Draft:YES Securities
Comment: Already at Draft:Yes Securities. -- DoubleGrazing (talk) 13:20, 27 July 2026 (UTC)
| Type | Subsidiary |
|---|---|
| Industry | Financial services |
| Founded | March 14, 2013 |
| Headquarters | Mumbai, Maharashtra, India |
Key people | Anshul Arzare (Managing Director & CEO) Amar Ambani (Executive Director) |
| Revenue | ₹ 341.9 crore (FY2025)[1] |
| ₹ 38.9 crore (FY2025)[1] | |
| Total assets | ₹ 1,285.5 crore (FY2025)[1] |
| Total equity | ₹ 445.5 crore (FY2025)[2] |
Number of employees | c. 623 (February 2024)[3] |
| Parent | Yes Bank |
| Website | www |
Yes Securities (India) Limited (YSIL) is an Indian financial services company headquartered in Mumbai, Maharashtra, and a subsidiary of Yes Bank. Incorporated in March 2013, it offers broking, margin trade funding, wealth management and institutional equities services. It is registered with the Securities and Exchange Board of India (SEBI) as a securities broker, research analyst and investment adviser, and is a member of the National Stock Exchange of India (NSE), BSE and Multi Commodity Exchange (MCX).[1][2] The company has been the subject of several SEBI and NSE enforcement actions between 2023 and 2026 over margin-reporting and client-compliance lapses.[4][5]
History
[edit]YSIL was incorporated on 14 March 2013 as a subsidiary of Yes Bank, created to provide the bank's customers with broking and capital-market services alongside the bank's existing offerings.[1] It registered with SEBI as a securities broker on 8 July 2013.[2]
Yes Bank's board was superseded by the Reserve Bank of India in March 2020 amid a liquidity crisis at the bank, which was then recapitalised under a State Bank of India-led reconstruction scheme;[6] YSIL continued operating as a subsidiary of the bank throughout this period. Further background on the episode is covered in the Yes Bank article.
The company's registered client base grew from roughly 150,000 as of March 2022 to 646,000 by March 2025, with a 0.27 per cent share of the cash-equity trading segment as of that date;[1] YSIL's own FY2024–25 annual report put its active client base at approximately 95,000 as of March 2025, following the addition of around 177,000 new accounts (36 per cent growth) during the year.[7] CareEdge Ratings separately put active clients at 80,309 as of 31 October 2025, based on NSE data.[2]
Yes Bank has periodically infused capital into YSIL. In 2023, following an application to the Reserve Bank of India, Yes Bank acquired 1.8 crore additional shares in YSIL for approximately ₹99.99 crore, a move the bank said was intended to help YSIL maintain adequate margins with exchanges and clearing corporations.[8] In February 2025, YSIL allotted over 2.53 crore equity shares to Yes Bank at a premium of ₹49.28 per share through a rights issue, raising a further ₹149.99 crore.[9][10] CareEdge Ratings has linked YSIL's own credit rating to the continuation of such need-based support from Yes Bank.[2]
Also in October 2024, YSIL allotted shares to employees and former employees under its stock option plan; as a result, Yes Bank's shareholding fell below 100 per cent and the company ceased to be a "wholly owned subsidiary" of the bank, while remaining its subsidiary.[7]
In September 2024, SEBI approved YSIL's application to surrender its merchant banking registration.[7] The company has also applied to surrender its membership of the National Commodity and Derivative Exchange and National Commodity Clearing Limited.[7]
In February 2025, YSIL's shareholders approved amending the company's memorandum of association to permit distribution of insurance products as a corporate agent, as well as loan and credit-card distribution; the company subsequently began the process of registering with the Insurance Regulatory and Development Authority of India.[7]
In March 2025 the company introduced OMNI, a mobile trading application combining a Yes Bank savings account, a demat account and a YSIL trading account within a single sign-up.[11] In January 2026, Yes Bank received regulatory approval to transfer its retail demat undertaking to YSIL, consolidating the group's securities-related operations within the subsidiary.[12]
Operations
[edit]YSIL operates across retail broking, institutional equities, and wealth management. It offers a "3-in-1" account structure integrating banking, demat and trading services for retail clients across equities, derivatives, mutual funds and IPOs.[1] The company also operates an investor-education portal and a platform for alternative investment products, including portfolio management services and alternative investment funds.[13][14]
Its margin trade funding (MTF) book grew from ₹101.3 crore as of March 2021 to ₹550.30 crore as of March 2025 and ₹893.96 crore as of September 2025, with interest income from the facility accounting for around 40 per cent of total income in the first half of FY2026.[2] In FY2024–25, revenue from the company's wealth broking business grew 27 per cent year-on-year to ₹317.20 crore, while institutional broking revenue grew 10 per cent to ₹24.49 crore; the institutional equities division added 11 new institutional clients during the year, taking its total to 121, and its research team covered more than 200 listed companies.[7] The division's research is periodically cited in Indian financial media covering sectors such as oil refining and health insurance.[15]
Until September 2024, YSIL was also registered with SEBI as a Category I merchant banker; CareEdge Ratings has said the company was involved in facilitating IPO-linked exits for private equity investors during this period.[2] [a]
As of March 2025, the company operated more than 12 branches and 554 trading terminals.[1] CRISIL has rated YSIL's commercial paper programme 'CRISIL A1+', citing expected support from its parent, Yes Bank, alongside modest but improving earnings and exposure to a highly competitive broking industry.[1] CareEdge Ratings has separately reaffirmed an issuer rating of 'CARE AA-' with a stable outlook and a commercial paper rating of 'CARE A1+', citing YSIL's operational linkages with Yes Bank, its retail broking franchise, and moderate leverage; the issuer rating was raised from 'CARE A; Positive' in February 2024 to 'CARE A+; Stable' in December 2024 and to 'CARE AA-; Stable' in July 2025.[2]
In a December 2024 review, Forbes Advisor India described the company's brokerage fees as competitive and its research offering as a strength, while noting it lagged discount brokers on user-friendliness and marketing reach.[16]
Board and management
[edit]As of its FY2024–25 annual report (year ended 31 March 2025), YSIL's board comprised eight directors: Prashant Kumar (Chairman, Non-Executive Director, and then Managing Director & CEO of Yes Bank); Rajan Pental and Tushar Patankar (Non-Executive Directors, both also Yes Bank executives); Manoj Fadnis, Chitra Andrade and Ram Rastogi (Independent Directors); and Anshul Arzare (Managing Director & CEO) and Amar Ambani (Executive Director).[7] Dhananjaya Tambe, a former deputy managing director of the State Bank of India, joined as an additional Independent Director in June 2025.[7] [b]
Financial performance
[edit]| FY2024 | FY2025 | H1 FY2026 | |
|---|---|---|---|
| Total income | 272.70 | 341.94 | 177.53 |
| Profit after tax | 30.39 | 38.85 | 16.42 |
| Tangible net worth | 253.67 | 445.54 | 465.43 |
| Margin trading facility book | 599.22 | 550.30 | 893.96 |
| Overall gearing (x) | 2.43 | 1.09 | 1.61 |
| Return on net worth (%) | 16.20 | 11.11 | 9.46 |
Source: CareEdge Ratings.[2] [c]
Around ₹250 crore of assets under management (AUM) in its wealth business had grown to a target of ₹10,000 crore within two years, according to a company official quoted by The Hindu BusinessLine.[17] [d]
Regulatory and Legal Matters
[edit]In September 2023, SEBI fined YSIL ₹5 lakh following a joint inspection with the NSE, BSE and MCX that found the company had misreported margin data and overstated a client's net worth by approximately ₹1.89 crore between July 2021 and March 2022; the regulator also found account statements had been sent late and to incorrect email addresses.[4]
In January 2024, the Delhi District Consumer Disputes Redressal Commission (North District) ordered YSIL to refund ₹59,000 with 9 per cent annual interest, plus ₹50,000 in compensation, to a client who said the company failed to deliver services promised under a premium research subscription. After YSIL did not comply, the commission ordered the company's Yes Bank and HDFC Bank accounts frozen in September 2024.[18]
In May 2026, the NSE barred YSIL from onboarding new clients for three months and imposed a monetary penalty over deficiencies in upfront and peak margin compliance.[5][19] The exchange lifted the restriction on 1 July 2026, ahead of the original deadline, after reviewing the company's corrective measures.[20]
Notes
[edit]- ^ CareEdge Ratings' January 2026 report continues to describe YSIL as "also a registered merchant banker" despite the September 2024 surrender disclosed in YSIL's own FY2024–25 annual report and secretarial audit report — this discrepancy should be checked against SEBI's intermediary database before publication.
- ^ A later board list is needed for the FY2025–26 annual report, which was too large to retrieve in full; please confirm the chairman and any other changes against that document (URL: https://yesinvest.in/img/regulatory-disclosures/annual-reports/Annual-Report-2025-26.pdf) before publication.
- ^ YSIL's own FY2024–25 Directors' Report shows a lower FY2024 comparative profit-after-tax figure of ₹23.95 crore, restated under Ind-AS following the company's transition to that standard on 1 April 2024; the ₹30.39 crore figure above follows the presentation used in CRISIL and CareEdge's ratings reports.
- ^ This is an aspirational target as stated to the press, not a confirmed outcome, and the article's publication date needs to be confirmed to place it correctly in the article's chronology.
References
[edit]- ^ a b c d e f g h i "Rating Rationale: Yes Securities (India) Limited". CRISIL Ratings. 2025-08-18.
- ^ a b c d e f g h i "Rating Rationale: Yes Securities (INDIA) Limited" (PDF). CareEdge Ratings. 2026-01-07.
- ^ "YES SECURITIES (INDIA) LIMITED - Company Profile & Financials". Tracxn. Retrieved 2026-07-27.
- ^ a b "Sebi penalises YES Securities for wrong reporting of margin, discrepancies". Business Standard. Press Trust of India. 2023-09-28.
- ^ a b "NSE bars new client onboarding at YES Securities for 3 months, imposes ₹2 lakh penalty". The Economic Times. 2026-05-27.
- ^ "Yes Bank shares plunge over 13 pc". Business Standard. Press Trust of India. 2020-03-12.
- ^ a b c d e f g h Annual Report 2024–25 (PDF) (Report). Yes Securities (India) Limited. 2025-04-16.
- ^ "Yes Bank sinks 1% on buying Yes Securities shares worth Rs 100 crore". Moneycontrol. 2023-09-29.
- ^ "Yes Bank invests Rs 148.71 cr in YES Securities". Business Standard. 2025-02-05.
- ^ "YES Bank invests Rs 148.71 crore in YES Securities via rights issue". Moneycontrol. 2025-02-05.
- ^ "YES Securities' OMNI App Brings Smarter, Faster Demat Account Access to Retail Investors". The Tribune. 2025-11-19.
- ^ "Yes Bank Gets Approval To Transfer Demat Undertaking Under Retail Division To Yes Securities". Reuters (via MarketScreener). 2026-01-06.
- ^ "Knowledge Hub". Yes Securities (India) Limited. Retrieved 2026-07-27.
- ^ "Wealth Box". Yes Securities (India) Limited. Retrieved 2026-07-27.
- ^ "MRPL shares rise 6%; Yes Securities forecasts improved Q2 performance". Business Standard. 2025-07-22.
- ^ Aashika Jain (2024-12-30). "YES Securities Review". Forbes Advisor India.
- ^ "YES Securities targets AUM of Rs 10,000 crore in two years". The Hindu BusinessLine.
- ^ "Consumer court orders bank account of Yes Securities to be frozen". TV9 Bharatvarsh. 2024-10-01.
- ^ "NSE bans YES Securities from onboarding clients for three months: Report". CNBC-TV18. 2026-05-27.
- ^ "Yes Bank Subsidiary Gets Major Relief as NSE Lifts Ban Before Deadline". India Infoline. 2026-07-01.