Active client accounts fell from 4.92 crore in March 2025 to 4.57 crore in March 2026, a drop of nearly 35 lakh accounts. The decline persisted through much of the year, with several months recording negative net additions, indicating that new account openings were not enough to offset rising inactivity and churn.
Despite the overall contraction, Groww increased its market share from 26.26% to 28.31% during FY26. In the March quarter, it accounted for a large portion of incremental additions, contributing 116% of net industry additions in January, 75% in February and 80% in March.
Other large discount brokers saw a decline in market share. Zerodha’s share fell to 15.08% from 16.03%, while Angel One slipped to 14.79% from 15.4%. Upstox recorded the sharpest drop among major players, with its share declining from 5.58% to 4.35%.
The slowdown comes amid tighter regulations in the futures and options (F&O) segment, increased market volatility and a gradual exit of less active investors, according to market participants.
Meanwhile, some traditional and smaller brokers gained ground. ICICI Securities expanded its market share from 3.96% to 4.57%, while SBI Securities rose from 1.99% to 2.55%. Dhan also saw an increase, with its share rising to 2.27% from 1.98%.
Among other firms, Kotak Securities remained largely stable at around 3.03%, while HDFC Securities and Motilal Oswal Financial Services registered marginal declines.
Overall, FY26 reflects a phase of consolidation in the broking industry, with slowing retail participation and shifting market shares as firms focus on retaining and engaging active clients.
