Angel One Overtakes Zerodha to Become India’s Second-Largest Stockbroker in October 2026

National Stock Exchange data shows Angel One has surpassed Zerodha to secure the second position among India's stockbrokers by active clients. Groww continues to lead the market with a nearly 30 percent share.

Angel One has moved ahead of Zerodha to become India’s second-largest stockbroker based on active clients, according to data released by the National Stock Exchange (NSE) for October 2026. Angel One captured a market share of nearly 15 per cent, marginally ahead of Zerodha’s 14.5 per cent.

During October, Angel One added 2.43 lakh active clients, bringing its total active client base to 69.99 lakh. In contrast, Zerodha recorded a decline of approximately 33,000 active clients, reducing its base to 67.59 lakh.

Groww maintained its position as the largest broking platform in India, holding a market share of nearly 30 per cent. Groww added 3.04 lakh active clients during the month, raising its active client base from 1.34 crore in September to 1.38 crore in October. Its market share increased from 29.16 per cent to 29.43 per cent.

Notably, Groww’s net active client additions for the month were approximately 1.5 times the combined additions of the next four largest brokers—Angel One, Zerodha, ICICI Securities, and Upstox—which collectively added about 2.02 lakh clients.

Across the broader industry, India’s broking sector added approximately 6.15 lakh net active clients in October, bringing the total active client base on the NSE to 4.67 crore.

Among other leading brokers, ICICI Securities held the fourth position after adding roughly 3,000 active clients, taking its total to 21.64 lakh. Meanwhile, Upstox saw a decline of approximately 11,000 clients, leaving its active client base at 18.43 lakh.

Several other platforms also reported active client gains during the month. Sahi added 34,372 active clients, while Dhan brought in approximately 26,000. Kotak Securities, Motilal Oswal, and HDFC Securities recorded additions of around 13,000, 7,000, and 6,000 clients respectively.

"The shifting positions among India's top stockbrokers highlight the dynamic nature of the retail broking sector. While established platforms continue to compete closely for market share, the data shows that user acquisition and retention strategies remain critical drivers of growth in a rapidly expanding market. Groww's strong additions further demonstrate the consolidation of market leadership among top-tier platforms." — Dr. Shishir Gupta, Founder & CEO, StartupLanes