Leading South Korean brokerage, Mirae Asset Securities Co. has crossed a major milestone in India by surpassing 1 million retail customer accounts, signaling its emergence as a key player in one of the world’s fastest-growing markets. The company, which entered India through its brokerage arm, Mirae Asset Capital Markets (India) Pvt. in 2018, is now the eighth-largest online brokerage service in India by retail accounts, and 16th in the overall brokerage market.
The Indian subsidiary has averaged 2.1 million transactions, with customer assets and margin trading funding balance standing at 730 billion won ($548.5 million) and 180 billion won, respectively. The company will continue to build on this as it plans to launch m.Stock 2.0, an upgraded version of its online trading platform offering advanced financial services in India.
The Indian unit last May increased its equity to $450 million through a rights offering, and further expanded its reach by acquiring Sarekhan Ltd., India’s 10th-largest brokerage, in December. Backed by Sharekhan’s customer know-how, extensive local network, and business operations, Mirae Asset aims to become one of the top five brokerage firms in India within the next five years, said Arun Chaudhry, chief business officer of Mirae Asset Capital Markets (India) Pvt., following the launch of m.Stock in April 2022. The recent sharp increase in the number of customers underscores this goal, testifying to the rapid progress the company has made in the market through cutting-edge technology, innovative business models, and various sales channels of the Mirae Asset Group, Chaudhry said.
