India’s stockbroking market saw a rise in active clients on the NSE by about 1.6 lakh to 4.61 crore in September, despite the steepest monthly decline in benchmark indices in six months. Groww continued to widen its lead with an increase of 1.01 lakh active users, reaching 1.34 crore and capturing a 29.16% market share, according to inc42.com.
Groww’s net additions slowed from 2.2 lakh in August to 1.01 lakh in September. Meanwhile, Zerodha, the second-largest broker, lost 5,313 active clients, reducing its base to 67.92 lakh. Angel One added 36,956 active clients, reaching 67.56 lakh and narrowing the gap with Zerodha to around 35,830 clients. In August, Zerodha had 67.97 lakh active clients, and Angel One had 67.19 lakh, per inc42.com.
The growth in active clients occurred amid a selloff in Indian equities driven by foreign investor outflows, elevated crude oil prices, and inflation concerns. Despite market weakness, domestic investors continued investing in equity mutual funds. Dale Vaz-led Sahi emerged as the fastest-growing broker with an 11% rise in its user base to 2.53 lakh, highlighting shifting dynamics in the brokerage sector, inc42.com reported.
The combined active client base of Indian stockbrokers on the NSE now stands at 4.61 crore as of September. Groww’s market share at 29.16% marks a significant lead, while Angel One’s gains have brought it closer to Zerodha’s client base, underscoring evolving competition in India’s stockbroking market, according to inc42.com.