India's demat accounts drop for 2nd consecutive month

Business Nov 11, 2025

India's active demat accounts slipped a bit in October 2025, dropping by about 57,000 to reach 4.52 crore.
This slight decrease hints that the post-pandemic surge in retail investing might be leveling off, with the market settling into a more stable phase.

Digital-first platforms show mixed performance

Digital-first platforms showed mixed performance—Groww stood out by adding 1.38 lakh new accounts, while Zerodha, Angel One, and Upstox all saw drops.
Traditional brokers like SBI Caps and ICICI Securities gained some ground, but others like HDFC Securities lost accounts.
Overall, Groww, Zerodha, and Angel One together now make up over half of all NSE demat accounts—with Groww leading at around 26.6% market share.