Total Demat Accounts Increased to 162m in Jun`24: Motilal Oswal Financial Services
According to Motilal Oswal Financial Services, the total number of demat accounts increased to 162m in Jun’24. The new account additions jumped 4.2m in Jun’24 (with average monthly additions of 3.4m so far in FY25). In Jun’24, CDSL continued to gain market share in terms of the total number of demat accounts. It raised its overall market share MoM. On a YoY basis, NSDL lost 420bp/620bp market share in total/incremental demat accounts.
NSE active clients increase sequentially
The number of active clients on NSE increased 3.1% MoM to 44.2m in Jun’24. Currently, the top five discount brokers account for 64.4% of total NSE active clients vs. 58.2% in Jun’22
Performance of key discount brokers:
Zerodha reported a 2.1% MoM increase in its client count to 7.7m, with a 20bp decline in market share to 17.3%. Groww reported a 5.4% MoM increase in its client count to 10.9m, with a 55bp rise in market share to 24.7%. Angel One reported a 3.4% MoM increase in its client count to 6.7m, with a 5bp rise in market share to 15.2%. Upstox clocked a 2.7% MoM increase in its client count to 2.7m, with a market share of 6%.
Performance of key traditional brokers:
ICICI Sec reported a 0.8% MoM increase in its client count to 1.9m, with a 10bp drop in market share to 4.3%. IIFL Sec reported a 0.6% MoM increase in its client count to 0.4m, with a 5bp dip in market share to 1%.
BSE’s F&O ADTO increases MoM
The total ADTO increased 15% MoM (up 92% YoY) to INR499t, with F&O ADTO rising 15% and Cash ADTO increasing 37.5% MoM. The total ADTO for BSE increased 9% MoM (led by growth in F&O volumes), and for NSE it increased 17.1% MoM. On a MoM basis, the market share of BSE in the total cash T/O segment rose to ~7.2% in Jun’24 (vs. ~6.4% in May’24). BSE’s market share in the options notional T/O segment declined to ~22% from ~23.2% in May’24 and for options premium T/O declined to ~8.7% from ~9.7% in May’24.
Total volumes dip 10.7% on a MoM basis
The total volumes on MCX declined 10.7% MoM to INR36.6t in Jun’24 (vs. INR41.0t in May’24); volumes in OPTFUT declined 9.7% MoM to INR31.4t. Overall ADTO increased 2.7% MoM to INR1.8t; Options ADTO increased 3.9% MoM, while Futures ADTO declined 3.8% MoM. Options ADTO increased due to a 3%/5%/258% increase in Crude Oil/Natural Gas/Silver ADTO. On the other hand, Gold ADTO declined 46% on a MoM basis. Futures ADTO declined 3.8% MoM, led by a decline in Gold ADTO (24% MoM). Silver ADTO/Natural Gas ADTO increased 12%/6% MoM.
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