NSE reliance on top 10 brokers falls to 48.3% in FY25, says Sebi report

According to the Securities and Exchange Board of India's (Sebi's) annual report, the share of clients contributed by the top 10 brokers on NSE fell to 48.3% in 2024-25 (FY25), from 63.7%

The National Stock Exchange’s (NSE’s) reliance on its top 10 brokers in the cash segment has eased, signalling a broader diversification of its client base.

 

According to the Securities and Exchange Board of India’s (Sebi’s) annual report, the share of clients contributed by the top 10 brokers on NSE fell to 48.3 per cent in 2024-25 (FY25), from 63.7 per cent in FY24.

 

Market experts attribute this trend to NSE’s expanded investor outreach in non-metro areas.

 

“NSE’s awareness programmes in smaller cities have encouraged more individuals to invest. Many of these new accounts are coming through local brokers in tier-2 and tier-3 centres. At the same time, we are also seeing fresh entrants among brokers,” said K Suresh, president of the Association of National Exchanges Members of India (Anmi). 

 

Interestingly, while client concentration has eased, the turnover share of top 10 brokers has inched up — rising from 38.6 per cent to 41.5 per cent over the same period.

 

The trend is visible on the BSE as well. The share of its top 10 brokers in gross turnover jumped to 54.3 per cent in FY25 from 47.6 per cent in FY24.

 

In terms of client base, the share of the top 10 brokers of the BSE nearly doubled to 32.6 per cent, from 17.7 per cent.

 

At a broader level, market concentration remains high. The top 100 brokers still account for 90.6 per cent of the cash market turnover.

 

Meanwhile, Sebi’s data shows the top 100 scrips contributed 50.5 per cent of cash market turnover in FY25, lower than 52.7 per cent in the previous year, suggesting a marginal widening of trading activity beyond the most liquid stocks.