Broking industry continues to shrink

Two more brokers on Dalal St head for exit

Two more brokers have announced the end of operations as the financial year draws to a close.

Asiatic Portfolio Limited and Onelife Capital Advisors have opted for voluntary closure or surrendered their membership of the exchange.

“Trading Members of the Exchange are hereby informed that Asiatic Portfolio will cease to do business in the market due to voluntary closure with effect from Friday, 28th March, 2014,” said an exchange notice.

“Trading Members of the Exchange are hereby informed that ‘Onelife Capital Advisors Pvt Ltd’ has applied for surrender of membership of the Exchange under Rule 48(a) of the Rules, Bye-laws and Regulations of the Exchange,” said another exchange notice also put out on March 25.

“Trading Members having any objection in connection with the surrender of membership application of  ‘Onelife Capital Advisors Pvt. Ltd.’, should inform the Membership Operations Department  in writing within 15 days from today i.e., not later than 8th April, 2014,” it added.

The total number of brokers active in the cash segment of the stock market has fallen by 901 so far in this financial year. There were 15,241 brokers in the cash segment at the end of March 2013, which has now fallen to 14,340, according to January-end figures from the Securities and Exchanges Board of India.

The number of brokers in the derivative segment has marginally increased from 2,957 to 3,073.