Angel One overtakes Zerodha; Groww retains top brokerage rank

By Grace Kim

Angel One became India’s second-largest stock broker in October 2026, adding nearly 2.43 lakh active clients and overtaking Zerodha, according to National Stock Exchange (NSE) data. The NSE’s total active-client base rose 1.33% month on month to 4.67 crore from 4.61 crore in September.

How large was October’s market?

NSE data put the net addition in active clients at nearly 6.15 lakh. That lifted the total client base by 1.33% from September.

Against that increase, Groww alone added 3.04 lakh clients during October, the highest monthly addition among the brokers in the NSE ranking.

Takeaway: The market expanded, and Groww posted the largest monthly client addition.

Did Angel One pass Zerodha?

The NSE’s October ranking placed Groww, Angel One and Zerodha in the top three positions:

• Angel One: 69.98 lakh active clients, up nearly 2.43 lakh during October, with market share increasing to 14.97%.
• Zerodha: 67.59 lakh active clients, down 32,435 from 67.91 lakh in September, with 14.46% market share.
• Groww: 1.37 crore active clients after adding 3.04 lakh, retaining first place and a market-leading 29.43% share.

Angel One’s 14.97% market share sat just above Zerodha’s 14.46%, making October’s second-place change narrow. The ranking changed because Angel One added clients while Zerodha lost 32,435.

Takeaway: Angel One’s October gain displaced Zerodha from second place, while Groww kept a wide lead at the top.

How did the next tier move?

NSE data showed mixed client trends among seven other brokers in the ranking:

• ICICI Securities retained fourth place with 21.64 lakh active clients after adding 3,722. Its market share was 4.63%.
• Upstox held fifth place with 18.43 lakh active clients despite losing 11,348. Its market share was 3.94%.
• Kotak Securities added 12,895 clients to reach 14.05 lakh.
• HDFC Securities increased its active-client base to 13.60 lakh from 13.54 lakh in September.
• Dhan added 25,739 clients to reach 11.47 lakh, giving it a 2.45% market share.
• SBI Securities lost 17,188 clients to finish with 10.04 lakh and a 2.15% market share.
• Motilal Oswal added 7,283 clients to reach 9.16 lakh, with a 1.96% market share.

Among the seven, Dhan posted the largest client addition at 25,739, ahead of Kotak Securities at 12,895 and Motilal Oswal at 7,283.

Takeaway: ICICI Securities and Upstox kept their ranking positions even as their client counts moved in opposite directions.

Who gained among smaller platforms?

The NSE’s top-20 table recorded the widest fall at Paytm Money and the fastest growth at Sahi:

• Paytm Money lost 32,501 active clients, the steepest decline among the top 20. Its base fell 4.26% month on month to 7.30 lakh.
• INDmoney added 1,849 clients to reach 7.21 lakh.
• Sahi was the fastest-growing broker among the top 20 in October after an 11% increase in its active-client base in September. Sahi added 34,372 clients during October, taking its total to 3.15 lakh and its market share to 0.67%.
• PhonePe’s Share.Market added 7,041 active clients to reach 2.14 lakh.
• IIFL Securities added 5,095 clients, taking its active-client base to 3.46 lakh.

Sahi’s 34,372 additions were larger than the October gains at INDmoney, PhonePe’s Share.Market and IIFL Securities. IIFL Securities ended with more active clients than PhonePe’s Share.Market, 3.46 lakh against 2.14 lakh.

Takeaway: Sahi posted the strongest growth rate, while Paytm Money recorded the sharpest client loss.

What will the next NSE ranking show?

The next NSE client ranking will show whether Angel One can hold second place, whether Groww can retain its 29.43% share, and whether Sahi can extend the momentum that followed its 11% September increase.