63 lakh new demat accounts in nine months

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Mumbai, Ta. 15 December 2020, Tuesday

During the Corona period, many people in the country turned to the stock market in search of new sources of income to offset the impact on employment and income. At present, the number of demat accounts in the country has increased to 2.5 crore.

The Nifty 50 index has seen a 20 per cent rise since the March low. A demat account is used to maintain shares and securities purchased by investors in electronic form.

The new accounts opened in the last nine months show that more accounts are being opened in secondary and tertiary cities than in metropolitan areas. The country's equity markets are showing signs of increasing attraction from far-flung areas.

The increase in demat accounts was due to people looking to the stock markets to make money at home during the lockdown period, an analyst said.

The Corona outbreak has caused many to lose their jobs or face severe pay cuts. The small cities in Telangana and Andhra Pradesh have seen a significant increase in accounts, according to the data.

Internationally, Corona has also led to a surge in trading of cryptocurrencies such as Bitcoin in recent days.

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