India’s broking industry added a modest 2.8 lakh active investors in the first half of 2026, bringing the total active client base on the National Stock Exchange to approximately 4.54 crore, according to NSE data.
Groww dominated the period, adding 5.7 lakh active clients, more than double the industry’s net addition, to take its base from 1.24 crore to 1.3 crore. Its NSE market share climbed from 27.7 per cent in January to 28.7 per cent in June, the largest gain among leading brokers, signalling that its growth came primarily from capturing clients away from rivals rather than from new investor entry.
The numbers were less flattering for other large discount brokers. Zerodha’s active client base slipped from 68.6 lakh to 68 lakh, Angel One declined from 67.5 lakh to 66.3 lakh, and Upstox fell from 20.4 lakh to 18.9 lakh over the same period.
Among full-service brokers, ICICI Securities added clients, rising from 20.5 lakh to 21.2 lakh, and Dhan grew from nearly 10 lakh to 10.7 lakh.
marginal decline
Kotak Securities held broadly steady, while HDFC Securities posted a marginal decline.
Industry observers attribute the slowdown to reduced retail trading activity following regulatory tightening in the futures and options segment in late 2024. With overall investor growth stalled, competition has shifted sharply toward client retention and poaching from rivals.