 "BSE, stock market, Sensex")
Technology companies are increasingly seen to be winner-take-all. Limited competition survives even as the big keep getting bigger.
Is a similar dynamic playing out in the Indian brokerage industry? It has been going through a bruising few years, and the pandemic has only accelerated trends that were already in motion. The latest February data suggest that the top few brokerages are at the cusp of accounting for nearly 80 per cent of active clients.
Rising concentration has been driven by discount brokerages like Zerodha which have increasingly captured market share even as traditional brokerages moved to upgrade
