Whalesbook
The total number of active demat accounts across India's leading brokers experienced a minor decline in October 2025, marking a period of consolidation after significant expansion during the post-pandemic retail investor surge. National Stock Exchange (NSE) data reveals that the top 25 brokers collectively lost approximately 57,000 active accounts, reducing the total from 4.53 crore in September to 4.52 crore in October.
Digital-first platforms continued to lead in user additions. Groww recorded the largest growth, adding 1.38 lakh accounts to reach 1.20 crore active users. In contrast, prominent discount brokers Zerodha and Angel One saw user bases shrink, losing 62,000 and 34,000 accounts respectively, with Upstox also reporting a loss of nearly 59,000 accounts.
Traditional brokers presented a mixed performance. SBI Caps and ICICI Securities gained around 25,000 and 13,000 accounts, respectively. However, HDFC Securities, Kotak Securities, Motilal Oswal, and Sharekhan experienced declines ranging from 10,000 to 25,000 accounts. Other notable gainers included Paytm (+29,935) and Sahi (+10,634).
The combined active demat accounts of Groww, Zerodha, and Angel One represent over 57% of the total NSE active demat accounts, with Groww alone holding about 26.6%. Analysts suggest that the slowing rate of decline in overall accounts from July to October indicates a market stabilization following the intense growth experienced in previous years.
Impact
This news indicates a maturing retail investor market, shifting preferences among brokerage platforms, and a potential slowdown in new investor onboarding. It reflects broader economic sentiment and investor confidence. Rating: 7/10
Difficult Terms:
Demat account: A demat account is an electronic account used to hold shares and other securities, similar to how a bank account holds money. It is essential for trading in the Indian stock market.
Active demat accounts: These are demat accounts that have been used for trading or holding securities within a specified recent period, indicating active participation.
Consolidation: In a market context, consolidation refers to a period where growth slows down, and the market or sector stabilizes after a phase of rapid expansion or decline.
Digital-first platforms: Companies that primarily offer their services through online channels and mobile applications, often with a focus on technology and user experience.
Discount brokers: Brokerage firms that offer trading services at a lower cost, typically by providing fewer advisory services and focusing on execution through online platforms.
Traditional brokers: Full-service brokerage firms that offer a wider range of services, including research, advisory, and investment guidance, usually at a higher cost.
National Stock Exchange (NSE): One of the leading stock exchanges in India, providing a platform for trading various financial instruments.