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Stock broking platform Groww maintained its lead in India's stock broking market in September 2026, adding over 1 lakh active clients during the month. Meanwhile, discount broking platform Sahi continued to record the fastest growth among the top 20 stock brokers, with an 11% month-on-month increase in its active client base. According to data from the National Stock Exchange (NSE), the total active client base increased marginally by 0.35% to 4.61 crore in September from 4.60 crore in August, an addition of nearly 1.6 lakh clients. Groww retained its dominant position with 1.34 crore active clients in September, an addition of 1,00,961 clients compared to August. Its market share stood at 29.16%, the highest among stock brokers in India. Zerodha remained the second-largest stock broker with 67.91 lakh active clients, despite a marginal decline of 5,313 clients during the month. Its market share stood at 14.73%. Angel One followed closely in third position with 67.55 lakh active clients, an addition of 36,956 clients in September. The company's market share stood at 14.65%, marginally behind Zerodha. ICICI Securities retained fourth position with 21.60 lakh active clients, an increase of 4,410 clients, while Upstox remained fifth with 18.54 lakh clients after losing 10,343 clients during the month. Among other major brokers, Kotak Securities had 13.92 lakh active clients, followed by HDFC Securities with 13.54 lakh. Dhan recorded the third-highest net addition among the top 10 NSE brokers during September, adding 13,624 active clients to reach 11.2 lakh active clients. Meanwhile SBI Securities saw its client base decline by 22,525 to 10.21 lakh in September. Paytm Money recorded one of the steepest declines among the top 20 brokers, losing 27,950 active clients, a 3.53% month-on-month drop, to reach 7.63 lakh. In contrast, INDmoney added 5,070 clients to reach 7.19 lakh in September. Sahi emerged as the fastest-growing broker among the top 20 for another consecutive month, with an 11.1% increase in its active client base. The platform added 28,077 clients to reach 2.81 lakh, while its market share stood at 0.61%. Choice also recorded strong growth of 2.88%, with an addition of 6,781 active clients. Meanwhile, PhonePe's Share.Market added 1,457 demat accounts in September. The September data highlights the continued dominance of large discount brokers, with Groww accounting for over 63% of the industry's net client additions. The top five brokers collectively controlled more than 67% of the active client base, while smaller platforms such as Sahi continued to post faster percentage growth despite their relatively limited market share.
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