“We have been doing this business for 12 years now and if we were to look at our account openings or the overall account openings in the country and we had to map it to the Nifty or maybe even the Nifty midcap index, it was almost a mirror image. It has always been like this. When markets do well, new people come. When markets do not do well, new people stop coming,” Kamath said.
