India’s discount broking pecking order has changed for the first time in three years. Angel One has moved past Zerodha to become the country’s second-largest stockbroker by active investors on the National Stock Exchange, according to NSE data for October 2026 released on Friday.
Angel One ended October with 69.98 lakh active investors, adding 2.43 lakh during the month. Zerodha, which held the second spot until now, slipped to 67.59 lakh after losing around 33,000 active investors. Groww kept its clear lead at the top with about 1.37 crore active investors, nearly double the count of either rival.
The gap between Angel One and Zerodha is now close to 2.4 lakh investors. Just a month ago, the order was reversed. At the end of September, Zerodha had 67.92 lakh active investors against Angel One’s 67.56 lakh, a lead of only about 36,000. October’s numbers have flipped that contest decisively.
How the numbers moved in October
The NSE counts an investor as active if they have traded at least once on the exchange in the preceding 12 months. On that measure, the exchange’s total active client base grew to 4.67 crore at the end of October, adding 6.15 lakh net clients during the month, a rise of 1.3 percent.
Groww accounted for nearly half of the industry’s net additions, adding 3.04 lakh active investors in October. Angel One’s 2.43 lakh additions were the next largest. Zerodha was the notable exception among the big three, with its active base shrinking for the second month in a row.
Together, Groww, Angel One and Zerodha now account for nearly 60 percent of all active investors on the NSE. Angel One holds close to 15 percent of the market, Zerodha about 14.5 percent, and Groww roughly 29.4 percent.
A three-year first for the top three
The last change in the rankings among India’s three largest discount brokers came in October 2023, when Groww overtook Zerodha to become the country’s largest brokerage by active investors. Since then, the top three had stayed in the same order, with Zerodha holding second place and Angel One close behind.
Angel One’s own business update, filed with the exchanges on November 4, pointed to the momentum behind the shift. Its total registered client base reached 4.06 crore at the end of October, up 17.4 percent from a year earlier. Gross client additions stood at 6.6 lakh in October, up 44.7 percent from September and the highest monthly addition in nine months.
The broader market backdrop helped too. India’s demat account base is approaching the 20-crore mark, reaching nearly 19.7 crore beneficiary accounts in October, as more first-time investors continue to enter the markets.
Why Zerodha slipped behind
Zerodha’s decline is tied closely to a fall in retail participation in futures and options trading. A series of measures by the Securities and Exchange Board of India to curb speculative F&O activity has reduced trading volumes among active retail traders, the very segment on which Zerodha built its business.
Angel One, by contrast, has leaned harder on client acquisition and a wider product push, adding clients even as overall retail trading activity cooled. Its October additions suggest that strategy is paying off in market share, if not yet in trading volumes.
Revenues still depend heavily on how much clients trade, not just how many accounts are open. Zerodha remains one of the most profitable brokers in the country despite the slip in rankings.
What it means for investors
For everyday investors, the reshuffle is a sign of how competitive India’s broking market has become. The top three platforms now control close to three-fifths of the NSE’s active base, and each is chasing the same pool of new investors with lower costs, faster apps and wider product ranges.
The contest for second place is far from settled. A gap of 2.4 lakh investors can close quickly if trading activity picks up or if one platform has a weak month. But October’s data confirms a real shift: after three years of a fixed order, the race behind Groww is open again.
FAQs
Who is India’s largest stockbroker now?
Groww remains India’s largest stockbroker by active NSE investors, with about 1.37 crore active investors and close to 30 percent market share.
How many active investors does Angel One have?
Angel One had 69.98 lakh active investors at the end of October 2026, after adding 2.43 lakh during the month.
Why did Zerodha lose the second spot?
Zerodha’s active investor base fell by around 33,000 in October, its second straight monthly decline, as SEBI’s curbs on F&O trading reduced retail participation.
What counts as an active investor on the NSE?
The NSE classifies an investor as active if they have traded at least once on the exchange during the preceding 12 months.
When was the last change in the top three rankings?
The last reshuffle was in October 2023, when Groww overtook Zerodha to become India’s largest broker. Angel One’s move past Zerodha is the first change since then.
The October numbers will be watched closely in the coming months. If Angel One holds its lead through November, the new order in Indian broking will start to look less like a one-month blip and more like a lasting change.
