Yearly demat account growth for the last 20 years
Consider the yearly demat addition for the last 20yrs. Stockbroking is as high beta as it can get. When someone asks for my view on the future, I usually ask them for their view on Nifty. The last boom & bust was in 2007-08, took 10 yrs to get back to those numbers. A high beta business is one that has a higher sensitivity to the market (Nifty). If Nifty does well, business outperforms the market by a fair bit, and if Nifty doesn’t, it underperforms the market by a fair bit.