India’s discount brokerage sector experienced a significant decline in active clients, losing nearly 2.6 million during the September 2025 quarter. Major players in the industry, including Groww, Zerodha, Angel One, and Upstox, accounted for approximately 75% of this decrease.
Groww, the largest brokerage platform in India, reported the most substantial loss, shedding around 673,000 active clients within the quarter. Following closely, Zerodha, founded by brothers Nithin and Nikhil Kamath, experienced a reduction of nearly 500,000 clients. Angel One saw a decline of approximately 434,000, while Upstox’s active client base decreased by roughly 300,000.
Further losses extended beyond these leading firms. Mirae Asset’s discount arm, m.Stock, saw a contraction of over 130,000 active clients, and HDFC Securities reported a decrease of more than 61,000. Other brokerages like Motilal Oswal and Sharekhan experienced a loss of about 59,000 clients each. Additionally, PhonePe, Kotak Securities, and 5paisa lost 58,000, 49,000, and 26,400 clients respectively.
In contrast, not all brokerages faced declines. Paytm Money emerged as the top gainer, adding approximately 51,382 clients during the quarter. SBICap Securities and Aaritya Broking followed with client gains of around 44,000 and 28,650 respectively. ICICI Securities and Choice Equity Broking each expanded their client bases by roughly 26,990 and 21,400 clients.
Market analysts attribute the overall decline in retail participation to a combination of factors. Despite a steady stream of initial public offerings, the lackluster performance of many of these listings—often debuting below their issue prices—has diminished investor enthusiasm.
Published on October 14, 2025.