NSE Monthly Active Clients List Across Brokers: Which are India's Largest stock brokers?

Markets Discussions
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The NSE releases active client data for all brokerages on a monthly basis. We’re starting this thread to track the numbers for the benefit of our entire community.

July 2025:

SN Name of the Trading Member Active Clients Change from last month Change in Ranking
1 Groww Invest Tech Private Limited 12351761 -228291 Same
2 Zerodha Broking Limited 7433773 -150990 Same
3 Angel One Limited 7196742 -123003 Same
4 Upstox Securities Private Limited 2474081 -97004 Same
5 Icici Securities Limited 1958688 10812 Same
6 Hdfc Securities Ltd. 1574443 -2382 Same
7 Kotak Securities Ltd. 1443751 -13021 Same
8 Sbicap Securities Limited 1047604 33803 Same
9 Moneylicious Securities Private Limited 996436 938 Up
10 Motilal Oswal Financial Services Limited 983934 -12720 Down
11 Indstocks Private Limited 807692 – New
12 Paytm1 Money Ltd. 746352 22103 Down
13 Sharekhan Ltd. 608713 -16883 Down
14 Mirae Asset Capital Markets ( India ) Private Limited 422973 -36758 Down
15 Iifl Capital Services Ltd. 405603 – New
16 5paisa Capital Limited 392994 -8030 Down
17 Axis Securities Limited 388891 -9236 Down
18 Phonepe1 Wealth Broking Private Limited 326177 -21247 Down
19 Choice Equity Broking Private Limited 249848 8317 Down
20 Geojit Investments Limited 231894 -5521 Down
21 Fyers Securities Private Limited 222329 -3482 Down
22 Smc Global Securities Ltd. 168758 -3051 Down
23 Nuvama Wealth And Investment Limited. 156000 -2906 Down
24 Anand Rathi Share And Stock Brokers Limited 145286 927 Down
25 Nirmal Bang Securities Pvt. Ltd. 144576 -1328 Down
26 Religare Broking Limited 140137 -891 Down
27 Finvasia Securities Private Limited 135768 -6353 Down
28 Marwadi Shares And Finance Limited 135560 477 Down
29 Jainam Broking Limited 126994 3282 Down
30 Jm Financial Services Limited 119123 -701 Down
31 Alice Blue Fin Svcs P Ltd 111092 -4969 Down
32 Ventura Securities Limited 110945 -2108 Down
33 Aditya Birla Money Limited 89550 -2563 Down
34 Tradebulls Securities (p) Ltd. 79844 -486 Down
35 Nj India Invest Private Limited 79793 – New
36 Yes Securities (india) Limited 75413 791 Down
37 Nu Investors Technologies Private Limited 70624 -5625 Down
38 Samco Securities Limited 65365 -4793 Down
39 Swastika Investmart Limited 64424 -2510 Down
40 Master Capital Services Limited 63323 -185 Down
41 Globe Capital Market Limited 61855 -1740 Down
42 Idbi Capital Markets & Securities Ltd. 57369 413 Down
43 Reliance Securities Limited 56803 -1981 Down
44 Bonanza Portfolio Ltd. 56264 -547 Down
45 Bajaj Financial Securities Ltd. 53434 1014 Down
46 Arihant Capital Markets Limited 53087 -485 Down
47 Monarch Networth Capital Limited 52707 -913 Down
48 Integrated Enterprises (india) Private Limited 48538 -729 Down
49 Prabhudas Lilladher Pvt. Ltd. 47217 -544 Down
50 Suresh Rathi Securities Private Limited 44087 427 Down
51 Shah Investors Home Limited 36522 – New
52 Fortune Capital Services Private Limited 35936 191 Down
53 Cholamandalam Securities Limited 35879 -383 Down
54 Indiabulls Securities Limited (formerly Known As Dhani Stocks Limited) 34679 -222 Down
55 Profitmart Securities Private Limited 31197 -1010 Down
56 Goodwill Wealth Management Pvt Ltd 29585 -716 Down
57 Prudent Corporate Advisory Services Limited 28094 913 Down
58 Eureka Stock & Share Broking Services Limited 27741 -307 Down
59 Shriram Insight Share Brokers Limited 27725 -393 Down
60 Lakshmishree Investment & Securities Pvt. Ltd. 27010 92 Down
61 Astha Credit & Securities (p) Ltd 26016 -1620 Down
62 Lkp Securities Ltd. 25963 -514 Down
63 Way2wealth Brokers Private Limited 23448 -376 Down
64 Kifs Trade Capital Private Limited 22435 -199 Down
65 Aaritya Broking Private Limited 21491 8859 Up
66 Arham Share Private Limited 20876 – New
67 Moneywise Finvest Limited 20793 5282 Up
68 Ashika Stock Broking Ltd. 20536 329 Down
69 Finwizard Technology Private Limited 20385 -607 Down
70 Aionion Capital Market Services Private Limited 19928 1560 Down
71 B N Rathi Securities Limited 17954 – New
72 Tradesmart Fintech Securities Limited 16962 -1314 Down
73 Steel City Securities Ltd. 16961 – New
74 Phillipcapital (india) Pvt. Ltd 16398 -123 Down
75 Bob Capital Markets Limited 15970 143 Down
76 South Asian Stocks Ltd. 15254 -539 Down
77 Alankit Imaginations Limited 15232 -403 Down
78 R Wadiwala Securities Pvt. Ltd. 15057 -182 Down
79 Acumen Capital Market (india) Ltd 14976 -351 Down
80 Univest Stock Broking Private Limited 13780 1994 Down
81 Rudra Shares & Stock Brokers Limited 13663 -173 Down
82 Sykes & Ray Equities (i) Ltd. 13106 -395 Down
83 Zebu Share And Wealth Managements Private Limited 13048 -138 Down
84 Bp Equities Private Limited 12792 -80 Down
85 Inventure Growth & Securities Limited 12197 – New
86 Navia Markets Ltd. 11851 314 Down
87 Bhansali Value Creations Private Limited 11802 243 Down
88 Tradejini Financial Services Pvt Ltd 11742 -139 Down
89 Pravin Ratilal Share And Stock Brokers Ltd 11419 -104 Down
90 Jk Securities Pvt. Ltd. 11076 -234 Down
91 Prudent Broking Services Private Limited 11055 -2450 Down
92 Sky Commodities India Pvt Ltd 10176 432 Down
93 Enrich Financial Market Private Limited 9784 83 Down
94 Standard Chartered Securities (india) Limited 9754 -185 Down
95 Gepl Capital Private Limited 9740 -191 Down
96 Adroit Financial Services Private Limited 9185 -242 Down
97 Shree Bahubali Stock Broking Ltd 8560 -85 Down
98 Mansukh Securities & Finance Limited 8454 -158 Down
99 A C Agarwal Share Brokers Pvt Ltd 8436 -16 Down
100 Sunidhi Securities & Finance Limited 8434 -32 Down
101 Progressive Share Brokers Private Limited 7572 -90 Down
102 R K Global Shares & Securities Limited 7175 -189 Down
103 Dbfs Securities Limited 6937 -258 Down
104 Sunlight Broking Llp 6922 22 Down
105 Espresso Financial Services Private Limited. 6740 -646 Down
106 Rksv Commodities India Private Limited 6560 469 Down
107 Market-hub Stock Broking Private Limited 6233 200 Down
108 Smifs Limited 5764 -118 Down
109 Sunflower Broking Pvt. Ltd. 5585 117 Down
110 Mandot Securities Private Limited 5430 -66 Down
111 Marfatia Stock Broking Private Limited 5422 – New
112 Raghunandan Capital Private Limited 5348 -147 Down
113 Ganganagar Commodity Limited 5347 14 Down
114 Patel Wealth Advisors Pvt Ltd 5213 -72 Down
115 Wealthyin Broking Private Limited 5045 -31 Down
116 Pace Stock Broking Services Private Limited 4666 -1 Down
117 Elite Wealth Limited 4634 -77 Down
118 Zuari Finserv Limited 4593 -107 Down
119 Nco Securities & Share Broking (p) Ltd 4453 – New
120 360 One Distribution Services Limited 4099 – New
121 Muthoot Securities Ltd. 4006 324 Down
122 Ashlar Securities Private Limited 3517 -69 Down
123 Ats Share Brokers Private Limited 3185 -129 Down
124 Centrum Broking Limited 3097 -393 Down
125 Julius Baer Wealth Advisors (india) Private Limited 2938 21 Down
126 South Gujarat Shares & Sharebrokers Ltd 2712 -57 Down
127 Arham Wealth Management Pvt Ltd 2677 – New
128 Kedia Capital Services Private Limited 2356 -14 Down
129 Torus Financial Markets Private Limited 2332 – New
130 Ghalla Bhansali Stock Brokers Private Limited 2234 – New
131 Dealmoney Commodities Pvt. Ltd. 2103 21 Down
132 Motisons Shares Private Limited 2078 -11 Down
133 Standard Securities & Investment Intermediates Limited 2035 – New
134 Indo Thai Securities Limited 1821 -18 Down
135 Cil Securities Ltd. 1649 -33 Down
136 Intellect Stock Broking Limited 1640 -26 Down
137 J L Shah Securities Private Limited 1615 -14 Down
138 Fair Intermediate Investment Pvt. Ltd. 1551 -23 Down
139 Tipsons Stock Brokers Private Limited 1408 – New
140 Abhipra Capital Ltd. 1395 -70 New
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Why did you eat my job @RahulDeshpande ? :grin:

Btw, good to see Dhan at #9 and Groww at #1. ICICI Direct needs to work harder.

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hahaha just to streamline it - next month onwards you can pick up as well.

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OOhh Myy Goddd! :hushed:

I would never have imagined… 100+ brokers in India?!? :man_facepalming::pray:
That’s a huge!

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There are 1000+ active broking licenses @khulsat, these are only few meaningful ones. Many institutional brokers, and regional, and small brokers are in India.

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Moneylicious Securites is now Raise Securities Private limited. Name already updated in July CAS sent by CDSL.

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Any granularity on API users?

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Congratulations to entire team @Dhan @PravinJ @RahulDeshpande #RaiseTheBar

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What is the OG source of this? @RahulDeshpande

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“Raise” the Bar

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Shoonya uses the word “Rise” (Rise with shoonya)

Btw Indstocks at number 11 mentions 10 million+ investors on their website but Active clients are not even 1 million.

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image1313×684 71.2 KB

Clearly an open lie.

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Just stating my personal view on these rankings and why they do not matter to us at Dhan…

What folks don’t understand about Stock Broking and Capital Markets…

Like we saw for UPI Payments, seeing many news and media posts covering the market share of stock trading platforms based on active users that exchange publish. That’s just one of the many ways of looking at this industry, not the only way.

  1. Exchanges publish data of Active Users, where the definition is at least one trade in the last 12 months.
  2. These are not unique users, if a user has transacted on 2 platforms - same gets counted twice. If a user has an active portfolio and yet hasn’t made a trade in the last 12 months - it’s not counted.
  3. Many investors have more than 2 accounts, they segregate long-term and short-term investments separately. Many traders maintain 2-3 accounts, one of them is primary. And many individuals have a HUF account for tax saving, that’s their second account, and so on.
  4. Marketshare can have many slices - by demat, by investors, by traders, by trading volumes, by AUM, by revenue pool and so on.

We run Dhan, that is just a small ~2% market share by active users. It’s small, yet meaningful (for us) because Dhan aims are building for only power traders and long-term investors.

Our TAM (or target audience) is just 3.5Mn to 4 Mn traders who have been trading in markets for a while or long term investors, in both cases who move to Dhan for its experience, execution speed and overall customer experience. Out of 100 users who come to Dhan, more than 85% have moved from other platforms to us.

Have said it couple of times that Dhan being in this list is just a coincidence. With large players getting into broking like Jio, Phone Pe, CRED and likes… including some of existing large players who target first time investors & traders, or people who do online transactions via UPI… it’s a matter of time that we will be off this top 10 list.

Dhan will focus only on power traders / super traders and long-term investors. No plans to make us a mass market product.

Wrote this last year - here on Twitter / X: https://x.com/BeingPractical/status/1835309632581230790

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I like such open posts about company views. Not running after quantity but quality.

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They just say Trusted by & not Used by
:crazy_face:

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Thanks! Typed by Phone so made mistake :slight_smile:

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groww doesnot have good features and their customer support also not that fast. they have the least features compared to other brokers and their ui in web terminal is worst, i donot know how they are number 1.

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That’s not a right opinion. Groww has been catching up quickly, and honestly, I never even saw them as a serious option before. But they’ve been improving across the board and are now a genuine contender. Which aspects are you referring to? @oodybaba

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everything in web terminal,cant even save charts there. they are very behind compared to dhan and fyers.

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Try 915.trade once

Yes, they are behind Dhan for now, my sense is that the gap won’t last long. Groww is working on their own charts which has added advantages of deeper OMS integration plus deeper study types.

Groww guys are pretty ambitious.

Their 915.trade product is too good though.

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i just watched 915.trade ,i didnot till now about it. it has scalper terminal same as fyers. it is very smooth compared to fyers scalper terminal.