The total active client base of brokers has fallen 10% from its peak at the end of December to 44.35 million at September end and market experts have attributed this fall to seasonal factors and profit-booking by retail investors.

Major discount brokers Groww , Zerodha, Angel One , and Upstox held 63% of the total market share in terms of active clients.

A press release by Groww, attributed this fall to seasonal factors. In its DRHP, the IPO-bound company had noted citing a Redseer Report that broking business is impacted by seasonality, in Fiscal 2024, the Equity and Derivatives’ (Notional for Futures and Premium for Options) turnover on the NSE was 41.09% and 21.94% higher in the second quarter as compared to the first quarter, respectively, and 36.58% and 32.47% higher in the four

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