Demat Accounts Clock 179Mn; Oct Registrations Drop To 3.5 Mn

Demat accounts in the country stood at 179 million as of October 2024. However, additions of new accounts dropped in the last month to 3.5 million accounts as compared to average monthly additions of 3.9 million on a year to date basis for FY25, Motilal Oswal Financial Services (MOSL).

While CDSL retained its lead in the total number of demat accounts and incremental accounts, the market share of NSDL dipped by 400 basis points (bp) year-on-year (YoY) in total accounts and 210bp in incremental accounts.

State of active clients in NSE

The total number of active clients on the National Stock Exchange (NSE) increased by 2.1% month-on-month (MoM) to 48.9 million in October 2024. The share of top five discount brokers increased to 64.5% on the NSE client base as compared to 61.4% in October 2023.

Overview on Brokers

While Groww and Angel One reported significant growth, Zerodha’s client base surged to 8.1 million, up by 1.2% on a Month on Month basis (MoM). However, Nithin Kamath-led brokerage firm lost its market share by 15bp to 16.5%. Customers in Groww surged by 2.8% MoM to 12.6 million, thereby increasing its market share to 25.8 per cent. Having a steady market share of 15.4%, Angel One reported a monthly growth of 2.4% adding 7.5 million clients. Upstox added 2.9 million clients, losing its market share by 5bp to 5.8%.

Traditional brokers including ICICI Securities, Kotak Securities and HDFC Securities reported a monthly growth of 0.7%, 2.8% and 3.3% respectively.

Decline of average daily turnover (ADTO) across F&O and cash segments

The decline in average daily turnover (ADTO) stood at 3.5% MoM in October 2024, which totalled to ₹519.8 trillion. The fall was mainly attributed to decline in the cash segment as well as F&O segment which stood at 12.4% and 3.5% respectively. BSE reported a 16% MoM drop in total ADTO, driven by slump in both cash and F&O volumes. On the other hand NSE clocked a 1.2% MoM increase on account of rise in options trading volumes.

In the cash turnover segment, BSE market share dipped by 6.4% in October from 6.6% in September 2024. While optional turnover at BSE fell by 23.2% last month, market share of options premium turnover also fell by 11.4% in October this year.

Commodity volumes

Total volumes on MCX fell by 14.6% MoM to ₹45.3 trillion in October last month. This is mainly due to a 16.8% decline in future options. In a nutshell, ADTO in the commodities segment fell by 18.5% MoM along with options ADTO declining by 20.6%.

Notably, decline in options ADTO was witnessed due to drop in gold, crude oil and natural gas.