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19 Nov 2024
The number of Demat accounts in India hit a record high of 151 million by March 2024, with 3.1 million new accounts added in that month alone. This upward trend has been consistent throughout FY24, with an average of 3.1 million new accounts opened each month, according to data from Motilal Oswal.
The Indian stock market, represented by the Nifty index, rose by 1.5% in March due to strong macroeconomic indicators, hopes of a rate cut, continuous foreign investments, and positive global market trends. Investor sentiment was also boosted by the expectation of the Narendra Modi government securing a third term in the 2024 general elections.
Among the two main Depository Service Providers, CDSL has been gaining market share, while NSDL has seen a decline in both total Demat accounts and new account additions year-over-year.
Active clients at NSE increased by 1.8% month-on-month to 40.8 million in March 2024. The top five discount brokers now account for 63.8% of total NSE active clients, up from 59.9% in March 2023.
Zerodha, the leading discount broker, maintained its top position but experienced a slight market share decline despite a small increase in its client base. Upstox saw a minor rise in client numbers but also a decrease in market share.
Groww, however, had a significant 3.8% increase in client count and gained market share. Traditional brokers had mixed results, with ISEC experiencing a slight decline in both client base and market share, while IIFL Securities saw a small increase in client count and stable market share.
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