Loss of clients
The active client base of Groww, the country’s largest broker, fell 1.4% to 12.7 million over the 11 months ended February, a sharp contrast to the 35% growth in FY25, according to the NSE data. Zerodha reported a steeper 13% drop to 6.87 million, while Angel One’s active client base declined 10.9% to 6.75 million. Among traditional brokers, Kotak Securities and HDFC Securities both reported a 7.2% decline in active clients.
