Shardul Securities Ltd., formerly known as Shriyam Securities & Finance (SSFL) was originally incorporated as Spotlight Trade & Finance, a public limited company, in Jul.'85. In May '93, the name of the company was changed to SSFL to reflect the ongoing diversifications into the fields of merchant banking and capital market operations. The company made its maiden public issue in Dec.'95 and commenced its operations shortly thereafter. Till 1988, the main business of the company was lending and hence the income was by way of interest. The company had not made any profits during that period. By Apr.'93, SSFL had also ventured into consulting services, merchant banking, etc. The company received SEBI registration as a category-I merchant banker in Sep.'93. The company later ventured into issue management and has managed several rights/public issues in various capacities such as lead managers/co-managers/advisors. SSFL has also been awarded the membership of the National Stock Exchange for both the wholesale debt market as well as the capital market segment. The membership has been transferred to its wholly-owned subsidiary, Shriyam Broking Intermediary. SSFL came out with a public issue of Rs 30 cr at a premium of Rs 20 per share to augment its resources for further growth and diversification.