‘Next decade will unlock growth in retail investing’

Angel One, a three-decade-old brokerage, has maintained its edge inan industry transformed by technology (tech) and shifting investor behaviour.

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Chairman and Managing Director Dinesh Thakkar, in a conversation with Samie Modak in Mumbai, outlines how the company reached the No. 3 spot in active clients, the structural changes shaping India’s broking landscape, and why he foresees another wave of growth. Edited excerpts:

What drives India’s capital markets growth?

■ Demography and digital adoption. India’s population dynamics are fundamental. After 2015, controlling inflation made equities more attractive than other assets. India’s digital public infrastructure — Aadhaar-based authentication, Unified Payments Interface (UPI), and eKYC — made markets accessible across Tier-II cities, benefiting tech-driven players like us.

How has Angel One remained fiercely competitive against tech-driven rivals?

■ It’s not about ‘new age’ versus ‘old age’. It’s about understanding and serving user needs. Tech only matters when it solves real problems. Competitor analysis is secondary to delivering the best user experience. That mindset has kept us agile and scalable.

What helped Angel One get tech right when traditional players lagged?