India’s stockbroking industry saw a decline in active investors in September 2025, though leading platforms maintained their positions, according to data from the National Stock Exchange (NSE).

The total number of active clients fell 1.92% month-on-month to 45.31 million in September, down from 46.19 million in August. Groww, poised for an initial public offering, remained the country’s largest stockbroker with 11.9 million active clients and a 26.26% market share. While its user base slipped 1.36% sequentially, its market share rose slightly by 13 basis points.

Zerodha and Angel One continued to occupy the second and third positions with 7.08 million and 6.89 million active clients, respectively. Both brokers recorded steeper month-on-month declines of 2.43% and 2.28%, bringing their ma

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