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Financial Brokerage Market in India 2022

Financial Brokerage Market in India 2022

Market insights:
When a firm or individual manages financial assets and conducts financial transactions on behalf of others, it is known as a financial brokerage. The brokerage market is transitioning from a transaction-based model to a service or fee-based model. It offers services such as investment advice and wealth management expertise. Full-service brokerage provides clients with market insights, research, and investment strategies, along with guidance of the sale and purchase of assets.

The revenue of the brokerage industry in India was valued at INR 152.40 Bn in FY 2018. It is expected to increase to INR 290.00 Bn by FY 2023, expanding at a CAGR of ~13.73% from FY 2018 to FY 2023. The industry gained popularity owing to a significant increase in trading activities. Financial brokerage firms generate revenue from stocks, commodities, and currency. The financial brokerage market operates through different business verticals, such as full-service, discount, and hybrid brokerage. The full-service brokers segment accounted for the largest share of the brokerage market in FY 2020, followed by discount brokers and hybrid brokers. Some of the major players operating in the market are Angel Broking Limited, Geojit Financial Services Limited, ICICI Securities Limited, and Kotak Securities Limited.

Impact of COVID-19:
In 2020, the pandemic and lockdowns across the world severely impacted India’s financial market and liquidity position. With the economy struggling, investments began to decline. Though the pandemic dealt a devastating blow to the economy, trade volumes in domestic capital markets grew steadily, reaching an all-time high in July 2021. After a robust performance in January 2021 ─ February 2021, industry turnover/trading volumes fell in May 2021 due to weak global and domestic signals, as well as concerns regarding COVID-19. According to a report by ICRA Limited, brokers witnessed a growth of 30% – 35% in sales in FY 2021

Trading volumes touched an all-time high in June 2021 during the lockdown. Trading volumes were impacted in March 2021, when the Securities and Exchange Board of India (SEBI) reduced the market-wide position limit to reduce speculative trading and market volatility. The industry's trading activity remained subdued in April 2021, with an ADTO of INR 1.20 Trn, falling by 2% from March 2021. After that, trade volumes increased steadily. The equities capital market recorded an aggregate turnover of INR 1.71 Trn in the five months ending August 2020, but turnover dropped to INR 1.36 Trn in October 2021.

Market Segment insights:
In FY 2021, full-service brokers accounted for a significant share (35.0%) of the broking industry in India, followed by discount brokers (33%) and hybrid brokers (32%). The shift of trading platforms from offline to a mix of online and offline modes resulted in higher revenues for full-service brokers. The competition has become intense because discount brokers charge lower fees. Full-service brokers have had to adjust their strategies to earn more revenue from non-brokerage sources. With technological advancements, the usage of the internet, smartphones, and mobile applications, along with reduced brokerage charges, discount brokers are expected to gain a significant share of the market.

Table of Contents

Chapter 1: Executive summary

Chapter 2: Socio-economic indicators

Chapter 3: Introduction
3.1. Market definition and structure

Chapter 4: Market overview
4.1. Brokerage Market in India – An overview
4.2. National Stock Exchange of India Limited (NSE) ─ Active clients
4.3. NSE active clients and market share
4.4. Broker-wise broking and commission revenue
4.5. Peer comparison based on wide parameters
4.6. Top ten stockbrokers in India, as of December 2021 (number of accounts)
4.7. Product-wise rate of brokers

Chapter 5: Industry scenario
5.1. Financial brokerage market in India – PE ratio
5.2. Equity shares of brokers in NSE cash and derivatives market
5.3. Equity market turnover
5.4. Commodity market
5.5. Currency market
5.6. Increasing share of internet-based trading in overall turnover for NSE segment
5.7. Retail average daily turnover (ADTO) trend for cash market and equity derivatives





Chapter 6: State-wise no. of registered brokers
6.1. State-wise number of registered brokers


Chapter 7: Impact of COVID-19
7.1. Impact of COVID-19 on the market

Chapter 8: Market influencers
8.1. Market drivers
8.2. Market challenges

Chapter 9: Market trends
9.1. Market trends

Chapter 10: Competitive landscape
10.1. Angel Broking Limited
- Company information
- Business description
- Products/Services
- Key people
- Financial snapshot
- Key ratios
- Key financial performance indicators
- Key business segments
- Key geographical segments
Note: Financial information has been covered only for public companies.
10.2. Geojit Financial Services Limited
10.3. ICICI Securities Limited
10.4. IIFL Finance Limited
10.5. Motilal Oswal Financial Services Limited
10.6. Reliance Capital Limited
10.7. SMC Global Securities Limited
10.8. HDFC Securities Limited
10.9. Kotak Securities Limited
10.10. Zerodha Broking Limited


Chapter 11: Recent developments
11.1. Recent developments

Chapter 12: Appendix
12.1. Research methodology
12.2. About Netscribes
12.3. Disclaimer

Report Title: Financial Brokerage Market in India 2022


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