Jefferies said the recent regulatory relief is likely to favour exchanges and brokerage platforms, identifying BSE and Groww as key beneficiaries due to improved operating visibility and sustained trading activity. However, the brokerage cautioned that asset management companies (AMCs), registrar and transfer agents (RTAs), and depositories could face risks if equity market sentiment weakens. Within this relatively vulnerable segment, Jefferies indicated a preference for ICICI Prudential Asset Management and KFin Technologies, citing their comparatively resilient business models and execution capabilities.
