Buoyant Capital Markets Aid Indian Brokerage Industry Players To Flourish: ICICI Direct
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ICICI Direct Report
Indian brokerage industry has been undergoing structural shift from percentage led business model to flat brokerage and subscription based model.
Market share of top two discount brokers in terms of number of clients, namely Zerodha and Upstox, has increased from 17% to 30% in past one year, which reflects clients’ attraction towards flat brokerage plans.
Overall market average daily turnover has increased over approximately two times from Rs 14.4 lakh crore in Q3 FY20 to Rs 31.1 lakh crore in Q3 FY21, and has shown increasing trends sequentially.
Client addition also has been on similar lines with active clients increasing 67% YoY to ~1.63 crore; with substantial participation from new to market customers from tier-II and below cities.
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