The Indian broking industry has a large of number of players, many being proprietary in nature while large brokers still offer trading and investment services to customers. In terms of market share, as per active clients, top 10 brokers contribute ~63% in industry size. Among the same, top two brokers constitute ~15% of market share in active clients, followed by ~46% market share contributed by the next eight players. Top two players constitute 15% in ADTO of the market. Indian brokers have progressed from being pure brokers (bank led brokers & non-bank led full service brokers) to distributors...