Angel One overtakes Zerodha to become India's second-largest stockbroker as demat accounts near 20 crore

Angel One has overtaken Zerodha to become India's second-largest stockbroker by active investors on the National Stock Exchange (NSE), as India's total demat account base approaches the 20-crore milestone. The development marks the first change in the rankings of the country's three largest discount brokers in three years.

According to NSE data for October 2026, Angel One had 69.98 lakh active investors, compared with Zerodha's 67.6 lakh. Angel One added 2.43 lakh net active investors during the month, helping it move into second place.

Groww retained its leadership position with 1.37 crore active investors, nearly twice the number recorded by its closest competitors.

India's demat accounts approach 20 crore

The latest brokerage rankings come amid sustained growth in India's demat account base.

According to the accompanying depository data, total beneficiary owner (BO) demat accounts increased from approximately 13.3 crore in August 2024 to nearly 19.7 crore in October 2026.

This represents an addition of roughly 6.4 crore accounts over 26 months, highlighting the expansion of retail participation in India's capital markets.

The number of demat accounts crossed 15 crore in early 2025 and 18 crore in the first half of 2026, before approaching the 20-crore mark in October.

However, demat accounts do not necessarily represent unique investors, as individuals can maintain multiple accounts across depositories and brokers.

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How Angel One overtook Zerodha

Angel One's rise marks a turnaround in the competitive discount broking industry.

At the end of September, Zerodha had 67.92 lakh active investors, compared with Angel One's 67.56 lakh, leaving a gap of approximately 36,000 investors.

The last major ranking change occurred in October 2023, when Groww overtook Zerodha to become India's largest stockbroker.

Since then, Groww has widened its lead, supported by its presence among mutual fund investors and younger retail participants.

Angel One crosses 4 crore clients

Angel One's registered client base reached 4.06 crore in October, registering 17.4% year-on-year growth.

Gross client additions touched a nine-month high of 6.6 lakh, while average daily orders increased 19.6% month-on-month to 69.7 lakh.

During the September quarter, the brokerage added nearly 15 lakh clients.

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Strong earnings support expansion

Angel One reported an 18.7% year-on-year increase in consolidated revenue from operations to ₹1,427 crore in Q2 FY27.

Net profit jumped 58.2% to ₹335 crore, while EBDAT increased 52% to ₹493 crore.

Its wealth management assets under management reached ₹16,000 crore, reflecting strong annual growth.

What the numbers indicate

The growth comes despite regulatory tightening in futures and options trading, including higher margin requirements and restrictions on weekly expiries.

While demat accounts indicate the expansion of market access, NSE active investor figures capture individuals who have traded at least once during the preceding 12 months.

The distinction highlights why growth in registered accounts does not always translate into higher trading activity.

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