India's NSE Sees 8.4 Million New Demat Accounts in FY25, Groww and Angel One Lead the Way

India's capital markets saw remarkable retail participation in FY25, with over 8.4 million new active demat accounts added on the National Stock Exchange (NSE), a 20.5% YoY increase. Digital brokerages Groww and Angel One contributed to 57% of the growth, with Groww adding 34 lakh new accounts and Angel One adding 14.6 lakh accounts. Traditional brokerages like HDFC Securities and ICICI Securities also saw growth in their client bases. The growing market share of digital brokerages indicates investors' preference for mobile-led, simplified investing experiences and growing investor confidence in digital platforms.

India's capital markets witnessed remarkable retail participation in FY25, with over 84 lakh new active demat accounts added on the National Stock Exchange (NSE), marking a 20.5% year-on-year increase. This growth has taken the total tally to 4.92 crore, reflecting a significant surge in retail investor engagement [1][2][3].

At the forefront of this growth are two digital brokerages, Groww and Angel One, which together accounted for over 57% of these net additions. Groww emerged as the single-largest contributor, adding 34 lakh new accounts, which represents a 40% share of NSE's growth. Its active client base rose from 95 lakh in March 2024 to 1.29 crore in March 2025, reflecting a sharp 36% year-on-year increase. Groww's market share rose from 23.28% to 26.26% during the same period [1][2][3].

Angel One added 14.6 lakh accounts during FY25, contributing 17.38% to NSE's overall growth. The platform's active user base climbed to 75.7 lakh, with a market share of 15.38% [1][2][3].

Together, Groww and Angel One accounted for 48.6 lakh out of the 84 lakh new active demat accounts added to the NSE. Apart from these, Zerodha added 5.8 lakh new accounts in FY25, accounting for nearly 7% of NSE's overall growth. It held a market share of 16% by the end of FY25 [1][2][3].

Traditional brokerages also contributed to the rise of India's retail investing base. HDFC Securities posted a strong year-on-year growth of 36.78%, with its client base nearing 14.9 lakh and holding a 3% market share. ICICI Securities saw a growth of 3.65% with 19.4 lakh active clients. Meanwhile, Dhan, on a low base of 9.6 lakh clients, witnessed 89% growth, gaining popularity among new-age traders [1][2][3].

The growing market share of digital brokerages suggests investors' preference for mobile-led, simplified investing experiences. This also indicates growing investor confidence in digital platforms, particularly among India's emerging investor base in Tier II, III, and IV towns [1][2][3].

References:
[1] https://www.instagram.com/p/DIqVTBgOUqd/
[2] https://www.theweek.in/wire-updates/business/2025/04/20/dcm9-biz-demat-accounts.html
[3] https://www.ndtvprofit.com/markets/nse-adds-84-lakh-new-demat-accounts-in-fy25