Total Demat accounts increased to 148m in Feb`24 by Motilal Oswal Financial Services
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• Demat additions surged MoM to 4.3m
• NSE active clients increase for the eighth consecutive month
According to Motilal Oswal Financial Services, the total number of demat accounts increased to 148m in Feb’24. New account additions surged to 4.3m in Feb’24 vs. average monthly additions of 2.1m in FY23. In Feb’24, CDSL continued to gain market share in terms of the total number of demat accounts and also an increase in the market share on a MoM basis. On a YoY basis, NSDL lost 380bp/920bp market share in total/incremental demat accounts.
NSE active clients increase for the eighth consecutive month
The number of active clients at NSE increased 4.8% MoM to 40.05m in Feb’24. Currently, the top five discount brokers account for 63.5% of total NSE active clients vs. 59.6% in Feb’23.
Performance of key discount brokers: Zerodha reported a 3.3% MoM increase in its client count to 7.2m, with market share declining 30bp to 18.0%. ANGELONE reported a 5.2% MoM increase in its client count to 5.9m, with a market share of 14.9%. Upstox reported a 4.1% MoM increase in its client count to 2.5m, with a marginal decline in market share to 6.2%. Groww reported a 9.1% MoM increase in its client count to 9.2m, with a
rise in market share to 22.9%
Performance of key traditional brokers: ISEC reported a 0.3% MoM decline in its client count to 1.9m, with a decline in market share to 4.7%. IIFL Sec reported a 2.7% MoM increase in its client count to 0.4m, with a market share of 1.1%.
Overall ADTO up 5% MoM
Total ADTO surged 132% YoY (up 5% MoM) to INR485t, with F&O ADTO increasing 132% YoY. Cash ADTO increased 3.7% MoM. Total ADTO from BSE increased 29% MoM to INR 74t, led by growth in F&O volumes. On a MoM basis, the share of BSE in the total cash T/O segment improved to 8.3% in Feb’24 (Jan’24 8.0%). Retail cash ADTO increased 3% MoM basis to INR 533b (up 151% YoY).
Commodity volumes declined MoM
Total volumes on MCX declined MoM to INR 25.6t in Feb’23; Volumes in OPTFUT (Options on Futures) declined 15.5% MoM to INR 22.1t. Overall ADTO volumes declined 11.6% MoM to INR1.2t. OPTFUT ADTO volumes declined 11.5% MoM and FUTCOM (Futures on Commodities) ADTO declined 12.4% MoM. This was mainly led by a 41.8% MoM decline in natural gas and a 33.1% decline in gold. On the other hand, Silver increased 30.5% on a MoM basis. Options ADTO volumes declined 11.5% MoM on account of a 59.4%/46.5% MoM decrease in Gold/Natural gas ADTO on a MoM basis
