The data released by the National Stock Exchange (NSE) shows that Indian stock broking platforms gained 1.6 lakh active clients in September 2026, bringing the total active clients to 4.61 crore. The total customer base grew slightly by 0.35% in August from 4.60 crore.

Key Highlights

• The number of active clients rose by almost 1.6 lakh to reach 4.61 crore on stock broking platforms in September.
• Groww also acquired more than one lakh customers and Sahi has reported the highest percentage growth among the top brokers.

Groww remained the leader with over 10,000 active users getting added in the month. In the top 20 brokers, Sahi ranked as the fastest growing broker with a rise of 11.1% in its active client base in the last month.

Stock Broking Platforms Add Nearly 1.6 Lakh Active Clients in September

The total active client base across NSE-registered brokers rose by around 1.6 lakh in September. The growth remained concentrated among the leading platforms, with Groww accounting for more than 63% of the industry's net client additions during the month.

Also Read: India's Broking Industry Adds 5.12L Net Actie Retail Clients in Aug

Groww Leads Stock Broking Platforms With 1.34 Crore Clients

Groww stayed at the No 1 spot on the stock broking platform ranking with 1.34 crore active clients in September. The platform had added 1,00,961 new clients in the month, accounting for 29.16% market share.

Zerodha continued to be the second largest broker with 67.91 lakh active clients, but with a drop in 5,313 clients in September. It accounted for 14.73% of the market share.

Angel One was in third place with 67.55 lakh active clients with 36,956 clients added. The market share of the broker was 14.65% which is slightly less than Zerodha's share of 14.84%.

ICICI Securities and Upstox held the fourth and fifth spot with 21.60 lakh and 18.54 lakh active clients, respectively. ICICI Securities registered 4,410 customers while Upstox saw a loss of 10,343 customers in the month.

Dhan, Sahi and Choice Post Strong Client Growth

Among the top 10 brokers, Dhan had the third highest number of net additions of 13,624 to take the number of active clients to 11.21 lakh. One more thing, Motilal Oswal added 2,982 clients while HDFC Securities grew their client base by 2,532.

Sahi kept on shinning for its percentage growth. The platform gained 28,077 active clients raising its base to 2.81 lakh with an 11.1% month-on-month growth. It accounted for 0.61% of the market.

However, Choice had strong gains of 2.88%, adding 6,781 clients in September. Share.The stock broking arm of market, PhonePe, added 1,457 traders for the month.

Paytm Money, SBI Securities See Active Client Declines

Not all stock broking platforms recorded growth in September. Paytm Money witnessed one of the sharpest declines among the top 20 brokers, losing 27,950 active clients. Its client base fell 3.53% month-on-month to 7.63 lakh.

SBI Securities also reported a significant decline, with its active client base falling by 22,525 to 10.21 lakh. Upstox recorded a decline of 10,343 clients, while Axis Securities lost 1,335 clients.

Top Five Stock Broking Platforms Control Over 67% Market Share

The September data highlights the continued concentration of India's stock broking market among its largest platforms. Groww alone accounted for 29.16% of the active client base, while Zerodha and Angel One held 14.73% and 14.65%, respectively.

The top five stock broking platforms - Groww, Zerodha, Angel One, ICICI Securities and Upstox - collectively accounted for more than 67% of active clients in September.

At the same time, smaller platforms such as Sahi continued to record faster percentage growth despite having a considerably smaller client base and market share. The data indicates that while the largest brokers continue to command the bulk of India's active investor base, newer and smaller platforms are expanding their presence at a faster pace.