Angel One Overtakes Zerodha as India’s Second-Largest Broker by Active Clients

Brokerage Rankings Shift as Angel One Adds Active Clients

Angel One’s rise past Zerodha highlights a changing contest for retail trading clients, while the latest figures also point to a wider surge in demat account additions.

A narrow lead change, driven by contrasting additions

Angel One’s October active-client count put it ahead of Zerodha by 230,000, marking a change in the ranking among India’s large discount brokers. Angel One added 243,000 active clients during the month, while Zerodha lost nearly 33,000, according to NSE data. The difference in direction—not just the headline ranking—is central to the shift.

Groww continued to lead by a wide margin, with 13.75 million active clients. ICICI Securities ranked fourth at 2.16 million, followed by Upstox Securities at 1.84 million. Kotak Securities and HDFC Securities reported 1.4 million and 1.36 million, respectively. The figures show a substantial gap between the top three and the next group, even as the second-place position changed hands.

IPO activity may have supported Angel One’s additions

Experts cited Jio Platforms’ record initial public offering as a contributor to the increase in Angel One’s client additions. The source material does not quantify how much of the growth came from IPO-related activity, so the attribution should be treated as a possible factor rather than a complete explanation for the monthly gain.

For brokers, an active-client ranking is a useful measure of reach and customer engagement, but it does not by itself show the value of client assets or the revenue generated from them. The change therefore signals stronger relative client momentum for Angel One in October; it does not establish that the broker has overtaken Zerodha on every measure of business scale.

Zerodha’s account of its position is broader than client count

In an August blog post, Zerodha said its share of active customers on the NSE and of total demat accounts had declined, while its share of retail assets under management had grown. That distinction offers an important counterpoint to the October ranking: customer numbers and the assets held by customers can move differently.

Zerodha also restarted its referral programme earlier this year, allowing existing clients to earn a part of the brokerage from new referrals. The programme indicates an effort to encourage client-led additions, but the October figures alone do not show its effect. Whether the recent decline in active clients persists will be more informative than a single month’s ranking.

Demat growth adds a wider industry signal

India added 3.36 million demat accounts in October, the highest monthly addition since January, when 3.72 million were opened. The total reached around 243.95 million. This broader increase suggests that the pool of market accounts continued to expand, but demat additions should not be read as equivalent to active trading clients: the figures describe different measures.

For investors assessing brokerage businesses, the ranking is best viewed alongside other indicators, including client assets and the ability to retain active users. October’s data establishes a clear change in NSE active-client order, while leaving open whether Angel One can sustain its lead over Zerodha in subsequent readings.

Key Highlights

• Angel One recorded 6.99 million NSE active clients at October-end, ahead of Zerodha’s 6.76 million.
• Angel One added 243,000 active clients, while Zerodha’s count fell by nearly 33,000.
• Groww retained the top position with 13.75 million active clients.
• Experts cited Jio Platforms’ record IPO as a contributor to Angel One’s client additions.
• October saw 3.36 million demat account additions, taking the total to around 243.95 million.

Investor Note: The ranking change points to stronger client momentum at Angel One in October, but active-client counts alone do not establish a broader shift in business strength. Investors should distinguish customer growth from assets under management and watch whether the change is sustained.