Biggest broking firms continue to lose clients in July; Groww, Zerodha, Angel One, Upstox lose cumulative 6 lakh accounts

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Discount brokering firms continued to lose active investors in July, with India’s top four players — Groww, Zerodha, Angel One, and Upstox — together losing nearly 6 lakh clients. Cumulatively, these market leaders have lost close to 20 lakh active investors in the first half of 2025. Other prominent brokering firms, including Mirae Asset Capital, PhonePe Wealth, Sharekhan, Kotak Securities, and Motilal Oswal Financial, also reported declines in July.

Other prominent brokerages, including Mirae Asset Capital, PhonePe Wealth, Sharekhan, Kotak Securities, and Motilal Oswal Financial, also reported declines in their active client base during the month.

Market experts attribute the sustained drop to a sharp fall in futures and options (F&O) participation following stricter regulatory measures introduced by the Securities and Exchange Board of India (SEBI) last year. These include tighter margin requirements, reduced weekly expiries, higher capital thresholds, and increased taxation — all of which have made derivatives trading less appealing for retail investors.

Some analysts also point to a growing shift toward professionally managed investment products such as mutual funds, portfolio management services (PMS), and alternative investment funds (AIFs).

Interestingly, a few brokerages bucked the trend. SBI Securities added nearly 33,800 active clients in July, while Paytm Money gained around 22,100 and ICICI Securities added approximately 10,800. Other gainers included Aaritya Broking, Choice Equity Broking, Moneywise Finvest, and Jainam Broking.