• Source:JND
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Demat Account: India’s capital markets witnessed significant retail participation in FY25, with over 8.4 million new active demat accounts added on the National Stock Exchange (NSE), up 20.5 per cent over the previous year, taking the total to 4.92 crore. The growth was led by two digital brokers – Grow and Angel One – which together accounted for more than 57 percent of these net additions.

Grow emerged as the single largest contributor, adding 3.4 million new accounts – accounting for 40 per cent of the NSE’s growth. Its active client base grew from 9.5 million in March 2024 to 12.9 million in March 2025, reflecting a sharp 36 per cent growth over the previous year. Gro’s market share rose from 23.28 per cent to 26.26 per cent in the same period, according to NSE data.

In FY25, Angel One added 1.46 million accounts, contributing 17.38 per cent to the overall growth of the NSE. The platform has grown to 7.57 million active users, with a market share of 15.38 percent.

Of the 8.4 million new active demat accounts added to the NSE, Grow and Angel One together accounted for 4.86 million. Zirodha has also added 5.8 lakh new accounts in FY25, contributing about 7 per cent to the overall growth of the NSE. At the end of FY25, it had a market share of 16 per cent.

Market experts believe that digital brokers’ growth in market share indicates investors’ preference for a mobile-based, simplified investing experience. It also indicates increasing investor confidence in digital platforms – especially given the growing investor base in India’s second, third and fourth tier cities.

Traditional brokers also contributed to the growth of the retail investment base in the country. HDFC Securities registered a strong growth of 36.78 per cent over the previous year, taking its client base to 14.9 lakh and gaining 3 per cent market share. ICICI Securities rose 3.65 per cent with 19.4 lakh active clients.

Meanwhile, the fund, which has a lower client base of 9.6 lakh, grew by 89 per cent and gained popularity among a new generation of traders.

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(With PTI's Input)