India's Biggest Stockbrokers Float New Association for Retail Investors

As there is no forum dedicated solely to retail investors in the country, ARISE-India plans to fill this gap

- Ram Sahgal & Sneha Shah

Some of India's largest stockbrokers have formed an association to promote the interests of retail investors and growth in the securities market even as the regulator has taken multiple measures to contain the frenzy in the derivatives market.

Christened Association for Retail Investor Safeguard and Empowerment (ARISE-India), the initiative is being jointly led by some large systemically important or qualified stockbrokers (QSBs) focused solely on the retail investor, according to Dinesh Thakkar, chairman and managing director at Angel One, the country's third-largest stockbroker.

While Thakkar declined to reveal the names of the members as the initiative was "evolving," QSBs in India, according to the regulator's 11 March 2024 circular, include Angel One, Groww, Zerodha, Upstox Securities, HDFC Securities and Kotak Securities, among others.

Association of National Exchanges Members of India (ANMI), BSE Brokers' Forum (BBF) and the Association of Mutual Funds in India represent a myriad of participants, such as retail and institutional clients, but there is no forum dedicated solely to retail investors. ARISE plans to fill this gap.