Active client numbers at India's leading brokerages dropped in fiscal year 2026, signaling a slowdown in retail trading amid market volatility. Six of the top 10 brokers reported year-on-year declines, with Upstox experiencing the sharpest fall of 27.64%. Zerodha, Motilal Oswal, Angel One, HDFC Securities and Kotak Securities also saw reductions.
India's top brokerages saw a notable decrease in active clients during FY26, as reported by The Economic Times. This trend reflects reduced retail trading activity in the face of volatile markets tracked by the National Stock Exchange (NSE). Upstox recorded the largest drop at 27.64% year-on-year, while Zerodha and Motilal Oswal followed with significant declines. Angel One, HDFC Securities, and Kotak Securities joined five others among the top 10 in reporting lower active client bases. The shifts in brokerage rankings for FY26 highlight a broader rethink among retail investors, with names like Groww and JM Financial mentioned in related discussions. Market swings appear to have prompted caution, curbing the enthusiasm that previously drove retail participation.