Groww, Zerodha, Angel One, Upstox lead client decline in August

Market experts attribute the sustained fall to a sharp contraction in futures and options activity

Discount broking firms continued to witness an erosion of active investors in August, with the country’s top four players — Groww, Zerodha, Angel One and Upstox — together losing nearly 7 lakh clients. In the first half of 2025 alone, these market leaders have cumulatively shed close to 20 lakh active investors.

The downward trend was not limited to them; other prominent firms, including Mirae Asset Capital, PhonePe Wealth, Sharekhan, Kotak Securities and Motilal Oswal Financial also reported declines during the month.

Market experts attribute the sustained fall to a sharp contraction in futures and options activity following stringent regulatory measures introduced by the Securities and Exchange Board of India last year. Tighter margin requirements, curtailed weekly expiries, steeper capital thresholds, and higher taxation have collectively made derivatives trading less attractive for retail investors.

Analysts further note a discernible shift in investor preference toward professionally managed avenues such as mutual funds, portfolio management services, and alternative investment funds.

Not all brokerages, however, were caught in the downswing. ICICI Securities added about 6,512 active clients in August, SBICAP Securities brought in nearly 7,400, while Paytm Money gained around 11,983.

Among smaller players, Aaritya Broking, Moneywise Finvest, Choice Equity Broking, Religare Broking, Jainam Broking, Yes Securities, IDBI Capital, and Bajaj Financial Securities also recorded incremental gains, underscoring selective resilience in an otherwise shrinking market.

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