Kamath tapped into a broader debate about the size of India's capital markets, noting that the country still sees equity participation under 5%. He argued that a vibrant stock market requires not just long‑term investors but a steady stream of traders and speculators, all facilitated by a growing number of brokerage platforms.
During the summit, Kamath emphasized the need for hundreds of new entrants—both platforms like Groww and traditional brokers—to scale the market to the level seen in developed economies. He pointed out that a larger, deeper market would make it easier for Indian firms to list and raise capital.
The co‑founder of Zerodha highlighted that venture‑backed models can coexist with bootstrapped ones, and that the competition between the two firms signals healthy market dynamics rather than a crisis. He suggested that the industry should channel its competitive spirit into expanding access for retail investors.
Industry leaders concluded the session with a call for a joint proposal to the RBI, aiming to streamline brokerage licensing and encourage more players to enter the market. The discussion has set the stage for the RBI to review brokerage rules in the coming quarter.