India Capital Markets Sector (Q1 Fy27 / Quarter Ended Jun 30, 2026): Exchanges, Amcs, Wealth Platforms, Brokers, Market Infrastructure

A detailed synthesis of Q1 FY27 disclosures across exchanges (BSE, MCX), asset managers (SBI, ICICI Prudential, HDFC, Nippon, ABSL), brokers/fintech platforms (Groww, Angel One), wealth managers (360 ONE, Nuvama, Anand Rathi Wealth, MOFSL), and market infrastructure (CDSL, CAMS, KFin). The sector is being driven by (1) structurally rising retail participation (demat + SIP + digital flows), (2) product proliferation (SIFs, passive, alternates, credit), (3) operating leverage and automation/AI, and (4) market-linked MTM/volume cyclicality and regulatory re-shaping (TER pass-throughs, KYC fee cuts, STT changes, BG rules, margin rules).

A. Industry Overview & Market Landscape

A1) What “Capital Markets” Comprises In This Dataset

This sector snapshot spans four interacting layers:

1. Market venues (exchanges)

• BSE (equity cash, equity derivatives, listings, data, co-location, MF distribution platform StAR MF, clearing via BSE Clearing).
• MCX (commodity derivatives—dominant across bullion/base metals/energy; electricity derivatives emerging; clearing via MCXCCL).

2. Market infrastructure & rails

• Depository: CDSL (~80% demat market share; 18.59 crore demat accounts as of Jun 30, 2026).
• Fund administration (RTA, KRA, issuer services, payment rails): CAMS, KFin Technologies (diversifying