Regulatory warning: Stock broking, investment advisory, portfolio management and depository services each need separate SEBI registrations. MCA will not approve objects that bundle regulated activities without the proper qualifiers. Factor in SEBI’s net-worth and capital requirements before finalising the authorised capital.

Main Object Clauses

  1. To carry on the business of stock broking, including trading and dealing in equity shares, derivatives, currency derivatives, commodity derivatives and debt instruments as a member of recognised stock exchanges, subject to registration with the Securities and Exchange Board of India.
  2. To provide investment advisory, portfolio management, wealth management, financial planning and mutual fund distribution services, subject to applicable SEBI regulations.
  3. To act as a depository participant, subject to registration with SEBI and affiliation with NSDL or CDSL.
  4. To develop and operate trading platforms, algorithms, research desks and investor-education programmes incidental to the broking and advisory business.

NIC Code: 66 — Activities auxiliary to financial services and insurance activities

Related Licences & Registrations

  • SEBI stock-broker registration: mandatory — exchange membership follows only after SEBI approval.
  • SEBI investment adviser / portfolio manager registration: needed separately if you advise clients or manage money; a broking registration does not cover advisory.
  • AMFI registration (ARN): needed for mutual fund distribution.
  • Depository participant registration: a separate SEBI registration routed through NSDL or CDSL.

ROC Filing Notes

  • Every regulated activity must carry the ‘subject to SEBI registration’ qualifier. MCA rejects broking objects that read as if no licence is needed.
  • Do not combine broking, advisory and depository services into one clause. SEBI issues separate registrations for each, and the MOA should reflect that separation.
  • Net-worth and base minimum capital requirements apply per SEBI category. The MOA’s authorised capital should be set to accommodate them from day one.