India’s Retail Broking Industry Update – November 2025

India’s retail broking industry is currently seeing a period of stagnation, with the overall count of active users remaining unchanged in November at 4.5 crore (45 million). Groww has solidified its position in the market with a commanding share of 26.84%, showcasing slight user base growth, while competitors like Zerodha and Angel One have experienced a downturn in their client numbers.

Groww Leads in User Growth

The recently listed wealth-tech platform Groww was among the few prominent firms to exhibit growth during November 2025. Data from the NSE reveals that Groww managed to onboard approximately 42,000 active demat accounts over the month, raising its overall client base to roughly 1.2 crore (12 million). As of 12:13 PM today, Groww’s shares are trading at about Rs 143 each, bringing its market capitalisation to Rs 88,436 crore, which is around $10 billion.

User Decrease for Major Brokers

Among the leading brokers, Zerodha recorded the most significant decline in users for the month, losing close to 1 lakh clients. This has brought its total client base to 69.24 lakh, giving it a market share of 15.38%. Angel One follows closely, holding a market share of 15.09% with 67.95 lakh clients after a loss of more than 55,000 users in November. Upstox, in the fourth position, also saw a reduction of over 65,000 accounts, leaving it with a 4.78% market share and 21.52 lakh clients.

Traditional Brokers Show Mixed Results

Among traditional brokerage firms, ICICI Securities and SBI Caps recorded the addition of approximately 19,000 and 30,000 accounts, respectively. Paytm also garnered about 22,000 new accounts, while several other brokers—including HDFC and Kotak Securities—suffered declines in their user bases.

Emerging Brokers: Variability in Trends

Emerging brokers displayed a variety of trends during this period. The newly minted unicorn Dhan successfully maintained a steady user count of 9.8 lakh, representing a market share of 2.18%. However, INDmoney and PhonePe’s Share.Market both faced month-on-month contractions of 2.84% and 4.28%, respectively.

From January to November 2025, active demat accounts among key brokers have decreased from a high of 4.96 crore (49.64 million) to 4.50 crore (45 million), highlighting a general decline in market engagement.