Angel One has overtaken Zerodha to become India's second-largest stockbroker by active clients on the National Stock Exchange (NSE), adding nearly 2.43 lakh clients in October 2026. Zerodha, meanwhile, lost more than 32,000 active clients during the month, while Groww retained its leading position.
According to NSE data, Angel One ended October with 69.98 lakh active clients, compared with 67.59 lakh for Zerodha. The shift puts Angel One, founded by Dinesh Thakkar, ahead of Zerodha, founded by brothers Nithin Kamath and Nikhil Kamath.
Groww remained India's largest broker by this measure, with 1.38 crore active clients. The Bengaluru-based platform was founded by Lalit Keshre, Harsh Jain, Ishan Bansal and Neeraj Singh.
The October numbers mark a reversal from September, when Zerodha had a lead of nearly 36,000 active clients over Angel One.
Groww widens its lead as Angel One gains ground
Groww added approximately 3.04 lakh active clients in October, taking its total to 1.38 crore and its market share to around 29.4% of NSE's active-client base.
Angel One added 2.43 lakh clients, increasing its market share to approximately 15%. Zerodha's active-client base declined by 32,435 to 67.59 lakh, leaving it with a share of around 14.5%.
Together, the three brokers accounted for nearly 60% of NSE's reported active clients at the end of October.
The wider industry added approximately 6.15 lakh active clients during the month, taking the total to around 4.67 crore, a month-on-month increase of 1.33%.
The rankings below the top three remained largely unchanged. ICICI Securities held fourth position with 21.64 lakh active clients, followed by Upstox at 18.43 lakh.
Kotak Securities reported 14.05 lakh active clients, while HDFC Securities had 13.60 lakh. Dhan added 25,739 clients to reach 11.47 lakh.
Sahi grows fastest among smaller brokers
Among the other platforms, Sahi recorded one of the strongest percentage increases. It added 34,372 active clients during October, taking its total to approximately 3.15 lakh.
Paytm Money saw a decline of 32,501 clients, ending the month with 7.30 lakh. SBI Securities lost 17,188 clients, while Upstox's active-client base contracted by 11,348.
The numbers show that client growth was not evenly distributed across the industry. Groww and Angel One together accounted for nearly 5.47 lakh of the month's net additions, or close to 89% of the overall increase.
What the changing rankings mean for India's broking industry
The shift comes as competition among digital brokerages increasingly centres on customer acquisition, trading activity and the ability to retain investors.
Angel One's October performance also coincided with a rise in its broader customer base. Its exchange filing for the month reported total clients of around 4.06 crore, up 17.4% from a year earlier. However, this figure should not be confused with NSE active clients: the two measures track different aspects of a brokerage's customer base.
For Zerodha, the decline in active clients does not necessarily indicate a similar fall in assets or customer value. The company has previously said that its share of retail assets under management has grown even as its share of active exchange clients and demat accounts has declined.
That distinction is important. Active-client rankings measure market participation, not the value of assets held with a broker, revenue per customer or profitability.
For the industry, the next test will be whether platforms can turn account growth into sustained investing activity and stronger customer relationships, rather than competing only on monthly additions.
