Tiger-backed RKSV shoots past rivals, becomes second largest Indian broker

Tiger Global Management-backed RKSV Securities India became the second-biggest broker in the country after nearly doubling the number of its customers to 1.2 million in the 6 months through September

Discount brokers are strengthening their hold on India’s highly competitive stock broking industry, with another such firm surpassing all the traditional rivals amid the coronavirus pandemic-related restrictions.

Tiger Global Management-backed RKSV Securities India Pvt. became the second-biggest broker in the country after nearly doubling the number of its customers to 1.2 million in the six months through September, data compiled by National Stock Exchange of India Ltd. shows. Top online broker Zerodha Broking Ltd. also grew the number of clients by 75% to 2.5 million. In comparison, traditional brokers such as ICICI Securities Ltd. and HDFC Securities Ltd. saw meager