
Retail Participation Hits New High
India’s capital markets continued to deepen retail penetration in FY25, as the National Stock Exchange (NSE) added over 8.4 million new active demat accounts, marking a 20.5% year-on-year growth. The total number of active demat accounts on the exchange reached 4.92 crore by March 2025.
Digital Brokerages Drive Majority of Growth
Two digital-first brokerages, Groww and Angel One, led the surge in new account openings, contributing over 57% of the net additions.
Groww added 3.4 million accounts, accounting for 40% of NSE's new additions. Its active client base rose from 9.5 million in March 2024 to 12.9 million in March 2025, pushing its market share up from 23.28% to 26.26%.
Angel One added 1.46 million accounts, representing 17.38% of the year’s additions. Its client base grew to 7.5 million, holding a 15.38% market share.
Together, these platforms added 4.8 million accounts out of the total 8.4 million new additions.
Other Key Players See Steady Gains
Zerodha, while growing at a slower pace, added 580,000 new accounts and maintained a 16% market share.
HDFC Securities saw 36.78% year-on-year growth, bringing its client base close to 1.4 million, with a 3% market share.
ICICI Securities reported 3.65% growth, reaching 1.9 million active clients.
Dhan, a newer platform, posted the highest percentage growth at 89%, expanding its client base from 960,000 clients, driven by popularity among younger and tech-savvy traders.
Tier II and III Cities Power the Trend
The increasing market share of digital platforms indicates a clear preference for mobile-first, user-friendly investing solutions, particularly among retail investors in Tier II, III, and IV towns. This trend is reshaping how India’s emerging investor class engages with capital markets, signaling a structural shift toward tech-led financial inclusion.
As digital platforms continue to dominate new account growth, the landscape of retail investing in India is undergoing rapid transformation—driven by accessibility, convenience, and evolving investor behavior.