Home >Companies >News >Angel Broking CEO Vinay Agrawal passes away

Vinay Agrawal, chief executive officer and whole-time director of brokerage firm Angel Broking has passed away on Saturday.

“It is hereby informed that Vinay Agrawal whole-time director and chief executive officer of the company passed away today i.e. Saturday, April 17, 2021," the company said in an exchange filing.

Agrawal had experience of nearly two decades in various domains including finance and operations, business development, product development and e-broking. His ingenuity in developing successful business strategies, strong analytical skills, and dedication to the organisation helped him become the first CEO of the company.

A Chartered Accountant by profession, Agrawal’s expertise has been instrumental in Angel Broking’s growth strategy.

In March, Angel Broking onboarded record 3,79,233 customers. The total client base of Angel Broking has increased to 4.1 million as of March.

The latest development has brought Angel Broking’s tally of Gross Clients Added in Q4 FY21 to 0.96 million, which is 14.1 times of what it was in Q1 FY20 or when it began its purely digital operations.

“The Average Daily Turn Over (ADTO) of Angel Broking has also experienced a 15-fold growth during the same period, and stood at 3.75 trillion in Q4 FY21. Simultaneously, the overall trades have increased to Q4 FY21’s 218 million from 54 million in Q1 FY20. Both ADTO and overall trades have multiplied across every segment including Cash, F&O, and Commodities," said the company in a statement.

In Q3 FY21, tier 2 and tier 3 cities together contributed to 92% of gross client addition of Angel Broking. The client addition from tier 2 cities in Q3 FY21 increased by 6.7 times over Q1 FY20 while it was 9.3 times higher in case of tier 3 cities for the same period.

Its median age of clients acquired has steadily decreased to 30 years in Q3 FY21 from 34 years in Q1 FY20. “A part of its success is attributed to the FinTech broker’s flat brokerage structure as well. Its delivery trades are free of cost and there is a flat fee of 20 per trade irrespective of lot size for F&O, commodity, and intra-day trades," it said.

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