Stock Market.
Stock Market.
Stock Market: International financial services group Mirae Asset has reported completion of one year of its online retail stock broking platform m.stock with 1.8 lakh paid users. The rise seen by the M.stock was largely attributed to Rs.999. Promoted by zero brokerage pricing model across all products for lifetime available at one time fee of Rs. The growing popularity of m.stock among traders is reflected in their active client ratio of 71 percent, Rs.8.5 crore. Executed trades and more than 71 lakh app downloads in just one year.
M.Stock raised Rs.180 crores. Margin trading facility e margin book size of more than Rs. Launched just 9 months ago, Emargin offers funding of up to 80 per cent at one of the lowest interest rates in the industry, starting from 6.99 per cent per annum.
Of their 1.8 lakh paid users, m.stock claims that around 50 per cent are millennials. Over 80 per cent of their customers are from tier II and III cities, with states like Maharashtra, Uttar Pradesh, West Bengal, Gujarat and Madhya Pradesh being their top markets. With an intention to create awareness about the benefits of trading without brokerage charges, the company is now launching its flagship brokerage plan at Rs.999/- over the next 24 months. I am planning to onboard an additional 1 million users for lifetime zero brokerage. They are on track to cross 100 crore sales and are set to reach break even during the same period.
Commenting on this achievement, Mr. Arun Chowdhary, Director and Chief Business Officer, Mirae Asset Capital Markets India Pvt Ltd said, “We are extremely grateful to all our clients for trusting us and taking us forward in this journey of growth. We are also very excited about the next phase of growth in the stock broking industry, especially for m.stock, which will be driven by technological innovation and digital transformation. With Mirae Asset’s over 25 years of global expertise in financial services, we are confident of going beyond our goals in no time.
