Groww maintained its leading position in India’s stockbroking market in September 2026, adding more than one lakh active clients during the month. Meanwhile, discount broking platform Sahi recorded the fastest month-on-month growth in its active client base among the country’s top 20 stockbrokers.
According to data from the National Stock Exchange (NSE), India’s total active stockbroking client base increased by 0.35% to 4.61 crore in September, compared with 4.60 crore in August. The industry added nearly 1.6 lakh active clients during the month.
Groww had 1.34 crore active clients in September after adding 1,00,961 clients compared with August. Its market share stood at 29.16%, the highest among stockbrokers in India. The company continued to account for a substantial share of the industry’s net client additions, contributing more than 63% of the total increase during September.
Zerodha retained the second position with 67.91 lakh active clients, although its client base declined by 5,313 during the month. Its market share stood at 14.73%. Angel One followed in third place with 67.55 lakh active clients after adding 36,956 clients, taking its market share to 14.65%.
ICICI Securities held the fourth position with 21.60 lakh active clients, an increase of 4,410 from August. Upstox remained fifth with 18.54 lakh active clients, despite losing 10,343 clients during September.
Among other major brokers, Kotak Securities reported 13.92 lakh active clients, followed by HDFC Securities with 13.54 lakh. Dhan added 13,624 clients to reach 11.21 lakh, while SBI Securities recorded a decline of 22,525 clients, taking its active client base to 10.21 lakh.
Paytm Money also experienced a notable decline, losing 27,950 active clients during September. This represented a 3.53% month-on-month decrease, bringing its total to 7.63 lakh. In contrast, INDmoney added 5,070 clients to reach 7.19 lakh.
Sahi recorded the fastest growth among the top 20 stockbrokers for another consecutive month. Its active client base increased by 11.1% month-on-month, with 28,077 clients added during September. The platform ended the month with 2.81 lakh active clients and a market share of 0.61%.
Other platforms also registered gains. Choice recorded 2.88% growth after adding 6,781 active clients, while PhonePe’s Share.Market added 1,457 demat accounts during the month.
The September 2026 figures show that India’s stockbroking market remained concentrated among its largest platforms. The top five brokers collectively accounted for more than 67% of the active client base. While Groww continued to lead in absolute client additions, Sahi’s performance highlighted the faster percentage growth being recorded by smaller brokerage platforms.
The data also showed varied performance across the sector, with some established brokers adding clients while others experienced declines. Overall, the industry’s active client base grew only marginally in September, even as individual platforms recorded differing growth rates.
