The Indian broking landscape
Active client counts, market concentration, growth trajectories, and broker networth — sourced directly from NSE filings.
Broker rankings by UCC count
Unique Client Codes (UCC) registered and active on NSE, as of January 2026.
Positions 11–20
Three brokers hold 59% of the market
Groww, Zerodha, and Angel One together account for nearly 6 in 10 active trading accounts in India.
From 5M to 44M in nine years
Total active clients on NSE, yearly January snapshots. The pandemic-era boom added 23M accounts in just two years (2020–2022).
Peak of 49.6M reached in Jan 2025. Industry has since seen a 10.5% decline in active accounts — a post-SEBI-regulation correction.
How the top brokers got here
Active client counts at yearly snapshots. Groww went from zero to 12.5M in five years — the fastest scale-up in Indian broking history.
| Broker | '2020 | '2021 | '2022 | '2023 | '2024 | '2025 | '2026 |
|---|---|---|---|---|---|---|---|
| Groww | — | 5.3 L | 33.2 L | 52.2 L | 84.2 L | 1.3 Cr | 1.2 Cr |
| Zerodha | 16.0 L | 31.4 L | 59.4 L | 65.1 L | 69.9 L | 80.8 L | 68.6 L |
| Angel One | 6.3 L | 13.2 L | 32.9 L | 42.3 L | 56.9 L | 77.7 L | 67.5 L |
| Upstox | 6.8 L | 18.5 L | 48.8 L | 34.0 L | 24.0 L | 28.6 L | 20.4 L |
| ICICI Securities | 10.8 L | 13.5 L | 28.7 L | 25.8 L | 18.8 L | 19.5 L | 20.5 L |
| HDFC Securities | 7.3 L | 9.2 L | 10.8 L | 11.1 L | 10.6 L | 14.6 L | 14.3 L |
| Kotak Securities | 5.8 L | 7.0 L | 11.5 L | 10.2 L | 11.3 L | 15.1 L | 13.7 L |
| SBI Securities | 2.6 L | 3.1 L | 5.2 L | 5.7 L | 8.3 L | 9.9 L | 11.4 L |
| Dhan | — | — | — | — | 3.9 L | 9.6 L | 10.0 L |
| Motilal Oswal | 3.9 L | 5.1 L | 8.1 L | 8.9 L | 8.5 L | 10.3 L | 9.0 L |
Broker networth rankings
Net worth as reported to NSE (July 2025). A higher networth means more financial cushion and regulatory headroom.
Zerodha's networth (₹13.5K Cr) is 1.7x the second-largest broker. This reflects years of profitability from a lean, tech-first model.
Monthly active clients (last 12 months)
The industry shed ~5.2M active accounts from the Dec 2024 peak — driven by SEBI's tighter F&O regulations and market volatility.
Data sourced from NSE (National Stock Exchange of India) UCC filings. Active client counts represent unique demat accounts with at least one trade in the trailing 12 months. Last updated January 2026.