For private circulation only

September 23, 2019

August too was a challenging month but we sailed through with a few noteworthy performances in the broking business:

• The overall broking revenues grew by 8% on a daily basis
• The cash market share improved on a monthly basis
• Productivity of the sales force improved despite a 6% drop in their strength

The overall broking revenues declined on a month-on-month basis for two key reasons: the market effect and less trading days in August compared with July. The new client additions showed a dip compared with July for the same reasons. The new client additions appear almost stable when compared with June. In the mutual fund distribution business, the total assets under management (AUM) slipped month on month. But here again, comparing the August and July AUM figures may not be fair, given that the July AUM bore the impact of the CPSE Exchange Traded Fund (ETF). Compared with June the August AUM too seems stable. Stability in such tough times is also an achievement.

Our recently launched Front Foot Programme (FFP) aims to re-establish our company as a trendsetter in the financial services industry by putting our branch managers (BMs), relationship managers (RMs) and customer relationship executives (CREs) on the front foot. These Sherus interact daily with customers and the public, and are thus in the best position to change Sharekhan’s perception in the public eye.

Sharekhan started its innings as a pioneer of online trading. Over the years, it added more firsts to its credit by introducing the ultimate desktop trading platform TradeTiger and starting professional trading education in partnership with Online Trading Academy. Then, somewhere along the line, the tiger came to be perceived as a follower of trends. It is time we shook off the label and got on the front foot again.

Shankar Vailaya, Director and Head of Network, is leading the programme that proposes a two-pronged strategy to strengthen our branch network:

• A series of activities to be adopted by the BMs, RMs and CREs to improve the quality of their service to customers
• All possible support from the centre to empower the BMs, RMs and CREs.

I am confident the programme will strengthen our branch network, which is already a key differentiator as we are the only stock broker with a strong pan-India physical presence. A stronger branch network combined with our strong digital assets will make Sharekhan the first and only brand to offer a cohesive phygital experience to customers. Once we achieve that, who can stop us from regaining the No.3 position in the industry (in terms of the active client base)? I urge the branch and central teams to work together to make the Front Foot Programme a success. Godspeed to all!