Sector Other Financial Services - Latest news, views and updates - page 7

Other Financial Services

SECTOR | 11 Apr 2023

FY23 a record year for equity and commodity options; STT hike impact remains to be seen

buy

Other Financial Services

ICICI Securities Limited

Cash ADTV dipped 2% MoM, while NSE derivatives volumes continued to grow at a rapid pace of 13% MoM in Mar’23. Interestingly, despite an increase in trading costs in the form of increased STT (partially offset by rollback of increase in transaction cost by NSE), total NSE futures/options ADTV has remained range bound between Rs225- Rs235trn between Mar-Apr’23.

Other Financial Services

SECTOR | 03 Apr 2023

Vehicle Finance NBFCs: Sector Update; Initiating Coverage

buy

Other Financial Services

IDBI Capital

Other Financial Services

SECTOR | 29 Mar 2023, 12:00AM

Indian Brokerage Industry

buy

Other Financial Services

ICICI Direct

Other Financial Services

SECTOR | 27 Mar 2023

Credit Card data update: Sector Report Feb 23

buy

Other Financial Services

IDBI Capital

Other Financial Services

SECTOR | 27 Mar 2023

Regulatory changes continue to cast an overhang

buy

Other Financial Services

ICICI Securities Limited

We have highlighted the list of regulatory changes that hit the diversified financials space recently and their valuation multiples (link). This report is an extension on the same under the context of (1) removal of indexation benefits on non-equity MFs and (2) ~25% increase in securities transaction tax (STT) on derivative segments.

Other Financial Services

SECTOR | 26 Mar 2023

Asset Management Companies

buy

Other Financial Services

Prabhudas Lilladhar

Other Financial Services

SECTOR | 21 Mar 2023

Did past valuations underestimate regulatory risks, or are current valuations overestimating their impact ?

buy

Other Financial Services

ICICI Securities Limited

We highlight the impact of regulatory headwinds on our coverage universe (diversified financials) in this note. We have mentioned the list of regulatory impacts for the respective segments in table 1. The moot question is whether the valuation multiples in the past underestimated these regulatory risks, or are current valuations overestimating the impact of these challenges?

Other Financial Services

SECTOR | 08 Mar 2023

Asset Management Companies

buy

Other Financial Services

Prabhudas Lilladhar

Other Financial Services

SECTOR | 19 Feb 2023

Opening up of 2 new states for MFI lending – industry growth to accelerate

buy

Other Financial Services

ICICI Securities Limited

MFI sector continued to strengthen its position as one of the important lending segments, more importantly, from a regulatory standpoint. In a landmark judgement, Telangana High Court on 14th Feb’23 directed states that they cannot control or implement any other regulation as microfinance entities are already governed by the RBI and thus, dual regulatory framework is not advisable.

Other Financial Services

SECTOR | 15 Feb 2023

Derivatives remain the growth engine

buy

Other Financial Services

ICICI Securities Limited

Equity options continue to grow in terms of ADTV (>Rs200trn in Jan’23) while cash segment remains muted (ADTV <Rs50bn in Jan’23). This has meant that NSE derivatives (notional turnover of futures and options) to cash ratio was at a new high of 416x during the month.