Overall, the number of brokers who have surrendered their registration with NSE, BSE, and Metropolitan Stock Exchange jumped by 392 against the new addition of 210, resulting in a net reduction of 182 brokers last fiscal.
The brokers strength facilitating trading in stock exchanges fell to 8,996 in the last fiscal from 9,178 in FY22, according to SEBI annual report.
The cancellation of broking licence was more pronounced in the equity cash and commodity derivatives segments.
Trading turnover dips
Vaibhav Shah, CEO, Wealth Advisors said the cancellation of broking licence can be traced back to falling trading volumes on the exchange besides the rising operational cost of broking.
This apart, the cost structure of traditional broking firms have been challenged by new age online broking firms, he added.
The turnover in the equity cash segment of the country’s largest exchange NSE plunged 20 per cent last fiscal to ₹133 lakh crore against ₹1.66 lakh crore logged in same period the previous year.
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