The Indian stock broking market has hit new highs. As of April 30, 2026, the active clients for all SEBI registered brokers have crossed 4,57,65,013, signifying a continuation of the rise in retail participation within Indian financial markets. It is driven by improved financial literacy coupled with the convenience of online investing, which has enabled investment to be made from any corner of the country via a smartphone.

Two categories of brokers exist in India discount brokers and full service brokers, whose competition is growing fiercer by the day, led by technology-powered flat-fee brokers.

Key takeaways:

The exchange has a total of 4.57 crore active clients as of April 30, 2026, across all the brokers.
An active client refers to a client who has carried out at least one transaction between May 1, 2025, and April 30, 2026
4 of the top 5 brokers, ranked in terms of active clients, are discount brokers.
Groww has continued to top the list as the largest broker with more than 1.30 crore active clients.
As of April 2026, Raise Securities Private Limited (Dhan) surpassed the 1 million milestone with 10,51,951 active clients.

The list of the top 50 largest stock brokers in India as of April 2026 by active clients is given below.

Rank	Stock Broker’s Name	No. of active clients	Addition/ Churn	Rank Change
1	Groww Invest Tech Private Limited	1,30,32,121	+92,994	-
2	Zerodha Broking Limited	68,83,999	-9,754	-
3	Angel One Limited	67,43,840	-19,066	-
4	ICICI Securities Limited	20,97,085	+9,675	-
5	Upstox Securities Private Limited	19,61,826	-26,102	-
6	Kotak Securities Ltd.	13,85,446	+2,629
7	HDFC Securities Ltd.	13,79,984	-11,584
8	SBIcap Securities Limited	11,60,277	-3,653	-
9	Raise Securities Private Limited	10,51,951	+14,919	-
10	Motilal Oswal Financial Services Limited	9,01,868	+78	-
11	Paytm Money Ltd.	8,61,706	-14987	-
12	Indstocks Private Limited	6,93,526	+216	-
13	Sharekhan Ltd.	5,30,958	-991	-
14	Axis Securities Limited	4,28,671	-1,430	-
15	IIFL Capital Services Ltd.	3,41,109	-1,692	-
16	5Paisa Capital Limited	3,31,486	-3,484	-
17	Choice Equity Broking Private Limited	2,50,748	-3,770	-
18	Mirae Asset Capital Markets ( India ) Private Limited	2,32,231	-13,542	-
19	Geojit Investments Limited	2,16,303	-797
20	Phonepe Wealth Broking Private Limited	2,13,303	-8,844
21	Fyers Securities Private Limited	2,00,810	-349	-
22	SMC Global Securities Ltd.	1,60,107	-129	-
23	Aaritya Broking Private Ltd	1,50,011	+21,859
24	Anand Rathi Share And Stock Brokers Limited	1,48,522	+1,572
25	Nuvama Wealth And Investment Limited.	1,41,361	-319
26	Jainam Broking Limited	1,37,916	+2,055	-
27	Religare Broking Limited	1,36,847	-586
28	Nirmal Bang Securities Pvt. Ltd.	1,35,763	-21
29	Jm Financial Services Limited	1,14,615	-14
30	Finvasia Securities Private Limited	98,418	-1,406
31	Alice Blue Fin Svcs P Ltd	93,621	+340
32	Yes Securities (India) Limited	92,923	+1,522
33	Tradebulls Securities (p) Ltd.	78,034	+112
34	Stockholding Services Limited	75,976	-231
35	NJ India Invest Private Limited	74,762	-9
36	Aditya Birla Money Limited	68,417	+228
37	Nu Investors Technologies Private Limited	67,432	+11,900
38	Moneywise Finvest Limited	66,717	+5,019
39	Bajaj Financial Securities Ltd.	60,870	+925
40	Master Capital Services Limited	59,213	+19
41	Jhaveri Securities Limited	58,508	+24
42	IDBI Capital Markets & Securities Ltd.	58,332	-595	-
43	Globe Capital Market Limited	54,618	-294
44	Bonanza Portfolio Ltd.	53,907	+62
45	Arihant Capital Markets Limited	53,173	+621
46	Swastika Investmart Limited	52,199	-724
47	Indiabulls Securities Limited (formerly Known As Dhani Stocks Limited)	50,875	+5,379
48	Integrated Enterprises (India) Private Limited	50,631	+13
49	Samco Securities Limited	50,359	-873	-
50	Reliance Securities Limited	49,090	-348

To summarise

The broker market share India in April 2026 has become highly competitive, with the top 10 brokers having the majority of all active retail participation. The data mentioned above clearly shows an ongoing structural trend in Indian financial markets that technology-first discount brokers with flat-fee pricing are growing faster, while full-service brokers retain steady relevance among investors who are looking for in-depth research, advisory services, and banking integration.

All the above-mentioned brokers are SEBI-registered brokers, and investors can check the registration status of any broker on the SEBI Intermediaries Portal before opening an account. This monthly NSE data reflects the actual trading activity and not just registered accounts, which is the most objective measure for market participants for comparing broker scale in India.

Team Dhan

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Ridhima Gandhi

Shraddha Joshi

Shriram Shekhar