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ICICI Securities Ltd

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BSE Code : 541179 | NSE Symbol : ISEC | ISIN : INE763G01038 | Industry : Stock/ Commodity Brokers |


Chairman's Speech

Initiatives like digitalisation and technological advancements and government's renewed push for 'Digital India' and 'Make in India' is expected to fuel capacity building in several areas like electronics manufacturing, EVs, textiles etc. ?[

Dear Shareholders,

The fiscal year 2023 was an eventful one with inflation, interest rates, and supply chain disruptions continuing to remain key concern areas for businesses and policymakers. Financial markets experienced volatility and the central banks across the globe closely monitored inflationary pressures to adjust their monetary policies accordingly.

The Reserve Bank of India (RBI) continued to implement measures to support economic growth and stabilise inflation. Initiatives like digitalisation and technological advancements and government's renewed push for 'Digital India' and 'Make in India' is expected to fuel capacity building in several areas like electronics manufacturing, EVs, textiles etc. From being known for home to large global service delivery centres, the government is now aiming to replicate this for manufacturing, and this augurs well for the overall economic development of the nation.

For an Indian investor, FY2023 was highly volatile for equities, giving a flat return. In contrast, some other asset classes like gold (+13%), US$ ( + 9%), real estate (5%-6%) and bonds (3.3%) performed better.

A volatile and flat market had its impact on new equity investors coming to the market; during the year, the number of new demat accounts opened fell approx 28% as compared to the previous year.

In the equities market, thanks to developments like entry of large number of younger and tech-savvy investors on the one hand, and launch of digital tools by players on the other, the derivatives segment continued its northward trend with daily traded volumes more than doubling in this sector, while the traditional cash equity segment shrank by a fifth.

In the secondary market, Foreign Portfolio Investors (FPIs) pulled out US$ 24.5 Billion while the domestic investors were net buyers to the extent of US$ 30.2 Billion, which was the highest ever. Retail investors reposed their faith in SIPs, which remained resilient with cumulative SIP flows of ' 1,560 Billion in FY2023 vs ' 1,246 Billion in FY2022. This strong retail inflow helped steady the markets during periods of FII outflow.

The Indian markets continued to benefit from the regulator's oversight who have doubled down on their agenda to safeguard retail investors and enhance transparency. During the year, the regulator announced a series of measures like Two Factor Authentication (2FA) for accessing online trading platforms, revision of peak margin norms, tighter norms for 'finfluencers', enhanced scrutiny of large brokers, and increased separation of customers' and brokers' accounts, and these are expected to further strengthen retail investors' faith in the system.

WEALTH-TECH

In the rapidly-evolving landscape of private wealth management, your Company, ICICI Securities, has emerged as a leading wealth-tech player in India with over 78,000 wealth customers and ' 3.2 Trillion asset base. We are leveraging technology to transform the way individuals and family offices manage and grow their wealth.

Icicidirect.com, our wealth-tech platform, offers clients seamless access to a wide range of investment opportunities, personalised financial planning tools, and real-time market insights.

Its user-friendly interfaces and intuitive design help investors navigate the complexities of the financial markets with ease.

We are harnessing the power of data and advanced analytics to drive informed decision-making and provide tailored recommendations to our clients, taking into account individual risk profiles and financial goals. Through our digital-first approach, we are committed to democratising wealth management, providing curated investment products and services that cater to investors at various stages of their financial lifecycle.

The Indian markets continued to benefit from the regulator's oversight who have doubled down on their agenda to safeguard retail investors and enhance transparency.

SUSTAINABLE GROWTH

At ICICI Securities, we have always believed sustainability to be integral to our long-term business growth and holistic stakeholder value creation.

Our Environmental, Social and Governance (ESG) focus is in tandem with this belief, and we continue to raise the bar of our ESG performance year-on-year. Our continued progress on the key metrics of ESG reflect our unwavering commitment to sustainable growth; in recognition of our increased disclosures and progressive policies, MSCI has upgraded our ESG rating to BBB from BB.

We have continuously expanded the ambit of our social outreach to improve the quality of life of the underprivileged through comprehensive programmes in healthcare, skill development, sustainable livelihood, youth and women empowerment, and rural development, among others. During the year, our CSR projects, undertaken directly and through our partner ecosystem, touched 0.13 Million lives.

Through the ICICI Foundation, we supported training for 7,200 youth during the year, of which 96% have been offered placement opportunities. This year, under Project Hameri, our ongoing initiative in partnership with World Wide Fund for Nature (WWF)

- India, we trained 500 women living in the midst of the Corbett landscape of Uttarakhand in new skills like food processing and handicraft training.

Under our healthcare initiative, we support Tata Memorial Hospital in treatment to patients, providing medical equipment and medical infrastructure.

During the year, we helped Homi Bhabha Cancer Hospital and Research Centre (HBCH & RC),

Mullanpur conduct 657 early cancer detection camps which screened over 80,000 women. In association with NIMHANS, we ran a project for Alzheimer's patients which included early detection, assistance, and awareness programmes. We also supported cataract surgeries of ~2,000 needy senior citizens and treatment of ~650 underprivileged children.

This year, under Project Hameri, our ongoing initiative in partnership with World Wide Fund for Nature (WWF) - India, we trained 500 women living in the midst of the Corbett landscape of Uttarakhand < in new skills like food processing / and handicraft training. /

In some of our other community outreach activities, we provided two life support ambulances to Sashastra Seema Bal, and provided clean drinking water and sanitation for residents at three hamlets in Nashik district of Maharashtra.

We support a number of entrepreneurs - through IIT Bombay's incubator cell - particularly those who are developing a promising technology with a potential for a major impact in healthcare. We are supporting start-ups in various stages of developing and commercialising products in the areas of wearable mobility, genomics, burn treatment, and robotic arms.

MOVING AHEAD

Given our current under penetration of almost all investment products and the expected long-term economic growth over the next couple of decades, the long-term trend of increased financialisation, equitisation, and digitisation of savings remains intact, and we are ideally positioned to harness this opportunity. We are confident that our focussed investments to build brand, capability, and delivery will continue to drive our performance positivity.

In addition to the strength of products and distribution, trust in our business is key; it can only be built over the years and across business cycles. We feel our brand is trusted across customer segments and we maintain a very sharp focus on compliance, governance and risk management, and hence we are confident of remaining relevant to all strata of customers for meeting their lifecycle needs.

As we move forward on the road to aid financial freedom for our growing customer base, it will be our endeavour to reinforce the drivers of our business strategy. These include strengthening our open architecture acquisition model; expanding our offering to cover the entire gamut of investments, insurance and loan portfolios, and reinforcing our customer coverage model. We will continue to simplify and democratise access to the world of finance. The private wealth opportunity landscape looks bright and welcoming, and we are fully geared to embrace it at the back of our core strengths, with particular focus on continued investments in digitalisation and innovation.

As we stride purposefully towards realising our business objectives, we seek to further leverage our close relationship with our parent, the ICICI Bank, for enhancing the Company's performance and the service levels to our customers. Our synergistic and symbiotic relationship is expected to provide a strong fillip to our growth strategy.

I am confident that with your sustained confidence and support, we shall succeed in creating a vibrant and dynamic platform where every Indian will have the freedom to grow their wealth and become financially empowered.

I am confident that with your sustained confidence and support, we shall succeed in creating a vibrant and dynamic platform where every Indian will have the freedom to grow their wealth and become financially empowered. Before I conclude, I would like to thank all of you, as well as our customers, partners, associates, regulators, employees, and the communities at large, for their trust and cooperation. Together, I am confident we shall achieve our targets and goals to become stronger, bigger, better and more integral to every Indian's financial lifecycle.

Regards

Vinod Kumar Dhall Chairman