India, Largely Underpenetrated Market

Steady Growth In Demat Accounts In India Rising Penetration Of Demat Accounts In India

(Mn) 17.9% CAGR

6.9%
97 6.4%
90
Inflection Point

55 4.1%
41 2.7% 3.1%
32 36 2.1% 2.4%
25 28 1.7% 1.7% 1.8% 2.0%
21 22 23

FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 Q1 FY23 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 Q1 FY23

Huge And Sustainable Growth Opportunity India: Target Addressable Market

Long Term Growth Potential 65.0% (Mn)

Under 15 yrs 15 - 64 yrs 65+ yrs

2.1x Medium Term

133 186 250
Growth Potential 96

14.2% 950 1,043 1,102 1,119

6.9%
362 338 323 301
India China USA 2021 2030 2040 2050
(Jun '22) (Jun '22) (2018)

~65% of India’s population resides in non-urban areas

Source: Census, MOSPI, World Bank, CDSL, NSDL, CSDC, FINRA, NSE, United Nations (Population Division)
USA Data Source: FINRA Investor Education Foundation (FINRA Foundation) October 2021 Insights, Includes taxable investment accounts (32%) and retirement accounts only (33%) through which Americans have some form of investment
15