Angel One has overtaken Zerodha to become India's second-largest stockbroker by active clients. Groww still leads the market by a wide margin, and it added more than 3 lakh clients in October 2026. The NSE data shows how fast the race is changing. Discount brokers are fighting hard for small investors, and one month of gains or losses can now change the rankings.
Groww had 1.37 crore active clients in October. It added 3.04 lakh clients during the month and now holds 29.43% of the market. No other broker comes close. Angel One took second place with 69.98 lakh active clients. It added 2.43 lakh users in October and holds a 14.97% share.
Zerodha fell to third with 67.59 lakh clients. It lost 32,435 clients compared with September, and its share dropped to 14.46%. ICICI Securities stayed fourth with 21.64 lakh clients. Upstox is fifth with 18.43 lakh, though it lost 11,348 clients in October.
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Kotak Securities added 12,895 clients and now has 14.05 lakh. Dhan gained 25,739 clients and reached 11.47 lakh. Sahi grew the fastest among the top 20 brokers. It added 34,372 clients and now has 3.15 lakh. Newer platforms are clearly picking up speed.
Paytm Money had the biggest fall. It lost 32,501 clients, a drop of 4.26%, and now has 7.30 lakh. Across the industry, active clients rose 1.33% from September to 4.67 crore in October. That is about 6.15 lakh new active clients in one month.
Groww keeps growing and leads the pack. Angel One's steady gains were enough to move it past Zerodha. With the overall client base still rising, brokers will keep competing hard for every new investor.