Angel One Overtakes Zerodha as India's Second-Largest Stockbroker

Angel One became India's second-largest stockbroker by active investors on the National Stock Exchange in October 2026. The firm reported 69.98 lakh active investors, surpassing Zerodha, which fell to third place with 67.6 lakh investors.

Groww remains the market leader with 1.37 crore active investors, accounting for nearly 29% of the exchange's active investor base. This shift represents the first change in the top three discount broker rankings since October 2023, when Groww first displaced Zerodha from the top position.

The industry previously experienced a decline in 2025 following weak market returns and new Securities and Exchange Board of India regulations. These measures included increased securities transaction taxes on derivatives and higher margin requirements. To sustain growth, brokerages are now diversifying their offerings into international markets via GIFT City and corporate bonds.