  We present the results of our broadband study of the $\gamma$-ray emitting
narrow line Seyfert 1 (NLSy1) galaxy SBS 0846+513 ($z=0.585$). This includes
multi-band flux variations, $\gamma$-ray spectral analysis, broad band spectral
energy distribution (SED) modeling, and intranight optical variability (INOV)
observations carried over 6 nights between 2012 November and 2013 March using
the 2 m Himalayan Chandra Telescope and the 1.3 m telescope at Devasthal.
Multiple episodes of flaring activity are seen in the $\gamma$-ray light curve
of the source which are also reflected in the observations at lower
frequencies. A statistically significant curvature is noticed in the seven
years averaged $\gamma$-ray spectrum, thus indicating its similarity with
powerful flat spectrum radio quasars (FSRQs). Modeling the SEDs with a one zone
leptonic emission model hints the optical-UV spectrum to be dominated by
synchrotron radiation, whereas, inverse Compton scattering of broad line region
photons reproduces the $\gamma$-ray part of the SEDs. The source was found to
be variable on all the six nights of optical observations with a variation of
$\sim$0.3 magnitude within a single night, coinciding with a high $\gamma$-ray
activity state. The observed large amplitude INOV clearly indicates the
presence of a closely aligned beamed relativistic jet in SBS 0846+513. Our
broadband study supports the recent claims in literature that $\gamma$-ray
emitting NLSy1 galaxies are similar to blazars and constitute the low black
hole mass counterparts to FSRQs.
