Active clients over time — NSE
Exchange-wide total of active client codes across all stockbrokers
Blue bars: monthly archived data (mid-2020 onward). Muted bars: sparse anchors — fiscal-year ends and community snapshots, 2014–2020.
What changed
Broker leaderboard
Active clients by trading member
| # | Broker | Active clients | 1M change | Rank Δ | Share |
|---|---|---|---|---|---|
| loading… | |||||
Across exchanges & depositories
The same SEBI disclosure family from every market-infrastructure institution. Each venue defines its count differently — figures are not comparable or summable across venues.
Market structure
SEBI-registered brokers per exchange — registrations, not active clients
Investor base
India's registered investors — the pool our active-client data is drawn from
Bank-owned vs independent
Share of NSE active clients held by bank-affiliated brokers (ICICI, HDFC, Kotak, Axis, SBI + bank members) vs independents (Zerodha, Groww, Angel, Upstox …), over time
Ownership is a current classification applied back over history (it rarely changes). The independents' rise is the structural story: bank-owned share fell from ~20% to ~14% of active clients.
Active traders in India — Jun 2026
NSE reports 4,54,56,130 active clients across all stockbrokers as of Jun 2026. The largest brokers by active clients:
- Groww — 1,30,53,752 active clients
- Zerodha — 68,01,078 active clients
- Angel One — 66,33,833 active clients
- ICICI Securities — 21,21,076 active clients
- Upstox — 18,87,312 active clients
- Kotak Securities — 13,79,677 active clients
- HDFC Securities — 13,44,282 active clients
- SBI Securities — 11,17,736 active clients
- Dhan — 10,73,293 active clients
- Motilal Oswal — 8,98,736 active clients
What changed — Jun 2026
The market shed 1,37,064 active clients month-on-month. Biggest gainers: Aaritya (+27,742), Nu Investors (+18,864), ICICI Securities (+15,781). Biggest decliners: Angel One (−50,390), Zerodha (−45,971), Upstox (−36,417).