Brokers In October: Angel One Climbs To The Second Spot With 2.4 Lakh New User Additions

Indian stockbrokers saw a slight decline in their combined active user base in October, shrinking by 0.5% to 4.59 crore users. Despite this market plateau, newer players experienced accelerated user consolidation. Groww maintained its leading position with 1.38 crore active users, commanding a 30% market share. It added 3.04 lakh users in October, more than any other competitor in the top 10.

In a notable shift, Angel One overtook Zerodha to become the second spot with 2.4 lakh new user additions, bringing its active user count to 69.99 lakh and its market share to 15.3%. Angel One reported an increase in its client base to 3.99 crore by September, and it has since crossed the 4 crore mark in October. The company's wealth management business grew by 19.1% quarter-on-quarter and 160.5% year-on-year to ₹16,000 crore.

Zerodha, which had lost clients in recent months, dropped to third place after losing over 32,000 users. ICICI Securities held fourth place with 21.64 lakh active users, adding 3.7 lakh users in October. Upstox, in fifth, saw a decline as 11.3 lakh users left, resulting in a market share of 4%. Kotak Securities and HDFC Securities occupied sixth and seventh positions respectively.

Dhan, in eighth, added nearly 26,000 users to increase its user base by 2.3% to 11.47 lakh. SBI Securities lost the most users after Zerodha, with a user base decline to 10.04 lakh. Motilal Oswal's active user count grew 0.8% to 9.16 lakh.