As per NSE active clients data for July, India’s broking industry saw muted growth in July, adding around 8,000 net active clients during the month. Market leader Groww alone added 70,119 clients, according to NSE data. Groww’s active client base rose to 13.12 million, taking its market share to 28.88%, up from 28.72% in June.
Zerodha’s active client base declined by 38,725 to 6.76 million, while Angel One remained largely flat at 6.63 million after adding 286 net new additions of clients. Their market shares stood at 14.88% and 14.60%, respectively.
Among other large brokers, ICICI Securities added 11,748 clients to reach 2.13 million, while Upstox lost 26,433 clients, taking its base to 1.86 million. Dhan added 14,166 clients to cross 1.08 million, while Kotak Securities added 2,546 clients to reach 1.38 million.
Several traditional brokers saw declines. SBI Securities lost 47,551 active clients, followed by HDFC Securities, which shed 9,169. Motilal Oswal also reported a marginal decline of 1,748 clients.
The July numbers underscore the uneven pace of growth in India’s broking industry, with a relatively small overall increase in active clients but stronger additions among select digital platforms.