Promoted by Milan R Parikh and Bakul R Parikh, Action Financial Services (AFSIL) was established as a public limited company in Bombay to undertake portfolio management services (PMS), investment advisory and financial counselling services along with merchant banking and other related activities. It is a SEBI registered category-II merchant banker. In Dec.'94, AFSIL launched a special PMS called ATOM, a high power portfolio management plan designed specifically for a small investors who wish to benefit from stock market operations. AFSIL is now expanding its services to include share discounting, share broking and bills discounting. The company acquired a running stock broking business from a member of BSE with goodwill which will help it to strengthen its stock broking division. During 1996-97, the company started operations in depository division from April, 1997 (An organisation concerned with handling and holding of securities on behalf of the investors) after it received approval from NSDL. The company has launched Tele Depository Services during the year 1999-2000, which has brought in more account holders as it ensures security banking along with convenience and enjoyable experience. The company has entered into the derivative market which has commenced from June'2000 as a trading cum clearing member of NSE and BSE.