India's Stock Broking Market in June 2026: Who's Gaining and Who's Losing Clients?
India's stock broking market rebounded in June 2026, with active NSE clients rising to 4.42 crore. While Groww retained its lead, Zerodha and Angel One lost clients as newer players like Dhan and Sahi gained ground. Here's what the latest data reveals about the industry's changing dynamics.
India's stockbroking industry returned to growth in June 2026, with the total number of active NSE clients rising 3.1% month-on-month to 4.42 crore. While Groww, Zerodha, and Angel One continued to dominate the rankings, the latest data also shows important shifts in market share, client additions, and investor preferences.
From established players losing active clients to newer platforms steadily gaining ground, here's what the latest numbers reveal about India's stock broking industry.
Key Highlights
- Total active NSE clients increased to 4.42 crore in June 2026.
- Groww remained India's largest stock broker with 1.30 crore active clients.
- Groww, Zerodha, and Angel One together accounted for nearly 58% of all active trading accounts.
- Zerodha and Angel One recorded the biggest client losses among leading brokers.
- Dhan entered the top 10 with 10.73 lakh active clients.
- Sahi added the highest number of active clients during June.
- Traditional brokers such as ICICI Securities and Motilal Oswal continued to post steady gains.
Stock Broker Rankings by Active Clients (June 2026)
Groww remained India's largest stock broker in June 2026 with 1,30,53,752 active clients and a 28.72% market share, maintaining a comfortable lead over every other broker. Even so, it lost 6,004 active clients during the month, showing that even the market leader isn't immune to client churn.
Together, Groww, Zerodha, and Angel One accounted for nearly 58% of all active trading accounts in India, highlighting how concentrated the market remains despite rising competition.
Zerodha and Angel One Continue to Lose Active Clients
The biggest story this month is the continued decline in active clients at Zerodha and Angel One.
Zerodha lost 45,971 active clients in June 2026, while Angel One lost 50,390, the largest decline among the top three brokers.
This isn't just a one-month trend. During FY2025-26, Zerodha's active client base declined from 78.88 lakh to 68.93 lakh, while Angel One's fell from 75.77 lakh to 67.62 lakh.
Across the industry, active clients had dropped from a peak of nearly 4.96 crore in January 2025 before June 2026 marked a recovery.
The data suggests the rapid growth seen during the retail investing boom between 2021 and 2025 has slowed, with many first-time investors either becoming inactive or leaving the market altogether.
Dhan, Sahi and INDmoney Are Gaining Ground
While some of the biggest discount brokers are losing clients, several newer platforms continue to grow.
Dhan added 11,307 active clients during June, taking its total to 10.73 lakh active clients and helping it enter India's top 10 stock brokers for the first time.
Sahi recorded the strongest monthly performance across the industry by adding 27,742 active clients. The platform also entered the top 20 for the first time with 2,00,917 active clients and a 0.44% market share.
INDmoney also maintained steady growth, adding 6,128 active clients to reach 6,99,103. Meanwhile, ICICI Securities and Motilal Oswal added 15,781 and 5,564 active clients, respectively.
Stock Brokers That Lost the Most Active Clients in June 2026
Alongside Zerodha and Angel One, several established brokers also recorded declines during the month.
Paytm Money's continued decline is particularly notable. Once considered a major challenger to Groww and Zerodha, it is now losing ground while newer platforms like Dhan, Sahi, and INDmoney continue to attract active investors.
Stock Broker Rankings in June 2026 at a Glance
What June 2026 Stock Broker Data Reveals
June 2026 shows that India's stock broking industry is entering a new phase. While Groww continues to lead the market, Zerodha and Angel One are seeing a steady decline in active clients as competition becomes more intense.
At the same time, newer platforms such as Dhan, Sahi, and INDmoney are attracting more investors, proving there's still room for fresh players with the right products and user experience.
Traditional brokers like ICICI Securities, Kotak Securities, and Motilal Oswal are also holding their ground, supported by strong brand trust and a wider range of investment services.
Overall, the latest data suggests that the next stage of competition won't be about opening the most accounts; it will be about keeping investors active. As India's retail investing market matures, customer retention and engagement are likely to become just as important as customer acquisition.
Muskaan Kapoor
FAQs
Which is the largest stock broker in India in June 2026?
Groww remained the largest stock broker with 1.30 crore active clients and a 28.72% market share.
Which stock broker gained the most active clients in June 2026?
Sahi recorded the highest net addition with 27,742 active clients, followed by Dhan.
Which stock brokers lost the most clients?
Angel One recorded the biggest decline, losing 50,390 active clients, followed by Zerodha (45,971), Upstox (36,417), SBI Securities (23,072), and Paytm Money (19,881) in June 2026.
How many active NSE clients were there in June 2026?
The number of active NSE clients increased to 4.42 crore, up 3.1% from May 2026.
Who are the top three stock brokers in India?
Based on active clients, the top three were Groww, Zerodha, and Angel One, together accounting for nearly 58% of the market.
