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Top Indian Brokerages Shed Millions of Clients in Recent Months
16 Aug
Summary
- Indian stock brokerages lost over 1 million clients in the past month
- Groww, Zerodha, and Angel One saw client base declines of 1.8%, 2%, and 1.7% respectively
- ICICI Securities and SBI Securities were the only major brokers to see client growth
According to the latest data from the National Stock Exchange, India's top stock brokerages have experienced a collective decline in their client base over the past month. As of August 16, 2025, the total number of clients across these firms stood at around 46 million, down from the previous month.
The IPO-bound platform Groww, which had previously held the largest client base, saw a 1.8% decrease in its numbers, now standing at over 12.4 million. Similarly, Zerodha, led by Nithin Kamath, reported a nearly 2% drop in its client base, which now sits at over 7.43 million. Angel One also saw its client count shrink by 1.7%, falling just below 7.19 million.
While the top players faced declines, a few brokerages managed to buck the trend. ICICI Securities reported a 0.6% increase, bringing its client base to just under 2 million. SBI Securities also saw a notable 3.33% growth, maintaining its client count above the 1 million mark.
The broader trend of declining client numbers across the industry suggests that the recent market volatility may have led some retail investors to step back from active trading. However, the resilience shown by a few firms indicates that certain brokerages are still able to attract and retain clients even in challenging market conditions.
