Top Brokers Lose 20 Lakh Clients in H1 2025 Amid F&O Curbs

India’s top four brokers lost nearly 20 lakh active investors in H1 2025 due to stricter SEBI norms on F&O trading. Despite market gains, weak sentiment, poor IPO listings, and tighter regulations drove retail exits. Meanwhile, traditional and smaller brokers saw gains, while investors shifted to safer, professionally managed avenues.