Sector Update | 12
| Financials
Sector Update
June 2024
Capital Market Monthly
Technology
C
apital
M
arket
T
racker
Sequentially overall ADTO declines, while NSE active clients
increase
MoM demat additions surged; CDSL’s demat market share increased QoQ
Overall ADTO declined ~3% MoM to INR433t, with F&O ADTO down ~3% and Cash ADTO up
~5.5%. Retail cash ADTO increased ~5% MoM to INR485b. Demat account additions surged to
~3.6m in May’24 (average monthly additions of 3.1m since Apr’23). Further, the number of
active users on NSE increased to ~42.9m in May’24 from ~31.2m in May’23.
Key statistics
Parameter
May'24
Demat additions surged to 3.6m MoM
YoY MoM
The total number of demat accounts increased to 158m in May’24. New account
(%) (%)
additions surged to 3.6m in May’24 (average monthly additions stood at 3.1m
Demat A/c (m)
158
34
2
since Apr’23).
NSE Active (m)
43
37
3
In May’24, CDSL continued to gain market share in terms of the total number of
ADTO (INR t)
Overall
433
71
-3
demat accounts and increased its overall market share MoM. On a YoY basis,
- F&O
432
71
-3
NSDL lost 400bp/440bp market share in total/incremental demat accounts.
- Cash (INR b)
1,199 88
5
- Retail Cash (INR b) 485
91
9
NSE active clients increase sequentially
Source: MOFSL, NSE, BSE, CDSL, NSDL
The number of active clients on NSE increased 2.6% MoM to 42.9m in May’24.
Currently, the top five discount brokers account for 64.1% of total NSE active
clients vs. 59.6% in May’23.
Performance of key discount brokers:
Zerodha reported a 1.5% MoM increase in its client count to 7.5m, with a 20bp
fall in market share to 17.5%.
Groww reported a 4.4% MoM increase in its client count to 10.4m, with a 40bp
rise in market share to 24.2%.
Angel One reported a 2.9% MoM increase in its client count to 6.5m, with a
market share of 15.1%.
Upstox reported a 1.4% MoM increase in its client count to 2.6m, with a 10bp
fall in market share to 6%.
Performance of key traditional brokers:
ICICI Sec reported a 0.7% MoM increase in its client count to 1.9m, with a 10bp
fall in market share to 4.4%.
IIFL Sec reported a 0.7% MoM increase in its client count to 0.4m, with a market
share of 1%.
Total ADTO declined 3% MoM (up 71% YoY) to INR433t, with F&O ADTO down
3% and Cash ADTO up 5.5%.
Total ADTO for BSE increased 18% MoM (led by growth in F&O volumes),
whereas total ADTO for NSE declined 7.8% MoM.
On a MoM basis, the market share of BSE in the total cash T/O segment declined
to ~6.4% in May’24 (~6.7% in Apr’24). BSE’s market share in the total options
notional T/O segment improved to ~23% from ~19% in Apr’24 and declined in
options premium T/O to ~9.7% from ~9.8% in Apr’24.
BSE F&O ADTO increases MoM
Research Analyst: Prayesh Jain
(Prayesh.Jain@MotilalOswal.com) /
Nemin Doshi
(Nemin.Doshi@MotilalOswal.com)
Research Analyst: Nitin Aggarwal
(Nitin.Aggarwal@MotilalOswal.com) /Muskan
Chopra
(Muskan.Chopra@MotilalOswal.com)
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
12 June 2024
1
 Motilal Oswal Financial Services
Sector Update | Financials
Overall ADTO on MCX increased ~13% MoM
Total volumes on MCX increased MoM to INR 41t in May’24; volumes in OPTFUT
increased 19.2% MoM to INR 34.8t.
Overall ADTO increased 13% MoM to INR1.8t. Options ADTO increased 14%
MoM. Futures ADTO increased 7.7% MoM, led by an increase in Silver ADTO (3%
MoM) and Natural Gas ADTO (44% MoM).
Options ADTO increased 14% MoM on account of a 2%/141%/112% increase in
Crude Oil/Natural Gas/Gold ADTO. On the other hand, Silver ADTO declined 64%
on a MoM basis.
Primary market: In May’24, an amount of INR96.1b was raised via five IPOs.
Exhibit 1:
The number of demat accounts rises to 158m
Demat Accounts (m)
139
144
154
148 151
158
Exhibit 2:
Incremental demat accounts
Incremental Demat a/c (In m)
135
130 132
127
121 123
118
Source: MOFSL, CDSL, NSDL
Source: MOFSL, CDSL, NSDL
Exhibit 3:
Market share led by CDSL
CDSL (%)
27
27
27
26
NSDL (%)
25
24
24
24
23
23
Exhibit 4:
Market share in incremental accounts led by CDSL
CDSL (%)
NSDL (%)
9
10
9
26
26
25
14
73
73
73
74
74
74
75
75
15
14
12
11
12
13
10
10
10
76
76
76
77
77
86
85
86
88
89
88
87
90
90
91
90
91
90
Source: MOFSL, CDSL, NSDL
Source: MOFSL, CDSL, NSDL
Exhibit 5:
Overall ADTO and growth
Total ADTO (INR t)
181
131 141 135
136 136 146 144 125 128 132
95 84
71
YoY Growth (%)
Exhibit 6:
F&O ADTO and growth
F&O ADTO (INR t)
YoY Growth (%)
181
137 136 146
145
125 128 132
132 142 135
95 84
71
243 253 260 308 315 359 352 357 433 461 484 461 446 433
242 252 259 307 314 358 352 356 432 460 483 460 445 432
Source: MOFSL, NSE, BSE
Source: MOFSL, NSE, BSE
12 June 2024
2
 Motilal Oswal Financial Services
Sector Update | Financials
Exhibit 7:
Cash ADTO and growth
Cash ADTO(INR b)
YoY Growth (%)
137 137
103 108
91
88
Exhibit 8:
Retail Cash ADTO and growth
Retail Cash ADTO (INR b)
YoY Growth (%)
533
485
483 519
412 445
141 123
42
3
57
31
34
38
29
361
329
309 328
289
254 268
(10) 24
30
4
8
20
11
75
74 103
91
Source: MOFSL, NSE, BSE
Source: MOFSL, NSE, BSE
Exhibit 9:
Cash T/O Market Share Trend
NSE (%)
BSE (%)
Exhibit 10:
Option Notional T/O Market Share Trend
NSE (%)
0
0
1
3
7
BSE (%)
10
14
6
8
6
9
8
7
7
7
9
8
8
8
7
6
100 100 99
97
93
91
90
12
15
17
19
23
94
92
94
86
88
85
92
93
93
93
91
92
92
92
93
94
83
81
77
Source: MOFSL, NSE, BSE
Source: MOFSL, NSE, BSE
Exhibit 11:
Option Premium T/O Market Share Trend
NSE (%)
-
0
0
0
1
2
BSE (%)
Exhibit 12:
Trend of Top 5 Discount Broker Market Share in%
Top 5 discount broker market share (%)
3
4
5
5
6
7
10 10
100
100
100 100 99
98 97 96
95
95
94
93
90 90
Source: MOFSL, NSE, BSE
Source: MOFSL, NSE, BSE
12 June 2024
3
 Motilal Oswal Financial Services
Sector Update | Financials
Exhibit 13:
Number of IPOs
No of IPOs
10
5
5
6
4
4
11
12
10
9
5
Exhibit 14:
Value of IPO trend
Value of IPOs (INR b)
256
75
6
81
90
45
38
31
2
1
29
43
72
96
58
Source: MOFSL, moneycontrol
Source: MOFSL, moneycontrol
Exhibit 15:
MCX Total Volumes Trend
Total Volumes (INR t)
Exhibit 16:
Total commodity ADTO volumes at MCX
Futures ADTO (INR b)
Options ADTO (INR b)
218 215 184 181 198 224 200 189 187 164 174 250
269
Source: MOFSL, MCX
Source: MOFSL, MCX
Exhibit 17:
Crude Oil options ADTO trend
Crude Oil Option ADTO (INR b)
692
531
1,037
1,061
Exhibit 18:
Natural Gas options ADTO trend
Natural Gas Options ADTO (INR b)
184
122 124 125 124
68
143
98
90
92
221
760
787
615
808
898 845
913
598
459
91
87
Source: MOFSL, MCX
Source: MOFSL, MCX
Exhibit 19:
Silver options ADTO trend
Silver Options ADTO (INR b)
98
Exhibit 20:
Gold options ADTO trend
Gold Options ADTO (INR b)
129
62
167
35
9
12
43
13
17
41
12
17
22
70
31
19
26
87
56
20
41
58
35
79
32
69
Source: MOFSL, MCX
Source: MOFSL, MCX
12 June 2024
4
 Motilal Oswal Financial Services
Sector Update | Financials
Exhibit 21:
NSE active clients for the top 20 brokers
Zerodha
Groww
Angel One
Upstox
ICICI Sec
HDFC Sec
5Paisa
Kotak Sec
MOFSL
Sharekhan
IIFL Sec
Paytm Money
SBICAP
Axis Sec
Choice
Geojit
Nuvama
Fyers
SMC Global
Religare
May'23
6.2
5.4
4.3
2.1
2.1
1.0
0.5
0.9
0.8
0.7
0.5
0.6
0.5
0.3
0.2
0.2
0.2
0.2
0.1
0.1
Jun'23
6.2
5.7
4.4
2.1
2.0
1.0
0.5
0.9
0.8
0.7
0.4
0.7
0.6
0.3
0.2
0.2
0.2
0.2
0.2
0.1
Sep'23
6.5
6.6
4.9
2.2
1.9
1.0
0.5
1.0
0.8
0.6
0.4
0.7
0.7
0.3
0.2
0.2
0.2
0.2
0.2
0.1
Dec'23
6.7
7.6
5.3
2.3
1.9
1.0
0.5
1.1
0.8
0.6
0.4
0.8
0.8
0.3
0.2
0.2
0.2
0.2
0.2
0.1
Jan'24
7.0
8.4
5.7
2.4
1.9
1.1
0.5
1.1
0.8
0.7
0.4
0.8
0.8
0.3
0.2
0.2
0.2
0.2
0.2
0.1
Feb'24
7.2
9.2
6.0
2.5
1.9
1.1
0.5
1.2
0.9
0.7
0.4
0.8
0.9
0.4
0.2
0.2
0.2
0.2
0.2
0.1
Mar'24
7.3
9.5
6.1
2.5
1.8
1.1
0.5
1.2
0.9
0.7
0.4
0.8
0.9
0.4
0.2
0.2
0.2
0.2
0.2
0.1
Apr'24
7.4
9.9
6.3
2.6
1.9
1.1
0.6
1.2
0.9
0.7
0.4
0.8
0.9
0.4
0.2
0.2
0.2
0.2
0.2
0.1
May'24
7.5
10.4
6.5
2.6
1.9
1.1
0.5
1.3
0.9
0.7
0.4
0.8
0.9
0.4
0.2
0.2
0.2
0.2
0.2
0.1
% YoY
% MoM
20.6
1.5
90.6
4.4
50.2
2.9
22.5
1.4
(12.1)
0.7
9.6
1.6
3.8
(0.7)
40.7
2.7
18.1
1.4
1.6
0.6
(2.2)
0.7
22.2
(1.3)
69.0
1.4
16.7
2.1
(3.8)
1.4
8.6
0.7
(11.3)
(0.4)
33.2
2.5
24.7
1.3
11.2
0.8
Source: MOFSL, NSE
Exhibit 22:
Market share of the top 20 brokers
Zerodha
Groww
Angel One
Upstox
ICICI Sec
HDFC Sec
5Paisa
Kotak Sec
MOFSL
Sharekhan
IIFL Sec
Paytm Money
SBICAP
Axis Sec
Choice
Geojit
Nuvama
Fyers
SMC Global
Religare
May'23
19.9
17.4
13.8
6.8
6.8
3.3
1.7
2.9
2.5
2.1
1.5
2.1
1.7
1.0
0.7
0.7
0.6
0.6
0.5
0.4
Jun'23
20.2
18.3
14.3
6.8
6.6
3.3
1.7
3.0
2.5
2.1
1.5
2.1
1.8
1.1
0.7
0.7
0.6
0.6
0.5
0.4
Sep'23
19.4
19.9
14.6
6.6
5.7
3.0
1.5
3.0
2.4
1.9
1.3
2.1
2.0
1.0
0.6
0.7
0.5
0.6
0.5
0.4
Dec'23
18.6
21.0
14.8
6.3
5.2
2.9
1.4
3.0
2.3
1.8
1.1
2.1
2.2
0.9
0.5
0.6
0.5
0.6
0.5
0.4
Jan'24
18.3
22.0
14.9
6.3
4.9
2.8
1.4
3.0
2.2
1.7
1.1
2.1
2.2
0.9
0.5
0.6
0.5
0.6
0.5
0.4
Feb'24
18.0
22.9
14.9
6.2
4.7
2.7
1.4
2.9
2.2
1.7
1.1
2.0
2.1
0.9
0.5
0.6
0.4
0.5
0.4
0.4
Mar'24
17.9
23.4
15.0
6.2
4.5
2.7
1.3
3.0
2.2
1.6
1.1
2.0
2.1
0.9
0.5
0.6
0.4
0.5
0.4
0.4
Apr'24
17.7
23.7
15.1
6.1
4.5
2.7
1.3
3.0
2.1
1.6
1.1
1.9
2.1
0.9
0.5
0.6
0.4
0.6
0.4
0.3
May'24
17.5
24.2
15.1
6.0
4.4
2.6
1.3
3.0
2.1
1.6
1.0
1.8
2.1
0.9
0.5
0.6
0.4
0.6
0.4
0.3
bp YoY bp MoM
(242)
(18)
676
42
129
5
(73)
(7)
(246)
(8)
(67)
(3)
(41)
(4)
7
-
(34)
(2)
(55)
(3)
(42)
(2)
(23)
(7)
39
(2)
(16)
-
(20)
(1)
(15)
(1)
(22)
(1)
(2)
-
(4)
(1)
(8)
(1)
Source: MOFSL, NSE
Investment in securities market are subject to market risks. Read all the related documents carefully before investing
12 June 2024
5
 Motilal Oswal Financial Services
Sector Update | Financials
NOTES
12 June 2024
6
 Motilal Oswal Financial Services
Sector Update | Financials
Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Expected return (over 12-month)
>=15%
< - 10%
< - 10 % to 15%
Rating may undergo a change
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall be within following 30 days take
appropriate measures to make the recommendation consistent with the investment rating legend.
Disclosures
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the Regulations, is engaged in
the business of providing Stock broking services, Depository participant services & distribution of various financial products. MOFSL is a listed public company, the details in respect of which are available on
www.motilaloswal.com. MOFSL (erstwhile Motilal Oswal Securities Limited - MOSL) is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National
Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and National Commodity & Derivatives Exchange Limited (NCDEX) for
its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) National Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of
Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products.
Details of
associate entities of Motilal Oswal Financial Services Limited are available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/List%20of%20Associate%20companies.pdf
MOFSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and buy or sell the securities or
derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial
instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and
other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are
completely independent of the views of the associates of MOFSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
MOFSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report should be aware that MOFSL
may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific merchant banking, investment banking or brokerage
service transactions. Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the website at
https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental research and Technical
Research. Proprietary trading desk of MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOFSL research activity and therefore it can
have an independent view with regards to Subject Company for which Research Team have expressed their views.
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary
to law, regulation or which would subject MOFSL & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures
Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Securities (SEBI Reg.
No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Hong Kong. This report is intended for distribution only to
“Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available to professional investor and will be engaged only with
professional investors.” Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian
Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S.
Motilal Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the
United States. In addition MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and
under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOFSL, including the products and
services described herein are not available to or intended for U.S. persons. This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act
and interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any
investment or investment activity to which this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption
from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission
("SEC") in order to conduct business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal Securities
International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer,
MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research
analyst account.
For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets (Singapore) Pte. Ltd. (“MOCMSPL”) (UEN 201129401Z), which is a holder of a capital markets services license and an exempt
financial adviser in Singapore.This report is distributed solely to persons who (a) qualify as “institutional investors” as defined in section 4A(1)(c) of the Securities and Futures Act of Singapore (“SFA”) or (b)
are considered "accredited investors" as defined in section 2(1) of the Financial Advisers Regulations of Singapore read with section 4A(1)(a) of the SFA. Accordingly, if a recipient is neither an “institutional
investor” nor an “accredited investor”, they must immediately discontinue any use of this Report and inform MOCMSPL .
In respect of any matter arising from or in connection with the research you could contact the following representatives of MOCMSPL. In case of grievances for any of the services rendered by MOCMSPL
write to grievances@motilaloswal.com.
Nainesh Rajani
Email: nainesh.rajani@motilaloswal.com
Contact: (+65) 8328 0276
.
Specific Disclosures
1 MOFSL, Research Analyst and/or his relatives does not have financial interest in the subject company, as they do not have equity holdings in the subject company.
2 MOFSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 MOFSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4 MOFSL, Research Analyst and/or his relatives do not have material conflict of interest in the subject company at the time of publication of research report
5 Research Analyst has not served as director/officer/employee in the subject company
6 MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7 MOFSL has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8 MOFSL has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
9 MOFSL has not received any compensation or other benefits from third party in connection with the research report
10 MOFSL has not engaged in market making activity for the subject company
********************************************************************************************************************************
The associates of MOFSL may have:
-
financial interest in the subject company
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received compensation/other benefits from the subject company in the past 12 months
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any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific
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acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
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Sector Update | Financials
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which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from clients which are not considered in above disclosures.
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Registration details of group entities.: Motilal Oswal Financial Services Ltd. (MOFSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412 . AMFI:
ARN .: 146822. IRDA Corporate Agent – CA0579. Motilal Oswal Financial Services Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Insurance, Bond, NCDs and IPO products.
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