Mirae Asset Securities India Subsidiary Surpasses 1 Million Retail Customer Accounts

Mirae Asset Securities India has announced on the 27th that it has surpassed 1 million retail customer accounts.

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Since launching the online trading platform 'm.Stock' in April 2022, Mirae Asset Securities India has rapidly risen to 8th place among local online securities firms and 16th overall as of January 2024, establishing itself as the fastest-growing securities company in India in less than two years.

Mirae Asset Securities India processes an average daily trading volume of 2.14 million transactions and holds approximately KRW 730 billion worth of customer assets and about KRW 180 billion in margin trading finance (MTF) balances. Mirae Asset Securities India plans to launch 'm.Stock 2.0' this year and aims to accelerate customer acquisition by providing enhanced customer services.

Since establishing its India branch in 2018, Mirae Asset Securities has strengthened its brokerage business locally through aggressive online marketing, increasing its equity capital to USD 450 million (approximately KRW 600 billion) via a capital increase in early May last year. Its pioneering and bold marketing and pricing strategies are credited with significantly contributing to the growth in trading customers at Mirae Asset Securities India.

Additionally, in December last year, Mirae Asset Securities signed a Share Purchase Agreement (SPA) to acquire Sharekhan Limited, a local Indian securities firm. Founded in 2000, Sharekhan has about 3,500 employees, approximately 3 million accounts, and ranks 10th in the local industry. It operates over 130 branches across India and has more than 4,000 business partners (external expert networks). Through the acquisition of Sharekhan, Mirae Asset Securities aims to maximize business synergies at the group level alongside Mirae Asset Global Investments and others, targeting a leap into the top 5 in India within five years. This will enable Mirae Asset Securities to realize its business competitiveness in the Indian market and fully activate its newly added future growth engine.

Arun Choudhary, Head of Retail Business at Mirae Asset Securities India, said, "We are pleased to have reached 1 million customers just 22 months after launching m.Stock in April 2022. We will strive to lead the Indian securities industry through the best technology, innovative business models, and diverse channels."

Mirae Asset first entered India in 2006 by establishing Mirae Asset Global Investments, becoming the first financial investment company in the industry to do so. As of 2023, Mirae Asset Global Investments India operates 56 funds with assets under management totaling approximately KRW 25 trillion, ranking 9th among asset managers in India and standing as the only independent foreign capital asset manager in the country. Locally, Mirae Asset Group is expanding its business across asset management, securities, advisory, and various other fields, enhancing its expertise. In 2019, Mirae Asset Global Investments India received approval from the Securities and Exchange Board of India to transition to an asset management holding company structure, expanding its business areas to include NBFC (Non-Banking Financial Company) and VC (Venture Capital). Even during the financial crisis when foreign asset managers exited the Indian market, Mirae Asset firmly maintained its position, earning trust from local investors based on its solid expertise as an investment specialist group.

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