Angel One overtakes Zerodha as India’s second-largest broker

ANGELONE Angel One has moved past Zerodha to become India’s second-largest stockbroker by active investors on the National Stock Exchange, according to NSE data for October 2026. The firm ended the month with 69.98 lakh active investors after adding 2.43 lakh clients during the month. Zerodha stood at 67.6 lakh. Groww retained the top position with 1.37 crore active investors—nearly double the next two ***** is the first shift in the ranking among the top three discount brokers in three years. The previous change came in October 2023, when Groww overtook Zerodha to claim the lead. NSE defines an active investor as one who has traded at least once on the exchange in the preceding 12 ***** numbers mark a turnaround for Angel One after a difficult 2025, when it and Zerodha both saw significant attrition amid flat market returns and reduced retail participation in futures and options. SEBI’s measures—including fewer weekly expiries, higher margins and increased STT on derivatives—hit trader-heavy brokers hard. Activity has shown gradual recovery this year, with brokers also expanding into products such as corporate bonds and overseas investing via GIFT City.