India’s retail trading engine accelerated in October. Active client accounts on the National Stock Exchange climbed by 6.15 lakh to touch 4.67 crore, according to official exchange data. Discount trading apps drove almost the entire expansion, widening the gulf between aggressive fintech frontrunners and legacy institutions.
Two platforms walked away with the market. Groww hauled in roughly 3.04 lakh active accounts during October—capturing 49.5% of total industry net additions. That surge expanded Groww’s active roster from 1.34 crore in September to 1.38 crore, pushing its total market share on the exchange from 29.16% to 29.43%. Angel One followed aggressively, adding approximately 2.43 lakh active clients to bring its base to 69.99 lakh. That gave Angel One a 14.97% market share. Combined, the two discount brokerages delivered 5.47 lakh net additions—nearly 89% of the industry's entire monthly expansion.
The October surge fractured the traditional leaderboard. Angel One surpassed Zerodha to become India's second-largest brokerage by active clients. Zerodha’s active trading tally shrank by roughly 33,000 accounts to land at 67.59 lakh. Rival discount broker Upstox faced similar outflows, shedding nearly 11,000 accounts to finish the month at 18.43 lakh.
Bank-backed and boutique brokerages booked fragmented gains. ICICI Securities edged up by 3,000 accounts to 21.64 lakh. Meanwhile, fast-growing upstart Sahi pulled in 34,372 active traders, and Dhan signed up approximately 26,000. Traditional desks recorded slow increments: Kotak Securities added 13,000 clients, Motilal Oswal signed 7,000, and HDFC Securities netted 6,000.
| Brokerage | Net Client Change (Oct) | Total Active Clients | Market Share |
|---|---|---|---|
| Groww | +3,04,000 | 1.38 Crore | 29.43% |
| Angel One | +2,43,000 | 69.99 Lakh | 14.97% |
| Zerodha | -33,000 | 67.59 Lakh | — |
| ICICI Securities | +3,000 | 21.64 Lakh | — |
| Upstox | -11,000 | 18.43 Lakh | — |
Capital continues to concentrate at the top. Angel One brought in nearly 15 lakh clients across the July-September quarter, carrying its gross registered client base to 3.99 crore by late September before crossing the 4-crore mark in October, according to the company’s regulatory business update. With discount leaders capturing nearly nine out of every ten new active market entrants, legacy brokerages enter the final quarter facing severe churn among active retail accounts.
| Sahi | +34,372 | — | — |
| Dhan | +26,000 | — | — |