LIC's mega Rs 21,000-cr IPO does little to lift demat tally in May

The pace was down by almost 750,000 when compared to January when over 3.4 mn new accounts got added

New dematerialised (demat) account opening continued to show signs of moderation with the mega initial public offering (IPO) of state-owned Life Insurance Corporation of India (LIC) doing little to lift the tally in May.

About 2.65 million new demat accounts were opened last month, according to data released by the country’s depositories—CDSL and NSDL. This was a reduction of almost 750,000 compared with January, when over 3.4 million new accounts were added.

Since January, the pace of new account opening has declined every month with May showing only a slight uptick over April. The total demat count stands at 94.8 million.

LIC’s Rs