Active stock market clients fall in September; market leaders retain rank

India’s stockbroking industry saw a decline in active investors in September 2025, though leading platforms maintained their positions, according to data from the National Stock Exchange (NSE).

The total number of active clients fell 1.92% month-on-month to 45.31 million in September, down from 46.19 million in August. Groww, poised for an initial public offering, remained the country’s largest stockbroker with 11.9 million active clients and a 26.26% market share. While its user base slipped 1.36% sequentially, its market share rose slightly by 13 basis points.

Zerodha and Angel One continued to occupy the second and third positions with 7.08 million and 6.89 million active clients, respectively. Both brokers recorded steeper month-on-month declines of 2.43% and 2.28%, bringing their market shares to 15.64% and 15.18%. Collectively, the top three brokers accounted for over 55% of the total market.

Traditional brokers, including ICICIDirect (1.97 million users), HDFC Securities (1.52 million), and Kotak Securities (1.41 million), maintained their rankings but reported slight drops in active clients.

Among smaller players, Paytm Money posted 2.28% growth, while Mirae Asset recorded the largest increase at 12.35% month-on-month.

Market analysts attributed the overall dip in active investors to seasonal factors and profit-booking by retail participants, noting that overall participation remains structurally strong.

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