India’s broking industry added around 5.12 lakh net active retail clients in August, reflecting continued growth in retail participation across the country’s stockbroking platforms. The industry’s active client base remained concentrated among the leading brokers, while several players recorded strong month-on-month additions.
Key Highlights
- India’s broking industry added 5.12 lakh net active retail clients in August, with Groww contributing nearly 44% of additions.
- Top five brokers collectively accounted for more than 67% of the net active retail client base.
Top 20 Stockbroking Apps: Active Users and Market Share, August 2026
|
Rank |
Broker |
Active Clients |
Vs Last Month |
Market Share |
|---|---|---|---|---|
|
1 |
Groww |
1,33,47,233 |
+2,23,362 |
29.04% |
|
2 |
Zerodha |
67,96,854 |
+34,501 |
14.79% |
|
3 |
Angel One |
67,18,755 |
+84,636 |
14.62% |
|
4 |
ICICI Securities |
21,56,209 |
+23,385 |
4.69% |
|
5 |
Upstox |
18,64,628 |
+3,749 |
4.06% |
|
6 |
Kotak Securities |
13,91,663 |
+9,440 |
3.03% |
|
7 |
HDFC Securities |
13,51,311 |
+16,198 |
2.94% |
|
8 |
Dhan |
11,07,277 |
+19,818 |
2.41% |
|
9 |
SBI Securities |
10,43,820 |
-26,365 |
2.27% |
|
10 |
Motilal Oswal |
9,06,005 |
+9,017 |
1.97% |
|
11 |
Paytm Money |
7,90,743 |
-9,112 |
1.72% |
|
12 |
INDmoney |
7,13,655 |
+7,805 |
1.55% |
|
13 |
Sharekhan |
5,27,565 |
+4,337 |
1.15% |
|
14 |
Axis Securities |
4,29,479 |
+1,503 |
0.93% |
|
15 |
IIFL Securities |
3,38,771 |
+5,300 |
0.74% |
|
16 |
5paisa |
3,21,573 |
+6,161 |
0.70% |
|
17 |
Sahi |
2,52,951 |
+24,718 |
0.55% |
|
18 |
Choice |
2,35,325 |
-545 |
0.51% |
|
19 |
Geojit |
2,09,373 |
+320 |
0.46% |
|
20 |
Share.Market |
2,05,141 |
+5,137 |
0.45% |
Groww Strengthens Lead in India’s Broking Market
Groww’s active retail clients base increased from 1.31 crore in July to 1.33 crore in August, while its market share rose from 28.88% to 29.04%. The market leader added 2.23 lakh active retail clients during the month, further strengthening its position among India’s leading stockbrokers.
Zerodha, Angel One Retain Second and Third Positions
Zerodha remained the second-largest stockbroker with 67.97 lakh active retail clients, after adding 34,501 users during August. Its market share stood at 14.79%.
Angel One retained the third position with 67.19 lakh active retail clients, adding 84,636 users during the month. Its market share stood at 14.62%.
Among the top five brokers, ICICI Securities added 23,385 active retail clients, taking its total to 21.56 lakh. Its client base grew 1.10% month-on-month.
Upstox added 3,749 users to reach 18.65 lakh active retail clients, recording a 0.20% monthly increase. ICICI Securities and Upstox held market shares of 4.69% and 4.06%, respectively.
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Kotak Securities, HDFC Securities Hold Sixth and Seventh Spots
Kotak Securities and HDFC Securities ranked sixth and seventh, with 13.92 lakh and 13.51 lakh active clients, respectively.
Kotak Securities added 9,440 users in August, while HDFC Securities gained 16,198 clients. Dhan retained the eighth position after adding 19,818 clients, taking its active retail clients base to 11.07 lakh, an increase of 1.82%.
SBI Securities slipped to the ninth position after its active client base declined 2.46% month-on-month. The broker lost 26,365 active clients during August.
Motilal Oswal ranked tenth with 9.06 lakh active retail clients and a market share of 1.97%.
Sahi Records Fastest Growth Among Top 20 Brokers
Paytm Money and INDmoney occupied the 11th and 12th positions, with 7.90 lakh and 7.13 lakh active clients, respectively. Paytm Money lost 9,112 users, while INDmoney added 7,805 clients during the month.
Sahi emerged as the fastest-growing broker among the top 20, adding 24,718 clients, representing a 10.83% month-on-month increase. Its active retail clients base reached 2.53 lakh, giving it a market share of 0.55%.
PhonePe’s Share.Market added 5,137 clients, marking a 2.57% monthly increase and taking its active retail clients base to 2.05 lakh.
Overall, The top five brokers collectively accounted for more than 67% of the active investor base, highlighting the strong competitive position of the country’s largest stockbroking platforms.
