Mirae Asset Securities announced on Feb. 27 that the number of its retail customer accounts in India has exceeded 1 million.
After the launch of the online trading platform “m.Stock” in April 2022, the Indian unit of Mirae Asset Securities has rapidly ascended in the rankings within the local online brokerage sector. Within less than two years since its inception it climbed to the 8th position among local online brokerage firms and the 16th position overall as of January 2024, solidifying its position as one of the fastest-growing brokerage firms in India.
The Indian unit processes an average daily trading volume of 2.14 million transactions and holds approximately 730 billion won worth of customer assets, along with around 180 billion won worth of margin trading funding (MTF). It is set to launch “m.Stock 2.0” later this year, aiming to enhance customer service and further strengthen its customer base.
Since its establishment in 2018, Mirae Asset Securities has bolstered its brokerage business in India through an aggressive online marketing strategy. In early May of the previous year, the company underwent a capital increase, raising its equity capital to US$450 million, thereby reinforcing its presence in the Indian market. The assessment is that Mirae Asset Securities’ increase in trading customers in its Indian unit was largely influenced by its pioneering and bold marketing strategies as well as its competitive pricing strategies.
Furthermore, Mirae Asset Securities signed a stock purchase agreement (SPA) last December to acquire Sharekhan Limited, a local brokerage firm in India. Founded in 2000, Sharekhan Limited employs over 3,500 staff members and boasts approximately 3 million customer accounts. As one of the top 10 brokerage firms in the local industry, it has a presence across India with over 130 branches and more than 4,000 business partners (external expert networks).
Arun Chaudhry, the head of the retail business division at Mirae Asset Securities’ Indian unit, expressed satisfaction, stating, “We are pleased to have reached one million customers within just 22 months of launching m.Stock in April 2022. Mirae Asset Securities will endeavor to lead the Indian securities industry with cutting-edge technology, innovative business models, and diverse channels.”