India's legacy brokers surge into leveraged trading. Traditional bank-backed brokers are doubling down on margin trading facilities to regain ground lost to digital rivals. The MTF market surged 42.9% year-over-year to reach 1.20 lakh crore as of January 2026, with ICICI Securities and Kotak Securities commanding 31.7% combined market share. While discount brokers like Groww dominate derivatives trading, legacy brokers see significant growth potential in MTF, which currently represents only 0.25% of India's equity market compared to 1.5% to 3% in developed markets. This strategic pivot highlights how traditional brokers are leveraging their banking relationships and capital advantages to compete in India's rapidly evolving financial markets landscape.
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