After falling for the previous two months, the number of active users on the Indian stock market saw a slight increase in August 2025, going up 0.5% to 46.19 million clients from 45.96 million in July.

Despite a 2.26% month-over-month drop from 12.35 million in July, Groww still holds a 26.26% market share and 12.07 million active clients, making it the industry leader in stock broking.

Key Highlights

• Active investor base rebounds slightly to 46.19 million in August after two-month decline. 
• Groww remains top broker with 12.07 million users; Zerodha and Angel One retain second, third positions. 

Despite a 2.3% month-over-month drop, Zerodha maintained its second-place ranking in August with 7.26 million customers and a 15.8% market share. Angel One trailed Zerodha by a small margin with a 15.33% share following a 2.1% drop.

In August, Upstox reported a 3.9% month-over-month decline in its user base, following a 3.77% decline in July. It currently has 2.38 million customers and a 5.17% market share.

Conventional brokers held onto their positions, with Kotak Securities at 1.42 million (3.10%), HDFC Securities at 1.54 million (3.35%), and ICICIDirect at 1.97 million users (4.28% share).

With a 2.15% market share and one million clients, emerging broker Dhan took ninth place. INDmoney experienced a 4.6% monthly decline to 7.7 lakh users, whereas Paytm Money experienced growth for the second consecutive month, reaching 7.6 lakh customers with a 1.65% market share.

The biggest drops were once again seen by Mirae Asset (3.8 lakh users) and PhonePe's Share.Market (3.1 lakh), which fell 11% and 6.39%, respectively.

Also Read: FPIs Pulls Out Rs 12,257 Cr from Indian Equities in the First Week of Sept

Due to ongoing FII (foreign institutional investor) withdrawals and the effects of recent US tariffs, the Indian stock market has underperformed in recent months when compared to its international counterparts, which has increased uncertainty overall.