The total number of active demat accounts in India dipped marginally in October 2025, marking a brief slowdown after several years of strong retail participation growth following the pandemic.
According to data from the National Stock Exchange (NSE), the top 25 brokers collectively lost about 57,000 active accounts during the month. The total count of active accounts fell from 4.53 crore in September to 4.52 crore in October.
Digital-First Brokers Maintain Leadership
Digital investment platforms continued to lead the market. Groww added around 1.38 lakh new active accounts, taking its total to 1.20 crore, the highest among all brokers.
In contrast, several major discount brokers saw a drop in users:
- Zerodha: Down by about 62,000 accounts
- Angel One: Down by 34,000 accounts
- Upstox: Down by nearly 59,000 accounts
Traditional Brokers Show Mixed Performance
Among full-service and bank-backed brokers, trends were mixed:
- SBI Caps: Gained about 25,000 accounts
- ICICI Securities: Added around 13,000 accounts
- HDFC Securities, Kotak Securities, Motilal Oswal, and Sharekhan: Registered declines of 10,000–25,000 accounts each
Emerging platforms also showed activity, with Paytm adding 29,935 accounts and Sahi gaining 10,634 users.
Market Concentration Remains High
The NSE data highlights continued concentration in the sector, with Groww, Zerodha, and Angel One together accounting for over 57% of all active NSE demat accounts. Groww alone holds about 26.6% market share, reinforcing its position as the market leader in India’s digital broking ecosystem.
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