India’s Demat Accounts Surge by 4.4 Million, Reaching 175 Million in September – Motilal Oswal

The total number of demat accounts in India hit 175 million in September 2024, according to a report from Motilal Oswal Financial Services Ltd (MOFSL). During the month, 4.4 million new accounts were added, bringing the average monthly addition to 4 million for the financial year 2025 so far.

CDSL Gains, NSDL Sees Decline

The report highlighted a strong growth in new demat accounts, with Central Depository Services Limited (CDSL) increasing its market share. In contrast, National Securities Depository Limited (NSDL) saw its market share for total demat accounts drop by 410 basis points (bps) and by 90 bps for new accounts year-on-year.

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Active Clients on NSE Rise

The National Stock Exchange (NSE) saw a 2.4% rise in active clients month-on-month, reaching 47.9 million in September 2024. The top five discount brokers now account for 64.5% of all active clients on the NSE, up from 61.9% in September 2023.

Growth Among Leading Brokers

In September 2024, Zerodha’s client base grew by 1.1%, reaching 8 million, though its market share dropped slightly by 20 basis points to 16.6%. Meanwhile, Groww saw stronger growth with a 3.1% increase in clients, bringing its total to 12.3 million. This helped Groww boost its market share by 15 basis points to 25.6%.

Angel One also reported a 3.1% rise in clients, reaching 7.4 million, with a 15.4% market share. Upstox saw a 1.5% increase in its client base, now at 2.8 million, but its market share fell to 5.9%.

Traditional Brokers See Mixed Results

Among traditional brokers, ICICI Securities had 1.9 million clients in September, with a slight market share drop of 10 basis points to 4.2%. IIFL Securities had a client base of 0.5 million, holding a market share of 1%.

Surge in Futures & Options (F&O) Volumes

The total average daily turnover (ADTO) increased by 7.1% month-on-month to ₹538.6 lakh crore. This growth was driven mainly by a 7.2% rise in Futures and Options (F&O) volumes, while cash market volumes saw a 3.8% decline.

BSE and NSE Performance

The Bombay Stock Exchange (BSE) saw its total ADTO jump by 16% month-on-month, while the NSE experienced a 4.3% increase. Although BSE’s market share in cash turnover fell to 6.6%, its share in options notional turnover increased to 26.8%.

Commodity Volumes on the Rise

Commodity volumes on the Multi Commodity Exchange (MCX) rose by 17.4% month-on-month to ₹53.1 lakh crore, with options contributing ₹47 lakh crore. Key drivers of this growth included crude oil (20.5%), gold (107.3%), and natural gas (27.2%). Futures turnover also saw growth in gold (16%), natural gas (32.4%), and crude oil (22.6%), while silver futures turnover declined by 12%.