NSE active client growth stalls in first half of 2026; top brokers see mixed trends

India’s broking industry witnessed muted growth in the first half of calendar year 2026, with the number of active clients on the National Stock Exchange (NSE) rising by around 2.8 lakh between January and June, according to NSE data.

The total active client base stood at about 4.54 crore at the end of June, reflecting a sharp moderation in investor additions compared with previous years.

The latest data also show a shift in market share among leading brokers. While some firms gained active clients during the six-month period, others recorded a decline.

Groww remained the largest broker by NSE active clients, increasing its active client base from 1.24 crore in January to 1.30 crore in June. Its market share rose to 28.7% from 27.7% over the same period.

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Among other major discount brokers, Zerodha’s active client base declined from 68.6 lakh to 68 lakh, while Angel One fell from 67.5 lakh to 66.3 lakh. Upstox’s active clients also dropped from 20.4 lakh to 18.9 lakh.

Among full-service brokers, ICICI Securities increased its active client base from 20.5 lakh to 21.2 lakh, while Dhan grew from nearly 10 lakh to 10.7 lakh. Kotak Securities remained broadly stable, whereas HDFC Securities reported a marginal decline in active clients.

Among smaller brokers, Sahi added around 27,700 active clients during the first half of 2026, the highest net addition in percentage terms, according to the company.

The slowdown in industry-wide active client additions comes after regulatory changes in the futures and options (F&O) segment introduced in late 2024, which led to a moderation in retail trading activity.

With fewer new investors entering the market, brokerages are relying on customer retention and attracting clients from rival platforms to expand their market share, rather than benefiting from broad-based growth in the overall investor base.

The data indicate that while the overall active client base remained largely stable, market share gains were concentrated among a handful of brokers, with several established players seeing a decline in active clients.

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