NSE Active Clients Down 7% in FY26; Accounts Falls to 4.57 Crore

Retail Participation on the National Stock Exchange (NSE) declined in FY26, with active client accounts dropping 7% year-on-year, as per news reports.  

The number fell from 4.92 crore in March 2025 to 4.57 crore in March 2026, a reduction of around 35 lakh accounts. The decline was visible across the year rather than being confined to a specific quarter, indicating a broad-based slowdown in activity. 

Weak Net Additions Through the Year 

Monthly trends showed several periods of negative net additions. New account openings were not sufficient to offset inactivity and closures, pointing to a rise in dormant accounts. 

This suggests that while onboarding continued, a section of users reduced trading or exited the market over time. 

Changes in Broker Market Share 

Among discount brokers, Groww increased its share to 28.31% from 26.26%. During the March quarter, it contributed 116% of net additions in January, 75% in February, and 80% in March, showing stronger client additions relative to peers. 

Other large platforms saw a decline. Zerodha fell to 15.08% from 16.03%, while Angel One dropped to 14.79% from 15.4%. Upstox saw its share reduce to 4.35% from 5.58%. 

Gains for Smaller and Traditional Players 

Some firms reported an increase in share despite the overall slowdown. ICICI Securities rose to 4.57% from 3.96%, and SBI Securities increased to 2.55% from 1.99%. Dhan also recorded a modest gain, reaching 2.27%. 

Kotak Securities remained steady at about 3.03%, while HDFC Securities and Motilal Oswal Financial Services posted marginal declines. 

Factors Behind the Trend 

The slowdown coincided with tighter rules in the futures and options segment and phases of higher market volatility. These conditions were associated with lower participation, particularly among less active retail investors. 

Read More: US Objects to Adani’s Plan to Move Cargo Hub to New Mumbai Airport! 

Conclusion 

FY26 showed a decline in active client accounts alongside shifts in market share. The data points to slower retail engagement and a change in how activity is distributed across brokerage firms. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.   
 
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.