New Delhi, Dec. 2 -- It is not just Karvy Stock Broking Ltd, which was banned by market regulator, the Securities and Exchange Board of India (Sebi), that relied heavily on bank loans. A Mint analysis, based on the charges created on assets of brokerage firms, shows lenders extending credit limits of over Rs.9,000 crore for the top 15 brokerages.

The exposure, however, acts as a proxy for the amount of the loans on their books, since the amount might not have been completely utilized or disbursed to brokerage firms. Brokers typically use loans from banks and non-bank lenders for working capital requirements and to fund clients for their capital market exposure. Since Zerodha Broking Ltd, Sharekhan by BNP Paribas, HDFC Securities and RKSV...