Discount brokerages, such as Zerodha and Groww, will be impacted the most by the recent regulatory moves to curb investors’ derivatives play, domestic rating agency Crisil said on Tuesday.
The agency’s director Subha Sri Narayanan said up to 80 per cent of a discount broker’s revenue comes from derivative trades, while for the full-service brokerages, the same is under a third of the revenues.
“With a relatively low proportion of other revenue streams currently and the more stringent eligibility criteria for retail customers now, discount brokers, who cater predominantly to the retail segment, could see the largest impact, with new customer acquisition also slowing,” Narayanan said.
Its associate director Aesha Maru said competitive dynamics will constrain the discount brokers’ ability to hike brokerage charges, which can otherwise be a mitigant in the face of troubles.
The agency said capital markets regulator Sebi’s revised Equity Index Derivatives Framework announced on October

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