Brokerage firm Groww emerged as the largest broker in India with market share of 23.4 per cent and an active client base of 9.5 million in Financial Year 2023-24 (FY24).
The discount broker recorded a 77.5 per cent jump in the active client base in FY24 and a 42 per cent overall jump in the market share, a report by Motilal Oswal Financial Services said while citing National Stock Exchange (NSE) data.
While its rival, Zerodha, recorded a 14 per cent jump in the number of active clients touching 7.3 million year-on-year. But its market share slipped to 17.9 per cent at the end of FY24 from 19.6 per cent, making it second to Groww.
The share of top five discount brokers account in the total NSE active clients has also surged to 63.8 per cent as of March 2024 against 59.9 per cent in March 2023.
 "Brokerage firm Groww seals top spot with nearly 23% market share (1)")
The number of active clients at NSE surged to 40.8 million as of March 2024 against 32.7 million the same month a year ago -- recording an increase for the ninth consecutive month.
ICICI Securities, 5Paisa, Upstox, and IIFL Securities saw a decline in the number of active clients by 20.9 per cent, 15.8 per cent, 12.6 per cent and 8.7 per cent, respectively. These broking houses have also lost market share owing to the decline in active numbers.
The total number of demat accounts has increased to 151 million in FY24, with an average monthly addition of 3.1 million.
Industry experts say that rising investor awareness, financial inclusion, strong market performance, and rapid growth in digitization have led to a greater participation in the markets.
