Angel One Overtakes Zerodha To Become India's Second-Largest Stockbroker

Angel One has overtaken Zerodha to become India's second-largest stockbroker by active investors on the National Stock Exchange (NSE), marking the first change among the top three discount brokers in three years.

As per a Moneycontrol report, NSE data for October showed Angel One's active investor base reached 69.98 lakh after adding 2.43 lakh investors during the month.

Zerodha recorded 67.6 lakh active investors, while Groww retained its leadership with 1.37 crore, nearly twice the investor base of either rival.

The NSE classifies investors as active if they have executed at least one trade on the exchange during the preceding 12 months.

The previous ranking change occurred in October 2023, when Groww displaced Zerodha from the top position.

At the end of September 2023, Groww had 66.3 lakh active investors against Zerodha's 64.8 lakh.

Groww has since expanded its lead, reaching approximately 1.34 crore active investors in September 2026, representing nearly 29% of the NSE's active investor base.

Its growth has been supported by mutual fund investors, while Zerodha and Angel One have traditionally focused more heavily on traders.

Competition for second place remained close in September, when Zerodha had 67.92 lakh active investors against Angel One's 67.56 lakh.

Angel One's recovery follows a decline of approximately 10 lakh active investors during 2025. Zerodha also lost around 11 lakh investors over the same period.

Weak market returns and reduced retail participation in futures and options (F&O) trading affected several discount brokers.

The Securities and Exchange Board of India (SEBI) introduced measures including fewer weekly derivatives expiries, higher margin requirements and increased securities transaction tax (STT) on derivatives transactions.

These changes particularly affected brokers dependent on frequent retail trading.

However, active investor additions have gradually recovered during 2026.

Brokerages are also expanding beyond conventional equity trading into corporate bonds and international investment opportunities, including access to US markets through GIFT City.

The latest rankings highlight intensifying competition as brokers diversify their services and seek sustainable customer growth.

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Published on: Friday, November 06, 2026, 02:51 PM IST