Angel One overtakes Zerodha to become second-largest broker; Groww adds over 3 lakh clients in October

• ByStartupStory     |    November 6, 2026

Angel One overtook Zerodha to become India’s second-largest stock broker in October 2026, adding nearly 2.43 lakh active clients during the month. Meanwhile, Groww maintained its leadership position with over 1.37 crore active clients, while discount broking platform Sahi recorded the fastest monthly growth among the top 20 brokers.

According to data from the National Stock Exchange (NSE), the total active client base increased 1.33% month-on-month to 4.67 crore in October from 4.61 crore in September, an addition of nearly 6.15 lakh clients.

Groww retained its dominant position with 1.37 crore active clients in October, adding the highest number of clients at 3.04 lakh during the month. Its market share stood at 29.43%, the highest among stock brokers in India.

Angel One moved to the second position with 69.98 lakh active clients, an addition of 2.43 lakh clients during the month. Its market share increased to 14.97%.

Zerodha slipped to the third position with 67.59 lakh active clients, down 32,435 from 67.91 lakh in September. Its market share stood at 14.46%.

ICICI Securities retained the fourth position with 21.64 lakh active clients, adding 3,722 clients during the month. Upstox held the fifth spot with 18.43 lakh active clients, despite a decline of 11,348 clients. Their respective market shares stood at 4.63% and 3.94%.

Among other major brokers, Kotak Securities added 12,895 clients to reach 14.05 lakh, while HDFC Securities’ active client base increased to 13.60 lakh from 13.54 lakh in September.

Dhan added 25,739 active clients during October to reach 11.47 lakh, with its market share standing at 2.45%. SBI Securities saw its client base decline by 17,188 to 10.04 lakh, taking its market share to 2.15%. Motilal Oswal added 7,283 clients to reach 9.16 lakh, with a market share of 1.96%.

Paytm Money recorded the steepest decline among the top 20 brokers, with a loss of 32,501 active clients, down 4.26% month-on-month to 7.30 lakh. In contrast, INDmoney added 1,849 clients to reach 7.21 lakh.

Sahi emerged as the fastest-growing broker among the top 20 in October, following an 11% increase in its active client base in September. The platform added 34,372 clients during the month, taking its total to 3.15 lakh. Its market share stood at 0.67%.

PhonePe’s Share.Market added 7,041 active clients to reach 2.14 lakh in October. IIFL Securities also added 5,095 clients, taking its active client base to 3.46 lakh.

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