Active Demat Accounts Dip Marginally in October; India’s Total Demat Count Reaches 210 Million

India’s total number of demat accounts touched a new record of 210 million in October 2025, according to data from the National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL). The rise in total accounts came even as active demat accounts across India’s top brokers saw a marginal decline, reflecting ongoing consolidation within the broking industry.

Active Accounts Among Top Brokers Edge Lower

As per data from the National Stock Exchange (NSE), the 25 largest brokers collectively lost around 57,000 active accounts in October. The total number of active accounts fell from 4.53 crore in September to 4.52 crore in October.

The marginal dip points to a stabilisation phase in the retail broking space following a period of accelerated post-pandemic expansion. However, overall participation in the market remains strong, supported by steady inflows and investor interest across asset classes.

CDSL and NSDL Data Show Record Demat Expansion

According to the depositories, the total number of demat accounts in India rose to 210 million in October 2025, the highest on record.

Data shows that CDSL accounted for 167.7 million accounts, while NSDL maintained 42.3 million accounts. Together, they represent a consistent increase in investor participation from across the country, underscoring a growing interest in equity and mutual fund investments.

Additionally, over 3 million new demat accounts were opened in October, marking a 10-month high in monthly additions. This reflects the highest level of account creation since December 2024.

IPO Activity and Market Developments in October

October 2025 emerged as one of the most active months for India’s primary market. A total of 10 mainboard IPOs raised over ₹44,930 crore, led by Tata Capital and LG Electronics India, which collectively mobilised ₹15,512 crore and ₹11,607 crore, respectively.

The heightened activity in the primary market contributed to increased retail engagement through new demat account openings. The combination of strong IPO participation and investor optimism helped offset the marginal fall in active broker accounts.

Read More: Reasons Why the Stock Market Is Crashing.

Conclusion

While India’s top brokers reported a slight dip in active demat accounts in October, overall retail participation reached new highs. With record demat account openings, a strong IPO pipeline, and steady economic fundamentals, India’s capital market continued to demonstrate resilience and depth heading into the year-end quarter.

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