Brokerage firms such as Groww, Angel One, Zerodha, Upstox Securities, Kotak Securities, Motilal Oswal and Nuvama Wealth witnessed client attrition in March 2025 quarter, according to the National Stock Exchange data. Collectively, these firms lost over nine lakh active clients in the fourth quarter to 4.92 crore.
Recent market correction, volatile trends, ongoing earnings season and global cues have impaired the client base of brokerages. However, on a year-on-year basis, over 84 lakh new demat accounts were opened, showing 20.5 per cent increase.
The top four firms that felt the maximum pressure include Groww Invest Tech, Zerodha Broking, Angel One and Upstox. Groww has witnessed a major decline, its active client base fell to 1.29 crore in the quarter under review from 1.32 crore in the December 2024 quarter. However, it has increased 40 per cent from 95 lakh in March 2024.
Zerodha Broking followed with 2.31 lakh decline in active clients to 78.87 lakh in March 2025 quarter compared to 81.2 lakh in previous quarter.
Angel One’s client base dropped to 75.78 lakh in the March 2025 quarter compared to 77.54 lakh in the previous quarter. The brokerage declined to comment. The listed stock broking firm’s profit tumbled 49 per cent in Q4FY25. For Upstox Securities, it dipped to 27.47 lakh in March 2025 quarter.
However, during FY25, Angel One added 14.6 lakh new accounts, Zerodha 5.8 lakh accounts and Upstox onboarded 2.30 lakh clients.
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Published on April 22, 2025
