Angel One Ltd. overtakes Zerodha with 69.98 lakh NSE clients

Angel One Ltd. overtook Zerodha in October 2026 to become the second-largest broker by active investors on the National Stock Exchange of India, reporting 69.98 lakh active clients after adding 2.43 lakh during the month. Zerodha ended October with 67.59 lakh active clients, placing it third behind Angel One.

How did Angel One move ahead of Zerodha?

Angel One moved ahead because its active client base rose sharply in October while Zerodha's active client base declined. Angel One increased from 67.56 lakh active clients at the end of September to 69.98 lakh at the end of October, a net addition of 2.43 lakh clients.

Zerodha had held a narrow advantage at the end of September, when it reported 67.92 lakh active clients against Angel One's 67.56 lakh. Its October active-client base fell by 32,435 to 67.59 lakh, reversing a lead of roughly 36,000 clients and moving Angel One into second place.

What were the top broker rankings in October 2026?

Groww remained the largest broker by active investors on the NSE, while Angel One ranked second and Zerodha ranked third. Groww had about 1.37 crore active investors at the end of October, substantially ahead of the two brokers competing for second place.

The ranking data underline the concentration among the largest platforms. Groww, Angel One and Zerodha together accounted for nearly 60% of NSE active clients at the end of October. Groww added 3.04 lakh active clients during the month, retaining its lead even as the second and third positions changed.

What do Angel One's market-share figures show?

Angel One's October active-client market share was reported at 14.97%, compared with Zerodha's 14.46%. The gap in active clients was about 2.39 lakh at month-end, following Angel One's 3.3% monthly growth in active users cited in social-media discussions around the NSE data.

The broker also reported gains in retail trading-market measures in an exchange filing dated November 4. Its retail F&O market share, calculated using option premium turnover, rose to 23.2% in October from 22.5% in September and 21.6% a year earlier. Its overall equity retail market share improved to 20.5% from 19.6% in September.

How large is Angel One's wider client base?

Angel One's registered client base reached 4.06 crore in October, up 17.4% year on year from 3.46 crore. Registered clients and NSE active clients are different measures, with the latter reflecting the exchange data used for the broker ranking.

The October ranking therefore reflects activity among NSE clients rather than the total number of accounts registered with each broker. The broader discussion has also focused on India's expanding demat-account base, which is approaching 20 crore, alongside shifts in active-client shares among the leading discount brokers.

Why is the change in ranking being discussed?

The change is being discussed because it is described as the first reshuffle among the three largest discount brokers in three years. Angel One's move past Zerodha followed several months of a close contest for second place, with the September difference between them limited to around 36,000 active clients.

The timing has also drawn attention because Jio Platforms Ltd.'s record $3.1 billion initial public offering was cited in social-media discussion as a factor supporting Angel One's October client additions. The available figures establish the change in active-client rankings, while the monthly NSE data show that Angel One added clients as Zerodha's active base contracted for a second consecutive month.

Conclusion

Angel One's rise to second place was driven by 2.43 lakh net active-client additions in October, taking its NSE total to 69.98 lakh and ahead of Zerodha's 67.59 lakh. Groww remained the clear leader with about 1.37 crore active investors, while the three largest brokers together represented nearly 60% of NSE active clients.

The next monthly NSE active-client data will show whether Angel One can retain its lead over Zerodha. Investors can also track whether its reported retail F&O market share of 23.2% and overall equity retail market share of 20.5% continue to rise after the October gains.