Angel One edges past Zerodha in NSE active investors, claims second spot; Groww leads

Angel One has edged past Zerodha to claim the second spot among India's largest stockbrokers by active investors on the NSE, while Groww continued to dominate the rankings, according to the exchange's October 2026 data.

The development marks the first reshuffle in the rankings among the country's three largest discount brokers in three years, with Angel One moving ahead of Zerodha after a relatively narrow contest for the second spot over the past few months.

Angel One had 69.98 lakh active investors at the end of October, adding 2.43 lakh during the month. Zerodha, which previously held the second position, had 67.6 lakh active investors. Groww remained India's largest stockbroker by active investors, with 1.37 crore investors, nearly twice the number of either Angel One or Zerodha.


The NSE classifies an investor as active if they have traded at least once on the exchange during the preceding 12 months. The latest rankings reflect an improvement in Angel One's investor additions, even as brokerages have been navigating a slowdown in retail trading activity, particularly in the futures and options (F&O) segment.

Angel One sees improvement in operating metrics

Angel One's October business update also pointed to an improvement in client acquisition and trading activity.

In an exchange filing dated November 4, the brokerage reported a total client base of 4.06 crore at the end of October, marking a 17.4% increase from 3.46 crore a year earlier. Its client base grew 1.6% sequentially from 3.998 crore in September.

Gross client acquisitions stood at 6.6 lakh in October, up 44.7% from 4.5 lakh in the preceding month. This was the company's highest monthly client addition in nine months.

Trading activity also gained momentum during the month. The average number of daily orders increased 19.6% month-on-month to 69.7 lakh, while total orders rose 13.9% to 139.31 million.

The company said both total orders and average daily orders touched a seven-month high in October, reflecting an improvement in client engagement.

Angel One's average daily turnover (ADTO), based on notional turnover, rose 25.3% sequentially to Rs 56,244 billion. F&O ADTO on the same basis increased 25.9% to Rs 53,149 billion.

The brokerage also strengthened its position in the derivatives segment. Its retail F&O market share, calculated on option premium turnover, increased to 23.2% in October from 22.5% in September and 21.6% a year earlier.

Overall equity retail market share, calculated on the basis of cash turnover, notional turnover in equity futures and premium turnover in equity options, improved to 20.5% from 19.6% in September.

However, the improvement was not uniform across business segments. Cash turnover market share declined to 15.9% in October from 16.2% in September, while commodity turnover market share fell to 38.4% from 41.7%.

Despite the moderation in market share, commodity ADTO touched an all-time high of Rs 3,027 billion in October, increasing 16.4% month-on-month.

Angel One has also been expanding its wealth management business. Its assets under management (AUM) increased 19.1% sequentially and 160.5% year-on-year to Rs 16,000 crore during the September quarter.

Angel One shares trade lower

Shares of Angel One were trading 0.4% lower at Rs 324.75 apiece on the NSE on Friday, compared with their previous close of Rs 326.15.

Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here