NSE adds 84 lakh new demat accounts in FY25 backed by Groww, Angel One

The Indian capital market witnessed decent user growth during the recently concluded financial year 2024-25. FY25 saw the addition of over 84 lakh new active demat accounts on the National Stock Exchange (NSE), reflecting an annual (year-on-year) growth of 20.5 per cent.

As per NSE data, the total number of active demat accounts stood at 4.92 crore. This growth was largely led by two digital brokers -- namely Groww and Angel One -- contributing 40 per cent and 17.38 per cent, respectively, to NSE's overall growth.

Groww's active client base surged from 95 lakh in March 2024 to 1.29 crore in March 2025, registering a robust 36 per cent (YoY) growth, outpacing the broader industry. The platform's market share climbed from 23.28 per cent to 26.26 per cent during the same period, with consistent gains recorded every month.

Angel One, in comparison, added 14.6 lakh accounts in the last FY along with a market share of 15.38 per cent.

Zerodha, the country's second-largest broker by active clients, added 5.8 lakh accounts during the year, accounting for 6.9 per cent to NSE's annual growth. At the end of FY25, it had a market share of 16 per cent.

The NSE reached an all-time high of 5.02 crore active demat accounts in January this year. However, the industry experienced a slight decline in the last two months of the fiscal year amid heightened market volatility.

The exchange data also reflected a broader industry trend: the rise of DIY (Do-It-Yourself) investing, led by a young, tech-savvy generation seeking intuitive platforms, transparent processes, and low-friction onboarding. This shift is further highlighted by a marked rise in younger investors.

Market watchers say this growing proportion of new entrants signals a generational change in how Indians approach wealth creation. In addition, the investor base is becoming more diverse as nearly one in every four new investors is now a woman.