Angel One

** India's decision to impose MDR on select UPI transactions protects retail access to markets and should ease brokerage concerns, HDFC Securities says

** Systematic investment plans routed through UPI autopay remain outside the MDR framework, while one-time transfers incur only a few rupees in charges, capped at 300 rupees, says HDFC Securities Managing Director and CEO Dhiraj Relli

** Approach shows government seeks a durable UPI funding model without making investing unaffordable for ordinary Indians, Relli says

** Brokerages fall, with Angel One ANGO.NS, Motilal Oswal MOFS.NS, Geojit Financial GEOJ.NS, SMC Global SMCG.NS and Choice International CFSL.NS down 0.3% to 1.6%

** Groww BILO.NS drops 4% after 105 million shares change hands at a discount across 10 block deals, despite positive policy read-through

** Paytm PAYT.NS gains 1.4%, while Yes Bank YESB.NS, Axis AXBK.NS, Bank of Baroda BOB.NS and PNB PNBK.NS rise 1% to 2%, lifting the bank index .NSEBANK 0.7% higher, exchange data shows

(Reporting by Bharath Rajeswaran in Bengaluru)

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By Jayshree P Upadhyay and Vivek Kumar M

MUMBAI, Sept 15 (Reuters) - The Indian markets regulator's proposed revamp of expiry-day settlement for derivatives could curb volatility and clear a key overhang for the options market, analysts said, easing concerns that have weighed on trading since the launch of the closing auction session (CAS).

The CAS framework was introduced on August 3 for stocks that have futures and options contracts. Under this system, a short auction at the end of the trading day helps determine the closing price of a stock. However, the new process led to sharp swings in derivatives prices on expiry days, prompting the regulator to review it.

In a consultation paper released on Saturday, the Securities and Exchange Board of India (SEBI) proposed two ways to set expiry-day derivative prices.

Under the first option, the settlement price would be calculated using trades from the last 30 minutes of regular trading as well as the 10-minute closing auction.

The second option would mark a temporary return to the earlier method of using only the last 30 minutes of regular trading. The closing auction would not be used to calculate derivatives settlement prices for at least a year.

"SEBI is clearly trying to make CAS more predictable and reduce the uncertainty it created for derivatives, particularly on expiry days, without reversing CAS itself," analysts at IIFL Capital said in a note on Tuesday.

SEBI has also proposed other changes to make the closing auction smoother. It wants to stop traders from cancelling orders placed more than 1% above or below the reference price, cut the post-auction derivatives trading window to five minutes from 10 minutes, and stop publishing an estimated index closing level during the auction.

Jefferies said that returning to a volume-weighted average price, or VWAP, for derivatives settlement — along with tighter rules on cancelling orders — should help reduce sharp price swings near the close on expiry days.

Brokerages said the proposals could lower the risk of sudden price distortions caused by uncertainty over the final settlement price.

IIFL Capital said a return to VWAP-based settlement could bring back some derivatives trading that moved away after CAS was introduced. However, it said the scale of any recovery is difficult to estimate without detailed trader-level data.

The last date to submit responses to SEBI's consultation paper is October 3, with Jefferies saying it expects changes to be implemented in October or November this year.

(Reporting by Jayshree P Upadhyay in Mumbai and Vivek Kumar M in Bengaluru; Editing by Sonia Cheema)

(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))

Aug 5 (Reuters) - Angel One Ltd ANGO.NS:

• ANGEL ONE - NUMBER OF ORDERS IN JULY 2026 UP 9.5% Y-O-Y

• ANGEL ONE - CLIENT BASE AT 39.03 MILLION IN JULY 2026, UP 18.1% Y-O-Y

Source text: ID:nBSE9wv948

Further company coverage: ANGO.NS

(([email protected];))

** Shares of Angel One ANGO.NS rise 3.5% to 355.3 rupees, their biggest one-day pct gain in over a month

** Brokerage's Q1 profit doubles Y/Y, boosted by stronger client participation, higher trading volumes; rev up 25.4%

** Over 10 mln shares traded, 1.6x the 30-day avg

** Stock rated "buy" on avg; median PT 350 rupees - data compiled by LSEG

** Stock up 50% YTD

(Reporting by Aleef Jahan in Bengaluru)

(([email protected]))

July 15 (Reuters) - Angel One Ltd ANGO.NS:

• ANGEL ONE Q1 CONSOL PROFIT 2.31 BILLION RUPEES

• ANGEL ONE Q1 CONSOL TOTAL REVENUE FROM OPERATIONS 14.3 BILLION RUPEES

• ANGEL ONE LTD DECLARES DIVIDEND OF 1 RUPEESPER SHARE

Source text: ID:nnAZN4T7YOB

Further company coverage: ANGO.NS

(([email protected];))

June 15 (Reuters) - Angel One Ltd ANGO.NS:

• INDIA'S MARKET REGULATOR - SETTLEMENT ORDER IN MATTER OF ANGEL ONE LIMITED

• INDIA'S SEBI - ANGEL ONE SETTLEMENT ORDER FOR 42.8 MILLION RUPEES

Source text: [ID:]

Further company coverage: ANGO.NS

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June 4 (Reuters) - Angel One Ltd ANGO.NS:

• CLIENT BASE AT 38.17 MILLION IN MAY 2026, UP 19.5% Y-O-Y

• NUMBER OF ORDERS AT 130.35 MILLION IN MAY 2026, UP 7.2% Y-O-Y

Source text: ID:nBSE8djQKW

Further company coverage: ANGO.NS

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May 6 (Reuters) - Angel One Ltd ANGO.NS:

• ANGEL ONE LTD - CLIENT BASE AT 37.79 MILLION IN APRIL 2026, UP 20.0% YOY

Source text: ID:nBSE56B33z

Further company coverage: ANGO.NS

(([email protected];))

** Shares of India's Groww BILO.NS rise as much as 3.51% to 203 rupees

** Tiger Global-backed discount brokerage firm nearly doubles Q4 profit to 6.86 billion rupees ($73.50 million)

** BofA ("buy", PT: 235 rupees) says rising adoption of margin trading (MTF) and commodities trading is expected to support growth in average revenue per user in FY27

** Jefferies ("buy", PT: 225) raises FY27–28 EPS estimates by 2%, says BILO has shown more resilience, greater ability to cross-sell and better profitability relative to peer Angel One ANGO.NS

** JPMorgan ("overweight", PT: 220) sees EBITDA margins improving going forward, supported by operating leverage, as indirect costs like marketing and technology grow at a slower pace than revenue

** BILO rated "buy" on avg by 9 analysts, median PT 217.50 rupees - LSEG data

** YTD stock up 25.57%

($1 = 93.3375 Indian rupees)

(Reporting by Devika Nair in Bengaluru)

(([email protected];))

** JM Financial downgrades India's Angel One ANGO.NS to "add" from "buy", saying near-term earnings momentum already priced in after stock's ~40% rally since September 2025

** At "buy", brokerage expects strong upside; expects moderate upside with "add"

** Angel One shares down 1.94% to 316.20 rupees on the day

** Brokerage keeps TP at 350 rupees, says valuation reflects risk to earnings from potential regulatory action on derivatives segment

** Adds, next leg of upside depends on the distribution and wealth businesses scaling up

** ANGO rated "buy" on average by 11 analysts, median PT at 315 rupees -- data compiled by LSEG

** YTD, stock up 37.6%

(Reporting by Surbhi Misra in Bengaluru)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

** India's Nifty 50 .NSEI, BSE Sensex .BSESN rise 0.3% each, poised for second straight weekly gains on hopes of de-escalation in the Iran war ahead of peace talks

** Both Nifty, Sensex up about 1% for the week, following a 6% jump last week on U.S.-Iran ceasefire

** A 3% drop in Wipro WIPR.NS and HDFC Life HDFL.NS on lackluster quarterly results caps benchmark gains

** Thirteen of 16 major sectors advance on the day, the broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 rise about 0.8% each

** A 10-day ceasefire between Lebanon and Israel went into effect on Thursday; U.S. President Donald Trump says next U.S.-Iran meeting may take place over the weekend

** Other Asian markets .MIAPJ0000PUS drop 0.8%, but set for weekly gains ahead of U.S.-Iran negotiations MKTS/GLOB

** Brent crude LCOc1 trades below $100 a barrel; lower prices are positive for the world's third-largest oil importer, India O/R

** Among stocks, cigarettes maker VST Industries VSTI.NS jumps 15% and brokerage Angel One ANGO.NS gains 3.3% on upbeat quarterly results

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

April 16 (Reuters) - Indian brokerage firm Angel One ANGO.NS reported an 83% rise in fourth-quarter profit on Thursday, helped by stronger client trading activity and higher order volumes during the period.

The company's consolidated profit rose to 3.20 billion rupees ($34.31 million) in the January-to-March quarter from 1.75 billion rupees a year earlier.

Here are the details:

• Angel One's performance reflected improvement in client activity and average daily orders during the quarter, the company said.

• Total orders rose 31.6% year-on-year to 430.7 million during the quarter, reflecting higher derivatives activity and client engagement.

• The company's client base also grew 20.5% year-on-year to 37.39 million as of March-end, while gross client acquisition rose 12.7% on-year in the quarter.

• The company approved raising up to 15 billion rupees through non-convertible debentures and increased borrowing limits to 200 billion rupees.

• Total revenue from operations rose 38% to 14.59 billion rupees during the quarter.

• Last week, the brokerage said its number of orders rose 37.1% year-on-year in March, supported by sustained retail trading activity across segments.

• The Mumbai-based company competes with firms such as Zerodha, Groww BILO.NS and Upstox.

($1 = 93.2570 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru; Editing by Anil D'Silva)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

April 8 (Reuters) - ** Shares of India's Angel One ANGO.NS jump 7.40 % to 264.30 rupees, its highest level since Feb 19

** The stockbroker reported 37.1% y/y increase in average daily orders in March to 139.98 million vs 102.08 million a year ago

** Gains also come amid a broader market sentiment rise after U.S. President Donald Trump agreed to a two-week ceasefire with Iran

** Trading vols at 9.56 mln shares, vs 30-day average of 8.04 mln shares

** ANGO rated "Buy" on average by 11 analysts, median PT: 312 rupees - data compiled by LSEG

** YTD, stock up about 12.6%

(Reporting by Bipasha Dey in Bengaluru)

(([email protected];))

March 20 (Reuters) - Angel One Ltd ANGO.NS:

• INTERIM DIVIDEND OF 1.75 RUPEES PER SHARE

Source text: ID:nBSE3D0dXX

Further company coverage: ANGO.NS

(([email protected];;))

** Exchange operator BSE's shares BSEL.NS fall 3.1%, while Angel One ANGO.NS, Nuvama Wealth NUVA.NS, Nippon Life NIPF.NS and 360 One Wam ONEW.NS slide 1%-4.5%

** Drop follows comments from NSE's managing director and CEO Ashish Chauhan at a Thursday event that regulators and exchanges will keep tightening rules to curb excessive speculation in high-risk futures and options

** Chauhan said India could adopt minimum eligibility norms for derivatives, like Singapore and the U.S., using suitability checks and financial thresholds

** It's high time India put similar measures in place so the lower strata of society is not left bleeding money in derivatives, Chauhan said

** Earlier this month, the central bank proposed rule changes that prohibit banks from lending for proprietary trading, while the government raised transaction taxes on derivatives in the union budget on Feb 1

** India's markets regulator has also rolled out multiple steps recently to cool the explosive growth in equity derivatives, where 90% of retail investors incur losses, according to an official study

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

Feb 16 (Reuters) - Shares of Indian bourse BSE BSEL.NS and brokerages dropped between 2% and 9.5% on Monday, after the country's central bank tightened norms for bank lending to stock brokers and other market intermediaries.

On Friday, the Reserve Bank of India issued revised norms on banks' lending to capital market participants, including higher collateral requirements for bank guarantees and a ban on lending for proprietary trading by brokers.

Jefferies said it sees BSE most affected by the new regulations on proprietary trading, which could result in a 10% earnings impact on the exchange operator.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Rashmi Aich)

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Feb 4 (Reuters) - Angel One Ltd ANGO.NS:

• JAN NUMBER OF ORDERS UP 16.4% YOY

Source text: ID:nNSEG6mQt

Further company coverage: ANGO.NS

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Feb 3 (Reuters) - Angel One Ltd ANGO.NS:

• ANGEL ONE LTD - TO RAISE 500 MILLION RUPEES VIA NCDS

Source text: ID:nBSE3byD40

Further company coverage: ANGO.NS

(([email protected];))

** Shares of Indian stock brokers and BSE fall up to 10%

** In federal budget, Indian Finance Minister announced proposal for higher securities transaction tax on future trading

** Angel One ANGO.NS and Stock exchange BSE BSEL.NS both down 10%, while Groww BILO.NS falls 8.5%

(Reporting by Urvi Dugar in Bengaluru)

(([email protected];))

** Angel One ANGO.NS jumps 7% to 2,701 rupees

** Brokerage firm's Q3 consol profit drops 4.5% y/y, hurt by regulatory curbs on equity-derivatives to prevent speculative trading

** Profit after tax soars 27% q/q; Citi ("buy"; 3215 rupees) calls it "robust sequential trajectory"

** Notes credit disbursements in Q3 3% above H1 levels, showing strong uptick in loan distribution

** Stock rated "buy" on an avg; median PT is 2,835 rupees, per data compiled by LSEG

** ANGO lost 20% in 2025

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

Jan 15 (Reuters) - Indian brokerage Angel One ANGO.NS reported a drop in third-quarter profit on Thursday, as regulatory curbs on equity derivatives designed to prevent speculative trading dampened retail investor participation.

The Mumbai-based company reported a 4.5% fall in its consolidated profit to 2.69 billion rupees ($29.78 million) for the period ended December 31.

Angel One recorded its fourth consecutive quarter of profit decline after markets regulator Securities and Exchange Board of India in late 2024 reduced the number of weekly options contracts and increased the minimum trading amount.

The nearly 30-year-old company, which competes with market leaders such as Zerodha, Groww BILO.NS and Upstox, derives more than 75% of its revenue from derivatives trading.

Angel One said the total number of orders in the December quarter fell about 10% year-on-year, while gross client acquisition dropped 16.3%.

Since the curbs, the company has stepped up its efforts to diversify into margin funding, wealth management, insurance, loan distribution and asset management.

The brokerage's fees and commission income fell 1.7% during the third quarter. However, its total quarterly revenue from operations rose 5.8% to 13.35 billion rupees, helped by an increase in interest income.

Angel One also approved an interim dividend of 23 rupees per share and a share split in 1:10 ratio, according to the exchange filing.

($1 = 90.3340 Indian rupees)

(Reporting by Anuran Sadhu and Meenakshi Maidas in Bengaluru; Editing by Harikrishnan Nair and Shreya Biswas)

(([email protected]; +91 8697274436;))

** Brokerage Citi starts coverage on Indian stock brokers Angel One ANGO.NS and Groww BILO.NS with a "Buy" rating

** Says prefer ANGO over BILO due to ANGO's brand re-positioning, steady business diversification, and benign valuations

** ANGO showed business agility by smoothly transitioning to a digital-first broking platform from a traditional one - Citi

** See earnings per share compounded annual growth rate of 26% over FY2026-29E for ANGO - note

** Sets PT for ANGO at 3215 rupees, BILO at 195 rupees

** ANGO shares up 2.5% to 2500 rupees; BILO down 0.62% to 161 rupees ahead of quarterly results

** Brokerage notes BILO's customer-centric approach, first mover advantage in direct MF, and leadership in retail broking, driving high brand recall

** Adds elevated cross-sell potential to a large captive customer pool, augers well for revenue accretion for BILO

** ANGO lost 20% in 2025, BILO up 61% from the issue price of 100 rupees since listing on Nov 12, 2025

(Reporting by Komal Salecha)

(([email protected];))

Jan 8 (Reuters) - Angel One Ltd ANGO.NS:

• DEC NUMBER OF ORDERS UP 8.0% Y/Y

Source text: ID:nnAZN4RSBV2

Further company coverage: ANGO.NS

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Jan 7 (Reuters) - Angel One Ltd ANGO.NS:

• TO CONSIDER SPLIT OF SHARES

Source text: ID:nBSEb3sjGc

Further company coverage: ANGO.NS

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Nov 11 (Reuters) - Angel One Ltd ANGO.NS:

• INDIA MARKETS REGULATOR: IMPOSE 300,000 RUPEES PENALTY ON ANGEL ONE

Further company coverage: ANGO.NS

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Oct 15 (Reuters) - Indian brokerage Angel One ANGO.NS on Wednesday posted its third-straight quarterly profit decline, as last year's curbs on equity derivatives trading continued to limit participation of retail investors.

The company, which competes with startups such as Zerodha, Groww and Upstox, said its consolidated profit slumped 50% to 2.12 billion rupees ($24.08 million) for the three months ended September 30.

The Securities and Exchange Board of India in November last year raised the minimum contract value and limited weekly index options to one per exchange, making it more costly to trade in the asset class.

The move, aimed at curbing speculative retail trading in a segment where 90% of traders incur losses, hit trading volumes and revenue for brokers that rely heavily on derivatives turnover.

In October, Angel One said its gross client acquisition was down 41.9% and its total orders fell 26.3% in the second quarter.

SEBI said in August it is also considering extending equity derivatives contract tenures and limiting who can trade.

Since the curbs, Angel One has stepped up efforts to diversify into margin funding, wealth management, insurance, loan distribution and asset management.

Analysts had said the strategy could materially increase the company's non-broking revenue share over the next five to seven years, helping to reduce reliance on volatile derivatives income.

Its overall revenue during the quarter declined 20.7% to 12.02 billion rupees, Angel One said in an exchange filing.

Shares closed 1.7% higher ahead of results on Wednesday.

($1 = 88.0400 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru; Editing by Eileen Soreng and Sahal Muhammed)

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** Angel One ANGO.NS rises as much as 3.2% to 2,271.6 rupees; set to gain for fourth straight session

** Brokerage's client base jumps 24% y/y in Q2; avg client funding book soars 36.4%

** More than 711,000 shares traded, nearly in line with 30-day moving avg of 975,413

** Stock rated "buy" on avg; median PT is 2,820 rupees, per data compiled by LSEG

** ANGO last up 2%, cutting YTD losses to ~25%

(Reporting by Meenakshi Maidas in Bengaluru)

(([email protected];))

** Shares of BSE BSEL.NS fall 3.3% and Angel One ANGO.NS fall 4.1%

** India market regulator SEBI will float a consultation paper on ending weekly F&O contracts within a month, CNBC-TV18 reports citing sources

** SEBI plans transition to monthly expiries and may consider same-day expiry across all exchanges, report adds

** Regulator's board likely to be briefed on longer derivative tenures on September 12 and consultation with exchanges to start from next week, report says

** Year-to-date, BSEL up about 24% and Angel One down around 24%

(Reporting by Vijay Malkar)

(([email protected];))

Sept 4 (Reuters) - Angel One Ltd ANGO.NS:

• ANGEL ONE LTD - AUG ORDERS AT 109.86 MILLION

• ANGEL ONE LTD - AUG CLIENT BASE AT 33.57 MILLION

Source text: ID:nBSE719Ybx

Further company coverage: ANGO.NS

(([email protected];))

Updates with comments from regulatory official; rewrites

By Jayshree P Upadhyay

Mumbai, Aug 21 (Reuters) - India's markets regulator is considering fresh steps to cool the country's booming equity derivatives markets as it looks to curb trading in a segment where more than 90% of traders suffer losses.

The steps could include longer maturity derivatives contracts to product suitability rules that limit retail investor participation in riskier segments of the market, regulatory officials said at an event on Thursday.

A surge in derivatives trading over the last few years, driven in part by retail investors, has prompted the Securities and Exchange Board of India (SEBI) to limit the number of contract expiries and increase lot sizes to make such trades more expensive.

To cool the market further, SEBI plans to increase the tenure of equity derivatives contracts, but the proposal is still at a conceptual stage, Chairman Tuhin Kanta Pandey said on the sidelines of the industry event.

SEBI is also "open to" objective and simple criteria to define investors who are considered suitable to trade in derivatives, Ananth Narayan, a whole-time member of SEBI, said at the same event.

The regulator has so far stayed away from limiting retail investor access through suitability rules as these are tough to implement.

A SEBI research paper released last month showed that individual traders made losses of 1 trillion rupees ($11.46 billion) by trading in futures and options, a 41% jump from the the previous year.

Shares of stock exchange operator BSE BSEL.NS and discount broker Angel One ANGO.NS slid 7.6% and 6.7%, respectively, on Thursday following the comments. Derivatives trading contributes more than 50% to BSE's revenue, and three-fourths to that of Angel One.

Separately, SEBI also set up a dedicated unit to examine patterns of manipulation, the regulator's whole-time member Kamlesh Varshney said at the event.

The move comes after SEBI had temporarily barred U.S.-based firm Jane Street for its trading strategies that "manipulated" a key stock market index. Jane Street has denied these allegations and said its trading strategies were simple arbitrage.

Pandey added that SEBI would work with India's corporate affairs ministry and stock exchanges to build a regulated platform for the so called "grey-market", where unlisted shares change hands.

($1 = 87.2480 Indian rupees)

(Reporting by Jayshree P Upadhyay in Mumbai, writing by Nandan Mandayam in Bengaluru; Editing by Rashmi Aich and Sonia Cheema)

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