JM Financial Services Limited is an Indian stockbroker and depository participant with separate advisory and research registrations. Its February 2026 non-individual form leaves commission fields for contractual completion but itemises clearing, documentation and default charges. JMPro is the current app/web route; its US-investment offering is a referral to Stockal with a different redress framework.[2][3][1]
Broker essentials01
JM Financial Services — essential facts
| Measure | Value | Context |
|---|---|---|
| Broker | JM Financial Services | Source 2 |
| Contracting securities company | JM Financial Services Limited | Source 2 |
| Home market | India | Source 2 |
| Platform or dealing route | JMPro app and JMProWeb; dealer-assisted services | Source 2 |
| Official site | https://www.jmfinancialservices.in/ | Source 2 |
Accounts and eligibility
Sections ↑At a glance02
Accounts and eligibility
| Item | Published terms | Scope and implications |
|---|---|---|
| Non-individual registration | Combined NSDL/CDSL and broking account form dated 18 February 2026. | Documents, authorisations and nominee provisions vary with ownership type.Source 1 |
| Cash segment | Client can enrol for permitted cash market dealing using exchanged registration documents. | Personal agreement determines final fee and trading mandate.Source 1Source 2 |
| Derivatives segments | Combined form includes equity futures/options, currency futures/options and commodity futures/options fields. | Eligibility and authorisation are contract-specific.Source 1 |
| Depository participant | JMFS lists DP registration IN-DP-541-2020 with NSDL and CDSL account routes. | Trading account and dematerialised ownership are separate records.Source 2Source 1 |
| Advisory account | SEBI lists investment adviser registration INA000012351. | Investment advisory agreement must not be confused with execution-only broking.Source 4 |
Markets and services
Sections ↑At a glance03
Markets and services
| Item | Published terms | Scope and implications |
|---|---|---|
| NSE/BSE securities | Firm registration page gives NSE member 10548 and BSE member 325 under broker registration. | Exchange trading venues matter for settlement and fee handling.Source 2 |
| Equity derivatives | Onboarding form provides F&O segment permissions and pricing fields. | Margin is contract- and exchange-dependent.Source 1 |
| Currency derivatives | Currency futures and options appear in segment tables. | Exchange-traded FX derivatives differ from a leveraged offshore CFD.Source 1 |
| Commodities | Broker has MCX member 56555 and NCDEX member 01282. | Commodity-specific taxes, physical delivery and limits apply.Source 2Source 3 |
| Funds and new issues | Official disclosures include mutual fund commissions and investment-product distribution. | An AMFI distributor relationship is distinct from discretionary stock dealing.Source 2Source 6 |
| US investing | Introductions/referrals to Stockal; client dealings and KYC are directly with that provider. | The JMFS disclosure says these US transactions fall outside SEBI and Indian exchange investor-redress/arbitration processes.Source 2 |
Commissions and other charges
Sections ↑At a glance04
Commissions and other charges
| Item | Published terms | Scope and implications |
|---|---|---|
| Brokerage cells | Form leaves percentage/minimum cells blank for contractual completion. | Never invent an 0.05%, ₹20 or similar flat trade price.Source 1 |
| Futures clearing ceiling | Up to ₹50 per crore on applicable futures contracts in the form. | A clearing charge is not the base brokerage commission.Source 1 |
| Options clearing ceiling | Up to ₹1,000 per crore calculated on options premium. | Contract-level and exchange fees can coexist.Source 1 |
| Defaulting short seller | Up to 0.5% of scrip value charged for short-delivery shortfall beyond other closeout items. | Short delivery can create exceptional losses.Source 1 |
At a glance05
Commissions and other charges
| Item | Published terms | Scope and implications |
|---|---|---|
| Contract-note documents | Up to ₹15 per contract note. | Check whether the chosen electronic statement option affects actual billing.Source 1 |
| Returned cheque | 1% of bounced cheque amount or ₹500, whichever is higher. | This is a default event fee, not ordinary withdrawal pricing.Source 1 |
| SMS optional | ₹150 + GST per quarter where service elected. | Optional recurring communications can affect total client costs.Source 1 |
| Trading documentation | ₹1,000 account-opening documentation charge shown in reviewed non-individual form. | Apply only to specified contract scope, not all retail accounts.Source 1 |
Platforms and trading rules
Sections ↑At a glance06
Platforms and trading rules
| Item | Published terms | Scope and implications |
|---|---|---|
| NSE member | 10548 in current registration details. | NSE cash and derivatives orders require corresponding exchange segments.Source 2 |
| BSE member | 325 in registration details. | Do not conflate exchange code with client’s unique account ID.Source 2 |
| Commodity members | MCX 56555 and NCDEX 01282 under INZ000195834. | Commodity access may involve separate risk disclosures.Source 2Source 3 |
At a glance07
Platforms and trading rules
| Item | Published terms | Scope and implications |
|---|---|---|
| Trade-to-trade stocks | Form charges delivery brokerage even for intraday trades in trade-to-trade securities. | A forced-delivery security cannot always be treated as an intraday position.Source 1 |
| SLBS brokerage | The form states a 2.5% maximum and prints a minimum as “0.01ps” of trade value, plus lending/borrowing fees. | The minimum’s unit is unclear in the document; it is not converted here into a usable rupee or percentage tariff.Source 1 |
| Funding requirements | Signed agreement and exchange margin rules set actual capacity. | No universal leverage multiplier is asserted.Source 1 |
Funding and settlement
Sections ↑At a glance08
Funding and settlement
| Item | Published terms | Scope and implications |
|---|---|---|
| Client pay-in | Account needs sufficient margin and pay-in funds before orders as applicable. | Cash requirement may exceed anticipated brokerage amount.Source 1 |
| Demat pay-in/pay-out | Form passes depository-related actual charges on specified securities transfers. | Settlement is not guaranteed free by a low brokerage headline.Source 1 |
| H-5 scheme surcharge | ₹15 additional brokerage per scrip sold if the specified DP H-5 tariff chosen. | Not an automatic surcharge for all JMFS customers.Source 1 |
At a glance09
Funding and settlement
| Item | Published terms | Scope and implications |
|---|---|---|
| I-Discount surcharge | ₹10 additional brokerage per scrip sold where I-Discount DP tariff elected. | Check selected DP schedule on account.Source 1 |
| Late payment interest | Contract refers to interest on delayed payments without universal quoted annual rate. | No unsupported finance rate supplied.Source 1 |
| Cheque failure | Documented 1%/₹500 greater-of rule. | Alternative electronic payment may avoid cheque-specific incident charges.Source 1 |
Legal entity and regulatory record
Sections ↑At a glance10
Legal entity and regulatory record
| Item | Published terms | Scope and implications |
|---|---|---|
| Stock broker | SEBI registration INZ000195834 corroborated by NCDEX and JMFS. | Principal brokerage licence identifier.Source 2Source 3 |
| Depository participant | SEBI DP ID IN-DP-541-2020. | Depository book-entry assets differ from bank deposits.Source 2 |
| Investment Adviser | SEBI INA000012351, validity listed perpetual. | Advisory mandate does not automatically cover every brokerage client.Source 4 |
At a glance11
Legal entity and regulatory record
| Item | Published terms | Scope and implications |
|---|---|---|
| Research Analyst | SEBI INH000001196, validity perpetual. | Research is not guaranteed return or personalised discretionary advice.Source 5 |
| CIN | U67120MH1998PLC115415 in firm legal footer. | Useful for entity identity.Source 2 |
| Investor funds | Client protection depends on actual Indian securities settlement rules and account agreements. | No imported UK FSCS or US SIPC ceiling.Source 1 |
- Headquarters
- India
Legal entities & licences
These are source-dated records, not a blanket assessment of the broker. Read each issuer, identifier, status and scope together.
JM Financial Services Limited
IndiaSource 2
No separate licence entry is recorded in this panel.
Support and complaints
Sections ↑At a glance12
Support and complaints
| Item | Published terms | Scope and implications |
|---|---|---|
| Compliance officer | Amar Agrawal; +91 22 4505 7165; [email protected]. | Company registration page.Source 2 |
| Broking complaints | [email protected]; +91 22 5023 7000. | Contact stated in the February 2026 account form.Source 1 |
| Depository complaints | [email protected]. | Separate depository grievance address in the same form.Source 1 |
| Registered office | 7th floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025. | NCDEX and company record; incorporation in 1998 and NCDEX membership from 2019.Source 2Source 3 |
Additional investment services
Sections ↑At a glance13
Additional investment services
| Item | Published terms | Scope and implications |
|---|---|---|
| Depository | Demat NSDL/CDSL custody account access. | Watch DP, transaction and pledge charges.Source 2Source 1 |
| Investment advisory | Registered financial advice via IA authorisation. | Adviser’s disclosure and remuneration separate from share execution.Source 4 |
| Research | Authorised research analyst registration. | No performance guarantee follows.Source 5 |
| Distribution | Mutual-fund distribution activity and ARN cited by firm. | Fund commission disclosures are distinct from share brokerage.Source 2Source 6 |
| Commodity derivatives | Member NCDEX and MCX access. | Contract margin and settlement terms instrument-specific.Source 3Source 2 |
Sources & further reading
- JM Financial Services combined NSDL/CDSL non-individual broking onboarding form dated 18 February 2026 JM Financial Services · Accessed 29 Oct 2026
- JM Financial Services official registration details and broker, DP, RA, IA numbers JM Financial Services · Accessed 29 Oct 2026
- NCDEX member detail JM Financial Services as of 24 October 2026 National Commodity & Derivatives Exchange · Accessed 29 Oct 2026
- SEBI registered Investment Adviser INA000012351 Securities and Exchange Board of India · Accessed 26 Oct 2026
- SEBI registered Research Analyst INH000001196 Securities and Exchange Board of India · Accessed 26 Oct 2026
- Official regulatory disclosure archive and client risk notices JM Financial Services · Accessed 26 Oct 2026
This profile reports dated public information, including broker-published services and terms. It does not independently test or guarantee execution, pricing or withdrawals. Inclusion is not an endorsement. Permissions and protections apply only to the named legal entity, service and client category; check the current official records and your contract.