Mirae Asset's Indian unit boosts retail brokerage services

South Korean brokerage house Mirae Asset Securities Co. said on Tuesday that the number of its retail customer accounts in India, one of the world’s fast-growing markets in the post-China era, has exceeded 1 million.

Since the Korean firm established Mirae Asset Capital Markets (India) Pvt. in 2018, the Indian unit has become the eighth-largest online brokerage service provider in India in terms of the number of retail accounts. It is the 16th-largest  in the overall brokerage service market in India, Mirae Asset said.

The Indian unit has an average of 2.1 million transactions, with customer assets and balances in margin trading funding (MTF) reaching 730 billion won ($548.5 million) and 180 billion won, respectively.

Mirae Asset plans to launch m.Stock 2.0 this year, an upgraded version of its online trading platform, to improve its financial services in the South Asian country.

The Indian unit increased its equity to $450 million through a rights offerings in May last year to strengthen local marketing. Last December, it signed an agreement to buy a full stake in Sarekhan Ltd., India’s 10th-largest brokerage house, to expand its presence there.

Backed by Sharekhan’s local networks and business, Mirae Asset aims to become one of the top five brokerage firms within five years.

“We are pleased with the great progress we’ve made in 22 months since the launch of m.Stock in April 2022. We will continue to strive to lead India’s brokerage market through best-in-class technology, innovative business models and various channels,” said the Indian affiliate’s Chief Business Officer Arun Chaudhry.

Write to See-Eun Lee at see@hankyung.com

Jihyun Kim edited this article.