Stock Broking Platform Analysis – Groww Dominates September 2026

Stock broking platform Groww dominated India’s stock broking sector in September 2026, achieving an impressive addition of over 1 lakh active clients within that month. In parallel, discount broking platform Sahi showcased rapid growth, marking an 11% month-on-month increase in its active client base.

Active Client Growth Statistics

Data from the National Stock Exchange (NSE) indicates that the overall active client base saw a slight rise of 0.35%, reaching 4.61 crore in September, up from 4.60 crore in August, which equates to nearly 1.6 lakh new clients. Groww secured its leading position with 1.34 crore active clients in September, gaining 1,00,961 clients since August, which translates to a market share of 29.16%, the highest in India.

Leading Stock Brokers

Zerodha retained its rank as the second-largest stock broker with 67.91 lakh active clients, despite experiencing a marginal decline of 5,313 clients during September. Its market share stood at 14.73%. Close behind, Angel One held the third spot with 67.55 lakh active clients, increasing by 36,956 clients within the month, leading to a market share of 14.65%, marginally below Zerodha.

Other Major Players in the Market

ICICI Securities maintained its fourth position with 21.60 lakh active clients, gaining 4,410 clients, while Upstox remained in fifth place with 18.54 lakh clients after a drop of 10,343 clients in September. Other prominent brokers included Kotak Securities with 13.92 lakh active clients, followed by HDFC Securities at 13.54 lakh. Dhan added 13,624 clients to reach 11.21 lakh, while SBI Securities experienced a decrease of 22,525 clients, ending September with 10.21 lakh active clients.

Client Activity Trends

Paytm Money faced one of the most significant declines among the top 20 brokers, losing 27,950 active clients, resulting in a 3.53% month-on-month drop to 7.63 lakh. In contrast, INDmoney added 5,070 clients, reaching 7.19 lakh in September. Sahi stood out once again as the fastest-growing broker among the top 20, achieving an 11.1% increase in its active client base by adding 28,077 clients for a total of 2.81 lakh, while holding a market share of 0.61%.

Growth Reports of Other Brokers

Choice also experienced considerable growth with a 2.88% increase, corresponding to the addition of 6,781 active clients. Meanwhile, PhonePe’s Share.Market added 1,457 demat accounts in September. The data for September underscores the ongoing supremacy of larger discount brokers, with Groww representing more than 63% of the net client additions in the industry. Collectively, the top five brokers maintained over 67% of the active client base, while smaller platforms like Sahi continued to exhibit quicker percentage growth despite a limited market share.