Indian Stock Market User Trends in 2025

The Indian stock market’s user base experienced fluctuations, starting with a rebound in August 2025, which saw a growth of 0.5% to reach 46.19 million clients. However, this upward trend was short-lived, as the numbers decreased again in September 2025, falling by 1.92% to 45.31 million clients.

Market Leaders in Stockbroking

IPO-bound Groww sustained its leading role in the stockbroking sector, boasting 11.91 million active users and a market share of 25.78%. However, it did experience a month-on-month decline of 1.36%, down from 12.07 million in August.

Followed by Key Competitors

Zerodha held the second position with a market share of 15.34% and 7.09 million active clients. Angel One was close behind, featuring 6.89 million clients and a market share of 14.91%. Both Zerodha and Angel One recorded month-on-month decreases of 2.43% and 2.28%, respectively.

Notable Declines Among Brokers

Upstox faced a significant decline of 4.24% month-on-month, reducing its active client base to 2.28 million and its market share to 4.93%.

Traditional Stock Brokers Performance

Among traditional stock brokers, ICICIDirect maintained its position with 1.97 million users, representing a 4.28% market share. HDFC Securities followed with 1.52 million users, accounting for 3.28%, while Kotak Securities held 1.41 million users with a 3.05% share, securing fifth, sixth, and seventh places, respectively.

Dhan’s Continued Growth

The recently turned unicorn, dhan, which achieved a valuation of $1.2 billion after raising $120 million, retained its ninth place with a market share of 2.12% and 9.8 lakh active clients, despite experiencing a month-on-month decline of 0.97%.

Other Noteworthy Brokers

Paytm Money rose to 11th position with 7.8 lakh users and a market share of 1.68%, recording a month-on-month growth of 2.28%. On the other hand, INDmoney slipped to 12th with 7.4 lakh users and a 1.60% share after a decline of 3.86%.

User Growth Highlights

Mirae Asset demonstrated the most significant month-on-month increase of 12.35%, reaching 3.3 lakh active users. Conversely, PhonePe’s Share.Market observed a decline of 5.29%, bringing its user count down to 2.9 lakh.