Demat Account: In FY25, the National Stock Exchange (NSE) added over 8.4 million new active demat accounts, up 20.5% from the previous year and totaling 4.92 crore. This indicates that retail involvement in India’s capital markets was substantial. Two digital brokers, Grow and Angel One, spearheaded the expansion, contributing over 57% of these net acquisitions.
With 3.4 million new accounts, Grow was the single biggest contributor, contributing 40% of the NSE’s growth. Its active clientele increased by 36% during the previous year, from 9.5 million in March 2024 to 12.9 million in March 2025. According to NSE statistics, Gro’s market share increased from 23.28 percent to 26.26 percent over that time.
Angel One attracted 1.46 million accounts in FY25, which accounted for 17.38% of the NSE’s total growth. With 7.57 million active users, the platform now has a 15.38 percent market share.
Grow and Angel One jointly accounted for 4.86 million of the 8.4 million new active demat accounts that were introduced to the NSE. Additionally, Zerodha opened 5.8 lakh new accounts in FY25, which helped the NSE expand by almost 7% overall. It has a 16 percent market share at the end of FY25.
The increase in market share of digital brokers, according to industry experts, is a sign that investors want a simpler, mobile-based investment experience. Additionally, it shows that investors are becoming more confident in digital platforms, particularly in light of the expanding number of investors in India’s second, third, and fourth-tier cities.
The country’s retail investment base grew thanks in part to traditional brokers.
In the meanwhile, the fund, which now has 9.6 lakh clients, expanded by 89% and became well-liked by a new generation of traders.
With a robust 36.78 percent growth over the prior year, HDFC Securities increased its clientele to 14.9 lakh and gained 3% of the market. With 19.4 lakh active customers, ICICI Securities saw a 3.65% increase in value.In the meanwhile, the fund, which now has 9.6 lakh clients, expanded by 89% and became well-liked by a new generation of traders.
