Latest news with #DineshThakkar
Time of India
13 hours ago
- Business
- Time of India
Why Jane St ban may not hit trading
SEBI MUMBAI: Markets regulator Sebi's Rs 4,850-crore disgorgement order against global algo-based trader Jane Street group and its temporary ban from Dalal Street - for market manipulation - is unlikely to deter proprietary (prop) firms from trading on domestic bourses. Rather, the clampdown is expected to improve compliance and corporate governance among brokerages and funds that trade with prop funds, market players said. Despite concerns about drop in futures & options volumes in the backdrop of the ban on the US-based foreign fund, Sebi remains steadfast about its stand about strict adherence to its rules by market participants and non-tolerance of any attempt of manipulation, its chairman said. One of the fallouts of the Sebi order was the sharp slide in the stock prices of some of the broking houses and market infra institutions that analysts feel would be affected by a drop in F&O volumes, at least in the short term. On Friday, the day after Sebi's order was released, Nuvama Wealth Management that also has a broking arm, lost over 11% while Angel One, another tech-heavy financial services firm with a robust broking outfit, lost nearly 6%. Among the institutions, BSE, the biggest among the listed bourses, closed 6.4% down while CDSL, the biggest depository, lost 2.3%. Angel One chairman & MD Dinesh Thakkar said, in an email, that over the past few years, retail participation in India's F&O segment had surged about 20 times, something that has fuelled liquidity, volatility, and opportunity. "Proprietary trading desks thrive in such environments, leveraging high-frequency and algorithmic strategies. With millions of active retail traders and deepening institutional activity, India's market opportunity is structural and not cyclical. Also, this is not dependent on any one firm." Sebi officials also feel that there should not be any major market impact from the enforcement action."In the long run, the growth in market confidence, and a free and fair market, should aid responsible investing and capital formation," a Sebi source said. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
a day ago
- Business
- Economic Times
Jane Street ban won't derail India's market momentum, says Angel One founder Dinesh Thakkar
What is the Jane Street controversy? India's markets remain strong Live Events Global trading firms still entering India SEBI's action strengthens the market (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel India's stock market has been in the spotlight after Sebi, the country's capital markets regulator, took strict action against Jane Street, a global trading firm, over alleged manipulation in the derivatives market. However, Dinesh Thakkar, founder and chairman of Angel One, says this won't slow down India's market believes the market is resilient enough to withstand the exit of any single player, including a large global firm like Jane Street is a well-known proprietary trading firm based in the U.S., active in more than 45 countries. Sebi recently accused the firm of manipulating stock and index prices in India to benefit its options trades. According to the regulator, Jane Street made significant profits by first buying stocks to push prices up and then selling them off later in the day to profit from falling prices in the options has frozen over Rs 4,800 crore in profits linked to these trades and banned Jane Street and its India arm from participating in the market. The regulator has also frozen their bank and demat accounts as part of an ongoing to the SEBI order, Angel One's Dinesh Thakkar said that while the Jane Street episode has raised concerns about proprietary trading, it should not be viewed as a threat to the broader Indian market.'Retail participation in equity derivatives has grown from just 2% in 2018 to over 40% in 2025,' Thakkar noted, highlighting the growing role of Indian investors in deepening the market. 'This growth in retail trading adds liquidity, increases activity, and creates opportunities for all types of traders.'He added that India's market momentum is 'structural, not cyclical,' driven by long-term factors such as political stability, rising domestic consumption, favorable demographics, and stable Read: TCS, HCLTech among 10 stocks that have paid dividends over 40 times since 2011 Thakkar also pointed out that the exit of one player doesn't leave a gap for long. Several international trading giants like Citadel Securities, Jump Trading, Optiver, IMC, and Millennium are expanding in India—setting up offices, hiring local talent, and investing in infrastructure.'When one player exits, others step in—and often, very fast,' Thakkar welcomed SEBI's crackdown, calling it a step toward stronger compliance and better governance.'India's markets are built on transparency and investor protection. SEBI's action raises the bar for everyone and helps strengthen market integrity ,' he Read: 10 Nifty smallcap stocks analysts expect to rally up to 72% While Jane Street has the right to challenge SEBI's order and present its case, the firm remains barred from trading in India for now. Stock exchanges have also been asked to monitor for similar trading patterns in the market participants and retail investors, the key takeaway is clear: India's capital markets remain robust, with growing participation, increasing oversight, and long-term growth potential.'The players may change,' Thakkar said, 'but India's capital markets will continue to deepen, diversify, and grow.'Also Read: Suzlon, Adani Ports among 10 stocks that earned upgrades in last 1 month. Check revised target price
Time of India
a day ago
- Business
- Time of India
Jane Street ban won't derail India's market momentum, says Angel One founder Dinesh Thakkar
India's stock market has been in the spotlight after Sebi, the country's capital markets regulator, took strict action against Jane Street, a global trading firm, over alleged manipulation in the derivatives market. However, Dinesh Thakkar, founder and chairman of Angel One, says this won't slow down India's market growth. He believes the market is resilient enough to withstand the exit of any single player, including a large global firm like Jane Street. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 새로 나온 '실비보험' 최적가 비교가입! "月 보험료 낮추고, 보장은 든든하게"... 굿리치 [등록번호:제2006038313호] 가입하기 Undo What is the Jane Street controversy? Jane Street is a well-known proprietary trading firm based in the U.S., active in more than 45 countries. Sebi recently accused the firm of manipulating stock and index prices in India to benefit its options trades. According to the regulator, Jane Street made significant profits by first buying stocks to push prices up and then selling them off later in the day to profit from falling prices in the options segment. Sebi has frozen over Rs 4,800 crore in profits linked to these trades and banned Jane Street and its India arm from participating in the market. The regulator has also frozen their bank and demat accounts as part of an ongoing investigation. India's markets remain strong Reacting to the SEBI order, Angel One's Dinesh Thakkar said that while the Jane Street episode has raised concerns about proprietary trading, it should not be viewed as a threat to the broader Indian market. Live Events 'Retail participation in equity derivatives has grown from just 2% in 2018 to over 40% in 2025,' Thakkar noted, highlighting the growing role of Indian investors in deepening the market. 'This growth in retail trading adds liquidity, increases activity, and creates opportunities for all types of traders.' He added that India's market momentum is 'structural, not cyclical,' driven by long-term factors such as political stability, rising domestic consumption, favorable demographics, and stable inflation. Also Read: TCS, HCLTech among 10 stocks that have paid dividends over 40 times since 2011 Global trading firms still entering India Thakkar also pointed out that the exit of one player doesn't leave a gap for long. Several international trading giants like Citadel Securities, Jump Trading, Optiver, IMC, and Millennium are expanding in India—setting up offices, hiring local talent, and investing in infrastructure. 'When one player exits, others step in—and often, very fast,' Thakkar said. SEBI's action strengthens the market Thakkar welcomed SEBI's crackdown, calling it a step toward stronger compliance and better governance. 'India's markets are built on transparency and investor protection. SEBI's action raises the bar for everyone and helps strengthen market integrity ,' he added. Also Read: 10 Nifty smallcap stocks analysts expect to rally up to 72% While Jane Street has the right to challenge SEBI's order and present its case, the firm remains barred from trading in India for now. Stock exchanges have also been asked to monitor for similar trading patterns in the future. For market participants and retail investors, the key takeaway is clear: India's capital markets remain robust, with growing participation, increasing oversight, and long-term growth potential. 'The players may change,' Thakkar said, 'but India's capital markets will continue to deepen, diversify, and grow.' Also Read: Suzlon, Adani Ports among 10 stocks that earned upgrades in last 1 month. Check revised target price
Mint
5 days ago
- Business
- Mint
Evolution of Angel One: How Dinesh Thakkar is thinking beyond broking?
Next Story Dipti Sharma Angel One founder Dinesh Thakkar is shifting focus from pure broking to building a multi-engine, full-stack FinTech platform with a strong wealth management push. This is at a time when big names like Shriram-Sanlam, Jio-BlackRock, and Groww are stepping up their game in the wealth management space. Angel One's Dinesh Thakkar is reinventing broking with digital bets, a new leadership team, and a sharp focus on stable, annuity-style revenue. Gift this article From pioneering the use of walkie-talkies on Dalal Street to weathering the Ketan Parekh crash that nearly wiped out his capital, Dinesh Thakkar has seen it all. Now, the founder and chairman and managing director of broking firm Angel One is writing a new chapter—building a digital-first full-stack financial powerhouse. From pioneering the use of walkie-talkies on Dalal Street to weathering the Ketan Parekh crash that nearly wiped out his capital, Dinesh Thakkar has seen it all. Now, the founder and chairman and managing director of broking firm Angel One is writing a new chapter—building a digital-first full-stack financial powerhouse. Angel One isn't chasing a fixed revenue mix but expanding into wealth was a natural step, Thakkar told Mint in an interview. 'Broking is volume-driven, while wealth and asset management are relationship-led. They're anchored in client trust and continuity—resulting in stable, predictable revenue streams with annuity-like characteristics." This comes at a time when major players like the Shriram-Sanlam joint venture, the Jio-BlackRock AMC partnership, and Groww are making significant inroads into the wealth management space. Thakkar's firm recently appointed former Google tech leader Ambarish Kenghe as Group CEO and brought in ex-Kotak Cherry head Srikanth Subramanian to lead its wealth management vertical, Ionic Wealth by Angel One. Thakkar's goal is to build a "multi-engine, full-stack FinTech platform" that supports investors at every stage of their journey and earns their trust along the way. Ionic Wealth is aimed at India's 'emerging affluent"—investors with a net worth between ₹ 1 crore and ₹ 50 crore. 'This segment is long overlooked by traditional wealth managers and is one of the most under-served in India's wealth landscape," said Subramanian, the co-founder and CEO of Ionic Wealth by Angel One. 'We focus on quant-based strategies, global allocation, high-yield portfolios for second income, PIPE (public investment with private equity style) for long-term India exposure, and pre-IPO opportunities for short-term gains." Ionic Wealth has also secured the GIFT City Fund Management Entity license, furthering its ambitions in offshore and alternative investments. Neither Thakkar nor Subramanian shared any specific targets for Ionic Wealth. Revenue playbook The broking major's revenue playbook is shifting gears. That shift is about better margins, stronger client retention, and higher lifetime value. 'Our revenue model is fundamentally evolving. It is becoming more stable, recurring, and better aligned with how people actually plan and invest over time," says Thakkar. Total revenue from operations rose to ₹ 5,238 crore in FY25, up from ₹ 4,272 crore in FY24. Angel One's annual report FY24-25 highlighted that clients who have been with the broking firm for over five years continued to generate stable revenues. Angel One's stock has risen 25% in the past year. Analysts say a sustained market recovery will be important for the company to meet its target of 40–45% operating margin. However, growth in new areas like loan and fixed deposit distribution, wealth management, and asset management business could also help support its long-term performance. On Wednesday, the stock is down nearly 1% at ₹ 2,940.10 apiece on NSE. The stock had hit a 52-week high of Rs3,503.15 on 9 December 2024. Angel One, which had just 1.8 million customers over 25 years in its physical avatar, transformed radically post-2019 when it went fully digital. 'That year alone, we added nearly 2.5 million customers," said Thakkar. Today, Angel One boasts 31 million clients and a 15.4% share of active clients on the NSE, with ₹ 1.2 trillion in assets under custody. Angel One has seen a huge expansion in its client base over the years—adding just 600,000 clients in FY20, but surging to 9.3 million new additions by FY25, according to its March quarter investor presentation. As Subramanian put it, 'We've already seen 50% of transactions—like SIP mandates or portfolio reports—move to the app." Meanwhile, Angel One is also doubling down on brand muscle. 'During this year's IPL, Angel One was among the top three most visible brands. That kind of visibility matters; it builds awareness, trust, and preference, especially among younger, digital-first investors," Thakkar added. Also read: IPO street is lighting up as hopes swell, global worries fade The wealth playbook As competition heats up in the broking and wealth space with several players offering low cost products, Group CEO Kenghe said the idea isn't to push products, but to empower investors to make their own informed choices. 'We've created a variety of instruments, but we don't tell clients what to pick," he said. He explained that Angel One is focussed on educating them so investors can decide what works best, and that, he believes, is what helps them stick to the platform. Are you reliable? You are up all the time? Are you fast? Are you safe? Are you simple? - that people often ignore and this is what matters the most for customers' stickiness, Kenghe added. Quoting the famous Ford anecdote, Kenghe said: 'If Ford had asked people what they wanted, they'd have said faster horses. By that they meant something that was easier to maintain, didn't get sick, didn't need feeding all the time, and didn't smell bad. So, instead, he gave them cars. We aim to understand what users truly need—not just what they say. Then we simplify things, stay transparent, and do right by them. When you do that, people naturally stick around." Headwinds from F&O volatility While Angel One is diversifying, broking—particularly futures & options (F&O) trading—remains central to its business. In Q4 FY25, F&O made up 77% of gross broking revenue. But it's not been smooth sailing. With Sebi proposing curbs on derivatives trading, retail-heavy brokers like Angel One have felt the heat. The group's average daily turnover (ADTO) for both cash and F&O fell from ₹ 40 trillion in Q3 FY25 to ₹ 32 trillion in Q4—a 20% drop. Industry-wide, combined ADTO on NSE and BSE declined 26%. Broking revenue growth moderated to ~13% in FY25 from 40% the previous year, according to a CRISIL report dated 29 April. Still, Thakkar remains optimistic: 'Volumes are recovering. We've crossed 5 million daily trades again." Despite the dip in trading volumes during Q3 and Q4 of FY25, the group has held its strong position in the equity broking space and is among the top three players in terms of active client base and second largest in terms of incremental active client additions as on 31 March, 2025, the report highlighted. Also read: Angel One's March quarter hit by new Sebi curbs on F&O trading Road ahead Thakkar said he's not chasing global expansion yet: 'India is a massive opportunity. We want to go deeper here first." That said, Angel One is looking at bringing international products to Indian investors and is open to joint ventures. He's also open to new licenses. 'If the RBI allows a banking license, that's something we'd explore. But even a fully digital license could help us serve retail customers better." The real challenge, he said, is not spotting big opportunities—but finding the right people who share the vision. Also read: Brokers seek time to prepare for same day settlement Topics You May Be Interested In Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Mint
11-06-2025
- Business
- Mint
New rule lets brokers expand beyond stocks and derivatives
Mumbai: New-age investors will now be able to buy insurance or get credit of all kinds, apart from just trading in stocks and derivatives, from stock-market intermediaries such as brokers. The ministry of finance has amended certain provisions of the Securities Contracts (Regulation) Rule, allowing brokers to invest their own surplus funds in businesses apart from capital market-related activity, which was barred earlier. For instance, in real estate or non-banking finance companies, so long as there is no liability on the broker making such investments. The changes were highlighted by a National Stock Exchange (NSE) circular on Tuesday. It will let new-age investors tap brokers as a one-stop shop for all needs, while increasing the ease of doing business for market intermediaries. Dinesh Thakkar, chairman & managing director at Angel One, the third largest retail broking house in the country after Groww and Zerodha, summed up the significance of the amendment: offering multiple services on an integrated platform. Also read | NSE gets Sebi nod to launch electricity derivatives 'With the finance ministry's clarification, brokers can now deploy surplus capital into businesses beyond broking—so long as client assets remain untouched and no personal liability is assumed," he said. "This enables us to go beyond distribution—into manufacturing products that may not be Sebi-regulated but are essential to completing a customer's financial journey: all forms of credit, insurance, and more," Thakkar said. 'The digitally savvy Indian customer is no longer looking for piecemeal solutions; they expect a complete financial experience, offered seamlessly on an integrated platform. This is our opportunity to build exactly that." The amendments to provisions of Rule 8 of the SCRR 1957 clarify that investments made by brokers will not be construed as "business" if they don't involve client funds or securities or relate to arrangements that create a financial liability for the broker. 'Business' implies that brokers have either used their client funds or securities for such investments or that the investment would impose a personal liability on the broker beyond the shareholding in a firm. To be sure, these rules are meant to ring-fence client funds and prevent brokers from taking on liabilities which could impact the broking business, creating systemic risks. Recalibration of regulatory perimeter Given the changing nature of financial services wherein new-age investors prefer platforms that offer a full range of financial services, the amendments are a "recalibration" of the "regulatory perimeter" for brokers, said Sandeep Parekh, founder of Finsec Law Advisors. "The new rule issued by the ministry of finance both clarifies and expands the scope of what a broker can do outside of broking," Parekh said. 'Given the increasingly integrated bouquet of services global brokers provide, it was time that the overly strict interpretation by Sebi and NSE was diluted so that more services could be provided by brokers without jeopardising client interest." Prior to the amendments by the department of economic affairs (DEA), these rules stated that a broker can only act as an agent, and not a principal, in the securities and commodities derivatives business; and he should not serve either as a principal or employee of any business apart from the aforesaid businesses, where he acts only as an agent. Also read | Retail investors want a piece of NSE. But no one is selling A principal refers to an owner or a person having substantial ownership within a firm. An agent is a person authorised to act on behalf of another individual or firm. NSE's clarificatory circular on 7 January 2022 stated, "...Members are not permitted to engage in any business or activities or transactions, directly or indirectly, other than that of securities or commodity derivative, except as a broker or agent not involving any personal financial liability." The circular also barred brokers from investing in businesses such as NBFC and real estate, among others, which were not incidental to or consequential upon the securities or commodity derivatives business. Kotak Securities, a subsidiary of the Kotak Mahindra Bank, had petitioned the Bombay High Court against the circular, which necessitated divesting its stake in a non-banking financial services company. It had invested 49% in car financier Kotak Mahindra Prime, also a subsidiary of its parent bank, well before NSE's clarificatory circular. The outcome of the case is awaited. A Kotak Securities official declined to comment as the matter was "sub juidce", while queries emailed to NSE remained unanswered until press time. Also read | Nifty 50 reclaims 25,000, next hurdle at 25,300
