EXHIBIT 21

NATIONAL HOLDINGS CORPORATION

September 30, 2012

		Percentage
		of Voting
	State of	Securities
Subsidiary Name	Incorporation	Owned
National Securities Corporation	Washington	100%
National Asset Management, Inc.	Washington	100%
National Insurance Corporation	Washington	100%
National Securities Futures Corporation	Washington	100%
vFinance, Inc.	Delaware	100%
Critical Advisors, LLC	Virginia	(1)
Critical Investors, LLC	Virginia	(1)
vFinance Investments Holdings, Inc.	Florida	(1)
vFinance Executive Services, Inc.	Florida	(1)
vFinance Holdings, Inc.	Florida	(1)
vFinance Investments, Inc.	Florida	(2)
EquityStation, Inc.	Florida	(3)
Osage National	Florida	(4)

(1)	100% owned by vFinance, Inc.
(2)	100% owned by vFinance Investment Holdings, Inc.
(3)	24.9% owned by minority interest
(4)	60.0% owned by unconsolidated affiliate