Total Demat Accounts Increased to 151m in Mar`24 : Motilal Oswal Financial Services
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According to Motilal Oswal Financial Services, total number of Demat accounts increased to 151m in Mar’24. New account additions surged to 3.1m in Mar’24 (average monthly additions of 3.1m in FY24). In Mar’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 MoM basis. On a YoY basis, NSDL lost390bp/570bp market share in total/incremental Demat accounts.
NSE active clients increase for the ninth consecutive month
The number of active clients at NSE increased 1.8% MoM to 40.8m in Mar’24. Currently, the top five discount brokers account for 63.8% of the total NSE active clients vs. 59.9% in Mar’23.
Performance of key discount brokers: Zerodha reported a 0.9% MoM increase in its client count to 7.3m, with market share declining 20bp to 17.9%. Upstox reported a 0.6% MoM increase in its client count to 2.5m, with its market share declining 10bp to 6.2%. Groww reported a 3.8% MoM increase in its client count to 9.5m, with a 50bp rise in market share to 23.4%.
Performance of key traditional brokers:
ISEC reported a 1.3% MoM decline in its client count to 1.8m, with a 15bp decline in market share to 4.5%. IIFL Sec reported a 0.3% MoM increase in its client count to 0.4m, with a market share of 1.1%.
Overall ADTO declined ~5% MoM
Total ADTO declined 5% MoM (up 95% YoY) to INR461t, with F&O ADTO declining 5% MoM and Cash ADTO declining 16% MoM. Total ADTO from BSE increased 8% MoM (led by growth in F&O volumes), whereas total ADTO for NSE declined 7% MoM. On a MoM basis, market share of BSE in the total cash T/O segment improved to 8.5% in Mar’24 (Feb’24 8.3%). BSE’s market share in the total options notional T/O segment and options premium T/O improved to 17.5% and 7.2%, respectively, in Mar’24.
Overall ADTO on MCX increased 10% MoM
Total volumes on MCX increased MoM to INR 26.8t in Mar’24; volumes in OPTFUT increased 5.7% MoM to INR 23.4t. Overall ADTO volumes increased 10.3% MoM to INR1.3t. OPTFUT ADTO volumes increased 11% MoM. FUTCOM ADTO increased 6% MoM, led by an increase in Gold ADTO (101.5% MoM). On the other hand, Silver ADTO declined 32% on a MoM basis. Options ADTO volumes increased 11% MoM on account of a 306%/8% increase in Gold/Crude Oil ADTO. On the other hand, Silver declined 65% on a MoM basis.
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