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July 2025 DART report: Active users on Indian stock market fall
Active users on the Indian stock market dropped by 4% in July 2025, falling to 45.96 million from June's 47.89 million, according to NSE data.
This marks another month in a steady decline since January's peak, but Groww still leads the pack with over a quarter of all active investors.
Key highlights from the latest data
Groww held onto its top spot with a 26.87% market share and 12.35 million users, even after a slight dip last month.
Zerodha came next at 16.17%, though it also lost some users, dropping to 7.43 million.
Angel One and Upstox saw small declines too, while traditional brokers like ICICIDirect and HDFC Securities stayed steady.
Among newer players, Paytm Money actually grew its user base by 3%, but Mirae Asset slipped by 8% and PhonePe's super.money by 6%.