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Demat account openings rise in May, total count at new high of 118.2 mn

2.1 mn new accounts added, up 32% MoM from 1.6 mn in April, and in line with previous 12-month average of 2 million

Sundar Sethuraman Mumbai

Industry players say the number of demat accounts will continue to grow. However, the pace of addition may moderate.

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3 min read Last Updated : Jun 07 2023 | 4:41 PM IST

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The buoyancy in the markets has been boosting new account openings at brokerages. In May, 2.1 million new dematerialised accounts–required for trading and holding shares in an electronic format—were opened with two depositories, CDSL and NSDL. The total count has hit a fresh high of 118.2 million. The new additions in May were up 32 per cent month-on-month and in line with the previous 12-month average of 2 million.

In May, the benchmark Nifty gained 2.6 per cent on the back of strong inflows from foreign portfolio investors (FPIs) and encouraging March quarter earnings. The Nifty Midcap 100 rose 6.2 per cent, and the Nifty Small-cap 100 rose 5.1 per cent. FPIs bought shares worth Rs 43,838 crore in May, the highest buying in nine months.

Market experts said a combination of gain in the mid- and small-cap segments and some excitement due to the initial public offering (IPO) of Mankind Pharma led to the uptick in the openi