Mirae Asset India surpasses 2 million retail client accounts

Mirae Asset Securities Co. said on Thursday that the number of retail client accounts in its India operations has crossed the 2 million mark.

This marks an increase of 1 million accounts in eight months since the number surpassed 1 million in February.

The South Korean brokerage firm, which launched its online trading platform “m.Stock” in India in April 2022, ranked ninth among local online brokerages and 15th overall in terms of accounts in August.

Mirae Asset plans to launch “m.Stock 2.0”' by the end of this year and to spur customer growth with enhanced services.

The acquisition of local brokerage firm Sharekhan, which Mirae Asset signed a sales and purchase  agreement (SPA) to acquire in December last year, is expected to be finalized by the end of this year, subject to approval from Indian regulators. 

Once the acquisition is completed, Mirae Asset expects the Indian brokerage to become a full-service brokerage firm with about 5 million retail accounts.

The company also aims to become one of the top five brokerage firms in India within five years by maximizing group-wide synergies through the acquisition of Sharekhan.

“We will strive to lead the Indian securities industry through the acquisition of Sharekhan by providing the best technology and innovative business model,” said a Mirae Asset Securities India official.

Write to Man-Su Choe at bebop@hankyung.com