active.
The company has an authorised share capital of ₹365 Cr and a paid-up capital of ₹75.83 Cr. It was formerly known as Jm Financial Services Private Limited and Jm Morgan Stanley Financial Services Private Limited. It is led by directors including Dimplekumar Shah (Whole-Time Director) and Nirav Mansukhlal Gandhi (Whole-Time Director).
Its last annual general meeting (AGM) was held on 22 July 2026, and its latest financial statements are for the year ended 31 March 2026. The registered office is at 7th Floor Cnergy Appasaheb Marathe Marg Prabhadevi, Mumbai, Maharashtra, India – 400025.
As per the financials filed for FY 2024, the company reported a revenue of ₹921.85 Cr, a growth of 60.8% compared to the previous year.
The company has about 1,481 employees on its provident fund (EPFO) records. Its group structure includes 3 subsidiaries.
The company is associated with 2 brands: Bondskart and JM Financial Services. As per MCA filings, the company has open charges of ₹3,645.95 Cr and satisfied charges of ₹486 Cr on record. Court records list 123 cases involving the company, including 53 filed by the company and 70 filed against it; 46 cases are pending. The company has 6 deals on record (5 funding rounds, 1 rights issue), with disclosed funding of ₹261.25 Cr; the latest was in January 2024. Its 3 peer companies in the BFSI industry (Broking Services), with the same principal business activity (financial advisory, brokerage and consultancy services) are compared by revenue, 2 larger and 1 smaller; the largest is Macquarie Capital Securities (India) Private Limited with revenue of ₹353.62 Cr.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website jmfinancialservices.in.
Company details
Name history
JM Financial Services has undergone 3 name changes throughout its history. The company was previously known as Jm Financial Services Private Limited, Jm Morgan Stanley Financial Services Private Limited, and Jm Morgan Stanley Financial Services Limited. The current legal name is Jm Financial Services Limited.
| Company Name | Status |
|---|---|
| JM Financial Services Limited | Current |
| Jm Financial Services Private Limited | Previous |
| Jm Morgan Stanley Financial Services Private Limited | Previous |
| Jm Morgan Stanley Financial Services Limited | Previous |
CIN history
JM Financial Services has one previous CIN (Corporate Identification Number): U67120MH1998PTC115415. The current CIN is U67120MH1998PLC115415, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U67120MH1998PLC115415 | Current |
| U67120MH1998PTC115415 | Previous |
Contact details
JM Financial Services Limited's registered office is in Mumbai, Maharashtra. Its website is jmfinancialservices.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address7th Floor Cnergy Appasaheb Marathe Marg Prabhadevi, Mumbai, Maharashtra, India – 400025
- IndustryFinancial Services, Brokerage & Trading Services
To see the full contact details of JM Financial Services Limited, buy the company report.
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
Brands
JM Financial Services operates two associated brands: Bondskart and JM Financial Services. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| An online platform is operated for bond investments. | bondskart.com | |
| Diversified asset management services are offered from Mumbai, India. | jmfinancialservices.in |
Business activity
JM Financial Services operates primarily in the financial and insurance service sector. One business activity is registered with the MCA.
| Main activity group | Business activity | Share of turnover |
|---|---|---|
| Financial and insurance Service | Financial Advisory, brokerage and Consultancy Services |
To see the full business activity and turnover split of JM Financial Services Limited, buy the company report.
Financials of JM Financial Services Limited
FY 2026 filings availableJM Financial Services Limited reported revenue of ₹921.85 Cr (up 60.8% YoY) for FY 2024.
Compounded Annual Growth Rate (CAGR)
Revenue rose 60.8% in the latest year. All are worked out from the filed statements.
Financial Statement Summary
| Metrics | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|
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| Total Revenue | ₹921.85 Cr | ||||
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Financial Ratios
| Metrics | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
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To see the full financial statements and ratios of JM Financial Services Limited, buy the company report.
Board of directors and KMP of JM Financial Services Limited
JM Financial Services Limited currently reports 10 directors and 1 key managerial person. 21 former directors have served the organization.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Parthiv Tanil Kilachand Also directs: Gujarat Poly Electronics Limited, Polychem Limited, Tulsi Global Logistics Private Limited and 5 more | Director | 24 Apr 2019 | 7 Years 6 Months | Current |
| Hemant Kotak Manharlal | Director | 27 Jan 1999 | 27 Years 9 Months | Current |
| Dipti Neelakantan | Director | 29 Mar 2001 | 25 Years 7 Months | Current |
| Dimplekumar Shah | Whole-Time Director | 03 Jun 2021 | 5 Years 5 Months | Current |
| Pradip Manilal Kanakia Also directs: JM Financial Limited, Healthcare Global Enterprises Limited, Britannia Industries Ltd and 5 more | Additional Director | 07 Aug 2026 | 0 Years 2 Months | Current |
| Vishal Nimesh Kampani | Director | 21 Jun 2001 | 25 Years 4 Months | Current |
Peer comparison
JM Financial Services Limited is compared with the 3 companies closest to it by revenue in the BFSI industry (Broking Services), with the same principal business activity (financial advisory, brokerage and consultancy services), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| JM Financial Services Limitedthis company | ₹921.85 Cr (FY 2024) | 60.8% | 1,481 | Mumbai, Maharashtra, India | ||
| Macquarie Capital Securities (India) Private Limited | ₹353.62 Cr (FY 2025) | 8.0% | Mumbai, Maharashtra, India | |||
| Adroit Financial Services Private Limited | ₹353.49 Cr (FY 2024) | -11.0% | Ahmedabad, Gujarat, India | |||
| Yes Securities (India) Limited | ₹341.94 Cr (FY 2025) | 25.0% | Mumbai, Maharashtra, India |
To see the full peer comparison of JM Financial Services Limited, buy the company report.
Auditor
JM Financial Services Limited is audited by Khimji Kunverji & Co for the financial year 2019.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Khimji Kunverji & Co | FY 2019 | 105146W |
Shareholding
The shareholding of JM Financial Services Limited is on record for 5 financial years, the latest being FY 2023, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2023 | FY 2022 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of JM Financial Services Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 07 Aug 2026 | 101375110 | Idbi Bank Limited | ₹100 Cr | Open | |
| 19 May 2026 | 101302136 | Canara Bank | ₹50 Cr | Open | |
| 20 Feb 2026 | 101252082 | State Bank of India | ₹200 Cr | Open | |
| 03 Nov 2025 | 101191719 | Hdfc Bank Limited | ₹675 Cr | Open | |
| 26 Aug 2025 | 101156206 | Others | ₹100 Cr | Open |
To see the full charge records of JM Financial Services Limited, buy the company report.
Total charge records: 24 View all charges
Deals & funding
JM Financial Services Limited has 6 deals on record (5 funding rounds, 1 rights issue), with disclosed funding of ₹261.25 Cr; the latest was in January 2024.
Deals on record (4 of 6)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jan 2024 | Rights issue | ₹159.99 Cr | Investors: JM Financial Limited |
| Mar 2023 | Funding round | ₹42 Cr | Investors: JM Financial Limited |
| May 2018 | Funding round | ₹50.25 Cr | Investors: JM Financial Limited |
| Aug 2010 | Funding round | ₹45.5 Cr | Investors: JM Financial Products Limited |
To see the full deal history of JM Financial Services Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
JM Financial Services Limited has 123 court cases on record: 53 filed by JM Financial Services, 70 filed against it. 46 cases are pending and 77 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 65 | 34 | 25 |
| High courts | 51 | 30 | 20 |
| Supreme Court | 3 | 3 | 1 |
| NCLAT | 3 | 3 | 0 |
| NCLT | 1 | 0 | 0 |
Cases on record (5 of 123)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, New Delhi, Delhi | Civil suit | Filed against the company by Vardayni Global LLP | Pending |
| Supreme Court | Court case (1418-Criminal Matters : Others) | Filed against the company by National Spot Exchange Limited Sudhanshu Pandey Malkani Chambers, 1St Floor, Off. Nehru Road, Near Hotel Orchid Ville Parle (E) Mumbai ,Mumbai , Maharashtra | Pending |
| High Court, MAHARASHTRA | Commercial suit | Filed against the company by Thyrocare Publications LLP | Pending |
| High Court, MAHARASHTRA | Commercial suit | Filed against the company by Iheart Properties Pvt. Ltd. | Pending |
| High Court, MAHARASHTRA | Commercial suit | Filed against the company by Sumathi Infra Project LLP | Pending |
To see the full case history of JM Financial Services Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
JM Financial Services Limited was last rated by Icra on 10 Jun 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Icra | 10 Jun 2022 |
To see the full credit ratings and regulatory alerts of JM Financial Services Limited, buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for JM Financial Services Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Group structure & subsidiaries
JM Financial Services has 3 subsidiary companies. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
| Company Name | CIN | Shares held |
|---|---|---|
| JM Financial Commtrade Limited | U51100MH2005PLC153110 | |
| JM Financial Capital Limited | U65190MH2015PLC270754 | |
| JM Financial Institutional Securities Limited | U67100MH2017PLC296081 |
To see the full group structure of JM Financial Services Limited, buy the company report.
Employees & EPFO
JM Financial Services Limited has a workforce of 1,481 employees on its EPFO records as of Sep 19, 2024, across 1 active EPFO establishment.
GST
JM Financial Services has 20 GST registrations: 18 active and 2 cancelled or inactive. The first 4 active GSTINs are listed below.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACJ5977A1ZL | Maharashtra | Active | 01 Jul 2017 |
| 27AAACJ5977A2ZK | Maharashtra | Active | 09 Nov 2017 |
| 06AAACJ5977A1ZP | Haryana | Active | 01 Jul 2017 |
| 07AAACJ5977A1ZN | Delhi | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of JM Financial Services Limited, buy the company report.
Recent activity
JM Financial Services Limited has 30 board changes on record since 1999: 11 appointments and 19 cessations. The latest: Pradip Manilal Kanakia was appointed as Additional Director on 07 Aug 2026.
55 earlier events are in the company report.
News
Frequently asked questions
JM Financial Services is an active public limited company based in Mumbai, Maharashtra, India. The company works in brokerage and trading services, within the financial services industry. It was incorporated on 19 June 1998 (28+ years old) and is registered under CIN U67120MH1998PLC115415.
JM Financial Services has 11 current directors and KMP:
- Dimplekumar Shah - Whole-Time Director
- Nirav Mansukhlal Gandhi - Whole-Time Director
- Parthiv Tanil Kilachand - Director
- Hemant Kotak Manharlal - Director
- Dipti Neelakantan - Director
- Pradip Manilal Kanakia - Additional Director
- Vishal Nimesh Kampani - Director
- Hariharan Ramamurthi Aiyar - Director
- Prakash Parthasarathy - Director
- Prashant Choksi Kishor - Additional Director
- Amit Agrawal - Cfo
The latest financial statements of JM Financial Services on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 22 July 2026. Year-wise statements from 2015 are in the company report.
The GSTIN of JM Financial Services is 27AAACJ5977A1ZL, registered in Maharashtra. The company has 20 GST registrations in all, of which 18 are active and 2 are cancelled or inactive. Other active GSTINs include 27AAACJ5977A2ZK (Maharashtra), 06AAACJ5977A1ZP (Haryana), 07AAACJ5977A1ZN (Delhi).
The CIN (Corporate Identification Number) of JM Financial Services is U67120MH1998PLC115415. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
JM Financial Services has 123 court cases on record: 53 filed by the company and 70 filed against it. 46 are pending. Most are in the district courts.
JM Financial Services was incorporated on 19 June 1998, making it 28+ years old. It is registered with the Registrar of Companies, Mumbai.
JM Financial Services has 6 deals on record (5 funding rounds, 1 rights issue), with disclosed funding of ₹261.25 Cr; the latest was in January 2024.
The peers of JM Financial Services by revenue are Macquarie Capital Securities (India) Private Limited, Adroit Financial Services Private Limited, Yes Securities (India) Limited, all in the BFSI industry (Broking Services), with the same principal business activity (financial advisory, brokerage and consultancy services).
Pradip Manilal Kanakia was appointed as Additional Director on 07 Aug 2026. Prashant Choksi Kishor was appointed as Additional Director on 29 Jun 2026. Hariharan Ramamurthi Aiyar was appointed as Director on 27 Jun 2025. JM Financial Services has 30 board changes on record in total.
JM Financial Services can be reached through the website jmfinancialservices.in. Its registered office is in Mumbai, Maharashtra, India.
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