Indian Stock Market User Base Sees Decline

The Indian stock market’s active user base has experienced a reduction for the second straight month, dropping by 4% in July 2025, now standing at 45.96 million from 47.89 million in June. This active user figure had previously reached a peak of 49.67 million in January earlier this year.

Market Share Overview

Groww has maintained its top position with a 26.87% market share and 12.35 million active clients, despite witnessing a 1.81% decline from 12.58 million in June, based on NSE data.

Zerodha secured second place with a 16.17% market share and 7.43 million users. However, it also recorded a 2% decline month-on-month from 7.58 million in June. Angel One has rapidly closed the distance with Zerodha, holding a 15.66% market share and 7.2 million users, though it experienced a 1.68% drop this month.

Positions of Other Brokers

Upstox, backed by Ratan Tata, ranked fourth and saw a notable 3.77% decrease in its user base this month, reporting a market share of 5.38% with 2.47 million clients.

Traditional brokers ICICIDirect (1.96 million users), HDFC Securities (1.57 million), and Kotak Securities (1.44 million) remained stable, with market shares of 4.26%, 3.43%, and 3.14%, respectively.

Emerging broker Dhan advanced to the ninth position with a 2.17% market share and one million users. INDmoney secured the 11th spot with a market share of 1.76% and 0.81 million clients. Paytm Money reported a 3% increase in its client base month-on-month, reaching 0.75 million and securing a 1.62% market share. Conversely, Sharekhan’s user base fell by 2.70% to 0.61 million.

Mirae Asset, with 0.42 million users, and Phonepe’s super.money, at 0.33 million, experienced the most significant declines in their user bases, dropping by 8% and 6% respectively.