Angel One, a three-decade-old brokerage, has maintained its edge in an industry transformed by technology (tech) and shifting investor behaviour. Chairman and Managing Director Dinesh Thakkar, in a conversation with Samie Modak in Mumbai, outlines how the company reached the No. 3 spot in active clients, the structural changes shaping India’s broking landscape, and why he foresees another wave of growth. Edited excerpts:
What drives India’s capital markets growth?
Demography and digital adoption. India’s population dynamics are fundamental. After 2015, controlling inflation made equities more attractive than other assets. India’s digital public infrastructure — Aadhaar-based authentication, Unified Payments Interface (UPI),

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