India's Broker Industry Adds Just 8,000 Active Clients In July As Groww Outpaces Rivals

NSE data showed muted industry-wide growth in July, with Groww accounting for most net additions while several established brokers reported a decline in active clients

Outlook Business Desk

Curated by: Satyam Mishra

Published At: 13 August 2026 10:56 am

India's Broker Industry Adds Just 8,000 Active Clients In July As Groww Outpaces Rivals Photo: istock

Summary of this article

Groww added 70,119 active clients, extending its brokerage market leadership.
Zerodha, Upstox and SBI Securities lost active clients during July.
NSE data showed the brokerage industry added only 8,000 net active clients.

India's broking industry recorded modest growth in active clients during July, adding just around 8,000 net clients, according to the latest data released by the National Stock Exchange (NSE).

The month's additions were largely driven by Groww, while several major brokers, including Zerodha, Upstox and SBI Securities, reported a decline in active clients.

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Groww Extends Market Leadership

Groww added 70,119 active clients during July, taking its total active client base to 13.12 million. Its share of the industry's active client market increased to 28.88% from 28.72% in June, further strengthening its lead.

Zerodha, the second-largest broker by active clients, lost 38,725 clients during the month, reducing its active client base to 6.76 million. Its market share stood at 14.88%.

Angel One remained broadly stable, adding 286 active clients to end the month with 6.63 million active clients and a market share of 14.60%.

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BY Outlook Business Desk

Mixed Performance Across Brokers

Among other leading brokers, ICICI Securities added 11,748 active clients to take its base to 2.13 million, while Dhan gained 14,166 clients, crossing the 1.08 million mark.

Kotak Securities also reported a net addition of 2,546 active clients, taking its total to 1.38 million.

However, Upstox lost 26,433 active clients during the month, reducing its base to 1.86 million. SBI Securities recorded the sharpest decline among traditional brokers, shedding 47,551 active clients, while HDFC Securities lost 9,169 clients and Motilal Oswal's active client base declined by 1,748.

Active Clients Reflect Reach, Not Profitability

The July data highlights divergent trends across India's brokerage industry despite only a marginal increase in overall active clients.

While active client numbers indicate the distribution of customers across brokerage firms, they do not directly reflect trading activity, revenue or profitability. Market participants typically assess these figures alongside trading volumes, customer engagement and business mix to gauge a broker's operating performance.