Demat account additions improve: Motilal Oswal Financial Services

According to Motilal Oswal Financial Services (MOFSL), the total number of demat accounts increased to 121m in Jun’23. New account additions increased 12% MoM to 2.4m additions in Jun’23 vs. 2.1m additions in May’23. This figure is in line with the average new account additions per month in FY23 (average of 2.1m). In terms of the total number of demat accounts, CDSL continued to gain market share, whereas on an incremental basis, NSDL gained market share MoM in Jun’23. On a YoY basis, NSDL lost 220bp/650bp market share in total/incremental demat accounts.

Performance of key discount brokers improve sharply

Zerodha reported a 0.2% MoM increase in its client count to 6.2m, with a 30bp increase in market share to 20.2%.
ANGELONE reported a 2.2% MoM increase in its client count to 4.4m, with a 500bp rise in market share to 14.3%.
Upstox reported a 0.4% MoM decline in its client count to 2.1m, with a 10bp increase in market share to 6.8%.
Groww reported a 4% MoM increase in its client count to 5.7m, with a ~90bp rise in market share to 18.3%.

Performance of key traditional brokers show down trend:

ISEC reported a 4.1% MoM decline in its client count to 2.0m, with a ~20bp decline in market share to 6.6%.
IIFL Sec reported a 1.7% MoM decline in its client count to 0.4m, with a marginal decline in market share to 1.5%.

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