Angel One has overtaken Zerodha to become India's second-largest stockbroker by active investors on the National Stock Exchange (NSE), marking a change in the pecking order among the country's three largest discount brokers for the first time in three years.
According to NSE data for October, Angel One had 69.98 lakh active investors at the end of October, adding 2.43 lakh investors during the month. Zerodha had 67.6 lakh active investors at the end of October.Groww continued to retain its position as the country's largest broker, with 1.37 crore active investors, around double that of the next two players.NSE considers an investor active if they have traded at least once on the exchange during the preceding 12 months.
The last time there was a change in the rankings among the top three brokers was in October 2023, when Groww overtook Zerodha to become the country's largest brokerage by active investors. At the end of September 2023, Groww had 66.3 lakh active investors, compared with 64.8 lakh for Zerodha.
Since then, Groww has considerably widened its lead over competitors. The Bengaluru-based wealth-tech platform had close to 1.34 crore active investors at the end of September 2026, accounting for around 29 percent of the NSE's active investor base.Groww’s investor base has been powered by its leading position among mutual fund investors, whereas Zerodha and Angel One focused more on traders. However, Groww has been closing this gap with its rivals.
Zerodha and Angel One, meanwhile, have been competing closely for the second position. At the end of September, Zerodha had 67.92 lakh active investors, while Angel One had 67.56 lakh, leaving a gap of just around 36,000 investors.