Indian stock brokerage firms reported a combined client base of approximately 4.6 crore, according to data from the National Stock Exchange. While the top few positions continued to be held by the same names as last month, there was a marginal decline in the active client base of industry majors like Groww, Zerodha, Angel One and Upstox.
IPO-bound Groww maintained its position with the largest client base at over 1.24 crore, but the company’s client numbers decreased by 1.8% on a month-over-month basis.
Nithin Kamath’s Zerodha followed with a client base of more than 74.3 lakh, translating to nearly a 2% decline on a monthly basis. Angel One also saw its client base shrink 1.7% over June to just below 71.9 lakh.
Among other large players, ICICI Securities, SBI Securities and Dhan were the only outliers.
ICICI Securities reported an increase of 0.6%, bringing its client base to just under 20 lakh. SBI Securities showed a notable increase on a month-on-month basis, with a 3.33% increase in its base allowing the firm to maintain the total number of clients above the 10 lakh mark. Another broker, Dhan, saw a slight increase of 0.09%, with its client count approaching 1 million.
Meanwhile, HDFC Securities, with over 15.7 lakh clients, saw a minor decrease of 0.15%. Kotak Securities reported a client base of more than 14.4 lakh, reflecting a decline of 0.9%.
Motilal Oswal’s client base shrunk further to 9.83 lakh, which was a decrease of 1.28% over the previous month. Upstox recorded the most significant decline among the top brokers, with a 3.8% decrease in its client base, which fell to 24.7 lakh.
Dhan, which was slightly behind Motilal Oswal in terms of active clients in June, took a lead over the latter in the month of June and now has over 12,000 more active clients than Raamdeo Agrawal’s firm.
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