India’s stock broking industry witnessed a decline in active investor participation in May, with leading brokerage firms collectively losing nearly 1.71 lakh active clients compared to the previous month. According to the latest data released by the National Stock Exchange (NSE), the total number of active clients across brokerages fell to 45.59 million in May from 45.77 million in April, reflecting a broader slowdown in retail trading activity.

Key Highlights

• India's active investor base declined by 1.71 lakh in May, falling to 45.59 million clients.
• Total active brokerage accounts dropped from 45.77 million in April amid weaker retail participation.

Active Client Base of Major Stock Brokers – May 2026

Groww Adds Users, Strengthens Dominance

Groww emerged as the biggest gainer among major brokers during May, adding approximately 27,600 active clients. The increase pushed its total active client base to 13.06 million, giving the platform a market share of 28.64%.

The brokerage's continued growth comes at a time when several established players reported declines in active users, highlighting its growing popularity among retail investors.

Meanwhile, Zerodha retained its position as the country's second-largest broker with 6.85 million active clients. However, the platform witnessed a 0.54% month-on-month decline, losing nearly 37,000 active users during the period.

Angel One, ranked third in terms of active clients, recorded the sharpest fall among the top brokerages. The company lost nearly 60,000 active clients in May, ending the month with 6.68 million active users.

Also Read: Retail Broking Sector Added 2.92 Lakh Users in April, Groww Leads

Most Major Brokers Report Declines

Among other leading players, ICICI Securities was the only major brokerage besides Groww to register positive growth. The company added around 8,200 active clients during the month, taking its active user base to 2.11 million.

In contrast, Upstox saw its active client base decline by more than 38,000 users, bringing its total to 1.92 million. Other prominent brokers, including HDFC Securities, SBI Securities, Kotak Securities, and Motilal Oswal Financial Services, also reported month-on-month declines in active clients.

Dhan continued its strong growth trajectory, adding over 10,000 active clients during May. Its active user base crossed the 1.06 million mark, while its market share expanded to 2.33%. With a 0.95% monthly growth rate, Dhan emerged as the fastest-growing brokerage among the top 12 players.

Paytm Money, Share.Market Witness Weakness

Among digital investment platforms, Paytm Money reported a 1.77% decline in active clients, ending May with approximately 0.85 million users. INDmoney's active client base remained largely stable at 0.69 million users. The two platforms accounted for 1.86% and 1.52% of the active client market, respectively.

Meanwhile, Mirae Asset and PhonePe-backed Share.Market recorded some of the steepest percentage declines among notable brokers. Their active client bases fell by 6.08% and 4.17%, respectively, indicating continued challenges in attracting and retaining active retail investors amid subdued market participation.

The latest data suggests that while overall retail investor activity softened during May, select digital-first platforms continue to gain market share by attracting new investors, even as several established brokers grapple with declining active client numbers.