Archive · 13 Jan 2026
Angel One Narrows Gap with Zerodha in Active Clients
Angel One, a stock broker in India, is getting closer to Zerodha, the current leader, in the number of active clients.
Active clients are those who trade at least once a year.
As of December 2025, Zerodha has 6.85 million active clients, while Angel One has 6.76 million.
This gap has been shrinking over the years.
Angel One's market share in retail turnover grew by 34 basis points year-on-year in Q3FY26.
Meanwhile, the overall number of active clients in the industry fell due to new regulations that made trading more difficult for small investors.
Zerodha's co-founder, Nithin Kamath, mentioned that they focus on thoughtful trading rather than pushing clients to trade more.
The industry is seeing a shift towards more algorithmic trading as high-net-worth individuals and ultra-high-net-worth individuals compete with high-frequency traders.
Angel One has 6.76 million active clients, just behind Zerodha's 6.85 million as of December 2025.
Angel One's retail turnover market share grew by 34 basis points year-on-year in Q3FY26.
Zerodha's co-founder emphasizes thoughtful trading and avoiding pushy trading practices.
The overall active client count in the industry fell by 4.63 million due to regulatory changes.
Groww, another major broker, saw its active client count drop by 790,000 to 12.1 million.
- Who
- Angel One and Zerodha, along with other stock brokers in India
- What
- Angel One is closing the gap with Zerodha in the number of active clients
- When
- As of the nine months ended December 2025
- Where
- India
- Why
- Due to regulatory changes and strategic business decisions
- Active Clients (Zerodha)
- 6.85 million (9 months ended December 2025)
- Active Clients (Angel One)
- 6.76 million (9 months ended December 2025)
- Retail Turnover Market Share (Angel One)
- 20.4% (Q3FY26)
- Overall Active Client Count (Industry)
- 44 million (December 2025)
- Active Clients (Groww)
- 12.1 million (December 2025)
