Groww retains lead in stock broking amid falling user base in September

The Indian stock market’s active user base, after rebounding in August 2025 with 0.5% growth to 46.19 million clients, fell once again in September 2025 by 1.92% to 45.31 million clients.

IPO-bound Groww maintained its leadership in the stockbroking space with 11.91 million active users and a 25.78% market share, though its user base slipped 1.36% month-on-month from 12.07 million in August.

Zerodha retained the second spot with a 15.34% market share and 7.09 million active clients, followed closely by Angel One with 6.89 million clients and a 14.91%…