Mirae Asset Securities India has announced on the 10th that the number of retail customer accounts has surpassed 2 million. The number of retail customer accounts exceeded 1 million last February, and it took just over eight months to surpass 2 million accounts.
Mirae Asset Securities is expanding its global business territory through acquisitions (M&A) of local leading companies and region-specific strategies, and it is the only Korean securities firm that has entered the Indian market.
Recently, the most notable market in the global capital market is India. India’s economic growth potential has been highlighted, and along with steady inflows of foreign capital, its stock market is showing a positive trend. The Nifty 50, the representative index of the Indian stock market, has risen about 15% this year and nearly 30% over the past year. The market capitalization of the Indian market is approximately KRW 7,654 trillion, surpassing the market capitalization of the Hong Kong market (about KRW 5,500 trillion), and the Indian securities industry continues to grow, with the number of securities trading accounts exceeding 170 million.
Mirae Asset Securities India, after launching the online trading platform m.Stock in April 2022, has rapidly risen to 9th place among local online securities firms and 15th overall within two and a half years, establishing itself as the fastest-growing securities firm in India. Additionally, at the end of July this year, it conducted a paid-in capital increase, raising its equity capital to USD 600 million (approximately KRW 800 billion). It is focusing on retail sector growth by investing capabilities in local brokerage business along with active online marketing. As of the end of September, it processes an average of 2.14 million daily stock brokerage transactions, holds customer assets worth about KRW 1.215 trillion, and has a margin trading facility (MTF) balance of about KRW 300 billion, steadily increasing its market share in the retail market. Mirae Asset Securities India plans to launch 'm.Stock 2.0' this year and aims to accelerate customer acquisition by providing enhanced customer services.
In December last year, Mirae Asset Securities signed a stock purchase agreement (SPA) to acquire the local Indian securities firm Sharekhan Limited. Established in 2000, Sharekhan has about 3,500 employees, approximately 3.1 million retail accounts, over 130 branches across India, and more than 5,000 business partners (external expert networks), ranking it as the 10th largest securities firm in the local industry.
The acquisition of Sharekhan is expected to be completed in November or December once approval from Indian regulatory authorities is obtained. Upon completion, Mirae Asset Securities India is expected to launch as a comprehensive securities firm with about 5 million retail accounts. Furthermore, through the acquisition of Sharekhan, Mirae Asset Securities aims to maximize group synergy with Mirae Asset Global Investments and others, targeting a leap into the top 5 in India within five years.
Arun Choudhary, Head of Retail Business at Mirae Asset Securities India, said, "We are pleased to have reached 2 million customers within 30 months since the launch of m.Stock in April 2022," adding, "We will provide customers with the best technology and innovative business models and strive to lead the Indian securities industry through the acquisition of Sharekhan."
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