The total number of active demat accounts across India’s top brokers fell slightly in October 2025, reflecting a continued phase of consolidation following rapid growth during the post-pandemic retail boom.

NSE data shows the top 25 brokers collectively lost around 57,000 accounts last month, with total active accounts declining from 4.53 crore in September to 4.52 crore in October.

Digital-first platforms continued to dominate the retail broking space. Groww recorded the largest increase, adding 1.38 lakh active accounts, taking its total to 1.20 crore. In contrast, discount brokers Zerodha and Angel One saw declines of 62,000 and 34,000 accounts respectively, while Upstox lost nearly 59,000 accounts.

While Groww is leading, the gap between Angel One and Zerodha is getting slimmer.

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