कोशिश गोल्ड - मुक्त
F&O slump hits profits at top Indian brokers—diversification now key
Mint Bangalore
|August 04, 2025
As the industry consolidates, brokers are spending on customer acquisition too, executives say
-
in FY26 so far. To be sure, broking firms have been expanding outside their core business for some time. But the pace of diversification has increased after Sebi's curbs on retail F&O trading.
According to CareEdge Ratings, the industry's stock broking revenue at ₹43,900 crore in FY25. While brokerages do not break out F&O income separately from cash equities, the impact on broking income has been visible.
For instance, broking as a percentage of total revenue at Angel One dropped from 65% in Q3FY25 to 61% in Q1FY26. At 5paisa, it fell from 52% to 46%. Motilal Oswal Financial Services and Geojit Financial Services, which have more diversified revenue models, saw less change.
"Their sources are diversified. After the curb by the regulator on F&O, now they may shift focus from one segment to another," said Siddarth Bhamre, head of research (institutional equities) at ACMIIL.
With volatility in F&O earnings, brokerages are pushing harder into fee-based and interest-income businesses, like wealth and asset management, mutual fund and insurance distribution, and lending against shares. "Brokers now distribute mutual funds (MFs), insurance, and some have their own mutual funds also," said Bhamre.
After a drop in volumes, brokers may look at more ways to monetize and build the customer who is coming for broking, said Nirav Shah, managing director at Equirus Capital. "The focus will not just be on broking but a 360-degree client servicing, as the same client will open a mutual fund account or take a loan against shares, MF or others."
यह कहानी Mint Bangalore के August 04, 2025 संस्करण से ली गई है।
हजारों चुनिंदा प्रीमियम कहानियों और 10,000 से अधिक पत्रिकाओं और समाचार पत्रों तक पहुंचने के लिए मैगज़्टर गोल्ड की सदस्यता लें।
क्या आप पहले से ही ग्राहक हैं? साइन इन करें
Mint Bangalore से और कहानियाँ

Mint Bangalore
Tariff to cross-subsidy: Govt plans big power reform push
The power ministry has proposed a slew of reforms in the sector through a draft of amendments to the Electricity Bill, 2003. Among key proposals is giving more teeth to state electricity regulatory commissions to fix tariffs on their own and ending cross-subsidies.
1 mins
October 11, 2025
Mint Bangalore
Microsoft rules to secure key services
Three months after Microsoft abruptly suspended Nayara Energy’s communications and digital services, the US tech giant on Friday unveiled new protocols and set up a coordinating body in India to prevent future disruptions of critical operations.
1 min
October 11, 2025
Mint Bangalore
Advanced 5G roaming from Jio, T-Mobile soon
Specialised plans may include a dedicated gaming 5G plan.
1 mins
October 11, 2025
Mint Bangalore
A medium of paradox: Gill
Even before the advent of Al and digital image manipulation, the authenticity of photographs could be suspect.
3 mins
October 11, 2025
Mint Bangalore
Norms for hazardous chemicals tightened
The government has overhauled more than four-decade-old safety codes that govern the production, handling, and storage of hazardous chemicals, as it seeks to bolster industrial safety and prevent chemical-related mishaps in India.
1 min
October 11, 2025

Mint Bangalore
SP Group pushes for Tata Sons IPO, invokes Jamsetji
FROM PAGE 16
2 mins
October 11, 2025

Mint Bangalore
Jindal Stainless bets on green energy to protect EU exports
Nearly 65% of the ₹700-800 cr investment will be towards power purchase pacts, says MD
2 mins
October 11, 2025

Mint Bangalore
Investors aren't too excited about TCS's biggest bet
“We are on a journey to become the world’s largest artificial intelligence (AI)-led technology services company,” said Tata Consultancy Services (TCS) Ltd’s chief executive K. Krithivasan in prepared remarks on Thursday after announcing it will spend over $6 billion in about six years to set up data centres.
2 mins
October 11, 2025

Mint Bangalore
Arsenal's time might be this season: Michael Owen
The former England and Liverpool player on how the game has changed, Premier League predictions, and the Ballon d'Or
5 mins
October 11, 2025

Mint Bangalore
Global chefs take back flavours from India
Chefs visiting India are taking back ideas, ingredients, flavours and techniques to infuse into their own dishes back home
4 mins
October 11, 2025
Listen
Translate
Change font size