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Indian stockbrokers clocked stellar growth while the economy went into recession
A record 1.42 crore new demat accounts were opened in the country in 2020. Representational image. | Danish Siddiqui/Reuters
If stock brokering businesses were the benchmark for India’s economic success, no one would believe that the country is going through its worse financial crisis in decades.
Over the last year, as India struggled with Covid-19 outbreaks, the country’s economy went into a recession, the unemployment rate spiked sharply and thousands of households were pushed into poverty. Many small businesses are currently hanging by a thread.
Away from this gloom and doom, stockbrokers in India have raked in crores of rupees during the pandemic.
May 25, 2021
If stock brokering businesses were the benchmark for India’s economic success, no one would believe that the country is going through its worse financial crisis in decades.
Over the last year, as India struggled with Covid-19 outbreaks, the country’s economy went into a recession, the unemployment rate spiked sharply, and thousands of households were pushed into poverty. Many small businesses are currently hanging by a thread.
Away from this gloom and doom, stockbrokers in India have raked in millions during the pandemic.
In the financial year that ended on March 31, 2021, the stock brokerage industry in India clocked an income of Rs27,500-28,500 crore ($3.6 billion), which is around 30-35% higher year-on-year, according to rating agency ICRA.
2021-03-09 16:06:05 GMT2021-03-10 00:06:05(Beijing Time) Xinhua English
MUMBAI, March 9 (Xinhua) Indian investors withdrew 2.5 billion U.S. dollars from equity and debt mutual funds in February, as per the data released by the Association of Mutual Funds of India on Tuesday.
Debt mutual funds saw its biggest outflow in the past 23 months with 924 million U.S. dollars withdrawn while equity mutual funds saw 1.4 billion U.S. dollars being withdrawn and the rest were from liquid and money market funds, as per the data.
The outflow from equity was the 8th consecutive month and the biggest since November.
Profit booking or re-allocation to alternate investment avenues like real estate or director or initial public offer led to redemption pressure in equity, said Akhil Chaturvedi, head of Sales & Distribution, Motilal Oswal Asset Management Company.