Stocks

Axis Securities displaces Upstox from 3rd spot, thanks to Karvy

Our Bureau Mumbai | Updated on March 05, 2021

Axis Securities, a fully-owned subsidiary of Axis Bank, has toppled Upstox to become the third largest broking firm with the acquisition of Karvy Stock Broking. Axis Securities has acquired 11.5 lakh trading accounts from Karvy, taking its overall count to 36 lakh.

The market leader ICICI Securities has 50 lakh accounts followed by Zerodha with 40 lakh accounts, as of December-end.

To facilitate a seamless transfer, Axis Securities has made the entire journey digital and paperless for Karvy customers.

The migration process has been initiated by the Exchanges and once the process is completed, Axis Securities will share trading account details with Karvy customers along with login credentials. Customers can open a fresh demat account to shift their existing holding under Axis Securities DP.

B Gopkumar, Managing Director, Axis Securities said the acquisition of trading accounts is an opportunity for Karvy customers to tap the right market opportunities backed by Axis Securities' research expertise and holistic range of offerings.

Published on March 04, 2021

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