Indian stockbrokers’ combined active client base on the NSE rose by about 1.6 Lakh to 4.61 Cr in September, despite benchmark indices recording their steepest monthly decline in six months. 

Market leader Groww continued to widen its lead in India’s stockbroking market over the previous month, adding 1.01 Lakh active users even as benchmark indices recorded their steepest monthly decline in six months. 

Meanwhile, Angel One managed to narrow its gap with Zerodha, as the latter saw a marginal decline in its active client base, while Dhan continued to add clients, according to NSE data. Dale Vaz-led Sahi emerged as the fastest-growing broker, with its user base rising about 11% to 2.53 Lakh.

The expansion came amid a selloff in Indian equities, driven by foreign investor outflows, elevated crude oil prices, and inflation concerns. Despite the market weakness, domestic investors continued to invest in equity mutual funds. 

Groww’s active client base increased to 1.34 Cr in September from 1.33 Cr in August, taking its market share to 29.16%. However, its net additions slowed to 1.01 Lakh from 2.2 Lakh in August.

Second-largest broker Zerodha lost 5,313 active clients during the month, taking its base to 67.92 Lakh. Angel One added 36,956 active clients to reach 67.56 Lakh, narrowing the gap with Zerodha to around 35,830 clients. The two brokers had 67.97 Lakh and 67.19 Lakh active clients, respectively, in August.

65%. The gap between the two brokers has narrowed as Angel One continued to add clients while Zerodha’s base contracted in September.

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