India’s stockbroking industry remained broadly stable in July, with the active client base of the country’s leading brokers holding at around 4.54 crore, according to NSE data. While the overall market saw limited movement, the monthly rankings highlighted a clear divergence among individual platforms: Groww continued to widen its lead, while newer broker Sahi recorded the fastest percentage growth among the top 20.
Groww added 70,119 active clients during July to reach around 1.31 crore, giving it a 28.88% market share. At the other end of the growth spectrum, Sahi added 27,316 clients, expanding its user base to 2.28 lakh and recording 13.6% month-on-month growth. The data points to an increasingly mature broking market where established platforms are competing for scale while newer players attempt to gain ground through faster customer acquisition.
Groww Maintains Dominant Position
Groww remained India’s largest stock broker by active clients in July, strengthening its position at the top of the NSE rankings.
The platform ended the month with approximately 1.31 crore active clients, up by 70,119 from June. Its market share rose to 28.88%, meaning almost three out of every 10 active brokerage clients tracked in the market were with Groww.
The company’s lead has become increasingly significant as India’s retail investing ecosystem has matured. Its large customer base gives it considerable scale across equities, mutual funds and other investment products.
Top Stock Brokers in July
| Rank | Broker | Active Clients | July Change | Market Share |
|---|---|---|---|---|
| 1 | Groww | 1.31 crore | +70,119 | 28.88% |
| 2 | Zerodha | 67.62 lakh | -38,725 | 14.88% |
| 3 | Angel One | 66.34 lakh | +286 | 14.60% |
| 4 | ICICI Securities | 21.33 lakh | +11,748 | 4.69% |
| 5 | Upstox | 18.61 lakh | -26,433 | 4.09% |
Source: NSE data reported by Entrackr.
Zerodha Holds Second Place Despite Client Loss
Zerodha retained the second position in July despite losing 38,725 active clients during the month.
Its active client base stood at 67.62 lakh, while its market share remained at 14.88%. The July decline followed a larger loss of 45,971 active clients in June, indicating continued pressure on the platform’s customer base.
Despite the declines, Zerodha remains comfortably ahead of Angel One and continues to be one of India’s largest retail broking platforms.
Angel One remained in third place with 66.34 lakh active clients. It added 286 clients in July, leaving its market share at 14.60%. The relatively small monthly increase shows that competition among the largest brokers is increasingly focused on retention as well as acquisition.
ICICI Securities Gains While Upstox Declines
The rankings also showed contrasting performances among the next tier of major brokers.
ICICI Securities added 11,748 active clients during July, taking its total to 21.33 lakh. Its market share increased to 4.69%.
Upstox, meanwhile, lost 26,433 active clients, ending July with 18.61 lakh and a 4.09% market share.
The contrasting performances illustrate how established full-service and digital-first brokers are competing in a market where the overall pool of active investors has largely stabilized.
Dhan Moves Up as SBI Securities Loses Clients
Further down the rankings, Dhan continued to gain momentum.
The platform added 14,166 active clients in July, taking its total to 10.87 lakh and its market share to 2.39%. The growth allowed Dhan to move into eighth place.
Dhan replaced SBI Securities, which fell to ninth after losing 47,551 active clients during the month. SBI Securities ended July with 10.70 lakh active clients and a 2.35% market share.
The shift indicates that newer digital-focused brokers are increasingly challenging established financial institutions for retail investors.
Sahi Records Fastest Growth Among Top 20
The biggest percentage-growth story in July came from Sahi, the stockbroking platform led by former Swiggy CTO Dale Vaz.
Sahi climbed two places to rank 18th among India’s top 20 brokers. It recorded 13.6% month-on-month growth, the highest among the top 20 platforms.
The broker added 27,316 active clients, taking its total to 2.28 lakh and its market share to 0.50%.
Although Sahi’s overall customer base remains considerably smaller than those of Groww, Zerodha and Angel One, its growth rate highlights the ability of newer platforms to expand rapidly from a smaller base.
Sahi’s July Performance
| Metric | July 2026 |
|---|---|
| Active Clients | 2.28 lakh |
| Clients Added | 27,316 |
| Monthly Growth | 13.6% |
| Market Share | 0.50% |
| Ranking | 18th |
Source: NSE data reported by Entrackr.
Share.Market Returns to Top 20
PhonePe’s Share.Market also returned to the top 20 rankings in July.
Its active client base reached approximately 2 lakh, allowing it to re-enter the leading group of stockbrokers.
The development adds another digital platform to an increasingly competitive broking market. Fintech companies continue to use technology, low-cost investing products and simplified interfaces to attract India’s growing pool of retail investors.
Top Five Brokers Control Nearly 67% of Market
Despite the emergence of newer players, India’s stockbroking market remains highly concentrated.
The country’s five largest brokers accounted for nearly 67% of the total active client base in July. Groww alone represented almost 29% of the market.
This concentration gives the leading platforms significant scale advantages, including large user networks, extensive technology infrastructure and opportunities to cross-sell additional financial products.
At the same time, the growth of Sahi, Dhan and other emerging brokers suggests that market leadership is not entirely static.
What the July Data Says About India’s Broking Market
The July figures suggest that India’s retail broking market is entering a more mature phase. With the total active client base largely unchanged at 4.54 crore, brokers can no longer depend solely on rapid expansion of the overall investor pool to drive growth.
Instead, competition is increasingly centered on attracting active investors from rivals, improving customer retention and expanding the range of financial products offered through digital platforms.
Groww’s continued gains demonstrate the strength of scale, while Sahi’s rapid percentage growth shows that smaller platforms can still make significant progress by targeting specific investor needs.
Looking Ahead
India’s stockbroking industry is likely to become increasingly competitive as the market shifts from the explosive account-opening growth of previous years toward a greater focus on active customers and engagement. Groww’s 28.88% market share gives it a substantial lead, but the gains made by Dhan, Sahi and Share.Market show that newer platforms continue to find opportunities in the market.
Going forward, customer retention, product innovation, trading experience and the ability to build broader financial ecosystems will be crucial. For Groww and other market leaders, maintaining scale while keeping users engaged will be the challenge, while platforms such as Sahi will need to convert rapid percentage growth into sustained expansion and a larger share of India’s active investor base.
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