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Online Trading and Retail Brokerages in India: Dial E for E-Trading

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23 October 2009
Anshuman Jaswal Sreekrishna Sankar

Abstract

India's online retail brokerage industry is a rapidly growing market with a number of opportunities for both retail brokerages and technology vendors. The share of e-trading is expected to rise from around 20% at present to 30% by 2012.

In a new report, Online Trading and Retail Brokerages in India: Dial E for E-Trading, Celent analyzes opportunities for the retail equity market in India. There has been 101% growth in per capita income between 2002-2003 and 2008-2009. Hosuehold savings have grown at an annual rate of 16.4% during this period. However, only 3% of the household savings is currently directed toward financial services. This number is expected to increase to 5% by 2015, representing a major opportunity for the retail brokerage market. Simultaneously, the stock market is becoming more popular, with the number of demat accounts (mandatory for trading in stocks) at an all-time high of 15.7 million.

"The Indian retail brokerage sector is highly fragmented, with the top 10 leading brokerage houses accounting for only 15% of the market," says Anshuman Jaswal, Celent analyst and coauthor of the report. "As the market matures, we will see increasing concentration of trading volume. Along with this fierce competition, technology, geographical reach, and customer services will be essential for winning market players."

"Leading brokerages are offering more sophisticated products," adds Sreekrishna Sankar, Celent analyst and coauthor of the report. "The number of online users as well as internet trading volume on the leading Indian exchanges, NSE and BSE, has been growing steadily."

This report looks at the retail equity market in India and the increasingly important role of online brokerages. It includes a ranking of the leading online brokerages based on a number of parameters, including customer base, geographical reach, product range, cost of trading, level of customer service, technology, and latency.

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