by Suman Gupta
With 900 member brokers, ANMI has conducted India’s largest survey on “The changing role of technology in broking”. Key highlights are:
- Over 71.43% brokers are considering aggressive hiring in their IT team
- 1/3rd of investment of broking firms is expected to be made in technology
- 80% of their business process have now shifted from physical to digital
Mumbai, Jan 2023: The Association of National Exchanges Members of India (ANMI), India’s largest grouping of over 900 exchange brokers and members, released the StockTech survey report, which focused on financial market technologies. The event unveiled the results of the StockTech Survey, conducted by ANMI to provide insight into technological trends in the stock brokering industry and the extent of technology penetration in the capital markets.
The survey found that 61% of companies did not face any IT-related issues in the past year, and that 71.43% of stock brokers are considering a shift towards a technology-based model, planning to increase IT team manpower or recruit fresh talent. Additionally, an average of 30% of investment is expected to be made in technology in the 2022-2023 period.
Mr. Mahesh Desai, Convener, StockTech -2023 & past Chairman, Western Region, ANMI said : India is increasingly becoming tech-savvy, with more than 655 Mn active internet users. With the growing numbers, majorly led by the youth, many financial institutions and broking companies are aggressively adopting digital means to reach out to the masses. Today, more than 80% of new accounts are being opened in tier 2 and 3 cities. The emergence of new-age fintech has become more open to the overall market and it is no longer an exclusive domain to a selected few.
With the increasing complexity of the securities market, participants are facing more challenges than ever before. StockTech helps to address these challenges by providing a range of tools and solutions that can help traders and brokers to make more informed decisions, Mr. Kamlesh Shroff, Director, National Council, ANMI
The StockTech event is an important event for the financial industry, providing valuable insights and networking opportunities for professionals in the sector. ANMI plans to continue to provide valuable resources and opportunities for its members and the industry in the future.
This symposium provides an opportunity for leading technology players operating in this segment to showcase their innovations and global expertise in meeting the requirements of India’s broking industry.
About ANMI:Association of National Exchanges Members of India (ANMI) is an association comprising around 900 Stock Brokers from across the country who are members of National Stock Exchange of India Limited, The Bombay Stock Exchange, Multi Commodity Exchange and other exchanges having national presence.
ANMI is responsible for setting rules and regulations for its member firms, as well as enforcing compliance with these rules through disciplinary action when necessary. The organisation also works to educate and train its members on best practices and industry standards. In addition to its regulatory functions, ANMI also serves as a forum for members to discuss issues and share ideas related to the securities market.
