Number of demat account in India crosses 10 crore mark
India has winessed a milestone in the way financial inclusion as number of demat account in the country crossed the 10 crore mark for the first time in August this year.
According to data released by depository firms National Securities Depository Limited (NDSL) and Central Depository Services (CDSL), over 22 Lakh new accounts were opened in August, taking the figure to 10 crore and five lakh.
With increasing financial awareness in the country, from just four crore and nine lakh in March 2020, before the Covid-19 outbreak, the number of demat accounts has more than doubled in last month.
The sharp surge in the market is attributed to ease of account opening, increase in mobile and data penetration and a drop in brokerage rates. It also shows people’s acceptance of demat accounts and India securities market as an investment avenue.
