The total number of demat accounts increased to 154m in Apr’24. New account additions were flat at 3.1m in Apr’24 (average monthly additions of 3.1m in FY24), a report from leading domestic brokerage firm Motilal Oswal said. In Apr’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 a MoM basis. On a YoY basis, NSDL lost 400bp/470bp market share in total/incremental demat accounts, the report added.
The number of active clients at NSE increased 2.6% MoM to 41.8m in Apr’24. Currently, the top five discount brokers account for 63.9% of total NSE active clients vs. 60.1% in Apr’23.
Performance of key discount brokers: Zerodha reported a 1.5% MoM increase in its client count to 7.4m, with a 20bp fall in market share to 17.7%. Groww reported a 4.1% MoM increase in its client count to 9.9m, with a 30bp rise in market share to 23.7%. Angel One reported a 3.1% MoM increase in its client count to 6.3m, with a 10bp rise in market share to 15.1%. Upstox reported a 1.5% MoM increase in its client count to 2.6m, with a 10bp fall in market share to 6.1%.
Performance of key traditional brokers: ICICI Sec reported a 0.9% MoM increase in its client count to 1.9m, with a -10bp fall in market share to 4.5%. IIFL Sec reported a 1.1% MoM increase in its client count to 0.4m, with a market share to 1.1%.
Total ADTO (Average Daily Turnover) declined 3% MoM (up 84% YoY) to INR446t, with F&O ADTO declining 3% MoM and Cash ADTO increasing 6% MoM. Total ADTO from BSE increased 6% MoM (led by growth in F&O volumes) whereas the total ADTO for NSE declined 5.1% MoM. On a MoM basis, market share of BSE in the total cash T/O segment declined to 6.7% in Apr’24 (Mar’24 ~8.5%). BSE’s market share in the total options notional T/O segment and options premium T/O improved to 19.1% from 17.5% in Mar’24 and to 9.8% from 7.2% in Mar’24, respectively.
