Demat accounts at record high in FY24; March witnesses addition of 31 lakh more accounts

The sustained market rally in the financial year 2023-24 led to a significant growth in the opening of demat accounts, resulting in a total of 15.10 crore such accounts by March 2024.

New account additions surged to 31 lakh for the month, with an average monthly addition of 31 lakh accounts throughout FY24.

In March, Central Depository Services Limited or CDSL continued to gain market share in terms of total demat accounts and also saw an increase in market share on a month-on-month basis.

At the National Stock Exchange (NSE), active clients increased for the ninth consecutive month, with the number of active clients rising 1.8 percent MoM to 4.08 crore in March this year.

Key brokers in FY24

In FY24, the performance of key discount brokers presented a mixed picture. Zerodha saw a 0.9 percent month-on-month (MoM) rise in its client count to 73 lakh, accompanied by a 20 basis points decrease in market share to 17.9 percent.

Upstox reported a 0.6 percent MoM increase in its client count to 25 lakh, with a 10 basis points drop in market share to 6.2 percent. Meanwhile, Groww witnessed a 3.8 percent MoM surge in its client count to 95 lakh, coupled with a 50 basis points increase in market share to 23.4 percent.