HDFC Securities: A 24-year journey of transformation in the Indian financial markets
MD & CEO of HDFC Securities, Dhiraj Relli reflects on the firm's role in India's financial revolution, driven by digitization, regulation, and the rising participation in financial markets.
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In a candid conversation with Storyboard18's Editor Delshad Irani on Media Dialogues, Dhiraj Relli, MD & CEO of HDFC Securities, spotlighted the remarkable transformation of India's financial markets over the past 25 years and HDFC Securities' pivotal role in that journey.
Reflecting on the sweeping changes, Relli shared, "The markets have transformed miraculously in the last 25 years. India's GDP has grown 8x from $470 billion to $3.9 trillion. When we started in 2000, there were just 20 lakh demat accounts. Today, that figure stands at 16.2 crore, marking an 81x growth."
Relli credits much of this progress to technological advancements and digitization, which have revolutionized the way Indian investors engage with the markets. "Earlier, everything was physical, including share certificates. With HDFC Securities introducing the 3-in-1 account linking savings, trading, and demat, we simplified the process and provided a secure ecosystem for transactions," he said. This innovation, launched in the early 2000s, disrupted the market and laid the foundation for future growth.
The evolution technology is another key factor Relli highlights. "We've gone from opening accounts that required 40 signatures to a seamless, digital five-minute process today," he explained.
Initiatives like Jandhan, Aadhaar, and increased mobile penetration have enabled the expansion of market access across India, making the financial ecosystem more inclusive. "What used to be confined to Maharashtra, Gujarat, and large cities has now spread across the country. The depth and breadth of market participation have increased exponentially."
Relli also emphasized the role of regulatory bodies in driving this transformation. "Regulators, including SEBI, the Reserve Bank of India, PFRDA, and IRDAI, have played a pivotal role in ensuring that we have a robust, secure, and scalable ecosystem," he stated, crediting their dynamic approach to adapting regulations that have supported the massive growth of the market.
With mutual fund AUM rising 65x from Rs 1 lakh crore to Rs 65 lakh crore, and digital adoption at the core of modern market engagement, Relli envisions a bright future for HDFC Securities and India's financial markets.
Catch the full conversation here.
