Daily Updates Groww Retains Top Spot as Sahi Enters India’s Top 20 Stock Brokers in June Adarsh SinghJuly 9, 202609 views How Did India’s Stock Broking Industry Perform in June 2026? India’s stock broking industry witnessed another month of moderation in June 2026, with the total active client base declining by around 1.37 lakh compared to the previous month. According to the latest data released by the National Stock Exchange (NSE), the industry’s active client count slipped to 4.54 crore from 4.55 crore in May. Despite the overall decline, Groww continued to dominate the market as India’s largest stock broker, while Sahi (Aaritya Broking Ltd) emerged as the biggest gainer during the month, entering the country’s top 20 brokers for the first time. The June rankings reflect a mixed trend across the brokerage industry, with several established players witnessing client outflows even as a handful of firms continued adding new investors. Groww Maintains Market Leadership Groww retained its position as India’s largest stock brokerage platform despite a marginal decline in active clients. The Bengaluru based brokerage ended June with 1.30 crore active clients, representing a 28.72% market share. During the month, the platform lost 6,004 active clients, but the decline was relatively modest compared to many of its competitors. Groww has consistently remained the market leader over the past year, driven by its mobile-first investing platform and growing retail investor base. Honasa Expects 30% Revenue Growth in Q1 FY27, Targets Double-Digit Margins READ MORE Zerodha and Angel One Witness Larger Declines Zerodha continued to hold the second position with 68.01 lakh active clients and a 14.96% market share. However, the discount broker lost 45,971 active clients during June. Angel One remained the third-largest brokerage with 66.34 lakh active clients, accounting for a 14.59% market share. Among the top three brokers, Angel One recorded the steepest decline, losing 50,390 active clients during the month. The continued decline in active accounts among leading brokers reflects softer retail trading activity after the strong surge witnessed in previous years. ICICI Securities and Dhan Continue Adding Clients Among the top brokerage firms, ICICI Securities stood out by reporting positive client additions. The company added 15,781 active clients during June, taking its total client base to 21.21 lakh and maintaining its position as India’s fourth-largest broker with a 4.67% market share. Upstox remained fifth with 18.87 lakh active clients, although it lost 36,417 clients during the month. Further down the rankings, Dhan continued its impressive growth trajectory by adding 11,307 active clients, increasing its total client base to 10.73 lakh and strengthening its position among the country’s top 10 stock brokers. Motilal Oswal also reported healthy growth, adding 5,564 active clients to end June with 8.99 lakh active clients. Meanwhile, Kotak Securities and HDFC Securities retained their respective positions with 13.80 lakh and 13.44 lakh active clients. Sahi Emerges as the Fastest-Growing Broker The biggest highlight of the June rankings was the strong performance of Sahi (Aaritya Broking Ltd). Founded under the leadership of former Swiggy CTO Dale Vaz, Sahi recorded the highest net addition of active clients among all stock brokers during the month. The company added 27,742 active clients, taking its total active client base to 2.01 lakh. This growth enabled Sahi to enter India’s top 20 brokerage firms for the first time, ending June with a 0.44% market share. The rapid growth suggests increasing investor interest in newer brokerage platforms offering technology-driven investing experiences. Mixed Performance Across Mid-Sized Brokers Among other listed brokers, Paytm Money, INDmoney, and Sharekhan occupied the next three positions. While Paytm Money lost 19,881 active clients, INDmoney managed to add 6,128 clients, continuing its steady expansion in the retail investing segment. The contrasting performance across brokers indicates that investors continue to consolidate around platforms offering better user experience, pricing, and product innovation. What Does This Mean for India’s Brokerage Industry? Although the industry’s active client base declined slightly during June, India’s retail investing ecosystem remains significantly larger than it was just a few years ago. The latest data also highlights an evolving competitive landscape where established brokers continue to dominate overall market share, while newer technology-led platforms such as Sahi are beginning to attract investors at a faster pace. Going forward, brokerage firms are expected to compete increasingly on technology, investment products, AI-driven advisory services, and customer experience as retail participation in India’s capital markets continues to mature.