Demat accounts hit a new high, touching 15 crore in March 2024

As of March 2024, India celebrates a record-breaking 151 million Demat accounts, fuelled by a significant addition of 3.1 million new accounts, a trend projected to persist with an average monthly addition of 3.1 million throughout FY24, as per Motilal Oswal brokerage. March saw the Nifty index surge by 1.5%, buoyed by robust macro indicators, rate cut prospects, steady foreign investments, and positive global market trends. Investor sentiment received an additional boost from expectations of Prime Minister, Mr. Narendra Modi's government's re-election in the upcoming 2024 general elections. Amidst the two Depository Service Providers, CDSL is steadily gaining market share, contrasting with NSDL's decline in both MoM and YoY.

Furthermore, the NSE witnessed a 1.8% MoM increase in active clients, totalling 40.8 million in March 2024. The dominance of the top five discount brokers strengthened, accounting for 63.8% of total NSE active clients, up from 59.9% in March 2023. Despite a slight dip in market share, Zerodha retained its leading position, while Upstox experienced a marginal client increase but a decrease in market share. Groww emerged as a significant player with notable client count and market share gains. Traditional brokers showed mixed results, with ISEC facing a modest decline in client base and market share, while IIFL Securities maintained stability with a marginal client increase.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.