Angel One Overtakes Zerodha to Become India’s Second-Largest Broker Behind Groww

Angel One has overtaken Zerodha to become India’s second-largest stockbroker by active investors on the National Stock Exchange (NSE), marking a significant shift in the country’s online broking industry. According to NSE data for October 2026, Angel One had 69.98 lakh active investors, compared with 67.59 lakh for Zerodha. Groww retained the top position with approximately 1.37 crore active investors.

The change comes amid increasing competition among digital brokerage platforms and changes in retail trading behaviour following regulatory measures targeting futures and options (F&O) trading. Angel One added approximately 2.43 lakh active investors during October, while Zerodha lost more than 32,000. Groww continued expanding its lead, adding over three lakh active investors in the same month.

Angel One Moves Ahead of Zerodha in NSE Rankings

October’s NSE data confirmed Angel One’s return to the second position among India’s stockbrokers by active client count.

Angel One ended October with 69.98 lakh active investors, representing approximately 14.97% of the exchange’s total active investor base. Zerodha slipped to third place with 67.59 lakh active investors and a market share of 14.46%.

Groww remained comfortably ahead of both competitors, with 1.37 crore active investors and a market share of 29.43%.

The latest rankings reflect different growth trajectories among the three leading digital brokerage platforms.

Broker	Active investors in October 2026	Market share
Groww	1.37 crore	29.43%
Angel One	69.98 lakh	14.97%
Zerodha	67.59 lakh	14.46%
ICICI Securities	21.64 lakh	4.63%
Upstox	18.43 lakh	3.94%

The rankings are based on NSE active-client data, not total registered accounts or the number of people who have downloaded a brokerage application.

Angel One Adds 2.43 Lakh Active Investors in October

Angel One’s movement into second place was supported by strong additions during the month.

The brokerage added approximately 2.43 lakh active investors in October, taking its total to 69.98 lakh. Its market share increased to 14.97%.

The performance represents a turnaround after the company experienced a decline in its active investor base during 2025.

Angel One has been expanding beyond traditional stockbroking by building services across wealth management, lending and other financial products. These offerings can help the company develop relationships with customers beyond trading transactions.

The company also reported strong financial growth in its second-quarter FY27 results.

Consolidated revenue from operations increased 18.7% year over year to ₹1,427 crore, while net profit rose 58.2% to ₹335 crore.

Its earnings before depreciation, amortisation and taxation (EBDAT) increased 52% to ₹493 crore. The EBDAT margin improved to 45.1%, compared with 34.5% in the corresponding quarter last year.

Angel One’s total client base crossed four crore in October, reaching approximately 4.06 crore, up 17.4% year over year. This figure includes registered clients and should not be confused with NSE active investors.

Zerodha Slips to Third Place as Active Clients Decline

Zerodha, which had held the second position behind Groww, recorded a decline in its active investor base during October.

The company ended the month with approximately 67.59 lakh active investors, down from 67.91 lakh in September. It lost around 32,435 active investors during the month.

Its market share declined to 14.46%, placing it behind Angel One.

Zerodha built its position in India’s brokerage industry through low-cost trading, technology-focused products and a strong presence among active traders.

However, changes in retail participation in derivatives trading have affected the business environment for discount brokers.

Zerodha’s business has historically attracted a substantial number of customers interested in equity trading and derivatives. Lower participation in these segments can influence brokerage activity and the number of clients who remain active on the exchange.

The company has also expanded its product ecosystem through investment and wealth-related offerings, although its competitive position continues to depend on customer engagement, product experience and market activity.

Groww Maintains Its Lead With More Than 1.37 Crore Active Investors

Despite Angel One’s rise to second place, Groww remains India’s largest broker by NSE active investors.

The platform added approximately 3.04 lakh active investors in October, taking its total to around 1.37 crore. Its market share increased to 29.43%.

Groww’s lead is substantial: its active investor base is almost twice the combined scale of the gap between Angel One and Zerodha, and nearly double that of either competitor individually.

The company’s growth has been supported by its strong presence among first-time investors and mutual fund customers.

Unlike platforms that historically focused more heavily on active traders, Groww has built a broader investment ecosystem covering stocks, mutual funds and other financial products.

This wider customer base can help it attract users who are interested in long-term investing rather than frequent trading alone.

Groww’s position also illustrates how India’s online investment market has expanded beyond traditional brokerage services.

Why Are Brokerage Rankings Changing?

One of the major factors influencing the brokerage industry is the decline in retail participation in futures and options trading.

The Securities and Exchange Board of India (SEBI) introduced several measures to address risks associated with speculative derivatives activity.

These included reducing the number of weekly expiries, increasing margin requirements and raising the securities transaction tax on derivatives transactions.

The measures changed the economics of frequent derivatives trading for many retail participants.

Since several discount brokers built significant businesses around active traders, reduced F&O activity affected their transaction volumes and customer engagement.

The impact has not been uniform across the industry. Platforms with broader investment offerings and stronger customer acquisition channels may be better positioned to attract investors outside the derivatives segment.

The October rankings suggest that Angel One has gained momentum while Zerodha’s active investor count has declined. However, a single month’s data does not establish a permanent change in the competitive landscape.

India’s Active Investor Base Continues to Expand

The broader stockbroking industry continued adding active investors in October.

According to NSE data, the total number of active clients across brokers increased 1.33% month over month to approximately 4.67 crore, compared with 4.61 crore in September.

This represented an addition of nearly 6.15 lakh active investors during the month.

The growth indicates that retail participation in India’s equity markets remains significant despite changes in derivatives trading activity.

However, the industry is also becoming more competitive. Brokers are looking beyond transaction-based revenue by expanding into wealth management, mutual funds, bonds, lending and international investing.

Platforms are increasingly attempting to build broader financial ecosystems that can generate revenue from multiple customer activities.

What the Rankings Mean for India’s Broking Industry

Angel One’s rise to second place is an important development because it shows how quickly the competitive position of large digital brokers can change.

The gap between Angel One and Zerodha was relatively narrow in September. Angel One had approximately 67.56 lakh active investors, while Zerodha had around 67.92 lakh. By October, Angel One had moved ahead following stronger additions and a decline in Zerodha’s active client base.

The competitive challenge now involves more than acquiring new accounts. Brokers must retain customers, increase engagement and diversify revenue sources while complying with evolving market regulations.

Groww’s continued leadership also demonstrates the importance of attracting investors beyond the traditional trading community.

The Bigger Picture

India’s online brokerage market is entering a new phase in which customer acquisition, investment products and diversification are becoming increasingly important. Regulatory changes have altered the economics of derivatives trading, encouraging brokers to develop businesses that are less dependent on frequent trading activity.

Angel One’s rise above Zerodha reflects these changing competitive dynamics, while Groww’s expanding lead highlights the growing importance of broader retail investment platforms. The next stage of competition will likely depend on how effectively brokers convert registered customers into active investors and build sustainable revenue beyond traditional brokerage charges.

Looking Ahead

Angel One will seek to maintain its second-place position by attracting new investors and expanding its wealth-management and financial-services businesses. Zerodha will remain a significant competitor, with its technology-focused platform and established customer base providing a foundation for future growth. Monthly NSE data will show whether Angel One can sustain its lead or whether the rankings change again.

For Groww, the immediate challenge is to maintain its large lead while continuing to expand its product offerings and customer engagement. As India’s investor base grows, competition will increasingly revolve around customer experience, product diversification, pricing and trust. The October figures mark a notable change in the brokerage rankings, but long-term leadership will depend on sustained growth rather than a single month’s additions.