The Indian broking landscape has witnessed a notable churn in the final quarter of FY25, with several major discount brokers reporting a dip in their active client base, as per data from NSE.
According to the numbers, Groww, despite maintaining its leadership position, saw a quarter-on-quarter (QoQ) drop of 2.37 lakh clients, slipping from 131.59 lakh in December 2024 to 129.21 lakh in March 2025. Zerodha, the long-standing stalwart in the space, also registered a fall of 2.31 lakh clients, bringing its active base down to 78.89 lakh.
The trend wasn’t isolated. Almost all leading brokers experienced a dip in active clients:
Angel One dropped by 1.76 lakh
Upstox by 1.39 lakh
5Paisa by 0.67 lakh
Paytm Money and Sharekhan saw similar drops around 0.4 lakh
While the declines may seem marginal in some cases, they collectively signal a broader sentiment shift or consolidation in the retail investing space. Factors could range from market volatility and regulatory changes to customer churn or transitions to alternative investment platforms.
Interestingly, traditional brokers such as Motilal Oswal, Kotak Securities, and IIFL Securities saw smaller drops, possibly reflecting better client stickiness or a more diversified service approach.
What Does This Indicate?
Retail investor enthusiasm could be cooling off post the pandemic bull run.
Users may be exploring newer platforms with better tools, lower fees, or AI-powered insights.
Consolidation in the industry might push weaker players out, and stronger ones to innovate further.
This trend sets the stage for an interesting FY26, where the focus may shift to client retention, innovation in trading tools, and deeper investor education.
Stay tuned for more insights on the evolving Indian fintech and investing landscape.
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