Angel One overtook Zerodha in October to become India’s second-largest stockbroker by active clients, according to National Stock Exchange data reported by ETtech on November 6. Angel One had 69.98 lakh active clients at the end of October, up from 67.56 lakh in September. Zerodha’s active client count declined to 67.59 lakh from 67.92 lakh. Groww retained the top position, adding 3.04 lakh active clients during the month to reach 1.38 crore, equivalent to 29.4% of the NSE active client base.
The change is notable because Zerodha had held a narrow lead over Angel One in September. At that point, Zerodha was ahead by nearly 36,000 active clients. Angel One added 2.43 lakh active clients in October, while Zerodha’s base contracted for a second consecutive month. The figures show a change in the ranking for that month, but they do not establish a permanent shift in market leadership. Active client counts can move as trading activity, customer acquisition and account usage change.
Active clients are a specific market measure. They are not the same as total registered accounts, assets under management, revenue or the number of customers who use a broker’s mobile application. The NSE measure aims to capture clients who are active in the market during the reporting period. A broker may have a large registered base but fewer active participants, while another may have a smaller total account base and a higher share of users placing trades. The ranking should So be read as a monthly activity indicator.
What the October numbers show
Angel One’s increase from 67.56 lakh to 69.98 lakh active clients represents a net addition of about 2.42 lakh, close to the 2.43 lakh figure reported by ETtech. Zerodha moved from 67.92 lakh to 67.59 lakh, a decline of around 33,000. Groww’s base increased from 1.35 crore to 1.38 crore, according to the same report. The gap between Groww and the other two brokers remains substantial, with the Bengaluru-based platform accounting for almost three in ten NSE active clients.
The monthly figures reflect competition among discount brokers and full-service platforms as retail participation changes. Mobile trading apps have made it easier for individuals to open accounts and access equities, derivatives and other market products. Brokers compete through onboarding, pricing, research tools, app reliability, customer support and product range. A growing client count can improve a platform’s scale, but it also creates demands on technology infrastructure, risk controls and customer service.
Trading activity is influenced by market conditions. Volatility, new listings, investor sentiment and participation in derivatives can affect how frequently clients trade. A month with strong activity may lift a broker’s active-client count, while quieter markets can reduce the number of accounts that meet the activity threshold. That means a monthly ranking is useful for tracking competitive movement but should be viewed alongside longer-term trends and other financial measures.
What the ranking does not reveal
The NSE active-client data does not show how much revenue each broker earns from the customers counted. Different clients may generate very different levels of brokerage, transaction charges and other income. It also does not indicate the profitability of each account or the cost of acquiring and servicing it. A broker adding customers rapidly may need to spend more on marketing, technology, compliance and support. Sustainable growth depends on retaining active customers and managing those costs.
Angel One’s move into second place is a clear competitive milestone for October, while Groww remains the largest broker by the reported measure. Whether Angel One can maintain the position will depend on client additions and activity in coming months. Zerodha’s decline should also be assessed over a longer period before drawing conclusions about its business. For investors comparing brokers, the monthly ranking is one data point; fees, product suitability, risk controls, service quality and the reliability of the platform remain more useful decision criteria.