India’s leading stock broking platforms witnessed a decline in their user base in February. According to the data by the National Stock Exchange (NSE), the number of registered users declined to 48.97 million in February 2025 from 49.64 million in January.
However, Groww retained the top brokerage firm spot despite the decline in active user base by 1.68 percent in February. The company’s active users fell to 13.01 million in February from 13.23 million in January.
Zerodha, which holds a 16.25 market share, saw a decline of 1.55 percent in active client base to 7.96 million in February 2025.
India’s third-largest broker, Angel One, saw a 1.53 percent decline in its user base, registering 7.65 million active clients.
Upstox reported a user base of 2.79 million, down from 2.42 percent.
Among the emerging brokers, PhonePe bucked the trend, by expanding its user base by 2.58 percent to 0.35 million in the same period. Besides, Dhan and INDmoney also increased their user bases by 0.70 percent and 1.12 percent month-on-month (MoM), respectively.
Among traditional players, HDFC Securities also recorded 1.97 percent MoM growth.
However, ICICIdirect’s active user base declined by 0.57 percent to 1.94 million, and Kotak Securities ended up with 1.49 million users.
Motilal Oswal and SBI Securities recorded 1.02 million and 0.98 million active users in February–holding market shares of 2.08 percent and 2.01 percent, respectively.