New Delhi, Dec 22 || India’s capital market infrastructure sector, comprising brokers, stock exchanges, depositories and registry and transfer agents (RTAs), generated revenues of over Rs 700 billion in FY25, a report has said.
The report from global brokerage Jefferies said the growth in revenues was due to rise in market volumes and increasing investor participation. The sector’s outlook will be shaped by faster growth in select segments, diversification into adjacent businesses and resilience to regulatory change, it added.
The brokerage projects mutual fund assets under management to grow at a 16 per cent compound annual rate over FY26–FY28, with mutual fund AUM projected to rise from Rs 67 trillion in FY25 to Rs 103 trillion by FY28.
Cash market average daily turnover (ADTO) is projected to grow 15 per cent and F&O premium ADTO will rise 12 per cent, reflecting moderation in derivatives activity after recent regulatory changes, the report forecasted.
The brokerage expects the number of demat accounts to increase from 192 million in FY25 to 304 million by FY28, and mutual fund folios to climb from 235 million to 377 million.