About Nam Securities Limited
Data last updated:
Nam Securities Limited is a public limited company based in New Delhi, Delhi, India. It operates in the brokerage and trading services segment of the financial services sector. It was incorporated on 05 July 1994 and has been in existence for over 32 years.
The company is registered with the Registrar of Companies (ROC), Delhi, under CIN L74899DL1994PLC350531. Its GSTIN is 07AAACN0123E1Z7 (Delhi). The company holds 2 GST registrations, of which 1 is active. It is a listed company as per MCA records. Its shares are listed on BSE: 538395.
The company has an authorised share capital of ₹5.5 Cr and a paid-up capital of ₹5.39 Cr. It is led by directors including Kiran Goyal (Managing Director) and Prakash Chandra Panjikar.
Its last annual general meeting (AGM) was held on 30 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at 213 Arunachal Building 19 Barakhamba Road New Delhi – 110001, Delhi, India – 110001.
As per the latest standalone financials for FY 2025-26, the company reported a revenue of ₹40.44 Cr, a decline of 39.4% compared to the previous year. For the same year it recorded a net profit of ₹13 Lakh (net margin 0.3%) and EBITDA of ₹24 Lakh (EBITDA margin 0.6%). The net worth stands at ₹11.49 Cr (up 1.2% YoY). Total assets are valued at ₹11.49 Cr (up 1.2% YoY).
The company is associated with 1 brand: Nam Securities. As per MCA filings, the company has satisfied charges of ₹3.25 Cr on record. Court records list 4 cases involving the company, including 4 filed against it; 1 case is pending. The company has 6 deals on record (6 market trades); the latest was in May 2015. 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 Devaashish Comtrade Private Limited with revenue of ₹112.13 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 namsecurities.in.
Company details
CIN history
Nam Securities has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L74899DL1994PLC350531, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L74899DL1994PLC350531 | Current |
| L74899DL1994PLC060042 | Previous |
| L74899HR1994PLC053200 | Previous |
Contact details
Nam Securities Limited's registered office is in New Delhi, Delhi. Its website is namsecurities.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address213 Arunachal Building 19 Barakhamba Road New Delhi – 110001, Delhi, India – 110001
- IndustryFinancial Services, Brokerage & Trading Services
To see the full contact details of Nam Securities 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
Nam Securities operates one associated brand: Nam Securities. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Corporate advisory firm | namsecurities.in |
Business activity
The main business activity of Nam Securities is financial and insurance service. In detail, this covers financial advisory, brokerage and consultancy services.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| K | Financial and insurance Service | K7 | Financial Advisory, brokerage and Consultancy Services |
To see the full business activity and turnover split of Nam Securities Limited, buy the company report.
Financials of Nam Securities Limited
FY 2025-26 filings availableNam Securities Limited reported revenue of ₹40.44 Cr (down 39.4% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · StandaloneRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 40.44 | 66.71 | 110 | 72.29 | 86.45 | 85.67 | 64.87 |
| Revenue growth | -39.4% | -39.1% | +51.6% | -16.4% | +0.9% | +32.1% | - |
| EBITDA | 0.24 | 0.63 | 0.55 | 0.14 | 0.68 | 0.44 | 0.42 |
| EBITDA margin | +0.6% | +0.9% | +0.5% | +0.2% | +0.8% | +0.5% | +0.7% |
| Profit before tax | 0.20 | 0.47 | 0.45 | 0.06 | 0.60 | 0.36 | 0.33 |
| Net profit | 0.13 | 0.35 | 0.34 | 0.03 | 0.45 | 0.26 | 0.30 |
| Net profit margin | +0.3% | +0.5% | +0.3% | +0.0% | +0.5% | +0.3% | +0.5% |
| EPS (₹) | 0.25 | 0.66 | 0.61 | 0.05 | 0.84 | 0.49 | 0.98 |
| Balance sheet | |||||||
| Total assets | 11.49 | 11.35 | 10.99 | 10.66 | 10.64 | 10.18 | 5.59 |
| Net worth | 11.49 | 11.35 | 10.99 | 10.66 | 10.63 | 10.18 | 5.59 |
| Total debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash & bank | 0.78 | 1.24 | 1.58 | 3.59 | 1.78 | 1.77 | 0.76 |
| Net working capital | 9.66 | 9.03 | 10.44 | 10.37 | 2.17 | 2.30 | 1.10 |
| Cash flow | |||||||
| Cash from operations | (0.53) | 1.09 | (2.04) | 1.93 | 0.17 | (4.47) | (0.22) |
| Cash from investing | 0.43 | (1.79) | 0.04 | 0.48 | 0.09 | 0.30 | 0.14 |
| Cash from financing | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.33 | 0.00 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 25.73 | 8.39 | 11.65 | 8.56 | 11.84 | 4.54 | 11.15 | 19.82 |
| Revenue growth (YoY) | +117.3% | +84.8% | +4.5% | -56.8% | -60.2% | - | - | - |
| Other income | 0.01 | 0.04 | 0.02 | 0.01 | 0.03 | 1.10 | 0.24 | 0.03 |
| Total expenses | 25.47 | 8.72 | 11.55 | 8.30 | 11.63 | 5.80 | 11.23 | 19.59 |
| EBITDA | 0.26 | (0.33) | 0.10 | 0.26 | 0.21 | (1.26) | (0.08) | 0.23 |
| EBITDA margin | +1.0% | -3.9% | +0.9% | +3.0% | +1.8% | -27.8% | -0.7% | +1.2% |
| Depreciation | 0.03 | 0.02 | 0.04 | 0.04 | 0.04 | 0.05 | 0.03 | 0.03 |
| Interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.01 |
| Profit before tax | 0.24 | (0.31) | 0.08 | 0.23 | 0.20 | (0.22) | 0.13 | 0.22 |
| Tax | 0.03 | (0.05) | 0.02 | 0.06 | 0.04 | (0.03) | 0.02 | 0.05 |
Financial Statements
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 25.73 | 8.39 | 11.65 | 8.56 | 11.84 | 4.54 | 11.15 | 19.82 |
| Revenue growth (YoY) | +117.3% | +84.8% | +4.5% | -56.8% | -60.2% | - | - | - |
| Other income | 0.01 | 0.04 | 0.02 | 0.01 | 0.03 | 1.10 | 0.24 | 0.03 |
| Total expenses | 25.47 | 8.72 | 11.55 | 8.30 | 11.63 | 5.80 | 11.23 | 19.59 |
| EBITDA | 0.26 | (0.33) | 0.10 | 0.26 | 0.21 | (1.26) | (0.08) | 0.23 |
| EBITDA margin | +1.0% | -3.9% | +0.9% | +3.0% | +1.8% | -27.8% | -0.7% | +1.2% |
| Depreciation | 0.03 | 0.02 | 0.04 | 0.04 | 0.04 | 0.05 | 0.03 | 0.03 |
| Interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.01 |
| Profit before tax | 0.24 | (0.31) | 0.08 | 0.23 | 0.20 | (0.22) | 0.13 | 0.22 |
| Tax | 0.03 | (0.05) | 0.02 | 0.06 | 0.04 | (0.03) | 0.02 | 0.05 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 40.44 | 66.71 | 110 | 72.29 | 86.45 | 85.67 | 64.87 |
| Revenue growth | -39.4% | -39.1% | +51.6% | -16.4% | +0.9% | +32.1% | - |
| Other income | 0.09 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total expenses | 40.20 | 66.08 | 109 | 72.15 | 85.77 | 85.23 | 64.45 |
| Employee cost | 0.00 | 0.79 | 0.41 | 0.39 | 0.49 | 0.43 | 0.29 |
| EBITDA | 0.24 | 0.63 | 0.55 | 0.14 | 0.68 | 0.44 | 0.42 |
| EBITDA margin | +0.6% | +0.9% | +0.5% | +0.2% | +0.8% | +0.5% | +0.7% |
| Depreciation | 0.13 | 0.14 | 0.09 | 0.08 | 0.08 | 0.08 | 0.09 |
| Interest | 0.00 | 0.02 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 0.20 | 0.47 | 0.45 | 0.06 | 0.60 | 0.36 | 0.33 |
| Tax | 0.07 | 0.12 | 0.11 | 0.03 | 0.15 | 0.10 | 0.03 |
| Net profit | 0.13 | 0.35 | 0.34 | 0.03 | 0.45 | 0.26 | 0.30 |
| Net profit margin | +0.3% | +0.5% | +0.3% | +0.0% | +0.5% | +0.3% | +0.5% |
| EPS (₹) | 0.25 | 0.66 | 0.61 | 0.05 | 0.84 | 0.49 | 0.98 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 5.39 | 5.39 | 5.39 | 5.39 | 5.39 | 5.39 | 3.05 |
| Reserves & surplus | 6.10 | 5.96 | 5.60 | 5.27 | 5.24 | 4.79 | 2.54 |
| Shareholders' funds (net worth) | 11.49 | 11.35 | 10.99 | 10.66 | 10.63 | 10.18 | 5.59 |
| Secured loans | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Unsecured loans | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total liabilities | 11.49 | 11.35 | 10.99 | 10.66 | 10.64 | 10.18 | 5.59 |
| Assets | |||||||
| Gross block | 3.76 | 4.12 | 2.21 | 1.87 | 1.91 | 1.84 | 1.78 |
| Net block | 1.93 | 2.42 | 0.65 | 0.40 | 0.51 | 0.52 | 0.54 |
| Capital work in progress | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 8.03 | 7.43 | 4.03 |
| Inventories | 6.78 | 5.05 | 9.00 | 5.54 | 0.00 | 0.00 | 0.00 |
| Sundry debtors | 0.00 | 0.00 | 0.01 | 0.02 | 0.02 | 0.13 | 0.17 |
| Cash & bank balances | 0.78 | 1.24 | 1.58 | 3.59 | 1.78 | 1.77 | 0.76 |
| Loans & advances | 2.30 | 3.14 | 0.90 | 1.31 | 0.86 | 0.93 | 0.91 |
| Total current assets | 9.86 | 9.43 | 11.49 | 10.46 | 2.66 | 2.83 | 1.84 |
| Total current liabilities | 0.20 | 0.40 | 1.05 | 0.09 | 0.49 | 0.53 | 0.74 |
| Net working capital | 9.66 | 9.03 | 10.44 | 10.37 | 2.17 | 2.30 | 1.10 |
| Total assets | 11.49 | 11.35 | 10.99 | 10.66 | 10.64 | 10.18 | 5.59 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 0.15 | 0.85 | 2.85 | 0.44 | 0.18 | 0.02 | 0.10 |
| Net cash from operating activities | (0.53) | 1.09 | (2.04) | 1.93 | 0.17 | (4.47) | (0.22) |
| Net cash from investing activities | 0.43 | (1.79) | 0.04 | 0.48 | 0.09 | 0.30 | 0.14 |
| Net cash from financing activities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.33 | 0.00 |
| Net change in cash | (0.10) | (0.70) | (2.00) | 2.41 | 0.26 | 0.16 | (0.08) |
| Closing cash | 0.78 | 1.24 | 1.58 | 3.59 | 1.78 | 1.77 | 0.76 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | -39.4% | -39.1% | +51.6% | -16.4% | +0.9% | +32.1% | - |
| EBITDA growth | -61.9% | +14.6% | +292.9% | -79.4% | +54.6% | +4.8% | - |
| PBT growth | -57.5% | +4.4% | +650.0% | -90.0% | +66.7% | +9.1% | -35.3% |
| Net income growth | -62.9% | +2.9% | +1033.3% | -93.3% | +73.1% | -13.3% | - |
| Revenue CAGR (3Y) | -17.6% | -8.3% | +8.6% | +3.7% | +8.4% | +14.2% | +215.8% |
| EBITDA CAGR (3Y) | +19.7% | -2.5% | +7.7% | -30.7% | +2.6% | +2.4% | +9.5% |
| Profitability & leverage | |||||||
| Net income margin | +0.3% | +0.5% | +0.3% | +0.0% | +0.5% | +0.3% | +0.5% |
| Return on capital employed | - | +4.5% | +4.2% | +0.6% | +5.8% | +4.6% | +6.1% |
| Return on net worth | - | +3.2% | +3.1% | +0.3% | +4.3% | +3.3% | +5.5% |
| Debt / equity | - | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Long-term debt / equity | - | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest cover | 0.00 | 4.08 | 2.17 | 0.00 | 0.00 | 0.00 | 0.00 |
| Efficiency & per share | |||||||
| Fixed asset turnover | - | 21.08 | 53.71 | 38.25 | 46.11 | 47.33 | 36.44 |
| Inventory turnover | - | 9.50 | 15.07 | 26.10 | 0.00 | 0.00 | 0.00 |
| Debtors turnover | - | 13,342.00 | 7,304.67 | 3,614.50 | 1,152.67 | 571.13 | 202.72 |
| EPS (₹) | 0.25 | 0.66 | 0.61 | 0.05 | 0.84 | 0.49 | 0.98 |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 0.00 | 21.05 | 20.39 | 19.78 | 19.73 | 18.89 | 18.32 |
To see the full year-wise statements and ratios of Nam Securities Limited, buy the company report.
Board of directors and KMP of Nam Securities Limited
Nam Securities Limited currently reports 5 directors and 1 key managerial person. 7 former directors have served the organization.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Prakash Chandra Panjikar | Director | 28 Sep 2018 | 8 Years 1 Months | Current |
| Pradeep Kumar Also directs: Nam Credit & Investment Consultants Limited | Cfo | 21 Mar 2016 | 10 Years 7 Months | Current |
| Kiran Goyal | Managing Director | 05 Jul 1994 | 32 Years 3 Months | Current |
| Ashwani Goyal | Director | 31 Mar 2017 | 9 Years 6 Months | Current |
| Divya Goyal | Director | 01 Sep 2009 | 17 Years 1 Months | Current |
| Bhisham Kumar Gupta Also directs: Dee Development Engineers Limited | Director | 01 Apr 2024 | 2 Years 6 Months | Current |
Peer comparison
Nam Securities 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 |
|---|---|---|---|---|---|---|
| Devaashish Comtrade Private Limited | ₹112.13 Cr (FY 2025) | 3396.0% | Jodhpur, Rajasthan, India | |||
| Samco Securities Limited | ₹110.29 Cr (FY 2025) | 3.0% | Mumbai, Maharashtra, India | |||
| Shree Balaji Multicommodities Private Limited | ₹108.15 Cr (FY 2025) | 211.0% | Jaipur, Rajasthan, India | |||
| Nam Securities Limitedthis company | ₹40.44 Cr (FY 2026) | ₹13 Lakh | 0.3% | -39.4% | New Delhi, Delhi, India |
To see the full peer comparison of Nam Securities Limited, buy the company report.
Auditor
Nam Securities Limited is audited by SATYA PRAKASH GARG & CO for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| SATYA PRAKASH GARG & CO | FY 2023 | 017544N |
Shareholding
Shareholding for the quarter ended Mar 2026: promoters hold 75.00%, foreign institutional investors hold 0.00%, domestic institutional investors hold 0.00% and retail and other public shareholders hold 25.00%.
| Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | |
|---|---|---|---|---|
| Promoters | 75.00% | 75.00% | 75.00% | 75.00% |
| Public | 25.00% | 25.00% | 25.00% | 25.00% |
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 19 Mar 2009 | 10147409 | Bank of Maharastra | ₹2 Cr | Satisfied | |
| 25 Mar 2004 | 90064551 | Syndicate Bank | ₹1.25 Cr | Satisfied |
To see the full charge records of Nam Securities Limited, buy the company report.
Total charge records: 2 View all charges
Deals & funding
Nam Securities Limited has 6 deals on record (6 market trades); the latest was in May 2015.
Deals on record (5 of 6)
| When | Deal | Amount | Parties |
|---|---|---|---|
| May 2015 | Market trade | ₹2.9 Lakh | Seller: an individual |
| May 2015 | Market trade | ₹6.5 Lakh | Buyer: an individual |
| May 2015 | Market trade | ₹3.3 Lakh | Seller: Ajay Singhal Huf |
| Apr 2015 | Market trade | ₹3.6 Lakh | Seller: an individual |
| Apr 2015 | Market trade | ₹2.7 Lakh | Seller: an individual |
To see the full deal history of Nam Securities 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
Nam Securities Limited has 4 court cases on record: 4 filed against it. 1 case is pending and 3 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 3 | 3 | 1 |
| Supreme Court | 1 | 1 | 0 |
Cases on record (4 of 4)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court of Delhi | Writ petition | Filed against the company by Mercedes Benz India Pvt Ltd | Pending |
| High Court of Delhi | Writ petition | Filed against the company by Mercedes Benz India Pvt Ltd | Disposed |
| High Court of Delhi | Tax appeal | Filed against the company by The Commissioner of Income Tax | Disposed |
| Supreme Court | Court case (1008-Company Law, Mrtp, Trai, Sebi, Idrai & Rbi : Appeals u/s 15 Z of Securities and Exchange Board of India Act, 1992.) | Filed against the company by Securities & Exchange Board of India | Disposed |
To see the full case history of Nam Securities 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.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Nam Securities Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
GST
Nam Securities has 2 GST registrations: 1 active and 1 cancelled or inactive.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 07AAACN0123E1Z7 | Delhi | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Nam Securities Limited, buy the company report.
Recent activity
Nam Securities Limited has 16 board changes on record since 1994: 11 appointments and 5 cessations. The latest: Bhisham Kumar Gupta was appointed as Director on 01 Apr 2024.
12 earlier events are in the company report.
News
Frequently asked questions
Nam Securities is an active public limited company based in New Delhi, Delhi, India. The company works in brokerage and trading services, within the financial services industry. It was incorporated on 05 July 1994 (32+ years old) and is registered under CIN L74899DL1994PLC350531. Listed on BSE: 538395.
Nam Securities reported revenue of ₹40.44 Cr for FY 2025-26 (down 39.4% YoY) based on standalone financials.
Nam Securities has 6 current directors and KMP:
- Kiran Goyal - Managing Director
- Prakash Chandra Panjikar - Director
- Ashwani Goyal - Director
- Divya Goyal - Director
- Bhisham Kumar Gupta - Director
- Pradeep Kumar - Cfo
The latest financial statements of Nam Securities on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 30 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Nam Securities is 07AAACN0123E1Z7, registered in Delhi. The company has 2 GST registrations in all, of which 1 is active and 1 is cancelled or inactive.
The CIN (Corporate Identification Number) of Nam Securities is L74899DL1994PLC350531. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Nam Securities is a listed company as per MCA records. Its shares are listed on BSE (code: 538395).
Nam Securities has 4 court cases on record: 4 filed against it. 1 is pending. Most are in the high courts.
Nam Securities was incorporated on 05 July 1994, making it 32+ years old. It is registered with the Registrar of Companies, Delhi.
Nam Securities has 6 deals on record (6 market trades); the latest was in May 2015.
The peers of Nam Securities by revenue are Devaashish Comtrade Private Limited, Samco Securities Limited, Shree Balaji Multicommodities Private Limited, all in the BFSI industry (Broking Services), with the same principal business activity (financial advisory, brokerage and consultancy services).