India’s retail broking sector remained resilient in April 2026, with total active users rising by 2.92 lakh to 4.57 crore, compared to 4.54 crore in February, according to the latest NSE data. Leading the growth momentum was Groww, which added 2.82 lakh new demat accounts, further consolidating its dominance in India’s rapidly expanding retail investment ecosystem.

Key Highlights

• India’s retail broking sector stayed stable as active users rose by 2.92 lakh overall.
• Groww added 2.82 lakh new demat accounts in April, increasing market share to 28.48%.

Groww registered a 2.25% increase in active clients, taking its total customer base past 1.3 crore and lifting its market share to 28.48%, significantly ahead of its closest competitors. The surge highlights the platform’s continued appeal among young retail investors, driven by its intuitive interface and simplified investing tools.

Zerodha, India’s second-largest brokerage, added over 11,700 users in April, extending its recovery after losing nearly 1.7 lakh users across November and December 2025. Its total client base now stands at 68.83 lakh, giving it a 15.04% market share.

Meanwhile, Angel One lost 12,600 accounts but retained its third-place position with a 14.74% market share. Upstox witnessed the sharpest decline among major players, shedding nearly 47,000 clients, reducing its share to 4.29%.

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Traditional brokerages showed mixed performance. ICICI Securities, SBI Securities, and Kotak Securities added approximately 22,000, 1,000, and 7,500 accounts, respectively. In contrast, HDFC Securities lost over 35,000 clients, while Motilal Oswal maintained a stable base of 9.01 lakh users.

Emerging brokerage Dhan continued to gain traction, adding 33,700 new demat accounts and holding a 2.3% market share, reflecting growing investor preference for advanced trading-focused platforms. Meanwhile, Paytm Money lost around 8,300 users, while INDmoney added 4,700 accounts, taking their respective market shares to 1.88% and 1.52%.

Industry analysts believe India’s retail broking sector entering a phase of consolidation, where user experience, product innovation, and AI-powered investing tools will define future market leadership as competition intensifies across digital wealth platforms.