Angel One overtakes Zerodha to become India's No. 2 broker
New NSE data for October puts Angel One ahead of Zerodha by active clients for the first time. Groww is still far ahead at No. 1.
- Groww: ~1.37 crore active clients
- Angel One: ~69.98 lakh (+2.43 lakh)
- Zerodha: ~67.59 lakh (−33,000)
What happened
India's stockbroking league table just changed. According to NSE data for October 2026, Angel One now has about 69.98 lakh active clients, while Zerodha has about 67.59 lakh. That pushes Zerodha, long seen as the poster child of Indian discount broking, down to third place.
Angel One added roughly 2.43 lakh active users in the month. Zerodha went the other way, losing close to 33,000. Groww stays comfortably at the top with about 1.37 crore active clients after adding more than 3 lakh in October.
Why it changed
Market watchers credit part of the jump to the record Jio Platforms IPO, which pulled lakhs of first-time investors into the market. Many of them opened or reactivated accounts with brokers that ran aggressive sign-up drives.
Zerodha had already flagged the trend in an August blog post: its share of active customers on NSE was falling even as its share of retail money (assets under management) kept rising. It restarted its referral programme earlier this year to win new users.
Why it matters
'Active clients' only counts people who traded at least once in the past year, so it is a fight for engagement, not just downloads. October also brought 33.6 lakh new demat accounts, the most since January, taking India's total to about 24.4 crore.
The rankings below Groww are now tight, and every big IPO can move them.
