Discount brokerage firms have increased their market share as more retail investors have started investing and trading stocks according to a recent research report. The new-age retail investors have embraced tech-based trading platforms with relatively simpler UI/UX provided by these new-age brokers such as Zerodha, Upstox and Groww.
While the former posted its best profitable year during the last fiscal, Upstox also improved its annual income by 99.6% to around Rs 154.7 crore in FY20. As per data provided by the National Stock Exchange (NSE), Upstox has the second-highest number of active users among all of the stockbrokers with an active client base of more than 1.85 million.
Zerodha led the list with an active client base of more than 3.14 million as of January 31, 2021.Decoding the numbers, Upstox collected 80.7% of its income through brokerage and allied services fees charged from users on its platform. These collections grew by 104.05% to Rs 124.9 crore in FY20.
