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Indian Equity Brokerage Industry: Running to Stand Still
Om Advisory Pvt. Ltd., July 2009, Pages: 41
The Indian equity brokerage industry thrived on the back of equity markets' sustained bull run during 2003-07. Although high competitive pressure meant continuous compression of brokerage commissions and low electronic penetration kept operating costs high, industry revenue was growing. Furthermore, the industry attracted domestic and foreign investment interest at high valuations of upto 45x P/E multiples. During this time, many of the key players started expanding their portfolio of services to include wealth management and advisory services, sale of insurance and mutual fund products, consumer financing and so on.
However, post-2008, the economic downturn - muted trading turnover, relentless competitive pressure and decreasing margins, continued high operating costs and high margining requirements - has put the industry under pressure. Profitability is muted and the major players are under pressure to build scale. Expansion of scale and investments into technological systems has the potential to lead the top brokerage firms into paths of higher growth, but the current economic climate is clearly against heavy investments.
This report analyses the brokerage industry against the backdrop of the economic turmoil, presents views on the possible future outlook for the industry and discusses the way forward for the industry.
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