India’s leading stock brokers saw their active client base shrink in May, with the industry losing around 1.71 lakh active investors month-on-month. The total number of active clients declined to 45.59 million in May from45.77 millionin April. Despite the broader slowdown across the sector, Groww continued to add users, further strengthening its lead as India’s largest brokerage platform. According to the latest NSE data, Groww added nearly 27,600 active clients during May, taking its total active user base to 13.06 million. The firm now commands a market share of 28.64%, maintaining a significant lead over its competitors. Zerodha retained its second position with 6.85 million active clients, although its user base declined by 0.54%, translating into a loss of nearly 37,000 active clients during the month. Angel One, the third-largest broker, recorded the highest decline among the top players, shedding nearly 60,000 active users and ending May with 6.68 million active clients. ICICI Securities was the only other major broker to register growth during the month, adding around 8,200 active clients to take its total user base to 2.11 million. In contrast, Upstox lost more than 38,000 active clients, ending May with 1.92 million users. HDFC Securities, SBI Securities, Kotak Securities, and Motilal Oswal also reported month-on-month declines in their active client base. Among the top brokerages, Dhan continued its steady expansion, adding more than 10,000 active clients during the month to cross 1.06 million users. The platform recorded a 0.95% month-on-month increase, making it the fastest-growing broker among the top 12 players and helping it expand its market share to 2.33%. Paytm Money's active client base declined 1.77% month-on-month to 0.85 million in May, while INDmoney's user base remained largely unchanged at 0.69 million. The two platforms accounted for 1.86% and 1.52% of the active client market, respectively. Meanwhile, Mirae Asset and PhonePe-backed Share.Market recorded some of the sharpest declines among notable brokers, with their active client bases falling 6.08% and 4.17%, respectively, during the month. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
