ICICI Securities Ltd. (ISL) is a leading securities firm in India that offers a wide range of financial services including brokerage, financial product distribution and investment banking. ISL has been the leading equity broker in India since FY14 by brokerage revenue and active customer in equities on the National Stock Exchange, primarily through their significant retail brokerage business, which accounted for ~91% of the revenue from brokerage business in FY17. The retail brokerage and financial product distribution business allows its customers to access the Indian financial capital markets through ICICIdirect platform and provides them with a seamless settlement process through a 3-in-1 account, which links the electronic brokerage platform with...