What broke the rally of brokerages?

The unprecedented growth in retail investing post-pandemic had many convinced that brokerages would ride high for some time to come. However, with seven out of eight major brokerages posting a degrowth in their profit after tax in FY23, it is safe to say the party has finally come to a halt. Profitability woes of FY23 Barring one, all companies witnessed a dip in profit after tax in FY23 Company Change in revenue (%) Change in profit after tax (%) Angel One 29.2 42.4 Axis Securities 9.4 -12.5 Kotak Securities -1.1 -13.6 IIFL Securities 9.7 -18.3 ICICI Securities -0.6 -19.2 HDFC Securities -4.8 -21.4 Motilal Oswal -2.9 -28.9 Geojit Financial -12.2 -35.5 Here's why brokerages are suddenly finding it difficult to keep their profits up. The bull run is over The bull market that began post the pandemic as the economy bounced back enticed many to make their in