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India’s Broking Industry Sees Growth in Active Clients

India’s broking industry witnessed an impressive addition of approximately 5.12 lakh net active clients in August. Groww emerged as a major player, responsible for nearly 44% of these new clients. The market leader attracted 2.23 lakh active clients within the month, while Sahi demonstrated remarkable growth amongst the top 20 brokers.

Groww’s active client count rose from 1.31 crore in July to 1.33 crore in August, elevating its market share from 28.88% to 29.04%. Zerodha maintained its position as the second-largest broker with 67.97 lakh active clients, following an addition of 34,501 clients. Angel One held on to the third spot with 67.19 lakh clients, seeing an increase of 84,636 users. Their respective market shares were 14.79% and 14.62%.

Top Five Brokers’ Client Growth

Within the leading brokers, ICICI Securities added 23,385 active clients, raising its total to 21.56 lakh, marking a 1.10% increase for the month. Upstox welcomed 3,749 new users, achieving a total of 18.65 lakh and a monthly increase of 0.20%. Their market shares stood at 4.69% and 4.06%, respectively.

Broker Rankings and Growth

Kotak Securities and HDFC Securities ranked sixth and seventh, boasting 13.92 lakh and 13.51 lakh active clients, respectively. Kotak welcomed 9,440 new users, while HDFC Securities added 16,198 clients to its base. Dhan recorded an addition of 19,818 clients, representing a 1.82% rise, bringing its total to 11.07 lakh and maintaining the eighth position.

SBI Securities dropped to ninth place, experiencing a month-on-month decline of 2.46%, having lost 26,365 active clients over the month. Motilal Oswal claimed the tenth spot with 9.06 lakh active clients and a 1.97% market stake.

Paytm Money and INDmoney followed closely, holding the next two positions with 7.9 lakh and 7.13 lakh clients, respectively. Paytm Money observed a loss of 9,112 users, while INDmoney saw an addition of 7,805 clients during August.

Fastest Growing Brokers

Sahi was identified as the fastest-growing broker among the top 20, adding 24,718 clients, which translates to a 10.83% increase, reaching a total of 2.53 lakh clients. Its market share was recorded at 0.55%. PhonePe’s Share.Market added 5,137 clients, reflecting a month-on-month increase of 2.57%, to reach a total of 2.05 lakh.

The data for August underscores the ongoing concentration of active clients within leading brokers. Groww alone accounted for nearly 44% of the industry’s net additions and has broadened its market share beyond 29%. Collectively, the top five brokers dominate over 67% of the active client base.

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