Discount brokers scooping up more clients amid volatile market environment

Analysts say 'Jio'fication of broking is gaining pace as customers are lured by low-cost options

The 'Jio'fication of retail broking is gaining ground, with discount brokers scooping up more clients than several of their traditional full-service counterparts amid a volatile market environment. This underscores an increasing acceptance of the former among 20- and 30-something investors. 

In the last financial year, discount brokers accounted for over 60 per cent of industry additions. Last month, discount brokers Upstox (also known as RKSV Securities), Zerodha and 5Paisa cornered the highest number of new clients of the broking industry. 

Upstox and 5Paisa are now neck and neck at number 12 and 14 in terms of active clients, respectively, ahead