ANGELONE

Angel One Falls on Concerns Over MTF Funding Exposure After RBI Norms • 📉 Stock Under Pressure: Shares declined as markets reacted to concerns around higher dependence on bank funding for the MTF (Margin Trading Facility) book. • 🏦 High Bank Dependence: Around ₹3,400 Cr of ₹6,100 Cr MTF book reportedly funded by banks (~50%+ exposure). • ⚖️ Regulatory Overhang: New Reserve Bank of India guidelines may tighten bank lending norms to brokers, potentially increasing funding costs. • 💰 Possible Funding Rework: Brokerages like Angel One may need to diversify funding sources or adjust MTF growth strategy. • 🔎 Market Reaction: Concerns are forward-looking; impact depends on final implementation and alternative funding availability. 🔴 Impact: Negative (Near-term Sentiment) Higher regulatory uncertainty around MTF funding could pressure growth and margins until funding visibility improves.