Angel One Limited overtook Zerodha as India’s second-largest stockbroker by National Stock Exchange (NSE) active investors at the end of October 2026, according to exchange data reported on 6 November 2026. Angel One closed with 69.98 lakh active NSE investors (+2.43 lakh in October), ahead of Zerodha’s 67.6 lakh, while Groww stayed first at about 1.37 crore (~29% of the NSE active base). NSE treats an investor as active if they traded at least once in the preceding 12 months.
It is the first reshuffle among India’s top-three discount brokers since October 2023, when Groww overtook Zerodha. End-September Zerodha still led 67.92 lakh to Angel One’s 67.56 lakh (~36,000 gap). The climb lands under Group CEO Ambarish Kenghe, named in early 2025 in Angel One’s leadership transition covered on Elets Banking and Finance.
How Angel One edged past Zerodha on NSE
Moneycontrol and ET Markets, citing NSE October figures, put Angel One at 69.98 lakh versus Zerodha’s 67.6 lakh, with Groww still roughly double either rival. Both Angel One and Zerodha lost about 10–11 lakh active investors in 2025 amid flat markets and SEBI measures that cooled retail F&O; 2026 has seen gradual recovery as brokers broaden into bonds, mutual funds and overseas access—including US stock investing via GIFT City on Groww, Zerodha and Angel One.
Cash-market product fights continue in parallel—for example Zerodha’s recent raise of its instant withdrawal limit to ₹5 lakh a day—even as the active-investor ranking shifts.
What Angel One’s 4 November filing showed
In a BSE/NSE business update dated 4 November 2026, Angel One said total clients reached 40.60 million (4.06 crore)—+17.4% YoY and +1.6% MoM from 39.98 million in September. Gross acquisitions were 0.66 million (6.6 lakh) in October (+44.7% MoM), the highest monthly add in nine months.
Total orders hit 139.31 million (+13.9% MoM) and average daily orders 6.97 million (69.7 lakh, +19.6%). Notional ADTO was ₹56,244 billion (+25.3% MoM); F&O ADTO ₹53,149 billion (+25.9%). Retail F&O share on option premium reached an all-time high of 23.2% (from 22.5%); overall equity retail share rose to 20.5% (from 19.6%), while cash turnover share eased to 15.9% from 16.2%.
Why it matters for India’s wealthtech race
Groww still owns the active-investor crown; Angel One reclaiming second strengthens its claim as the leading trader-heavy franchise behind Groww’s mutual-fund-led scale. The same set is also reshaping revenue mix—seen in Zerodha cutting broking dependence as float income rises versus Groww and Angel One—as platforms diversify beyond pure F&O brokerage.
This article attributes October active-investor standings to NSE data as cited by Moneycontrol and The Economic Times, and Angel One’s client, order and market-share figures to the company’s 4 November exchange filing.
Key takeaways
- End-October 2026 NSE actives: Angel One 69.98 lakh (+2.43 lakh MoM), Zerodha 67.6 lakh, Groww ~1.37 crore (~29% of NSE actives).
- First top-three discount-broker reshuffle since October 2023; end-September the Zerodha–Angel One gap was only ~36,000.
- Angel One’s 4 Nov filing: 4.06 crore clients (+17.4% YoY), 6.6 lakh October gross adds (9-month high), F&O retail share 23.2% and overall equity retail share 20.5%.
Frequently asked questions
Who is India’s largest broker by NSE active investors?
Groww remains first, with about 1.37 crore active NSE investors at end-October 2026 (~29% of the exchange’s active base), per NSE data cited in market reports.
What does NSE mean by an “active” investor?
NSE counts an investor as active if they traded at least once on the exchange in the preceding 12 months.
When did Angel One last trail Zerodha?
At end-September 2026 Zerodha led with 67.92 lakh versus Angel One’s 67.56 lakh; Angel One pulled ahead in the October print.
Featured image: Ambarish Kenghe, Group CEO, Angel One, at the company’s office. Photo: Moneycontrol
