NSE active clients broker wise: a dated monthly tracker

September 2026 source snapshot

NSE exchange-wide active-client total

4,61,20,857

Report 1C, last updated 30 September 2026; not a count of September-only trades.

Source: [4]

Numbered member rows in this workbook

263

Computed from the supplied member table. The row list is not assumed to cover every active broker.

Source: [4]

Source files checked

14 October 2026

Historical points come from archived original NSE workbooks with their own report dates.

Source: [4]

NSE active clients broker wise: September 2026 and the source month

NSE active clients broker wise figures in this tracker come from NSE's Report 1C workbooks. The current file identifies 30 September 2026 as its update date and states an exchange-wide total of 4,61,20,857 active clients. The latest table shows twenty rows selected from that workbook, sorted by the reported active-client count.

September's source defines an active client as someone who traded at least once during 1 October 2025–30 September 2026 in the specified CM, CD, FO or COM segments. It therefore measures a trailing-year activity window, not just people who traded in September. The separate beginning-of-year UCC column counts registrations under its own definition.

The selected rows describe reported scale. They do not rate a broker's service, financial strength, execution or suitability. Use the broker research hub for those separate questions.

Four dated NSE snapshots for five named member rows

Original NSE workbooks dated 30 June, 31 July, 31 August and 30 September 2026; all retrieved 14 October 2026. Earlier files are preserved NSE originals from the Internet Archive, not counts copied from a broker comparison site.

Reporting month	Groww	Zerodha	Angel One	Upstox	Raise Securities (Dhan app)	NSE exchange total
June 2026	1,30,53,752	68,01,078	66,33,833	18,87,312	10,73,293	4,54,56,130
July 2026	1,31,23,871	67,62,353	66,34,119	18,60,879	10,87,459	4,54,47,768
August 2026	1,33,47,233	67,96,854	67,18,755	18,64,628	11,07,277	4,59,61,187
September 2026	1,34,48,194	67,91,541	67,55,711	18,54,285	11,20,901	4,61,20,857

Short display labels refer to the matching legal-name rows. NSE explicitly names the Raise Securities row as formerly Moneylicious Securities and includes '(dhan App)'. All counts are integers; no missing month has been interpolated.

Sources: [1], [2], [3], [4]

Download this table (CSV)

The monthly trend uses reported levels rather than estimated users

The chart below plots the exchange-wide total printed in each of the four dated workbooks. July is slightly below June; August and September are above July. These are observed report values, with no smoothing, annual projection or implied explanation for the changes.

The member-row coverage also differs between editions. It would be misleading to divide one month's broker count by another month's denominator, or to assume that the sum of selected rows represents the whole exchange. Every percentage in the latest table uses September's own stated exchange-wide total.

A monthly increase in a rolling count is not automatically the number of newly opened accounts. An activity window moves forward and the reported population can change. These workbooks do not establish acquisition, closure or churn for an individual broker, so the tracker labels differences as changes in reported counts.

Four original NSE Report 1C values retrieved 14 October 2026. Bars show levels, not unique investors acquired in a month, daily users or a forecast.

NSE reported exchange total

• June 2026Reported active-client count4,54,56,130
• July 2026Reported active-client count4,54,47,768
• August 2026Reported active-client count4,59,61,187
• September 2026Reported active-client count4,61,20,857

Sources: [1], [2], [3], [4]

Twenty September member rows, sorted by active-client count

NSE workbook last updated 30 September 2026, opened 14 October 2026. Legal names are copied from its member column. Shares = row active clients ÷ 4,61,20,857 × 100, rounded to two decimal places. This is not a service-quality ranking or a claim that the displayed member list covers every broker.

NSE member-row name	Active clients	Share of stated NSE total
Groww Invest Tech Private Limited	1,34,48,194	29.16%
Zerodha Broking Limited	67,91,541	14.73%
Angel One Limited	67,55,711	14.65%
Icici Securities Limited	21,60,619	4.68%
Upstox Securities Private Limited	18,54,285	4.02%
Kotak Securities Ltd.	13,91,840	3.02%
Hdfc Securities Ltd.	13,53,843	2.94%
Raise Securities Private Limited (formerly Known As Moneylicious Securities Private Limited) (dhan App)	11,20,901	2.43%
Sbicap Securities Limited	10,21,295	2.21%
Motilal Oswal Financial Services Limited	9,08,987	1.97%
Paytm Money Ltd.	7,62,793	1.65%
Indstocks Private Limited	7,18,725	1.56%
Sharekhan Ltd.	5,27,503	1.14%
Axis Securities Limited	4,28,144	0.93%
Iifl Capital Services Ltd.	3,40,957	0.74%
5paisa Capital Limited	3,21,174	0.70%
Aaritya Broking Private Ltd	2,81,028	0.61%
Choice Equity Broking Private Limited	2,42,106	0.52%
Geojit Investments Limited	2,07,487	0.45%
Phonepe Wealth Broking Private Limited	2,06,598	0.45%

Source: [4]

Download this table (CSV)

Which total should be used for market share?

The September workbook prints 4,61,20,857 as the exchange-wide total near the top. Its member-table total is 4,52,48,495, a difference of 8,72,362. The workbook has 263 numbered member rows: 217 contain numeric active-client values and 46 show a dash. The numeric values sum to the member-table total. A dash is not treated as a claim of zero activity. The file does not resolve why the two totals differ, so no explanation is invented.

For this tracker, the denominator is the explicit exchange-wide total. The table contains only selected reported member rows and does not allocate the unexplained difference to an invented 'other broker'. Shares of a selected group need not add to 100%, and changing the denominator would change every percentage.

Keep the reporting month beside the calculation. A share measured on a different report date, against registered UCCs, or against only the displayed rows answers another question. It should not be presented as this page's September exchange-wide share.

Recompute one share and one monthly change

These are arithmetic examples using the original September and August NSE rows, not assumptions about new customers or future growth. Share is rounded to two decimals only at display.

Groww September active-client row

1,34,48,194

September exchange denominator

4,61,20,857

Computed September share

1,34,48,194 ÷ 4,61,20,857 × 100 = 29.158595…% → 29.16%

Groww August active-client row

1,33,47,233

Reported count difference

1,34,48,194 − 1,33,47,233 = +1,00,961

Exchange total difference

4,61,20,857 − 4,59,61,187 = +1,59,670

Sources: [4], [3]

F&O context: this is a combined activity measure

The September definition includes several segments, including FO. It does not identify how many of each broker's active clients traded only options, only futures or another included segment. A broad active-client table therefore cannot rank brokers by the number of profitable option traders.

It also does not measure revenue, brokerage paid, trading turnover, platform availability or customer outcomes. Searches comparing Groww and Zerodha revenue need separate financial statements and a compatible accounting period. Those figures are outside this NSE client-count tracker.

A change alongside a regulatory change does not, by itself, prove the regulation caused it. No causal estimate of SEBI's F&O measures is derived here. For a decision based on tools and costs, the broker criteria guide and the F&O charges benchmark answer different questions from client scale.

How each monthly point can be checked again

1. 1

   Start with the workbook's own date

   Read its title and worksheet name. A retrieval date or a financial-year filename alone is not sufficient to date the active-client observation.

2. 2

   Locate the active-client label

   June's field is in column D. July, August and September have the active field in column J, separate from registered UCCs. Identify the label before extracting numbers.

3. 3

   Keep the source denominator

   Read the exchange-wide total separately from any member-table subtotal. Preserve discrepancies and the report's coverage instead of forcing them to agree.

4. 4

   Preserve the original month

   Use the dated original workbook or an archived copy of it. Do not reconstruct an unavailable month from a third-party table or estimate an intervening value.

5. 5

   Recompute shares after a refresh

   Use the new month for both numerator and denominator, and sort the selected rows by the active-client field. Keep the date in the CSV caption.

What this tracker can and cannot settle

The four workbooks support a dated comparison of reported active-client levels. They do not establish why a client became inactive, how many accounts one person holds or which broker someone should choose. The number is useful as a scale measure when its source, definition and denominator remain attached.

App-store ratings are another separate measure. The trading-app ratings page discusses that evidence without making an active-client count stand in for a product review. The two measures should not be merged into an unexplained quality score.

This page is designed for monthly refreshes, with the September 2026 snapshot retained until the next dated NSE workbook is verified. A financial-year filename alone is not treated as a monthly observation date. This trend uses only the four workbooks whose own reporting dates were verified. No third-party aggregate fills those gaps, and no revenue, quality or profitability inference is added to the client figures.

Sources

Every figure on this page comes from one of these. Each was checked on the date shown.

1. [1]NSE Report 1C, 30 June 2026 (archived original workbook) · checked 14 Oct 2026
2. [2]NSE Report 1C, 31 July 2026 (archived original workbook) · checked 14 Oct 2026
3. [3]NSE Report 1C, 31 August 2026 (archived original workbook) · checked 14 Oct 2026
4. [4]NSE Report 1C, 30 September 2026 (current original workbook) · checked 14 Oct 2026