Founded in 1944, Prabhudas Lilladher Group is one of the few financial services companies that has experienced multiple market cycles. With a sharp focus on research, it has transformed itself into a complete financial services provider under PL Capital. business line spoke with Amisha Vora, promoter, chairman and managing director of PL Capital Group. Extract:
What challenges did you face growing from an analyst to an owner of PL?
Rising from analyst to owner and leader of PL Capital (Prabhudas Lilladher Group) in an industry with limited female representation has been both challenging and highly rewarding. Early in my career, the challenge was not just to prove my competency, but to continually demonstrate a level of professionalism that often went above and beyond what was expected of my male counterparts. This extended to the content of each meeting, the added value in discussions and an uncompromising commitment of time. Traveling around the world for more than 15 days a month, including short-term trips to the US, was not unusual. This rigor, which I maintained for over twenty and a half decades across multiple industries, ultimately led me to a defining crossroads: whether to remain part of the seller group (which owned 72 percent of the shares in the PL Group) or become the sole owner by acquiring their stake. I chose the latter and acquired a 96 percent stake in PL Capital.
How do you see the competition from online stock trading platforms?
The growth of online trading platforms represents a natural and necessary evolution of Indian capital markets. Technology has expanded access, improved efficiency of implementation, and increased 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 recognizes that technology enables, not replaces, trust and judgment. We are therefore strengthening our digital ecosystem, while firmly adhering to our undisputed, 360-degree phygital model. We plan to integrate advanced quantitative and AI-driven tools into investments and financial planning. This will enable us to improve 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 greater retail participation in the market?
India has about 21 crore demat accounts – almost three times as many as four years ago – underscoring a meaningful shift in the way households interact with capital markets. We are seeing more stable SIP inflows, longer holding periods and a growing preference for disciplined investing over pure momentum-driven activity. As participation deepens, it also places greater responsibility on market institutions to prioritize education, risk awareness and long-term frameworks for wealth creation. Demat accounts are increasingly being used as a gateway not only to equities and MFs, but also to debt instruments, REITs and other asset classes.
Which part of the business is experiencing 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 brokered by the PL Corporate Advisory and Investment Banking teams. In the last 3 years, this company has grown 5 times and executed 9 transactions and 18 major mandates. We pioneered quantitative investment strategies such as AQUA and Multi Asset Dynamic Portfolio. Based on data, our belief in breakthrough quantitative strategies was validated when AQUA delivered over 76 percent returns in its debut year in 2023. It has achieved a CAGR of 25 percent and an alpha CAGR of 6 percent in two and a half years. We also launched the PL Alternative Asset Management Performing Credit Fund to mark our entry into private credit. Our retail and distribution activities are growing steadily with the markets. However, to expand our market share, we need a capital injection to meet customer demand for margin trading financing. The wealth management and private banking businesses were established in 2024 and have prepared our technology and operational backbone. Now we plan to push through the acquisitions of regional IAFs to inorganically expand and accumulate AUMs.
Are there any plans to enter the MF business or start new businesses?
Yes, we are actively moving towards entering the mutual fund industry as part of our long-term strategic expansion. Building on the success of our quantitative and smart beta strategies, and guided by our research-based investment philosophy, we are preparing to launch a differentiated investment fund offering for a broader investor base. Our goal is to build a comprehensive, future-proof financial services platform, one that can evolve with investor needs while remaining rooted in governance, research depth and risk discipline.
How do you see the activities of market intermediaries evolving next year amid the tightening of SEBI regulations?
SEBI’s evolving regulatory framework reflects the increasing maturity of Indian capital markets. Measures aimed at strengthening transparency, governance and investor protection ultimately increase market resilience and confidence. 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 strengthen our institutional platforms and shared commitment to governance.
Will SEBI move towards direct fund transfers to investors without the involvement of brokers, which will impact the stock brokerage industry?
SEBI’s proposal for instant money transfers is aligned with the broader objective of enhancing investor safety and transparency. It builds on previous reforms that made share ownership largely independent of brokers, and on mechanisms such as ASBA, which ensure that investors’ funds remain within the banking system until they are needed. While such changes may reduce brokers’ float revenues, regulatory evolution has been a consistent feature of the Indian market trajectory. Over time, the companies that succeed will be those that articulate a clear value proposition – focused on research, consulting and long-term customer outcomes – rather than relying on transactional revenue streams.
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