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India Financial Brokerage Industry Outlook to FY’2024 – Compelling Incumbents to Adopt Hybrid Brokerage Model

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The publication titled ‘India Financial Brokerage Industry Outlook to FY’2024’ undertakes an in-depth analysis of Indian Capital Market Trading industry, changing preferences of retail and institutional investors, competitive landscape of full service brokerages, discounted brokerage firms and hybrid firms. It also covers the unique expansion strategies undertaken by key players, type of technological advancements integrated by different brokerage firms, Regulatory landscape, Future outlook & certain trends expected to be a reality soon. During 2001-05, trading was limited only to informed & institutional investors with majorly all trading tasks undertaken by brokers. However, with introduction of derivatives based trading & increasing internet penetration, retail investing took a major jump & led to the formation of a new brokerage model by Zerodha called discount brokerage. Since,  India has come a long way in improving trading infrastructure coupled with retail participation growing from almost Nil in 2001 to ~2% in 2019.

Traditional Brokerage Method-Full Service Brokerage

Brokerage Model of assigning a relationship manager & undertaking all trade related services from trade execution to overall portfolio management by charging high brokerage of 0.3-0.6%. Competition in full service brokerage is concentrated among top players including ICICI Securities, HDFC Securities, Kotak Securities, ShareKhan, Motilal Oswal etc competing on the basis of pricing, services offered, offline network, quality of advisory & research services offered, trading platforms etc. With increased financial & technological awareness, pricing became the top most consideration for millennial tech savy investors leading to emergence of discount brokerage model. However in current situation we see a changing trend of investors preferring to pay only for the services availed thereby forcing various FSBs to launch subscription/fee per service plans thereby making them hybrid in nature. As this trend is expected to continue in future, we might see some of the leading full service players like ICICI Securities converting their operating models to hybrid model.    

Discount Brokerage-Attracting customers with Minimal Brokerage Charges

Brokerage model offering only trade execution services through trading platforms at discounted flat fee charges of INR 20 or 0.01% (whichever is lower) irrespective of trade value involved. With no cost for hiring advisors & analysts and no offline trading outlets, discount brokers are able to operate at very less operating cost compared to full service brokers. However, High investment cost incurred by them is related to in-house technology development or outsourcing it.  The uniformity in pricing forces the players to compete on parameters such as technology, complimentary services, marginal based leverage offered. Leading players including Zerodha, 5Paisa, SAMCO, Upstox etc are seen to advancing their platforms with technological & back end up gradations including EKYC, biometric authentication, order management systems, advanced charting & analytical solutions etc. Due to limited advisory & research offerings, discount brokers face the challenge of catering to institutional clients which prefer PMS and IPO Facilitation services.

In an objective of catering to both type of clients (Retail and Institutional), major traditional brokerage players including Axis Securities, Angel Broking introduced third broking model-Hybrid Brokerage

Preference for Subscription plans & Product Innovations leading to Hybrid Model

Targeting dual clientele type & stiff competition from discount brokerage forced various full service brokers to launch special discounted plans thereby introducing the concept of hybrid model. In 2019, hybrid brokerage saw the entry of leading brokers Axis Securities & Angel Broking with launch of discounted brokerage plans like Trade@20 & Angel iTrade Plan respectively. With entry of new players hybrid brokerage is expected to acquire ~40% of industry’s client base by FY’2024.

Other Developments

Catering to investor’s major concern of portfolio diversification, leading players are also seen introducing the concept of thematic investments through in house portfolio development or by partnering with companies such as Small cases. Similarly, geographical diversification needs are also being served by Stockal & Vested Finance by introducing the concept of global investing to Indian investors.

Companies Covered:

  • Full Service Brokerages
    • ICICI Securities
    • HDFC Securities
    • ShareKhan
    • Kotak Securities
    • Motilal Oswal
    • Nirmal Bang
    • Geojit Financial Services
    • IIFL Securities
    • SMC Global Securities
    • Reliance Securities
  • Discount Brokerage
    • Zerodha
    • 5Paisa
    • Upstox
    • SAMCO
    • Prostocks
    • R K Global
    • Wisdom Capital
    • Interactive Brokers
  • Hybrid brokerage
    • Angel Broking
    • Edelweiss
    • Axis Direct
    • Swastika Investmart (TradingBells)
    • MasterTrust

Key Topics Covered in the Report

Overview of India Financial Brokerage Industry

Understanding customer’s requirements

Decision making criteria for selecting brokers by retail & Institutional Clients

Evolution in Role of Brokers, 2005-2022

Full Service Brokerage in India:

  • Overview with Business Model followed
  • Competitive Landscape including Cross comparison among major players on financial, operational, Pricing, Strengths & Weakness Analysis
  • Company Profile of major Full Service Brokers
  • Future Outlook & Potential of Full Service Brokers in India

Discount Brokerage in India:

  • Overview with Industry Ecosystem & Business Model followed
  • Competitive Landscape including Cross comparison among major players on Financial, Operational, Technological, Pricing, Strengths & Weakness Analysis
  • Company Profile of major Discount Brokers
  • Technological Landscape including Technologies available, Profiling of major Technology Providers
  • Overview of Back Office Operations with Profiling of major Back Office Operators
  • EKYC Providers & costing
  • Future Outlook of Discount Brokerage
  • Case Study of Stockal

Hybrid Brokerage in India

  • Overveiw with Business Model followed
  • Industry Landscpae including Cross comparison among major players on financial, operational, Pricing, Strengths & Weakness Analysis
  • Company Profile of major Hybrid Brokers
  • Future Outlook for Hybrid Brokerage with expected Industry Trends

Regulatory Landscape Governing Brokerage Industry in India

READ MORE

Table Of Content

Scope

1. Overview of India Financial Brokerage Industry

History of Trading Industry starting from 2000’s

Trends in Indian Trading Industry, FY’19

Overview of Trading Segments in Indian Capital Market

Understanding Today’s Customer

Decision Making Criteria’ for Selecting Brokerage by Retail Investors

Decision Making Criteria for Selecting Brokerage by Institutional Investors

Changing Role of Brokers, 2005-2022 

2. Full Service Brokerage in India

Executive Summary

Overview of Industry

Full Service Brokerage Market Sizing basis Revenue with supporting Industry Statistics

Business Model

Competitive Landscape-Market Share among key player basis Total Revenue

Cross Comparison among Major Players basis Financial, Operational, Overall Pricing, PMS Pricing, Strengths & Weakness Analysis, Y-O-Y NSE Clients (FY’14-FY’19) & Y-O-Y NSE Client Additions (FY’15-FY’19)

Company Profiles of ICICI Securities, HDFC Securities, ShareKhan, Kotak Securities, Reliance Securities, Geojit, IIFL, SMC Global & Nirmal Bang

Future Outlook of Full Service Brokerage Models (FY’19-FY’24P)

Future Market Sizing on basis of Industry Revenue & Active Clients of Full Service Brokerage Firms (FY’19-FY’24P)

3. Discount Brokerage in India

Executive Summary

Overview of Industry

Discount Brokerage Revenue Sizing & Number of Active NSE Clients with supporting Industry Statistics

Business Model

Industry Ecosystem

Competitive Landscape –Market Share among key players basis Total Revenue & Active Clients

Cross-Comparison among Major Firms basis Financial, Operational, Marketing, Overall Pricing, Margin Leverage, Strengths & Weakness Analysis, Y-O-Y NSE Clients(FY’11-FY’19)  & Y-O-Y NSE Clients Additions (FY’11-FY’19)

Company Profiles of Zerodha, 5Paisa, Upstox, Prostocks & SAMCO

Building Capabilities by Leveraging Technological Advancements

Process of Outsourcing Technology

Profiling of Technology Providers-Blitz Trader, Omnesys NEST, 63Moons & RupeeSeed

Overview of Back Office Operations

Profiling of Back End Operators- Market Place Technologies, ETNA Brokerage Back Office & Nirvana Solutions

EKYC Providers & Costing

Future Outlook of Discounted Brokerage Models, Revenue Projections (FY’19-FY’24P)

Case Study of Stockal (Global Investing Platform for Indian Clients)

4. Hybrid Brokerage in India

Executive Summary

How is it different from Full Service Brokerage & Discount Brokerage?

Business Model

Industry Landscape with Industry Revenue, Active NSE Clients & Key Players

Cross-Comparison among firms on basis of Financial, Operational, Overall Pricing, PMS Pricing and Strengths & Weakness Analysis

Company Profiles of Angel Broking, Axis Direct, Edelweiss, Master Trust & Swastika Investmart (Trading Bells)

Future Outlook for Hybrid Brokerage in the Overall Broking Industry

Expected Trends to Become a Reality Soon

5. Regulatory Landscape

Process to Start a Brokerage Firm

Recent Amendments/Guidelines for Stock Brokerages

6. Appendix

Research Methodology

Key Financials of Major Players

Disclaimer

Contact Us


List Of Figure

  1. Growing Presence of India Finacial Trading industry across the world
  2. Number of Demat & Mutual Fund Accounts in Million during FY’14-19
  3. Institutional & Individual Clients segmentation basis T-30 & B-30 cities, FY’19
  4. HNIs, Institutional & Retail Clients segmentation on basis of prefrence for Full Service Brokers & Discount Brokers, FY’19
  5. Evolution in role of brokers, 2005-2022
  6. Full Service Industry Revenue (in INR ‘000 Cr) for FY’16, FY’19, FY’22P & FY’24P
  7. Full Service & Discount Brokers Share in Number of Demat Account Holders (%) as at FY’11 & FY’19
  8. Number & Amount (in INR Cr) of IPOs raised, FY’15-FY’19
  9. Net FPI Investments in India in INR Cr, FY’15-FY’19
  10. Full Service Brokerage Industry Market Sizing on basis of Revenue (in INR Cr) with growth rates (%), FY’16-FY’19
  11. Full Service Brokerage Industry Market Segmentation on basis of Core & Non Core Segments Revenue for year 2009, 2016 & 2019
  12. Business Model followed in Full Service Brokerage Industry
  13. Full Service Brokerage Market Share of major players on basis of Industry Revenue, FY’19
  14. ICICI Securities Key Financial Analysis on basis of Total Revenue, Brokerage Income & Net Profit in INR Cr, FY’15-FY’19
  15. HDFC Securities Key Financial Analysis on basis of Total Revenue, Brokerage Income & Net Profit in INR Cr, FY’15-FY’19
  16. ShareKhan Key Financial Analysis on basis of Total Revenue, Revenue from Operations & Net Profit in INR Cr, FY’15-FY’19
  17. Kotak Securities Key Financial Analysis on basis of Total Revenue, Revenue from Operations & Net Profit in INR Cr, FY’15-FY’19
  18. Kotak Securities Overall Clients Additions (in ‘000s), FY’15-FY’19
  19. Geojit Financial Services Key Financial Analysis on basis of Total Revenue, Revenue from Operations & Net Profit in INR Cr, FY’15-FY’19
  20. SMC Global Securities Key Financial Analysis on basis of Total Revenue in INR Cr, FY’15-FY’17
  21. Nirmal Bang Key Financial Analysis on basis of Total Revenue, Revenue from Operations & Net Profit in INR Cr, FY’15-FY’19
  22. Amount raised through Series C & Higher funding, FY’17 & FY’18
  23. Expected Number of IPO launches, FY’19-FY’22P & FY’22P-FY’25P
  24. Full Service Brokerage Industry Future Outlook on the basis of Total Revenue, FY’18-FY’24P
  25. Full Service Brokerage Industry Future Outlook on the basis of NSE Active Clients, FY’17-FY’24P
  26. Discount Brokerage Industry Revenue (INR Cr) for FY’16, FY’19, FY’22P & FY’24P
  27. Discount Brokerage Industry Number of Active Clients (in Lakhs) for FY’16, FY’19, FY’22P & FY’24P
  28. Discount Brokerage Industry Market Sizing on basis of Active Clients (in thousands),  FY’16-FY’19
  29. Discount Brokerage Industry Market Sizing on basis of Revenue (in INR Cr) with growth rates (%), FY’16-FY’19
  30. Number of Equity Cash Trades For FY’14-FY’19
  31. Business Model followed in Discount Brokerage Industry
  32. Discount Brokerage Industry players Market Share on basis of NSE Active Clients, FY’19
  33. Discount Brokerage Industry Market Share of major players on basis of NSE Active Clients, FY’19
  34. Discount Brokerage Industry Market Share of major players on basis of Total Revenue, FY’19
  35. Zerodha Number of NSE Active Clients (in ‘000s) with growth rate (%), FY’15-FY’19
  36. Zerodha Key Financial Analysis on basis of Total Revenue, Revenue from Operations & Net Profit in INR Cr, FY’15-FY’19
  37. Process of Outsourcing Technology
  38. Technological Working Model followed in Blitz Trader by Symphony Tech
  39. Ecosystem of BlitzTrader
  40. Product Portfolio of Omnesys NEST
  41. ETNA-Brokerage Back Office Ecosystem
  42. Discount Brokergae Industry Future Outlook on basis of NSE Active Clients (Lakhs), FY’19, FY’22P & FY’24P
  43. Discount Brokergae Industry Future Outlook on basis of Industry Revenue, FY’16, FY’17, FY’19 & FY’24P
  44. Broking Industry Clients Segmentation on basis Full Service, Discount Brokergae & Hybrid Brokerage for FY’16, FY’19, FY’20E, FY’22E & FY’24E
  45. Business Model Followerd by Hybrid Brokerage
  46. Hybrid Brokerage Industry Expected Market Sizing on basis of NSE Active Clients & Total Revenue, FY’19
  47. Angel Broking Key Financial Analysis on basis of Total Revenue, Revenue from Operations & Net Profit in INR Cr, FY’17-FY’19
  48. Axis Securities Revenue from Operatuions Segmentation on basis of Brokergae Income, Interest on delayed payment, Professional Fees & other Income (%), FY’19
  49. Edelweiss Revenue from Operatuions Segmentation on basis of Fees & Commission Income, Interest income, Dividend income, Net gain on fair value changes, Rental Income & Other Operating Income (%), FY’19
  50. Edelweiss Key Financial Analysis on basis of Total Revenue, Revenue from Operations & Net Profit in INR Cr, FY’16-FY’19
  51. Swastika Investmart Revenue from Operatuions Segmentation on basis of Brokerage, Interest income, Merchant Banking Fees, Sales of Shares & Securities & other Operating Income (%), FY’19
  52. Swastika Investmart Key Financial Analysis on basis of Total Revenue, Revenue from Operations & Net Profit in INR Cr, FY’16-FY’19
  53. MasterTrust Securities Key Financial Analysis on basis of Total Revenue, FY’15-FY’19
  54. Broking Industry Clients Segmentation on basis Full Service, Discount Brokergae & Hybrid Brokerage for FY’16, FY’19, FY’20P, FY’22P & FY’24P
  55. Broking Industry Revenue Segmentation on basis Full Service, Discount Brokergae & Hybrid Brokerage for FY’16, FY’19, FY’20E, FY’22E & FY’24E
  56. Process of Starting a Brokerage Firm in India, 2019
  57. Pre-Requisites of Starting a Brokerage Firm in India as per SEBI Guidelines, 2019
  58. Financial Statements of ICICI Securities (FY'17-FY'19), HDFC Securities (FY'17-FY'19), Kotak Securities (FY'17-FY'19), Motilal Oswal (FY'17-FY'19), 5Paisa (FY'18-19), Axis Securities (FY'17-FY'19), Swastika Investmart (FY'18-19), MasterTrust Securities (FY'18-19), Angel Broking (FY'18-19), ICICI Securities (FY'17-FY'19), Edelweiss (FY'17-19), Sharekhan (FY'18-19), SAMCO (FY'18-19), RKSV Securities (FY'18-19), VNS Finance & Capital Services (FY'17-19), Zerodha Broking Limited (FY'18-19)


List Of Table

  1. Overveiw of Key Trading Statistics in India Capital Market as at FY’01, FY’11 & FY’19
  2. Penetration of Financial Trading Population across major countries as at year 2000 & 2018
  3. Overview of Demand & Supply Infrastructure of India Capital Market as at 28 Feb 2019
  4. Key Trading Statistics of India Equity Cash Segment on basis of Number of Trades (in Cr), Traded Quantity, Average Trade Size (in INR Cr), Turnover (in INR Cr), Average Daily Turnover (NSE & BSE) (in INR Cr), NSE Active Clients (in Mn) & Market cap to GDP (%), FY’19
  5. Key Trading Statistics of India Commodity Segment on basis of Number of Contracts (in Lakhs) & Turnover (in INR Cr) across major exchanges, FY’19
  6. Key Trading Statistics of India Equity Derivatives Segment on basis of Number of Contracts (in Cr), Turnover (in INR Cr) & Average Contract Size (in INR) as at FY’19
  7. Key Trading Statistics across sub segments of Equity Cash, Commodity Derivatives, Currency Derivatives & Equity Derivatives on basis of Turnover (INR Cr)
  8. Mutual funds industry Clientele segmentation (Institutional, HNI & Retail) on basis of Average Ticket Size (INR), Number of Accounts (in Lakhs) & AUM (in INR Cr), FY’19
  9. Decision making Criteria for Selecting Brokerage by Retail Investors with degree of importance to each parameter
  10. Decision making Criteria for Selecting Brokerage by Institutional Investors with degree of importance to each parameter
  11. Full Service Brokerage major players segmentation on basis of Year of Incorporation & USP
  12. Full Service Brokerage Cross Comparison among major players on basis of Financial Parameters (Total revenue (INR Cr), Revenue from Operations (INR Cr), Brokerage & Commission (INR Cr), ADTO (INR Cr), Net Profit/Loss (INR Cr) & Return on Assets (%)), FY’19
  13. Full Service Brokerage Cross Comparison among major players on basis of Operational Parameters (Client Base, Active NSE Clients, NSE Client Additions/Churn Rate, Marketing & Business Development Expense (INR Cr), Operating cost per client (INR) & Number of Branches/Outlets), FY’19
  14. Full Service Brokerage Cross Comparison among major players on basis of Brokerage Pricing (Equity Delievery, Intraday, Equity Derivatives & Currency Derivatives), FY’19
  15. Full Service Brokerage Cross Comparison among major players on basis of PMS Pricing (Brokerage charges, custodian & depository charges, exit load, Demat Account maintenance & Trading Account Opening), FY’19
  16. Full Service Brokerage Cross Comparison among major players on basis of Strengths & Weakness Analysis with customer ratings
  17. Full Service Brokerage Cross Comparison among major players on basis of Y-O-Y NSE Clients, FY’14-FY’19
  18. Full Service Brokerage Cross Comparison among major players on basis of Y-O-Y NSE Clients Additions, FY’15-FY’19
  19. ICICI Securities Clientele Analysis
  20. HDFC Securities Clientele Analysis
  21. ShareKhan Clientele Analysis
  22. Kotak Securities Revenue from Operations distribution on basis of Brokerage, Interest Income, Fees Income, Net gain on fair value changes & Dividend Income in INR Cr, FY’15-FY’19
  23. Reliance Securities Performance Analysis on basis of Financial & Operational Parameters, FY’19
  24. Geojit Financial Services Performance Analysis on basis of Clientele, Key revenue sources & Key Expenditures, FY’19
  25. IIFL Securities Institutional Clientele Analysis (No. of IPO launches, QIPs, ReIT Listings, High Value transactions details), FY’19
  26. IIFL Securities Performance Analysis on basis of Clientele, Financial Parmeters, Key Revenue Sources & Key Expenditures, FY’19
  27. Nirmal Bang Performance Analysis on basis of Active clients, Revenue & Net Profit, FY’19
  28. Discount Brokerage Industry Cross Comparison among major players on basis of Financial Parameters (Total revenue (INR Cr), Revenue from Operations (INR Cr), EBITDA (INR Cr), Profit Before Tax (INR Cr), Net Profit/Loss (INR Cr) & Return on Assets (%)), FY’19
  29. Discount Brokerage Industry Cross Comparison among major players on basis of Marketing Parameters (Active NSE Clients, Marketing & Business Development Expense (INR Cr), Per Client Acquisition Cost (INR) & Key Marketing Tools Used), FY’19
  30. Discount Brokerage Industry Cross Comparison among major players on basis of Operational Parameters (Software Maintenance Cost (INR Lakhs), Technology Development (in-house/Outsourced), Technologies Used & Strategic Tie ups), FY’19
  31. Discount Brokerage Industry Cross Comparison among major players on basis of Brokerage Pricing (Equity Delivery, Intraday, Equity Options & Other Segments), FY’19
  32. Discount Brokerage Industry Cross Comparison among major players on basis of Margin Leverage offered (Equity, Futures & Options, Commodity & Currency, FY’19
  33. Discount Brokerage Industry Cross Comparison among major players on basis of Strengths & Weakness Analysis with customer ratings
  34. Discount Brokerage Industry Cross Comparison among major players on basis of Y-O-Y NSE Clients, FY’11-FY’19
  35. Discount Brokerage Industry Cross Comparison among major players on basis of Y-O-Y NSE Clients Additions, FY’11-FY’19
  36. Zerodha Performance Analysis on the basis of Trade Composition, Team Structure & Financial Parameters, FY’19
  37. Zerodha Key Financial Analysis on basis of Total Revenue, Revenue from Operations & Net Profit in INR Cr, FY’16, FY’18 & FY’19
  38. EKYC Industry Level Costing Structure
  39. Major EKYC Providers detailing on basis of Product USP, Major Clientele & Costing
  40. Stockal Performance Analysis on basis of Number of Accounts, Average Transaction Amount, Annual Run Rate, Average Weekly Transaction & AUM, FY’19
  41. Stockal Subscription Plans
  42. Hybrid Brokerage major players segmentation on basis of Year of Incorporation & USP
  43. Hybrid Brokerage Cross Comparison among major players on basis of Financial Parameters (Total revenue (INR Cr), Revenue from Operations (INR Cr), Brokerage/ Fees & Commission (INR Cr), Net Profit/Loss (INR Cr) & Return on Assets (%)), FY’19
  44. Hybrid Brokerage Cross Comparison among major players on basis of Operational Parameters (Client Base, Active NSE Clients, NSE Client Additions/Churn Rate, Marketing & Business Development Expense (INR Cr), Operating cost per client (INR) & Number of Branches/Outlets), FY’19
  45. Hybrid Brokerage Cross Comparison among major players on basis of Brokerage Pricing (Equity Delivery, Intraday, Equity Derivatives & Currency Derivatives), FY’19
  46. Hybrid Brokerage-  Cross Comparison among major players on basis of PMS Pricing (Brokerage charges, custodian & depository charges, exit load, Demat Account maintenance & Trading Account Opening), FY’19
  47. Hybrid Brokerage Cross Comparison among major players on basis of Strengths & Weakness Analysis with Customer ratings based on Client Reviews
  48. Angel Btroking Key Performace Analysis on basis of Active Brokinga ccounts, Equity Clients & key Expenditures, FY’19
  49. Axis Securiities Key Performace Analysis on basis of Customer base, Active Clients & Key Expenditures, FY’19
  50. Edelweiss Key Performace Analysis on basis of Client Base, Active Clients & Financial Parmaeters, FY’19
  51. Swastika Investmart Key Performace Analysis on basis of Client Base, Active Clients & Financial Parmaeters, FY’19
  52. MasterTrust Securities Key Performance Analysis on basis of Net worth (INR Cr), Total Revenue (INR Cr), Net Profit (INR Cr), AUM (INR Cr) & Active Clients, FY’18-FY’19
  53. Key Forecasted Variables including Market Capitalization (% of GDP), Gross National Savings (% of GDP), Demat Account Holders (in Mn), Number of Full Service Brokerages, Mutual Fund Accounts (in Mn), Insurance Penetration (%) & Number of HNWI Accounts (‘000s) as at FY’19, FY’22 & FY’25
  54. List of Charges Payable to Stock Exchanges, Depository Participants and Others for trading under Equity Delivery, Intraday, Futures and Options Trading, 2019
  55. Impact of Restriction of Intraday Leverage Regulation Amendment on Brokerage Firms and Traders, 2019
  56. Impact of Guideline on Recording of Broker's Holding of Client's Securities on Brokerage Firms and Traders, 2019
  57. Impact of Direct Mutual Fund Investing through Stock Exhanges on Brokerage Firms and Traders, 2019
  58. Research Methodology including Definitions, Abbreviations Used, Methodology and Limitations
  59. Appendix including Overview of Indian Trading Industry (FY'14-FY'19), Number of Registered Brokers by top exchanges in Equity Cash Segment (FY'14-FY'18), Top Equity Cash Trading Cities (FY'14-FY'18), Equity Cash Segment Statistics (FY'14-FY'19),Equity Derivatives Segment Trading Statistics (FY'14-FY'19) and Active Clients in NSE Equity Segment, FY'19

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Products and Companies


Companies

Companies Covered:

  • Full Service Brokerages
    • ICICI Securities
    • HDFC Securities
    • ShareKhan
    • Kotak Securities
    • Motilal Oswal
    • Nirmal Bang
    • Geojit Financial Services
    • IIFL Securities
    • SMC Global Securities
    • Reliance Securities

  • Discount Brokerage
    • Zerodha
    • 5Paisa
    • Upstox
    • SAMCO
    • Prostocks
    • R K Global
    • Wisdom Capital
    • Interactive Brokers

  • Hybrid brokerage
    • Angel Broking
    • Edelweiss
    • Axis Direct
    • Swastika Investmart (TradingBells)
    • MasterTrust

Company Profile

Company Profile Title

The publication titled ‘India Financial Brokerage Industry Outlook to FY’2024’ undertakes an in-depth analysis of Indian Capital Market Trading industry, changing preferences of retail and institutional investors, competitive landscape of full service brokerages, discounted brokerage firms and hybrid firms. It also covers the unique expansion strategies undertaken by key players, type of technological advancements integrated by different brokerage firms, Regulatory landscape, Future outlook & certain trends expected to be a reality soon. During 2001-05, trading was limited only to informed & institutional investors with majorly all trading tasks undertaken by brokers. However, with introduction of derivatives based trading & increasing internet penetration, retail investing took a major jump & led to the formation of a new brokerage model by Zerodha called discount brokerage. Since,  India has come a long way in improving trading infrastructure coupled with retail participation growing from almost Nil in 2001 to ~2% in 2019.

Traditional Brokerage Method-Full Service Brokerage

Brokerage Model of assigning a relationship manager & undertaking all trade related services from trade execution to overall portfolio management by charging high brokerage of 0.3-0.6%. Competition in full service brokerage is concentrated among top players including ICICI Securities, HDFC Securities, Kotak Securities, ShareKhan, Motilal Oswal etc competing on the basis of pricing, services offered, offline network, quality of advisory & research services offered, trading platforms etc. With increased financial & technological awareness, pricing became the top most consideration for millennial tech savy investors leading to emergence of discount brokerage model. However in current situation we see a changing trend of investors preferring to pay only for the services availed thereby forcing various FSBs to launch subscription/fee per service plans thereby making them hybrid in nature. As this trend is expected to continue in future, we might see some of the leading full service players like ICICI Securities converting their operating models to hybrid model.    

Discount Brokerage-Attracting customers with Minimal Brokerage Charges

Brokerage model offering only trade execution services through trading platforms at discounted flat fee charges of INR 20 or 0.01% (whichever is lower) irrespective of trade value involved. With no cost for hiring advisors & analysts and no offline trading outlets, discount brokers are able to operate at very less operating cost compared to full service brokers. However, High investment cost incurred by them is related to in-house technology development or outsourcing it.  The uniformity in pricing forces the players to compete on parameters such as technology, complimentary services, marginal based leverage offered. Leading players including Zerodha, 5Paisa, SAMCO, Upstox etc are seen to advancing their platforms with technological & back end up gradations including EKYC, biometric authentication, order management systems, advanced charting & analytical solutions etc. Due to limited advisory & research offerings, discount brokers face the challenge of catering to institutional clients which prefer PMS and IPO Facilitation services.

In an objective of catering to both type of clients (Retail and Institutional), major traditional brokerage players including Axis Securities, Angel Broking introduced third broking model-Hybrid Brokerage

Preference for Subscription plans & Product Innovations leading to Hybrid Model

Targeting dual clientele type & stiff competition from discount brokerage forced various full service brokers to launch special discounted plans thereby introducing the concept of hybrid model. In 2019, hybrid brokerage saw the entry of leading brokers Axis Securities & Angel Broking with launch of discounted brokerage plans like Trade@20 & Angel iTrade Plan respectively. With entry of new players hybrid brokerage is expected to acquire ~40% of industry’s client base by FY’2024.

Other Developments

Catering to investor’s major concern of portfolio diversification, leading players are also seen introducing the concept of thematic investments through in house portfolio development or by partnering with companies such as Small cases. Similarly, geographical diversification needs are also being served by Stockal & Vested Finance by introducing the concept of global investing to Indian investors.

Companies Covered:

  • Full Service Brokerages
    • ICICI Securities
    • HDFC Securities
    • ShareKhan
    • Kotak Securities
    • Motilal Oswal
    • Nirmal Bang
    • Geojit Financial Services
    • IIFL Securities
    • SMC Global Securities
    • Reliance Securities
  • Discount Brokerage
    • Zerodha
    • 5Paisa
    • Upstox
    • SAMCO
    • Prostocks
    • R K Global
    • Wisdom Capital
    • Interactive Brokers
  • Hybrid brokerage
    • Angel Broking
    • Edelweiss
    • Axis Direct
    • Swastika Investmart (TradingBells)
    • MasterTrust

Key Topics Covered in the Report

Overview of India Financial Brokerage Industry

Understanding customer’s requirements

Decision making criteria for selecting brokers by retail & Institutional Clients

Evolution in Role of Brokers, 2005-2022

Full Service Brokerage in India:

  • Overview with Business Model followed
  • Competitive Landscape including Cross comparison among major players on financial, operational, Pricing, Strengths & Weakness Analysis
  • Company Profile of major Full Service Brokers
  • Future Outlook & Potential of Full Service Brokers in India

Discount Brokerage in India:

  • Overview with Industry Ecosystem & Business Model followed
  • Competitive Landscape including Cross comparison among major players on Financial, Operational, Technological, Pricing, Strengths & Weakness Analysis
  • Company Profile of major Discount Brokers
  • Technological Landscape including Technologies available, Profiling of major Technology Providers
  • Overview of Back Office Operations with Profiling of major Back Office Operators
  • EKYC Providers & costing
  • Future Outlook of Discount Brokerage
  • Case Study of Stockal

Hybrid Brokerage in India

  • Overveiw with Business Model followed
  • Industry Landscpae including Cross comparison among major players on financial, operational, Pricing, Strengths & Weakness Analysis
  • Company Profile of major Hybrid Brokers
  • Future Outlook for Hybrid Brokerage with expected Industry Trends

Regulatory Landscape Governing Brokerage Industry in India

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Scope

1. Overview of India Financial Brokerage Industry

History of Trading Industry starting from 2000’s

Trends in Indian Trading Industry, FY’19

Overview of Trading Segments in Indian Capital Market

Understanding Today’s Customer

Decision Making Criteria’ for Selecting Brokerage by Retail Investors

Decision Making Criteria for Selecting Brokerage by Institutional Investors

Changing Role of Brokers, 2005-2022 

2. Full Service Brokerage in India

Executive Summary

Overview of Industry

Full Service Brokerage Market Sizing basis Revenue with supporting Industry Statistics

Business Model

Competitive Landscape-Market Share among key player basis Total Revenue

Cross Comparison among Major Players basis Financial, Operational, Overall Pricing, PMS Pricing, Strengths & Weakness Analysis, Y-O-Y NSE Clients (FY’14-FY’19) & Y-O-Y NSE Client Additions (FY’15-FY’19)

Company Profiles of ICICI Securities, HDFC Securities, ShareKhan, Kotak Securities, Reliance Securities, Geojit, IIFL, SMC Global & Nirmal Bang

Future Outlook of Full Service Brokerage Models (FY’19-FY’24P)

Future Market Sizing on basis of Industry Revenue & Active Clients of Full Service Brokerage Firms (FY’19-FY’24P)

3. Discount Brokerage in India

Executive Summary

Overview of Industry

Discount Brokerage Revenue Sizing & Number of Active NSE Clients with supporting Industry Statistics

Business Model

Industry Ecosystem

Competitive Landscape –Market Share among key players basis Total Revenue & Active Clients

Cross-Comparison among Major Firms basis Financial, Operational, Marketing, Overall Pricing, Margin Leverage, Strengths & Weakness Analysis, Y-O-Y NSE Clients(FY’11-FY’19)  & Y-O-Y NSE Clients Additions (FY’11-FY’19)

Company Profiles of Zerodha, 5Paisa, Upstox, Prostocks & SAMCO

Building Capabilities by Leveraging Technological Advancements

Process of Outsourcing Technology

Profiling of Technology Providers-Blitz Trader, Omnesys NEST, 63Moons & RupeeSeed

Overview of Back Office Operations

Profiling of Back End Operators- Market Place Technologies, ETNA Brokerage Back Office & Nirvana Solutions

EKYC Providers & Costing

Future Outlook of Discounted Brokerage Models, Revenue Projections (FY’19-FY’24P)

Case Study of Stockal (Global Investing Platform for Indian Clients)

4. Hybrid Brokerage in India

Executive Summary

How is it different from Full Service Brokerage & Discount Brokerage?

Business Model

Industry Landscape with Industry Revenue, Active NSE Clients & Key Players

Cross-Comparison among firms on basis of Financial, Operational, Overall Pricing, PMS Pricing and Strengths & Weakness Analysis

Company Profiles of Angel Broking, Axis Direct, Edelweiss, Master Trust & Swastika Investmart (Trading Bells)

Future Outlook for Hybrid Brokerage in the Overall Broking Industry

Expected Trends to Become a Reality Soon

5. Regulatory Landscape

Process to Start a Brokerage Firm

Recent Amendments/Guidelines for Stock Brokerages

6. Appendix

Research Methodology

Key Financials of Major Players

Disclaimer

Contact Us


List Of Figure

  1. Growing Presence of India Finacial Trading industry across the world
  2. Number of Demat & Mutual Fund Accounts in Million during FY’14-19
  3. Institutional & Individual Clients segmentation basis T-30 & B-30 cities, FY’19
  4. HNIs, Institutional & Retail Clients segmentation on basis of prefrence for Full Service Brokers & Discount Brokers, FY’19
  5. Evolution in role of brokers, 2005-2022
  6. Full Service Industry Revenue (in INR ‘000 Cr) for FY’16, FY’19, FY’22P & FY’24P
  7. Full Service & Discount Brokers Share in Number of Demat Account Holders (%) as at FY’11 & FY’19
  8. Number & Amount (in INR Cr) of IPOs raised, FY’15-FY’19
  9. Net FPI Investments in India in INR Cr, FY’15-FY’19
  10. Full Service Brokerage Industry Market Sizing on basis of Revenue (in INR Cr) with growth rates (%), FY’16-FY’19
  11. Full Service Brokerage Industry Market Segmentation on basis of Core & Non Core Segments Revenue for year 2009, 2016 & 2019
  12. Business Model followed in Full Service Brokerage Industry
  13. Full Service Brokerage Market Share of major players on basis of Industry Revenue, FY’19
  14. ICICI Securities Key Financial Analysis on basis of Total Revenue, Brokerage Income & Net Profit in INR Cr, FY’15-FY’19
  15. HDFC Securities Key Financial Analysis on basis of Total Revenue, Brokerage Income & Net Profit in INR Cr, FY’15-FY’19
  16. ShareKhan Key Financial Analysis on basis of Total Revenue, Revenue from Operations & Net Profit in INR Cr, FY’15-FY’19
  17. Kotak Securities Key Financial Analysis on basis of Total Revenue, Revenue from Operations & Net Profit in INR Cr, FY’15-FY’19
  18. Kotak Securities Overall Clients Additions (in ‘000s), FY’15-FY’19
  19. Geojit Financial Services Key Financial Analysis on basis of Total Revenue, Revenue from Operations & Net Profit in INR Cr, FY’15-FY’19
  20. SMC Global Securities Key Financial Analysis on basis of Total Revenue in INR Cr, FY’15-FY’17
  21. Nirmal Bang Key Financial Analysis on basis of Total Revenue, Revenue from Operations & Net Profit in INR Cr, FY’15-FY’19
  22. Amount raised through Series C & Higher funding, FY’17 & FY’18
  23. Expected Number of IPO launches, FY’19-FY’22P & FY’22P-FY’25P
  24. Full Service Brokerage Industry Future Outlook on the basis of Total Revenue, FY’18-FY’24P
  25. Full Service Brokerage Industry Future Outlook on the basis of NSE Active Clients, FY’17-FY’24P
  26. Discount Brokerage Industry Revenue (INR Cr) for FY’16, FY’19, FY’22P & FY’24P
  27. Discount Brokerage Industry Number of Active Clients (in Lakhs) for FY’16, FY’19, FY’22P & FY’24P
  28. Discount Brokerage Industry Market Sizing on basis of Active Clients (in thousands),  FY’16-FY’19
  29. Discount Brokerage Industry Market Sizing on basis of Revenue (in INR Cr) with growth rates (%), FY’16-FY’19
  30. Number of Equity Cash Trades For FY’14-FY’19
  31. Business Model followed in Discount Brokerage Industry
  32. Discount Brokerage Industry players Market Share on basis of NSE Active Clients, FY’19
  33. Discount Brokerage Industry Market Share of major players on basis of NSE Active Clients, FY’19
  34. Discount Brokerage Industry Market Share of major players on basis of Total Revenue, FY’19
  35. Zerodha Number of NSE Active Clients (in ‘000s) with growth rate (%), FY’15-FY’19
  36. Zerodha Key Financial Analysis on basis of Total Revenue, Revenue from Operations & Net Profit in INR Cr, FY’15-FY’19
  37. Process of Outsourcing Technology
  38. Technological Working Model followed in Blitz Trader by Symphony Tech
  39. Ecosystem of BlitzTrader
  40. Product Portfolio of Omnesys NEST
  41. ETNA-Brokerage Back Office Ecosystem
  42. Discount Brokergae Industry Future Outlook on basis of NSE Active Clients (Lakhs), FY’19, FY’22P & FY’24P
  43. Discount Brokergae Industry Future Outlook on basis of Industry Revenue, FY’16, FY’17, FY’19 & FY’24P
  44. Broking Industry Clients Segmentation on basis Full Service, Discount Brokergae & Hybrid Brokerage for FY’16, FY’19, FY’20E, FY’22E & FY’24E
  45. Business Model Followerd by Hybrid Brokerage
  46. Hybrid Brokerage Industry Expected Market Sizing on basis of NSE Active Clients & Total Revenue, FY’19
  47. Angel Broking Key Financial Analysis on basis of Total Revenue, Revenue from Operations & Net Profit in INR Cr, FY’17-FY’19
  48. Axis Securities Revenue from Operatuions Segmentation on basis of Brokergae Income, Interest on delayed payment, Professional Fees & other Income (%), FY’19
  49. Edelweiss Revenue from Operatuions Segmentation on basis of Fees & Commission Income, Interest income, Dividend income, Net gain on fair value changes, Rental Income & Other Operating Income (%), FY’19
  50. Edelweiss Key Financial Analysis on basis of Total Revenue, Revenue from Operations & Net Profit in INR Cr, FY’16-FY’19
  51. Swastika Investmart Revenue from Operatuions Segmentation on basis of Brokerage, Interest income, Merchant Banking Fees, Sales of Shares & Securities & other Operating Income (%), FY’19
  52. Swastika Investmart Key Financial Analysis on basis of Total Revenue, Revenue from Operations & Net Profit in INR Cr, FY’16-FY’19
  53. MasterTrust Securities Key Financial Analysis on basis of Total Revenue, FY’15-FY’19
  54. Broking Industry Clients Segmentation on basis Full Service, Discount Brokergae & Hybrid Brokerage for FY’16, FY’19, FY’20P, FY’22P & FY’24P
  55. Broking Industry Revenue Segmentation on basis Full Service, Discount Brokergae & Hybrid Brokerage for FY’16, FY’19, FY’20E, FY’22E & FY’24E
  56. Process of Starting a Brokerage Firm in India, 2019
  57. Pre-Requisites of Starting a Brokerage Firm in India as per SEBI Guidelines, 2019
  58. Financial Statements of ICICI Securities (FY'17-FY'19), HDFC Securities (FY'17-FY'19), Kotak Securities (FY'17-FY'19), Motilal Oswal (FY'17-FY'19), 5Paisa (FY'18-19), Axis Securities (FY'17-FY'19), Swastika Investmart (FY'18-19), MasterTrust Securities (FY'18-19), Angel Broking (FY'18-19), ICICI Securities (FY'17-FY'19), Edelweiss (FY'17-19), Sharekhan (FY'18-19), SAMCO (FY'18-19), RKSV Securities (FY'18-19), VNS Finance & Capital Services (FY'17-19), Zerodha Broking Limited (FY'18-19)


List Of Table

  1. Overveiw of Key Trading Statistics in India Capital Market as at FY’01, FY’11 & FY’19
  2. Penetration of Financial Trading Population across major countries as at year 2000 & 2018
  3. Overview of Demand & Supply Infrastructure of India Capital Market as at 28 Feb 2019
  4. Key Trading Statistics of India Equity Cash Segment on basis of Number of Trades (in Cr), Traded Quantity, Average Trade Size (in INR Cr), Turnover (in INR Cr), Average Daily Turnover (NSE & BSE) (in INR Cr), NSE Active Clients (in Mn) & Market cap to GDP (%), FY’19
  5. Key Trading Statistics of India Commodity Segment on basis of Number of Contracts (in Lakhs) & Turnover (in INR Cr) across major exchanges, FY’19
  6. Key Trading Statistics of India Equity Derivatives Segment on basis of Number of Contracts (in Cr), Turnover (in INR Cr) & Average Contract Size (in INR) as at FY’19
  7. Key Trading Statistics across sub segments of Equity Cash, Commodity Derivatives, Currency Derivatives & Equity Derivatives on basis of Turnover (INR Cr)
  8. Mutual funds industry Clientele segmentation (Institutional, HNI & Retail) on basis of Average Ticket Size (INR), Number of Accounts (in Lakhs) & AUM (in INR Cr), FY’19
  9. Decision making Criteria for Selecting Brokerage by Retail Investors with degree of importance to each parameter
  10. Decision making Criteria for Selecting Brokerage by Institutional Investors with degree of importance to each parameter
  11. Full Service Brokerage major players segmentation on basis of Year of Incorporation & USP
  12. Full Service Brokerage Cross Comparison among major players on basis of Financial Parameters (Total revenue (INR Cr), Revenue from Operations (INR Cr), Brokerage & Commission (INR Cr), ADTO (INR Cr), Net Profit/Loss (INR Cr) & Return on Assets (%)), FY’19
  13. Full Service Brokerage Cross Comparison among major players on basis of Operational Parameters (Client Base, Active NSE Clients, NSE Client Additions/Churn Rate, Marketing & Business Development Expense (INR Cr), Operating cost per client (INR) & Number of Branches/Outlets), FY’19
  14. Full Service Brokerage Cross Comparison among major players on basis of Brokerage Pricing (Equity Delievery, Intraday, Equity Derivatives & Currency Derivatives), FY’19
  15. Full Service Brokerage Cross Comparison among major players on basis of PMS Pricing (Brokerage charges, custodian & depository charges, exit load, Demat Account maintenance & Trading Account Opening), FY’19
  16. Full Service Brokerage Cross Comparison among major players on basis of Strengths & Weakness Analysis with customer ratings
  17. Full Service Brokerage Cross Comparison among major players on basis of Y-O-Y NSE Clients, FY’14-FY’19
  18. Full Service Brokerage Cross Comparison among major players on basis of Y-O-Y NSE Clients Additions, FY’15-FY’19
  19. ICICI Securities Clientele Analysis
  20. HDFC Securities Clientele Analysis
  21. ShareKhan Clientele Analysis
  22. Kotak Securities Revenue from Operations distribution on basis of Brokerage, Interest Income, Fees Income, Net gain on fair value changes & Dividend Income in INR Cr, FY’15-FY’19
  23. Reliance Securities Performance Analysis on basis of Financial & Operational Parameters, FY’19
  24. Geojit Financial Services Performance Analysis on basis of Clientele, Key revenue sources & Key Expenditures, FY’19
  25. IIFL Securities Institutional Clientele Analysis (No. of IPO launches, QIPs, ReIT Listings, High Value transactions details), FY’19
  26. IIFL Securities Performance Analysis on basis of Clientele, Financial Parmeters, Key Revenue Sources & Key Expenditures, FY’19
  27. Nirmal Bang Performance Analysis on basis of Active clients, Revenue & Net Profit, FY’19
  28. Discount Brokerage Industry Cross Comparison among major players on basis of Financial Parameters (Total revenue (INR Cr), Revenue from Operations (INR Cr), EBITDA (INR Cr), Profit Before Tax (INR Cr), Net Profit/Loss (INR Cr) & Return on Assets (%)), FY’19
  29. Discount Brokerage Industry Cross Comparison among major players on basis of Marketing Parameters (Active NSE Clients, Marketing & Business Development Expense (INR Cr), Per Client Acquisition Cost (INR) & Key Marketing Tools Used), FY’19
  30. Discount Brokerage Industry Cross Comparison among major players on basis of Operational Parameters (Software Maintenance Cost (INR Lakhs), Technology Development (in-house/Outsourced), Technologies Used & Strategic Tie ups), FY’19
  31. Discount Brokerage Industry Cross Comparison among major players on basis of Brokerage Pricing (Equity Delivery, Intraday, Equity Options & Other Segments), FY’19
  32. Discount Brokerage Industry Cross Comparison among major players on basis of Margin Leverage offered (Equity, Futures & Options, Commodity & Currency, FY’19
  33. Discount Brokerage Industry Cross Comparison among major players on basis of Strengths & Weakness Analysis with customer ratings
  34. Discount Brokerage Industry Cross Comparison among major players on basis of Y-O-Y NSE Clients, FY’11-FY’19
  35. Discount Brokerage Industry Cross Comparison among major players on basis of Y-O-Y NSE Clients Additions, FY’11-FY’19
  36. Zerodha Performance Analysis on the basis of Trade Composition, Team Structure & Financial Parameters, FY’19
  37. Zerodha Key Financial Analysis on basis of Total Revenue, Revenue from Operations & Net Profit in INR Cr, FY’16, FY’18 & FY’19
  38. EKYC Industry Level Costing Structure
  39. Major EKYC Providers detailing on basis of Product USP, Major Clientele & Costing
  40. Stockal Performance Analysis on basis of Number of Accounts, Average Transaction Amount, Annual Run Rate, Average Weekly Transaction & AUM, FY’19
  41. Stockal Subscription Plans
  42. Hybrid Brokerage major players segmentation on basis of Year of Incorporation & USP
  43. Hybrid Brokerage Cross Comparison among major players on basis of Financial Parameters (Total revenue (INR Cr), Revenue from Operations (INR Cr), Brokerage/ Fees & Commission (INR Cr), Net Profit/Loss (INR Cr) & Return on Assets (%)), FY’19
  44. Hybrid Brokerage Cross Comparison among major players on basis of Operational Parameters (Client Base, Active NSE Clients, NSE Client Additions/Churn Rate, Marketing & Business Development Expense (INR Cr), Operating cost per client (INR) & Number of Branches/Outlets), FY’19
  45. Hybrid Brokerage Cross Comparison among major players on basis of Brokerage Pricing (Equity Delivery, Intraday, Equity Derivatives & Currency Derivatives), FY’19
  46. Hybrid Brokerage-  Cross Comparison among major players on basis of PMS Pricing (Brokerage charges, custodian & depository charges, exit load, Demat Account maintenance & Trading Account Opening), FY’19
  47. Hybrid Brokerage Cross Comparison among major players on basis of Strengths & Weakness Analysis with Customer ratings based on Client Reviews
  48. Angel Btroking Key Performace Analysis on basis of Active Brokinga ccounts, Equity Clients & key Expenditures, FY’19
  49. Axis Securiities Key Performace Analysis on basis of Customer base, Active Clients & Key Expenditures, FY’19
  50. Edelweiss Key Performace Analysis on basis of Client Base, Active Clients & Financial Parmaeters, FY’19
  51. Swastika Investmart Key Performace Analysis on basis of Client Base, Active Clients & Financial Parmaeters, FY’19
  52. MasterTrust Securities Key Performance Analysis on basis of Net worth (INR Cr), Total Revenue (INR Cr), Net Profit (INR Cr), AUM (INR Cr) & Active Clients, FY’18-FY’19
  53. Key Forecasted Variables including Market Capitalization (% of GDP), Gross National Savings (% of GDP), Demat Account Holders (in Mn), Number of Full Service Brokerages, Mutual Fund Accounts (in Mn), Insurance Penetration (%) & Number of HNWI Accounts (‘000s) as at FY’19, FY’22 & FY’25
  54. List of Charges Payable to Stock Exchanges, Depository Participants and Others for trading under Equity Delivery, Intraday, Futures and Options Trading, 2019
  55. Impact of Restriction of Intraday Leverage Regulation Amendment on Brokerage Firms and Traders, 2019
  56. Impact of Guideline on Recording of Broker's Holding of Client's Securities on Brokerage Firms and Traders, 2019
  57. Impact of Direct Mutual Fund Investing through Stock Exhanges on Brokerage Firms and Traders, 2019
  58. Research Methodology including Definitions, Abbreviations Used, Methodology and Limitations
  59. Appendix including Overview of Indian Trading Industry (FY'14-FY'19), Number of Registered Brokers by top exchanges in Equity Cash Segment (FY'14-FY'18), Top Equity Cash Trading Cities (FY'14-FY'18), Equity Cash Segment Statistics (FY'14-FY'19),Equity Derivatives Segment Trading Statistics (FY'14-FY'19) and Active Clients in NSE Equity Segment, FY'19

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Companies

Companies Covered:

  • Full Service Brokerages
    • ICICI Securities
    • HDFC Securities
    • ShareKhan
    • Kotak Securities
    • Motilal Oswal
    • Nirmal Bang
    • Geojit Financial Services
    • IIFL Securities
    • SMC Global Securities
    • Reliance Securities

  • Discount Brokerage
    • Zerodha
    • 5Paisa
    • Upstox
    • SAMCO
    • Prostocks
    • R K Global
    • Wisdom Capital
    • Interactive Brokers

  • Hybrid brokerage
    • Angel Broking
    • Edelweiss
    • Axis Direct
    • Swastika Investmart (TradingBells)
    • MasterTrust