For ICICI securities Limited FY2020 has been another year of rewarding and enrichingexperiences. As Chairman of the very distinguished Board of your Company with a highlymotivated and skilled Management it has been my privilege to be witness to thisinteresting journey. The year was marked by significant developments in the businessenvironment as well in our efforts to transform the business model of your Company.
At a macro-economic level and from the capital market performance point of view due toglobal and local factors the year remained muted for most part barring Q3Fy2020 and earlypart of Q4Fy2020 which unfortunately then ended on a sombre note following the eventsrelating to the COvID-19 pandemic outbreak.
Apart from the capital market developments which affected your Company'sperformance the industry also witnessed a series of events. The competitive intensityincreased with newer format players entering the industry and using technology andpricing-based disruptions.
On the regulatory front a slew of regulations were released by the regulator toprotect the interests of retail investors and it also took several measures to reducespeculative manoeuvres in the market. We believe these steps are good for the orderly andsustainable growth of the capital market.
This was also a year where the retail participation in equity markets saw anunprecedented increase. The total number of new demat accounts opened in the country andthe total number of clients transacting on Nse (Nse-active) saw an increase of 25% and 23%respectively compared to decline of 2% and growth of 6% in the last fiscal respectively.There is a gradual and persistent trend of customers reposing increasing faith inreliability trust and brand to partner within their life cycle journey of investments atrend which is definitely beneficial to your Company with its strong systems and trustedbrand.
The COvID-19 pandemic outbreak tested the resilience adaptability and ingenuity of awide range of business sectors showing us in the financial securities field how ourpriorities should be revisited and re-organised. The coming fiscal will be largely drivenby how and in what manner the recovery from events pertaining to COvID-19 unfolds.
At ICICI securities the executive management under the new leadership and in extensiveconsultation with the Board charted out a vision of transforming your Company from anequity investments-oriented securities firm to a broader positioning of being a one-stopfinancial market for life time investments protection and borrowing needs ofIndians powered digitally. The objective is to make the business model more robustbroad-based and granular.
Your Company has been able to successfully innovate and transform itself over the lasttwo decades to remain a leading edge player in a competitive and technology-drivenindustry. The vision to traverse the next phase of transformation is supported by adetailed action plan. various initiatives were taken by your Company in line with thearticulated strategy.
Dealing with COvID-19 also tested the resilience of our business model and ourcapabilities. We saw record market participation during the most volatile period withinvestors either rebalancing their portfolios making opportune trades during volatiletimes or finding a good entry point with prices at a multi-year low. During March-April-May2020 when COvID-19 cases in India were rising exponentially we have witnessed therevolutionary power of emerging technologies. Large scale work from home clientengagements exclusively through electronic channels and large volumes of online salesproved the vital role of digitalisation in sustainable business growth and cost savings.
Steps taken by the executive management who had placed emphasis on employee safetybusiness continuity data security and harnessing state-of-the-art digitalinfrastructure have ensured that we emerged stronger during this time.
While as a Company we are providing individuals with the best means and choices togrow their wealth we also continue to be a responsible and sustainable corporate citizen.Our CsR initiatives directly promote financial literacy amongst communities and facilitateskill development and entrepreneurship. We tied up with the Indian Institute of ManagementBangalore to seed fund 10 fintech start-ups. We believe fintechs have immense potential tospur economic growth and create large scale jobs in the country. Through our programmesHameri and siddhika we have embarked on empowering women through livelihood generationopportunities. Hameri a World Wide Fund for Nature (WWF) programme aims to train womenin livelihood generation and reduce dependency on natural forest resources. siddhika aimsto train underprivileged women to become Independent Financial Associates (IFAs). We arealso associated with vision Foundation of India (vFI) to fund cataract surgeries of seniorcitizens below the poverty line. Additionally we have undertaken a programme onmodelling an old-age home to provide active ageing support to seniorcitizens.
We are also working towards minimising our environmental impact by reducing paperconsumption controlling water and energy consumption and managing waste efficiently. Thisyear we additionally contributed towards COvID-19 relief efforts.
I am thankful to all of you our valued stakeholders who have unflinchinglysupported the Company and its Management. your support and inspiration have greatly helpedus in building a value-accreting organisation. A special word of thanks to our staff andemployees who have admirably and calmly risen to the challenge thrown up by COvID-19. I amconfident of the future of the Company which is built on strong values capabilities and abrand and is a part of an exciting industry in the growing Indian landscape. your Companyis always there for you and together we can achieve greater success.
I extend my best wishes for all of you and your families during this very challengingtime faced by our country.
With best wishes
Vinod Kumar Dhall