ICICI Securities Q3 Review - Bumpy Road Ahead, Says HDFC Securities  

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HDFC Securities Report

Led by healthy trading activity (average daily trading volume cash/derivative: up 80.4/29.2% YoY), ICICI Securities Ltd. reported pure broking revenue growth of 61.3/down 7.6% YoY/QoQ.

With part implementation of peak margin, the company lost 250 basis points QoQ in derivative market share. This loss was stark at 460bps month-on-month in December -2020.

We remain wary of the impact of the successive phases of peak margin regulations on overall trading activity.

Discount brokers acquiring higher client share remains a concern.

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