Online brokerages are wit-nessing an uptick in clientregistrations, notwithstanding the meltdown in the market. Most leading players say additions over the past month have been as much as 80 per cent higher than the past monthly average. Ease of account opening, thanks to e-KYC, tempting valuations after the market crash, work-from-home directives, and IPO of SBI Cards are some of the reasons cited for the spurt in account openings.
Zerodha, India's largest brokerage firm in terms of clients, said it witnessed an 80 per cent jump in average monthly new client additions over the last three months.
The Bengaluru-based firm has added about 120,000 unique signups in March, so far.
IIFL Group-backed platform 5paisa.com, too, said its number of new clients doubled this month. Ratan Tata-backed Upstox was on track to add 130,000 to 140,000 fresh demat accounts in March. Self-funded platform FYERS' client base has risen 30 per cent, compared to February.
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March 21, 2020