India’s Stock Brokers: Active Client Base Decline in May

India’s stock brokers experienced a decrease in their active client base in May, witnessing a loss of approximately 171,000 active investors compared to the previous month. The overall count of active clients dipped to 45.59 million in May from 45.77 million in April. Despite this general slowdown in the market, Groww continued to attract new users, further solidifying its position as the largest brokerage platform in India.

Groww Continues to Lead

As per the latest data from the NSE, Groww brought in nearly 27,600 new active clients during May, raising its total active user count to 13.06 million. The firm now holds a market share of 28.64%, significantly outperforming its rivals.

Zerodha and Angel One’s Performance

Zerodha managed to keep its second-place ranking with 6.85 million active clients, although it saw a decline of 0.54%, translating to a loss of almost 37,000 clients throughout the month. Angel One, ranked third, experienced the most considerable drop among the leading brokers, losing around 60,000 active users and finishing May with 6.68 million active clients.

ICICI Securities and Other Major Players

ICICI Securities was an exception among major brokers, adding about 8,200 active clients, which boosted its total to 2.11 million. Conversely, Upstox faced a reduction of over 38,000 clients, concluding May with 1.92 million users. Other firms such as HDFC Securities, SBI Securities, Kotak Securities, and Motilal Oswal also reported declines in their active client numbers month-on-month.

Dhan’s Growth Amidst Declines

Among the prominent brokerages, Dhan continued its upward trajectory, gaining more than 10,000 active clients during the month, resulting in a total of over 1.06 million users. The firm recorded a month-on-month growth of 0.95%, marking it as the fastest-growing broker among the top 12, which helped boost its market share to 2.33%.

Paytm Money and INDmoney

Paytm Money saw its active client base decline by 1.77% month-on-month to 0.85 million in May, whereas INDmoney’s user numbers remained relatively stable at 0.69 million. The two platforms held 1.86% and 1.52% of the active client market, respectively.

Sharp Declines for Other Notable Brokers

Mirae Asset and PhonePe-backed Share.Market experienced some of the most notable declines, with their active client bases dropping by 6.08% and 4.17%, respectively, throughout the month.