Broking While competitive intensity remains intense, the quarter witnessed default by Karvy stock broking resulting in SEBI action of debarring the broker to add clients and restricting client trades. This has resulted in risk aversion with retail investors fleeing Karvy for other larger retail brokers. We expect this trend to continue for 1-2 quarters and be beneficial for bank owned brokers. Life insurance and mutual funds Pvt. life insurers continued to grow in 3QFY20, with individual NBP/APE growth of 18.8/16.3% in 3QFY20. On the other hand, equity (ex arbitrage and ETF) flows for 3QFY20 were muted at Rs 26bn (-90.8% YoY).