Published: November 07, 2026
StartupFeed Quick Take
- Angel One added 2.4 lakh NSE active clients in October 2026, reaching 69.99 lakh and passing Zerodha for the No. 2 spot.
- Groww stayed No. 1 with 1.38 crore active clients and a 30% market share, adding 3.04 lakh, the most of any top-10 broker.
- The total NSE active client base fell 0.5% to 4.59 crore, so the reshuffle came in a shrinking market.
Mumbai-based Angel One overtook Zerodha to become India’s second-largest stock broker by active clients in October 2026, adding 2.4 lakh users to reach 69.99 lakh.
That reshuffle shows up in National Stock Exchange active client data. In September, Zerodha led Angel One by about 35,830 clients. A month later, Angel One sits ahead by more than 2 lakh.
Still, the jump comes off a low base. The broker had 75.77 lakh active clients in FY25. Its October figure is well below that peak.
Angel One Overtakes Zerodha In October
Angel One’s active clients rose from 67.56 lakh in September to 69.99 lakh in October. That is a gain of about 2.4 lakh in one month, lifting its market share to 15.3%.
Zerodha moved the other way, losing about 32,000 active clients and slipping to 67.59 lakh from 67.92 lakh. Its share held near 14.7%.
For months the order read Groww, then Zerodha, then Angel One. October changed the bottom two.
The swap reflected real movement, not a rounding quirk. Angel One added clients while Zerodha’s base shrank. The gap flipped from 35,830 in Zerodha’s favour to more than 2 lakh the other way.
That 2.4 lakh gain was the largest among the top five, after Groww. Zerodha has now slipped for two straight months. In about a year, it went from first place to third.
Groww Extends Its Lead With 30% Market Share
Groww stayed clear at the top. The Bengaluru-based broker reached 1.38 crore active clients, holding about 30% of the market. Nearly one in three active clients now uses Groww.
It added 3.04 lakh clients in October, the most of any top-10 broker, and no rival came close.
The win stands out because the market shrank. Total active clients fell to 4.59 crore from 4.61 crore, a drop of 0.5%. The broker gained share while the sector lost users.
Groww overtook Zerodha for the top spot about a year ago. It has led every month since. Its share rose from 29.16% in September to about 30% now.
Its lead over second-placed Angel One is now more than 68 lakh active clients.
Where The Top 10 Brokers Stand
Below the big three, the picture was mixed. Some mid-sized brokers grew, while others lost users. Here is how the top 10 ranked in October.
| Broker | NSE active clients (Oct 2026) | Market share | Change vs Sept |
|---|---|---|---|
| Groww | 1.38 crore | 30% | +3.04 lakh |
| Angel One | 69.99 lakh | 15.3% | +2.4 lakh |
| Zerodha | 67.59 lakh | 14.7% | -32,000 |
| ICICI Securities | 21.64 lakh | 4.7% | little changed |
| Upstox | 18.43 lakh | 4% | -0.6% |
| Kotak Securities | 14.05 lakh | 3.1% | +0.9% |
| HDFC Securities | 13.61 lakh | 3.0% | +0.5% |
| Dhan | 11.47 lakh | 2.5% | +2.3% |
| SBI Securities | 10.04 lakh | 2.2% | -1.7% |
| Motilal Oswal | 9.16 lakh | 2.0% | +0.8% |
Dhan was the second-fastest grower after Angel One. It added about 26,000 clients, up 2.3%, to reach 11.47 lakh. SBI Securities fell the most after Zerodha, losing about 17,000, down 1.7%.
Among the rest, gains were small. Kotak Securities rose 0.9%, HDFC Securities 0.5% and Motilal Oswal 0.8%. Upstox slipped 0.6% to 18.43 lakh.
One name to watch sits outside the top 10: Sahi added 34,372 active clients in October, beating several larger brokers.
These counts measure active clients, not total accounts. A client counts as active after trading at least once in the year. So the table tracks real traders, not dormant sign-ups.
Inside Angel One’s Wider Numbers And The Market Mood
The broker’s own October update tells a bigger story than the active count. Its total registered client base crossed 4 crore, reaching 40.60 million. That base grew 17.4% from a year earlier and 1.6% in the month.
Those two figures measure different things. The 69.99 lakh is active clients, people who traded recently. The 4.06 crore is every account ever opened.
October brought the firm’s highest monthly client additions in nine months. It processed 139.31 million orders, up 13.9% from September, while average daily orders rose 19.6%.
Its overall average daily turnover rose 25.3% from September to Rs 56,244 crore, though it slipped 5.1% from a year earlier.
The month also lifted the mood on the market. The Nifty 50 rose 2.81% and the Sensex gained over 3%, ending a two-month losing streak. Mid and small-cap stocks stayed under pressure.
Foreign and local money pulled in opposite directions. Foreign investors sold a net Rs 45,162 crore, while domestic institutions bought a net Rs 62,220 crore, Bajaj Broking data shows.
Early in the month, foreign portfolio investors sold heavily, then turned net buyers of Rs 13,112 crore from October 16.
What this means for you: If you track fintech or hold shares in a listed broker like Angel One, the No. 2 and No. 3 spots just changed hands. Watch whether it holds the gap in November, because Zerodha’s slip was small and could reverse in one busy month.
StartupFeed Insight
The headline is Angel One passing Zerodha, but the real signal is churn, not a boom. The whole market shed clients in October, and it climbed partly because Zerodha and Upstox lost users. Groww is the only big winner, now near a third of all active clients. For founders building broking or wealth products, the lesson is retention, not just sign-ups, because active bases are shrinking across the sector. Expect the gap between Angel One and Zerodha to stay under 3 lakh clients when the November NSE data lands in early December.
By Avinash Mishra, Business Correspondent
Have a tip? Write to us at editorial@startupfeed.in.
Disclaimer: This article is for information only and is not investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. Please speak to a SEBI-registered advisor before investing.
Liked this story? Follow StartupFeed on Google so our reporting reaches you first.
