Top 50 Largest Stock Brokers in the India by Active Clients (Oct 2026)

Key takeaways:

• The total active client base on the NSE increased to 4.67 crore in October 2026, with a net addition of about 6.15 lakh clients.
• An active client refers to an individual who has carried out at least one transaction during the period considered by the NSE.
• Groww maintained its dominant position as India's largest stock broker, reaching 1,37,52,402 active clients with an addition of 3,04,208 users in October 2026 alone.
• Angel One overtook Zerodha to become the second-largest broker, with 69,98,516 active clients against Zerodha's 67,59,106.
• Paytm Money, Zerodha, SBICap Securities and Upstox recorded the biggest declines among the top 50, losing 32,501, 32,435, 17,188 and 11,348 active clients, respectively.
• No new entrant made it to the top 50, although 15 brokers changed rank during the month.

In October 2026, the total active client base across India's stock brokers reached 4.67 crore, up from 4.61 crore in September. This net addition of about 6.15 lakh clients is almost four times the previous month's additions, highlighting stronger momentum in retail participation. This participation is enabled by increased access to online investing, increased financial awareness and the convenience of trading via consolidated, mobile-first platforms.

The stockbroking industry in India is still largely divided between discount brokers (low cost, high speed, DIY tools) and traditional full-service or bank-backed brokers (research, advisory and 3-in-1 banking integration).

Ranking of India's leading stock brokers

Here is the latest list of the top 50 stock brokers in India based on the number of active clients (as per the latest NSE exchange disclosures for October 2026):

For reference: ⬆️ = Moved up; ⬇️ = Moved down; (—) = No change

The bottom line

The October 2026 rankings represent a significant change in the top 3 of India's stock broking industry. The top three players, Groww, Angel One and Zerodha continue to dominate the market with a combined share of nearly 59% of the country's active client universe. Angel One officially became India's second-largest stock broker after surpassing Zerodha.

New-age platforms like Dhan (Raise Securities Private Limited) nearly doubled their monthly acquisition pace with a net addition of 25,739 clients.

At the same time, several established platforms, including Paytm Money, Zerodha and Upstox, saw persistent churn. No new entrant broke into the top 50 list in October.

At the same time, full-service, bank-backed brokers like ICICI Securities, Kotak Securities and HDFC Securities each added clients and held their places in the top 10. This suggests that a meaningful part of the market is still interested in integrated banking, dedicated relationship managers, and advisory services, as opposed to zero-brokerage, DIY approaches.