The total number of active users in November stayed unchanged at 4.5 crore (45 million), despite a slump in India's retail broking sector. While Zerodha, Angel One, and other companies suffered a drop in customers, Groww maintained its dominance with a 26.84% market share and saw minimal user growth.

Key Highlights

• Groww widened its lead in the stock broking market during November amid strong user growth.
• Zerodha continued to see a decline in activity, signaling shifting dynamics in India’s broking industry.

One of the few significant companies to report growth in November 2025 was the recently floated wealth-tech platform Groww. Groww gained over 42,000 active demat accounts throughout the month, maintaining a total client base of about 1.2 crore (12 million), according to NSE data.

Zerodha lost about 1 lakh customers last month, the largest decline in users among major brokers. With a 15.38% market share, it now has 69.24 lakh users overall. With a 15.09% market share and 67.95 lakh customers, Angel One is not far behind despite losing more than 55,000 subscribers in November. With 21.52 lakh customers and a 4.78% market share, Upstox, ranked fourth, too lost almost 65,000 accounts.

ICICI Securities and SBI Caps added about 19,000 and 30,000 accounts, respectively, among the conventional players. While the majority of other brokers, like as HDFC and Kotak Securities, suffered decreases, Paytm also added over 22,000 new accounts.

The trends of emerging brokers remained inconsistent. Dhan, which recently became a unicorn, has a consistent user base of 9.8 lakh and a 2.18% market share, compared to INDmoney and PhonePe.Monthly decreases in the market were 2.84% and 4.28%, respectively.

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Active demat accounts across major brokers fell from a record of 4.96 crore (49.64 million) to 4.50 crore (45 million) between January and November 2025, indicating a general decline in market participation.