Yes, clearly. The combined active client base of India’s top 3 full-service brokers (ICICI Direct, HDFC Securities, Kotak Securities) is smaller than that of Zerodha or Groww individually. However, full-service brokers are not disappearing — they are repositioning around research, advisory, HNI services, and the 3-in-1 banking ecosystem. Motilal Oswal’s introduction of free intraday trading is an example of full-service brokers adapting to the pricing pressure.
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