In March 2024, the number of demat accounts in the country crossed 15 crore, with 3.1 lakh new accounts opened.

Total Demat Accounts: By March 2024, the number of demat accounts in the country has increased to 151 million (15.1 crore). A total of 3.1 million (31 lakh) new demat accounts have been added in the month of March while an average of 3.1 million new demat accounts have been opened every month during the financial year 2023-24 as well.

15.1 crore demat accounts

Giving information about the new demat accounts opened, Motilal Oswal Financial Services said that the total number of demat accounts in the country has increased to 15.1 crore in March 2024. The total number of shops opened in the month of March has increased to 3.1 lakh. CDSL has the largest share in terms of total number of demat accounts. CDSL has achieved success on month-on-month basis. At the same time, NSDL’s market share has declined on a year-on-year basis. The market share of NSDL demat accounts decreased by 390 basis points and incremental demat accounts by 570 basis points per month.

The share of discount brokers increased.

According to the report, the number of active clients on NSE increased by 1.8% month-on-month to 40.8 million in March 2024. Top five discount brokers accounted for 63.8 percent of NSE’s total active clients, up from 59.9 percent last year in March 2023. Zerodha’s client base grew 0.9 percent month-on-month to 7.3 million. While the market share has decreased by 20 basis points to reach 17.9%. Upstox’s client base grew by 0.6 percent month-on-month to 2.5 million. Its market share declined by 10 basis points to 6.2 percent. Groww’s client base grew 3.8 percent to 9.5 million and its market share grew to 23.4 percent.

The share of traditional brokers is decreasing.

Among traditional brokerage houses, ISEC’s (ICICI Securities) market share declined to 4.5 percent, while IIFL Securities’ market share increased to 1.1 percent. One thing is clear from this that most new demat account holders are joining discount brokers.

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