Started in 1944, Prabhudas Lilladher Group is one of the few financial services firms that have seen multiple market cycles. With a sharp focus on research, it has transformed itself into a complete financial services company under PL Capital. spoke to Amisha Vora, promoter, Chairperson and Managing Director, PL Capital Group. Excerpt:
What are the challenges you faced in rising from an analyst to owning PL?
Rising from an analyst to owning and leading PL Capital (Prabhudas Lilladher Group) in an industry with limited female representation was both challenging and deeply rewarding. Early in my career, the challenge was not only to prove competence, but to continuously demonstrate a level of professionalism that often went beyond what was expected of my male counterparts. This extended to the substance of every meeting, the value addition in discussions and an uncompromising commitment of time. Travelling across the globe for over 15 days a month, including short notice travel to the US, was not infrequent. This rigour, sustained for over two and a half decades across multiple verticals eventually led me to a defining crossroads: remaining part of the seller group (which held 72 per cent of the shareholding in the PL Group) or becoming the sole owner by acquiring their stake. I chose the latter, acquiring a 96 per cent stake in PL Capital.
How do you see competition from online stock trading platforms?
The growth of online trading platforms represents a natural and necessary evolution of India’s capital markets. Technology has expanded access, improved execution efficiency, and enhanced transparency. These developments, supported by progressive regulatory reforms, have made digital access indispensable for investors who now expect continuous visibility and informed control over their financial lives. At PL Capital, our approach recognises that technology is an enabler, not a substitute, for trust and judgement. We are therefore strengthening our digital ecosystem, while remaining firmly committed to our undiscounted, 360-degree phygital model. We plan to integrate advanced quantitative and AI-driven tools across investments and financial planning. This will enable us to enhance decision-making and risk management, while remaining a premium, advisory-led institution focused on long-term client outcomes rather than transactional scale.
How do you see increased retail participation in the market?
India has about 21 crore demat accounts—nearly three times the number four years ago—underscoring a meaningful shift in how households engage with capital markets. We are seeing steadier SIP inflows, longer holding periods, and a growing preference for disciplined investing over purely momentum-driven activity. As participation deepens, it also places a greater responsibility on market institutions to prioritise education, risk awareness, and long-term frameworks for wealth creation. Demat accounts are increasingly being used as gateways not only to equities and MFs, but also to debt instruments, REITs, and other asset classes.
Which part of the business is witnessing faster growth?
After taking over in November 2022, I added corporate finance and investment banking teams and that move proved very timely as family offices, HNIs, ultra HNIs and all institutions actively participated in deals originated by PL Corporate Advisory and Investment Banking teams. In the past 3 years, this business has grown 5 times, executing 9 transactions and 18 marquee mandates. We pioneered quant-based investment strategies such as AQUA and Multi Asset Dynamic Portfolio. Grounded in data, our conviction in pioneering quant strategies was validated when AQUA delivered over 76 per cent returns in its debut year in 2023. It has delivered 25 per cent CAGR and 6 per cent alpha CAGR over two and a half years. We also launched PL Alternative Asset Management Performing Credit Fund to mark our entry into private credit. Our retail and distribution business has been steadily growing along with the markets. However, to expand our market share, we need an infusion of capital to meet client demand for Margin Trading Funding. The wealth management and private banking business was established in 2024 and made our technology and operations backbone ready. Now we plan to do bolt on acquisitions of regional IAFs to expand inorganically and garner AUMs.
Any plans to enter the MF business or venture into new businesses?
Yes, we are actively progressing towards entering the mutual fund business as part of our long-term strategic expansion. Building on the success of our quantitative and smart-beta strategies, and guided by our research-led investment philosophy, we are preparing to launch differentiated mutual fund offerings for a wider investor base. Our objective is to build a comprehensive, future-ready financial services platform—one that can evolve alongside investor needs while remaining grounded in governance, research depth and risk discipline.
How do you see market intermediaries’ businesses evolving next year amid tightening SEBI regulations?
SEBI’s evolving regulatory framework reflects the increasing maturity of India’s capital markets. Measures aimed at strengthening transparency, governance and investor protection ultimately enhance market resilience and trust. While compliance requirements may increase, intermediaries with strong governance standards, disciplined processes and robust technology and research capabilities will be better positioned to scale sustainably. We remain open to partnerships that can leverage our institutional platforms and shared commitment to governance.
Will SEBI move for direct fund transfers to investors without broker involvement impact stockbroking business?
SEBI’s proposal for direct fund transfers is aligned with the broader objective of enhancing investor safety and transparency. It builds on earlier reforms that made shareholdings largely broker-independent and mechanisms such as ASBA, which ensure that investor funds remain within the banking system until required. While such changes may reduce broker float income, regulatory evolution has been a consistent feature of India’s market journey. Over time, firms that succeed will be those that articulate a clear value proposition—centred on research, advisory, and long-term client outcomes—rather than reliance on transactional income streams.