Z still holds large share of FnO traders although they are not the No 1 in active client list. That is the reason y they clock insane revenue numbers year after year. Dhan needs to fix the bugs to give a better experience to active traders and rise higher.
3 Likes
Right. Along with the tech, UI-UX too matters!
Groww came up with 915.trade, they will get all FNO traders. No other brokers can compete with that.
It is highly likely; provided they don’t stop innovating. They disrupted mutual fund market and those MF users got easily converted into active traders. Hence their large share.
Nonetheless, we cannot deny the possibility of a new entity emerging with a complete package. In general, people are now a days open to explore other reliable options which suit their needs.
0dha too came with a bang in the past and then lost their juice. It isn’t right for any business to be overconfident and stay in a dreamy world.
Customer is king and hence they need more.. always!
Z had 8300 cr FY24 revenue with PAT of 4700 cr. Clearly their clients are more valuable.
I have seen such comments on social media, the screenshots are pretty - but has anyone here actually used 915.trade?
Yes I use it regularly. It’s best and the most loved feature of mine is PNL chart. Dhan and 0dha will only dream of that feature.
They are just too rich nothing else.
NSE Active Clients data for October 2025:
| Total Active Clients | NAME OF THE Trading Member | UCC OF ACTIVE CLIENTS | Change from last month | Change in Ranking |
|---|---|---|---|---|
| Rank | Total | 45095349 | ||
| 1 | Groww Invest Tech Private Limited | 12045507 | 137635 | Same |
| 2 | Zerodha Broking Limited | 7023852 | -62226 | Same |
| 3 | Angel One Limited | 6850749 | -34638 | Same |
| 4 | Upstox Securities Private Limited | 2217900 | -58801 | Same |
| 5 | Icici Securities Limited | 1987901 | 13032 | Same |
| 6 | Hdfc Securities Ltd. | 1501354 | -14116 | Same |
| 7 | Kotak Securities Ltd. | 1392670 | -14335 | Same |
| 8 | Sbicap Securities Limited | 1083151 | 25236 | Same |
| 9 | Moneylicious Securities Private Limited | 979483 | 1740 | Same |
| 10 | Motilal Oswal Financial Services Limited | 929196 | -8392 | Same |
| 11 | Paytm Money Ltd. | 805566 | 29935 | Same |
| 12 | Indstocks Private Limited | 730241 | -10507 | Same |
| 13 | Sharekhan Ltd. | 556262 | -10318 | Same |
| 14 | Axis Securities Limited | 389457 | 6751 | Same |
| 15 | Iifl Capital Services Ltd. | 373045 | -5484 | Same |
| 16 | 5paisa Capital Limited | 366347 | -8204 | Same |
| 17 | Mirae Asset Capital Markets ( India ) Private Limited | 301493 | -29119 | Same |
| 18 | PhonepeM Wealth Broking Private Limited | 276707 | -12455 | Same |
| 19 | Choice Equity Broking Private Limited | 263543 | 589 | Same |
| 20 | Geojit Investments Limited | 224171 | 1405 | Same |
| 21 | Fyers Securities Private Limited | 211118 | -3550 | Same |
| 22 | Smc Global Securities Ltd. | 159732 | -980 | Same |
| 23 | Nuvama Wealth And Investment Limited. | 146758 | -1527 | Same |
| 24 | Anand Rathi Share And Stock Brokers Limited | 141865 | 543 | Same |
| 25 | Religare Broking Limited | 140365 | -741 | Same |
| 26 | Nirmal Bang Securities Pvt. Ltd. | 138551 | -389 | Same |
| 27 | Marwadi Shares And Finance Limited | 130677 | 884 | Same |
| 28 | Jainam Broking Limited | 130443 | 2085 | Same |
| 29 | Finvasia Securities Private Limited | 118198 | -6093 | Same |
| 30 | Jm Financial Services Limited | 114720 | -154 | Same |
| 31 | Ventura Securities Limited | 104198 | -1063 | Same |
| 32 | Alice Blue Fin Svcs P Ltd | 97910 | -3508 | Same |
| 33 | Yes Securities (india) Limited | 80309 | 56 | Up |
| 34 | Aditya Birla Money Limited | 77139 | -1450 | Down |
| 35 | Tradebulls Securities (p) Ltd. | 76967 | 213 | Same |
| 36 | Nj India Invest Private Limited | 75189 | 220 | Same |
| 37 | Stockholding Services Limited | 73061 | 308 | Same |
| 38 | Nu Investors Technologies Private Limited | 62784 | -2563 | Same |
| 39 | Master Capital Services Limited | 60660 | -334 | Same |
| 40 | Idbi Capital Markets & Securities Ltd. | 57924 | -1191 | Up |
| 41 | Globe Capital Market Limited | 57480 | -935 | Same |
| 42 | Swastika Investmart Limited | 57413 | -735 | Down |
| 43 | Bajaj Financial Securities Ltd. | 56746 | 419 | Up |
| 44 | Samco Securities Limited | 54054 | -804 | Down |
| 45 | Bonanza Portfolio Ltd. | 53484 | -182 | Same |
| 46 | Aaritya Broking Private Limited | 51918 | -533 | Up |
| 47 | Reliance Securities Limited | 51726 | 468 | Down |
| 48 | Arihant Capital Markets Limited | 51178 | 2111 | Down |
| 49 | Monarch Networth Capital Limited | 48533 | 1161 | Down |
| 50 | Integrated Enterprises (india) Private Limited | 47688 | 1896 | Down |
| 51 | Prabhudas Lilladher Pvt. Ltd. | 45521 | 3028 | Down |
| 52 | Suresh Rathi Securities Private Limited | 43060 | 1776 | Down |
| 53 | Moneywise Finvest Limited | 36684 | 272 | Up |
| 54 | Flattrade Broking Private Limited | 36613 | 656 | New |
| 55 | Shah Investors Home Limited | 36254 | 1825 | Down |
| 56 | Indiabulls Securities Limited (formerly Known As Dhani Stocks Limited) | 33625 | -180 | Same |
| 57 | Cholamandalam Securities Limited | 33264 | 921 | Down |
| 58 | Acml Capital Markets Limited | 32668 | 1288 | Down |
| 59 | Prudent Corporate Advisory Services Limited | 28642 | -473 | Up |
| 60 | Profitmart Securities Private Limited | 28341 | 53 | Down |
| 61 | Eureka Stock & Share Broking Services Limited | 27378 | -715 | Up |
| 62 | Goodwill Wealth Management Pvt Ltd | 27145 | -16 | Down |
| 63 | Shriram Insight Share Brokers Limited | 26726 | -98 | Same |
| 64 | Lakshmishree Investment & Securities Pvt. Ltd. | 26634 | 260 | Same |
| 65 | Lkp Securities Ltd. | 24816 | -248 | Same |
| 66 | Aionion Capital Market Services Private Limited | 23375 | 631 | Up |
| 67 | Way2wealth Brokers Private Limited | 22785 | 536 | Down |
| 68 | Arham Share Private Limited | 21765 | 91 | Up |
| 69 | Kifs Trade Capital Private Limited | 21081 | -66 | Same |
| 70 | Univest Stock Broking Private Limited | 20407 | -634 | Down |
| 71 | Ashika Stock Broking Ltd. | 19863 | -89 | Down |
| 72 | Astha Credit & Securities (p) Ltd | 19527 | 353 | Down |
@RahulDeshpande After Groww, its Paytm Money, Sbi and ICICI who have gained the most. From next month, you should put numbers based on “Change from last month”. Why has Dhan gained so less compared to the ones who have gained the most?
The third column has changed only from last month. Several factors influence this metric, and for us as a business, it’s more of a vanity metric. But obviosuly the efforts that we have put in the last 4 years and through customer love we have reached in top 10 brokers.
Our focus is on building business 
Well, gain of users cannot be a vanity metric for a business because all the apps in the broking business grow if the customers come in and engage with the app. It also depends on the ticket size of the spending but a growing user base is a core metric. I never questioned the efforts of the team due to which Dhan is in the top 10 brokers and neither was my question hinting at whether the focus was building the business or not. My question was simple as to why the number of users didn’t grow as much as the Paytm Money, SBI and ICICI.
Active client list is only one ranking system. Any one who has made at least one trade gets into the list. But only those who trade actively in a platform generate revenue for the broker. One can be at a lower level in the active client list and still clock more revenue than a higher ranked peer on the list.
1 Like
@t7support This is understood and hence I mentioned the spending and the ticket size of spending too in my comment. I believe it’s true for most businesses and not really related to the broking business. Being a Dhan user and having seen the pros and cons of the features in Dhan, I was curious to know why the user base didn’t grow as much as the others mentioned in my comment.
Anyway its fine. I feel its a simple question blown out of proportions 
. I wish Dhan grows more and gets more users next month.
1 Like
Hi @nitishbangera @t7support : with strategy that we have picked up, Dhan may never be in top 10 brokers and we are fine with it.
Our focus is just on the investors and traders who have been in market for a long time, which is approx 15 Mn investors and 3.5 Mn traders. >85% users who join us every month are ones who migrate from different platforms to us., while most of the all platforms focus on new users. Their TAM - which is Total Addressable Market is much larger than ours.
What gets lost in the numbers above is as @t7support said largely focus on one trade in last 12 months. While on Dhan, of the 980K users mentioned.. nearly ~55% are active on a monthly basis. So yes, a small users who like to be on Dhan and there are more who do mutual funds + tracking of banks, mf, stocks + many love spending time on Dhan charts… almost 3.5 to 4.5 Lac users every day on charts. If they all transact, we will be happy
Having said that, we have plans for new users as well and then we will be focusing on a different set of users along with Dhan.
2 Likes
Also 93% fail as SEBI says in trading. So around 2.45 lakh active traders are likely to stay and keep trading. Others fall away or continue till they have money to pump in to trading account or have lost confidence in playing the losing game or switch to investing where pain and gain are both delayed.
So brokers who manage to hold on to the 2.45L and onboard newbie traders will make money.
Best Wishes to Dhan to reach the 9th position. Next month we want to see Dhan crossing 10 L active user and to join the Million club.
3 Likes
NSE Active clients list for November 2025:
| S. No | Trading Member Name (aka Name of Stock Broker) | Active Clients | Since last month | Change |
|---|---|---|---|---|
| Rank | Total | 44169416 | -925933 | |
| 1 | Groww Invest Tech Private Limited | 12087390 | 41883 | Same |
| 2 | Zerodha Broking Limited | 6924367 | -99485 | Same |
| 3 | Angel One Limited | 6795031 | -55718 | Same |
| 4 | Upstox Securities Private Limited | 2152502 | -65398 | Same |
| 5 | Icici Securities Limited | 2006533 | 18632 | Same |
| 6 | Hdfc Securities Ltd. | 1480089 | -21265 | Same |
| 7 | Kotak Securities Ltd. | 1374024 | -18646 | Same |
| 8 | Sbicap Securities Limited | 1112822 | 29671 | Same |
| 9 | Moneylicious Securities Private Limited | 979532 | 49 | Same |
| 10 | Motilal Oswal Financial Services Limited | 923329 | -5867 | Same |
| 11 | Paytm Money Ltd. | 827613 | 22047 | Same |
| 12 | Indstocks Private Limited | 709515 | -20726 | Same |
| 13 | Sharekhan Ltd. | 548013 | -8249 | Same |
| 14 | Axis Securities Limited | 393704 | 4247 | Same |
| 15 | Iifl Capital Services Ltd. | 367299 | -5746 | Same |
| 16 | 5paisa Capital Limited | 358981 | -7366 | Same |
| 17 | Mirae Asset Capital Markets ( India ) Private Limited | 293378 | -8115 | Same |
| 18 | Choice Equity Broking Private Limited | 265410 | 1867 | Up |
| 19 | Phonepe1 Wealth Broking Private Limited | 264868 | -11839 | Down |
| 20 | Geojit Investments Limited | 220539 | -3632 | Same |
| 21 | Fyers Securities Private Limited | 207225 | -3893 | Same |
| 22 | Smc Global Securities Ltd. | 159825 | 93 | Same |
| 23 | Nuvama Wealth And Investment Limited. | 145352 | -1406 | Same |
| 24 | Anand Rathi Share And Stock Brokers Limited | 143502 | 1637 | Same |
| 25 | Religare Broking Limited | 139487 | -878 | Same |
| 26 | Nirmal Bang Securities Pvt. Ltd. | 137672 | -879 | Same |
| 27 | Jainam Broking Limited | 132297 | 1854 | Up |
| 28 | Marwadi Shares And Finance Limited | 131350 | 673 | Down |
| 29 | Jm Financial Services Limited | 115189 | 469 | Same |
| 30 | Finvasia Securities Private Limited | 111994 | -6204 | Down |
| 31 | Ventura Securities Limited | 102934 | -1264 | Same |
| 32 | Alice Blue Fin Svcs P Ltd | 96167 | -1743 | Same |
| 33 | Yes Securities (india) Limited | 82373 | 2064 | Same |
| 34 | Tradebulls Securities (p) Ltd. | 77231 | 264 | Down |
| 35 | Nj India Invest Private Limited | 74847 | -342 | Same |
| 36 | Aditya Birla Money Limited | 74494 | -2645 | Same |
| 37 | Stockholding Services Limited | 73250 | 189 | Same |
| 38 | Nu Investors Technologies Private Limited | 60680 | -2104 | Same |
| 39 | Master Capital Services Limited | 60521 | -139 | Same |
| 40 | Aaritya Broking Private Ltd | 60413 | – | New |
| 41 | Bajaj Financial Securities Ltd. | 58470 | 1724 | Up |
| 42 | Idbi Capital Markets & Securities Ltd. | 58236 | 312 | Down |
| 43 | Globe Capital Market Limited | 56999 | -481 | Down |
| 44 | Swastika Investmart Limited | 56437 | -976 | Down |
| 45 | Bonanza Portfolio Ltd. | 53549 | 65 | Same |
| 46 | Samco Securities Limited | 52924 | -1130 | Down |
| 47 | Arihant Capital Markets Limited | 51462 | 284 | Up |
| 48 | Reliance Securities Limited | 51182 | -544 | Down |
| 49 | Monarch Networth Capital Limited | 48633 | 100 | Same |
| 50 | Integrated Enterprises (india) Private Limited | 47858 | 170 | Same |
| 51 | Prabhudas Lilladher Pvt. Ltd. | 45215 | -306 | Same |
| 52 | Suresh Rathi Securities Private Limited | 43569 | 509 | Same |
| 53 | Moneywise Finvest Limited | 41332 | 4648 | Same |
| 54 | Flattrade Broking Private Limited | 36787 | 174 | Same |
| 55 | Shah Investors Home Limited | 36505 | 251 | Same |
| 56 | Indiabulls Securities Limited (formerly Known As Dhani Stocks Limited) | 33828 | 203 | Same |
| 57 | Shri Parasram Holdings Pvt. Ltd. | 33577 | – | New |
| 58 | Acml Capital Markets Limited | 32947 | 279 | Same |
| 59 | Cholamandalam Securities Limited | 29531 | -3733 | Down |
| 60 | Prudent Corporate Advisory Services Limited | 28888 | 246 | Down |
| 61 | Profitmart Securities Private Limited | 28088 | -253 | Down |
| 62 | Eureka Stock & Share Broking Services Limited | 27150 | -228 | Down |
| 63 | Shriram Insight Share Brokers Limited | 26572 | -154 | Same |
| 64 | Goodwill Wealth Management Pvt Ltd | 26508 | -637 | Down |
| 65 | Lakshmishree Investment & Securities Pvt. Ltd. | 25999 | -635 | Down |
| 66 | Lkp Securities Ltd. | 24755 | -61 | Down |
| 67 | Aionion Capital Market Services Private Limited | 24584 | 1209 | Down |
| 68 | Way2wealth Brokers Private Limited | 23011 | 226 | Down |
| 69 | Univest Stock Broking Private Limited | 22864 | 2457 | Up |
| 70 | Arham Share Private Limited | 22473 | 708 | Down |
| 71 | Kifs Trade Capital Private Limited | 21092 | 11 | Down |
| 72 | Ashika Stock Broking Ltd. | 19840 | -23 | Down |
| 73 | Asit C Mehta Investment Interrmediates Ltd. | 19228 | 33 | Same |
| 74 | Marketwolf Securities Private Limited | 18302 | 182 | Up |
| 75 | Astha Credit & Securities (p) Ltd | 18168 | -1359 | Down |
| 76 | Finwizard Technology Private Limited | 18114 | -450 | Down |
| 77 | B N Rathi Securities Limited | 17733 | 15 | Down |
| 78 | Canara Bank Securities Limited | 17343 | – | New |
| 79 | Steel City Securities Ltd. | 16271 | -63 | Down |
| 80 | Phillipcapital (india) Pvt. Ltd | 15801 | -26 | Down |
| 81 | Bob Capital Markets Limited | 15589 | -28 | Down |
| 82 | Tradesmart Fintech Securities Limited | 15242 | -202 | Down |
| 83 | R Wadiwala Securities Pvt. Ltd. | 14403 | 21 | Down |
| 84 | Alankit Imaginations Limited | 14258 | -6 | Down |
| 85 | Acumen Capital Market (india) Ltd | 14223 | 23 | Down |
| 86 | South Asian Stocks Ltd. | 13317 | -400 | Down |
| 87 | Navia Markets Ltd. | 13221 | 268 | Down |
| 88 | Bhansali Value Creations Private Limited | 13202 | 472 | Same |
| 89 | Rudra Shares & Stock Brokers Ltd | 13194 | 23 | Down |
| 90 | Zebu Share And Wealth Managements Private Limited | 12931 | 27 | Down |
| 91 | Sykes & Ray Equities (i) Ltd. | 12566 | -24 | Down |
| 92 | Bp Equities Private Limited | 12511 | 80 | Down |
| 93 | Sky Commodities India Pvt Ltd | 12498 | 721 | Down |
| 94 | Indbank Merchant Banking Services Ltd. | 12443 | 97 | Down |
| 95 | Tradejini Financial Services Pvt Ltd | 12023 | 531 | Down |
| 96 | Trustline Securities Limited | 11377 | – | New |
| 97 | Emkay Global Financial Services Limited | 11265 | – | New |
| 98 | Kunvarji Finstock Pvt. Ltd. | 11241 | 80 | Down |
| 99 | Pravin Ratilal Share And Stock Brokers Ltd | 10995 | 46 | Down |
| 100 | Enrich Financial Market Private Limited | 10782 | 102 | Down |
1 Like
Active traders need order execution reliability. Margin available shouldn’t venture into erroneous territory and cause order failures. Trust, Word of mouth is how brokers grow. Marketing cannot hold on to clients and they go inactive. Only a stable, feature rich yet bug free platform can.
2 Likes
I prefer to do that + Sell High; Buy Low 
. Besides people like me keep the market lively and brokers alive 
Nowadays, whenever I watch live YouTube streams, almost everyone seems to be using Dhan’s Charting Platform.
In that sense, Dhan has been quite successful in earning a reputation as a reliable platform.
4 Likes