NSE data reveals India’s stock broking platforms experienced a user base contraction in February 2025, with total registered users falling to 48.97 million from January’s 49.64 million.
Market leader Groww maintained its top position despite a 1.68% decline to 13.01 million active users. Zerodha, with a 16.25% market share, saw active clients drop by 1.55% to 7.96 million, while third-ranked Angel One registered a 1.53% decline to 7.65 million users. Upstox reported 2.79 million users, down 2.42%.
Several smaller platforms bucked this downward trend. PhonePe expanded its user base by 2.58% to 0.35 million, while Dhan and INDmoney grew by 0.70% and 1.12% respectively. Among traditional players, HDFC Securities achieved 1.97% month-on-month growth.
ICICIdirect’s active users declined by 0.57% to 1.94 million, while Kotak Securities reported 1.49 million users. Motilal Oswal and SBI Securities registered 1.02 million and 0.98 million active users respectively, holding market shares of 2.08% and 2.01%.
