Angel One overtakes Zerodha to become India's second largest broker by NSE active clients

National Stock Exchange active investor figures for October 2026 show Angel One moving into second place among Indian stockbrokers, ahead of Zerodha for the first time in three years among the top three discount platforms. Angel One closed the month with about 69.98 lakh active investors and roughly 14.97 percent share after adding about 2.43 lakh net clients. Zerodha slipped to third with about 67.59 lakh active investors and about 14.46 percent share after a net decline of roughly 32,000 to 33,000 clients.

Groww remained the clear leader with about 1.37 crore active investors and about 29.43 percent share, adding over 3 lakh clients in October. Across the exchange, the total active client base rose about 1.33 percent month on month to about 4.67 crore. NSE treats an investor as active if they traded at least once in the preceding 12 months, so the ranking tracks recent trading participation rather than total demat accounts alone.

Angel One also told exchanges that its total client base crossed 4 crore in October, reaching about 4.06 crore, up 17.4 percent year on year, with gross additions of about 6.6 lakh during the month. Coverage in The Economic Times, Entrackr, Hindu BusinessLine and NDTV Profit aligned on the October ranking change and on Angel One's sequential client growth. The reshuffle matters for retail market structure because the top three platforms still dominate active participation even as overall demat penetration keeps rising.