Angel One has overtaken Zerodha to become India's second-largest stockbroker by active clients on the National Stock Exchange (NSE). The Mumbai-based broker saw a surge in user growth during October 2026.
According to NSE data reported by The Economic Times, Angel One added 2.43 lakh active clients last month. This pushed its total to 69.98 lakh. In contrast, Zerodha lost roughly 32,435 active clients, ending October with 67.59 lakh.
Key Highlights at a Glance
- Groww Leads: Remains India's largest broker with 1.38 crore active clients.
- Angel One Surges: Added 2.43 lakh active clients to reach 69.98 lakh in October.
- Zerodha Slips: Lost 32,435 active clients, dropping to the third position.
The Numbers Behind the Brokerage Shift
The race for the second spot has been tight. In September, Zerodha held a narrow lead of nearly 36,000 active clients over Angel One. However, the gap widened in Angel One's favor during October.
Groww continues to dominate the digital brokerage space. It added about 3.04 lakh active clients in October. This takes its massive user base to 1.38 crore active clients. Groww now holds a 29.4% share of the NSE's active client base.
| Rank | Stockbroker | Active Clients (Oct 2026) |
|---|---|---|
| 1 | Groww | 1.38 crore |
| 2 | Angel One | 69.98 lakh |
| 3 | Zerodha | 67.59 lakh |
| 4 | ICICI Securities | 21.64 lakh |
| 5 | Upstox | 18.43 lakh |
The top three platforms now control nearly 60% of all active clients on the NSE. This highlights how deeply a few tech-driven firms dominate retail trading.
Regulatory Shifts and Market Mechanics
To understand these numbers, we must look at how the NSE counts users. An "active client" is someone who has made at least one trade on the exchange in the past 12 months. This metric differs from total registered demat accounts.
In a November 4 filing, Angel One reported a much larger total client base of 4.06 crore. The firm saw gross client additions jump 44.7% month-on-month. Average daily orders also rose to 69.7 lakh.
However, the broader market is facing headwinds. The Securities and Exchange Board of India (SEBI) recently introduced strict rules for the futures and options (F&O) segment. These changes aim to curb wild retail speculation.
"Zerodha previously noted that while its share of active customers declined, its share of retail assets under management had actually increased." — Industry Reports
SEBI's rules include higher margin needs and limits on weekly expiries. This makes rapid trading harder for small investors. Lower trading frequency directly impacts active-client metrics. This is likely a factor in Zerodha's recent monthly declines.
The News4Bharat Perspective: AUM vs. Active Users
Angel One's victory is significant, but context matters. Zerodha's leadership has repeatedly stated they do not chase sheer user numbers. Zerodha still commands massive power in Retail Assets Under Management (AUM) and remains highly profitable.
Groww’s huge lead tells another story. Groww is fueled by mutual fund SIPs (Systematic Investment Plans). Since a SIP auto-invests every month, that user is always counted as "active." This gives Groww a structural advantage in active-client rankings.
This dynamic mirrors broader retail financial trends. The PFRDA aims for a ₹100 Lakh Crore NPS target by relying heavily on steady, automated investments via UPI and banks. Steady SIPs build lasting wealth better than risky F&O bets.
Banks are also adapting. The IOB credit card network expansion shows traditional lenders are fighting for the same retail spending pie. Meanwhile, OneStack's recent ₹12.5 crore funding highlights how even cooperative banks are rushing to offer digital financial tools to rural users.
Investors must also stay vigilant with their old accounts. As brokerages shift rankings, it is wise for users to check the UDGAM portal for unclaimed money tied to forgotten demat or bank accounts.
What to Watch Next
The battle for retail traders is shifting from customer acquisition to retention and diversification. Brokers can no longer rely just on F&O volumes.
SEBI's stricter derivatives rules take full effect soon. These rules will likely reduce trading volumes among Tier-2 and Tier-3 city users. Since Angel One has a strong base in these regions, its future active client count will face a tough stress test.
Watch for smaller players making aggressive moves. According to Moneycontrol, specialized options platforms like Dhan are growing quickly. As the market matures, brokerages that offer solid wealth management and mutual funds will outlast those relying only on high-risk trading.
Frequently Asked Questions (FAQs)
Clear answers to common questions about India's top digital stockbrokers.
Who is the No. 1 stockbroker in India in 2026?
Groww is India's largest stockbroker by active clients. As of October 2026, it holds roughly 1.38 crore active users on the National Stock Exchange.
Why did Zerodha lose active clients?
Zerodha's active client drop is tied to lower retail participation in futures and options (F&O). Stricter SEBI regulations and higher margin requirements have reduced overall trading frequency.
What makes an NSE client "active"?
An active client is defined as an investor who has executed at least one trade on the exchange within the past 12 months.
Is active client count the only measure of success?
No. While Groww and Angel One lead in user numbers, Zerodha still holds a commanding lead in Retail Assets Under Management (AUM) and overall profitability.
Editorial & Legal Disclaimer: This report is published by News4Bharat for general informational and journalistic purposes only and does not constitute financial, investment, legal, or professional advice. All data, figures, and statements are sourced from public filings, regulatory notifications, and attributed third-party reports believed to be reliable at the time of publication; however, figures marked as approximate, provisional, or reported remain subject to official audit and revision. References to ongoing investigations, disputes, or regulatory actions reflect alleged or preliminary positions unless confirmed by a final judicial or statutory order. Readers are advised to verify details independently with certified professionals or primary regulatory records before making any financial or legal decisions.