 "Angel One")
Indian brokerage Angel One on Wednesday posted a 61 per cent fall in first-quarter profit, as tighter rules for equity derivatives trading in India weighed on retail activity, a key driver for the brokerage's earnings.
The company's consolidated profit fell to $13.3 million in the three months ended June 30, compared with Rs 293 crore a year earlier.
The Securities and Exchange Board of India in October last year raised the entry barrier for derivatives trading by nearly tripling the minimum trading lot size and limiting weekly options contracts to one per exchange, making it more costly to trade in the asset class.
The move, aimed at curbing speculative retail trading, raised concerns about near-term pressure on volumes and revenue for brokers heavily reliant on derivatives' turnover.
Angel One said in a business update in early July that its gross client acquisition dropped 40 per cent year-on-year in the first quarter, while its overall average daily turnover (ADTO) declined 18 per cent.
Revenue from operations fell almost 19 per cent to Rs 1,141 crore, the company reported on Wednesday.
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