Discount Brokers Lose Over 53 Lakh Active Clients in 2025

India’s discount brokerage industry saw a sharp contraction in 2025, with active clients falling by 53.5 lakh to 4.49 crore. Nearly 75% of the decline came from

Groww, Zerodha, Angel One and Upstox, driven by tighter F&O regulations, market volatility, weak IPOs and a shift toward managed investment products.