Delhi, 14 March: The total number of demat accounts in India has seen a significant increase, reaching 148 million in February 2024 according to a report by Motilal Oswal Financial Services. This surge can be attributed to the rise in new account additions, which saw a jump to 4.3 million in February 2024 compared to the average monthly additions of 2.1 million in the previous financial year.
The report also states that CDSL has continued to gain market share in terms of total demat accounts, with an increase on a month-on-month basis. However, on a year-on-year basis, NSDL has witnessed a decrease in market share of 380 basis points for total demat accounts and 920 basis points for incremental demat accounts.
The number of active clients at NSE also showed a positive growth of 4.8 percent month-on-month, reaching 40.05 million in February 2024. Among the top five discount brokers, Zerodha, Angel One, Upstox and Groww saw an increase in client count, with market share fluctuating for some. Zerodha reported a market share decline of 30 basis points but still holds the largest market share at 18 percent.
Angel One and Upstox saw a rise in client count and market share, while Groww recorded the highest increase in both client count (9.1 percent) and market share (22.9 percent). These numbers indicate the growing popularity and importance of demat accounts for investors and the strong presence of discount brokers in the Indian stock market.
