Demat is the cross-sell of the moment — every retail customer is now an investor, but broker quality, brokerage rates, and platform UX vary widely. The leads here include first-time-investor customers looking at zero-AMC accounts, active F&O traders comparing per-lot pricing, and HNI families consolidating multiple demat accounts under one wealth manager. Conversions are fast once the customer is comfortable with the broker's app — most claimants win on platform UX or research-bundling rather than pure pricing.