Loans Against Securities Business Gains Traction

Fintechs Ahead of Traditional Lenders

- NESIL STANEY

The loans against securities (LAS) business, which typically involves disbursal of huge amounts of money by banks and shadow lenders against shares, mutual funds, and bonds, has seen a rising interest from brokerages, wealth managers, fintech aggregators, and specialists.

The increased pledging volume by India's rising urban investors (HNIs) and corporate honchos is leading the trend, said market experts. New types of securities, including exchange-traded funds and ESOPs, are also driving up volumes.

This helped Rurash Financials, a nascent Mumbai-based LAS firm, to clock revenue of Rs 25 crore in 2025, from Rs 7 crore in 2023. It is now "planning an initial public offering (IPO) valued between Rs 500 crore and Rs 1,000 crore," said MD and CEO Ranjit Jha. IPO advisors—Pantomath and HEM Securities—are being consulted for the issue.