BREAKING
Angel One surpasses Zerodha as India's second-largest stockbroker
Strong monthly additions propel Angel One past Zerodha, while Groww strengthens its market dominance with 1.37 crore active clients.
Angel One added 2.43 lakh active clients in October 2026 to reach 69.98 lakh, overtaking Zerodha to become India's second-largest stockbroker by active user count, according to data from the National Stock Exchange (NSE). The shift moves Zerodha down to third position after its active client base dropped by 32,435 to 67.59 lakh during the month.
Groww retained its position at the top of the retail broking market, adding 3.04 lakh active clients in October—the highest monthly addition across all firms—to bring its total active user base to 1.37 crore. Groww now commands a 29.43% market share of active investors registered on the NSE.
Overall retail market activity expanded in October. Total active clients across all NSE-registered brokers grew by 1.33% month-on-month to reach 4.67 crore, up from 4.61 crore in September, representing a net addition of nearly 6.15 lakh active accounts.
Retail brokerage market share and client shifts
The rankings across top discount brokers and traditional institutional desks reflect widening divergences in monthly user growth:
| Broker | Active Clients (Oct 2026) | Monthly Net Change | Market Share |
|---|---|---|---|
| Groww | 1.37 crore | +3.04 lakh | 29.43% |
| Angel One | 69.98 lakh | +2.43 lakh | 14.97% |
| Zerodha | 67.59 lakh | -32,435 | 14.46% |
| ICICI Securities | 21.64 lakh | +3,722 | 4.63% |
| Upstox | 18.43 lakh | -11,348 | 3.94% |
| Dhan | 11.47 lakh | +25,739 | 2.45% |
| SBI Securities | 10.04 lakh | -17,188 | 2.15% |
| Motilal Oswal | 9.16 lakh | +7,283 | 1.96% |
| Sahi | 3.15 lakh | +34,372 | 0.67% |
Why it matters
For founders, operators, and equity product leaders across fintech, October's NSE figures show a clear structural shift in how retail investors choose trading platforms in India. Customer acquisition dynamics are pulling activity toward digital-first platforms that combine simplified onboarding with aggressive user acquisition.
Angel One’s market share expanded to 14.97% following October’s growth, while Zerodha’s market share settled at 14.46%. While Zerodha has historically relied on organic growth and profit-focused operations without heavy marketing spend, platforms such as Groww and Angel One have continued to capture a larger portion of new retail entrants entering the capital markets.
At the same time, client retention is proving uneven across incumbent platforms. While overall market participation increased by over six lakh accounts, several major platforms saw their active user counts contract, demonstrating that retail traders are actively switching desks or becoming inactive on secondary accounts.
Performance across traditional and emerging brokers
Behind the top three players, traditional bank-led brokerages maintained steady but modest client bases. ICICI Securities held onto fourth position with 21.64 lakh active clients, adding 3,722 users in October to secure a 4.63% market share. Upstox remained fifth with 18.43 lakh active clients, though its count declined by 11,348 users during the month, leaving it with a 3.94% market share.
Among bank-backed outfits, Kotak Securities added 12,895 active accounts to reach 14.05 lakh, while HDFC Securities saw its active client total rise to 13.60 lakh from 13.54 lakh in September.
Newer digital platforms showed contrasting trajectories:
- Dhan expanded its user base by 25,739 active clients to reach 11.47 lakh, holding a 2.45% market share.
- SBI Securities saw a drop of 17,188 active accounts, taking its total to 10.04 lakh clients and market share to 2.15%.
- Motilal Oswal added 7,283 active clients, ending the month at 9.16 lakh accounts for a 1.96% market share.
- Paytm Money recorded the sharpest drop among the top 20 brokerages, losing 32,501 active accounts—a 4.26% month-on-month decline—to bring its count to 7.30 lakh.
- INDmoney recorded modest expansion, adding 1,849 clients to reach 7.21 lakh active users.
Fast-growing discount broking platform Sahi led percentage growth among the top 20 brokers. After registering an 11% client increase in September, Sahi added 34,372 active clients in October to reach 3.15 lakh accounts, giving it a 0.67% market share.
Smaller entrants also posted net additions. IIFL Securities added 5,095 clients to bring its total active base to 3.46 lakh, while PhonePe’s trading platform Share.Market added 7,041 active accounts to reach 2.14 lakh clients.
What happens next
It is not yet clear whether Zerodha's decline in active client numbers reflects a permanent migration of retail traders to competing platforms or temporary inactivity linked to market volatility and derivative trading rules. The firm has not issued public guidance on whether it plans to alter its customer acquisition strategy in response to shifting market shares.
Market observers will be watching upcoming monthly filings from the NSE to monitor whether Angel One can maintain its lead over Zerodha and whether emerging platforms like Sahi and Dhan continue their accelerated growth trajectory.