The Indian stock market's active user base fell from 49.67 million in January to 47.89 million in June. However, it increased 2% month on month in the previous month, from 46.93 million in May.
Groww maintained its lead in overall active users with a 26.27% market share, despite a 1.67% decrease in its user base, which fell to 12.58 million in June from 12.79 million in May, according to NSE data.
Key Highlights
- Groww’s active client base declined to 12.9 million in Q4 March, but remains market leader.
- Despite a month-on-month user drop, Groww continues ahead of Zerodha (~7.9 M) and Angel One (~7.6 M).
Meanwhile, rival Zerodha remained in second place with a 15.58% market share and 7.58 million users. However, it fell 2.23% month on month, from 7.75 million users the previous month.
Angel One is third with a 15.28% market share and 7.32 million users, closing the gap with Zerodha.
Other major brokers, Upstox and ICICIdirect, remained fourth and fifth, respectively. While ICICIdirect (4.07% market share) kept its user base steady at 1.95 million, Ratan Tata-backed Upstox (5.37% market share) saw a 3.36% drop in users to 2.57 million.
Also Read: Groww Secures $200M Pre-IPO Funding Led by GIC and ICONIQ Capital
SBI Securities (1.01 million users) and HDFC Securities (1.58 million users) experienced month-over-month growth of 1.65% and 1.32%, respectively, among traditional brokers. On the other hand, Motilal Oswal and Kotak saw drops of 1.07% and 0.86%, respectively.
Dhan, an emerging broker, remained in tenth place, with 1 million users and a 2.08% market share. The Paytm Money user base increased by 2.74% to 7.24 lakh, while Sharekhan's client base decreased by 2.46% to 6.25 lakh. Both remained among the top twenty stock brokers.
PhonePe's Share.Market appears to be losing ground, with its user base falling by 3.52% in June to 3.47 lakh users.
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