Master Capital Services Limited

Master Capital Services Ltd (MCSL), a wholly owned subsidiary of Ludhiana-based Master Trust Ltd (MTL), has been active in the capital markets since 1994. Within the MTL Group, MCSL functions as the main operating company, as the group's other business lines—non-banking financial company (NBFC) activities, insurance broking, land and securities dealing, and commodity trading—contribute only marginally to overall Group performance. MCSL's core business is equity broking, focused mainly on retail clients, while it also maintains a smaller footprint in commodity broking, currency broking, margin trade funding, and financial product distribution. In addition, the company runs proprietary trading operations, which have grown considerably over the past five years. MCSL holds corporate membership on the National Stock Exchange (NSE), Bombay Stock Exchange (BSE), Multi Commodity Exchange (MCX), and National Commodity and Derivatives Exchange (NCDEX), and its primary offering is secondary market broking for retail customers. The company has built a nationwide footprint, operating through 55 branches and 721 franchisees, and served an active NSE client base of 63,508 as of June 2025.