Since broking is hot post-COVID, inspite of all the spike in trading volumes and activity, the total addressable market is just ~1.5 million users. I had shared this pre-Covid. Broking is super hot now, but this TAM (Total addressable market) hasn’t changed, if anything it has reduced. Btw, the revenue-generating active day traders + F&O crowd is not more than ~1.5mil in spite of the spike in trading activity/volumes. This active crowd is unlikely to go up because most day and F&O traders stop within 6 months. It’s The law of jungle, the fittest survive. Btw, for all those who scoff at day traders, in a world without them, there would be no liquidity & really high impact + trading costs.

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