We expect increased ADTVs and market volatility to contribute positively to broking revenues and earnings in 4QFY20. However lower prices will impact broking ADTVs and revenues in FY21. Over medium to longer term we do believe that industry will consolidate and larger brokers will survive. Distribution income will get negatively impacted with lower equity prices and lower upfront revenues from sale of PMSs. ISEC: Post recent stock price correction (-41.9% in Mar-20) we maintain SELL with TP of Rs 285. Our TP implies a multiple of 18x and FY21E/22E EPS estimate of Rs 13.7/15.9. At CMP of Rs 335 stock is trading at FY21E/22E P/E of 24.4/21.1x. Brokers and general insurers to post stronger 4QFY20 vs. asset managers and life insurers.