Upstox has raced ahead of Kotak Securities, Sharekhan and Angel Broking to become the 4th largest broker in India – behind Zerodha, ICICI Securities and HDFC Securities.
Zerodha has extended its lead at the top, while Axis Securities has lost customers in the month of January and February 2020.
The Top 10 Brokers in India
| No | Broker | Dec 2019 | Feb 2020 | Growth |
| 1 | Zerodha | 11,13,000 | 12,57,180 | 12.95 % |
| 2 | ICICI Securities | 9,34,585 | 10,14,293 | 8.53 % |
| 3 | HDFC Securities | 6,47,800 | 6,75,448 | 4.27 % |
| 4 | Upstox | 3,75,702 | 5,55,302 | 47.80 % |
| 5 | Kotak Securities | 4,84,561 | 5,38,909 | 11.22 % |
| 6 | Sharekhan | 4,86,325 | 5,20,546 | 7.04 % |
| 7 | Angel Broking | 4,54,932 | 5,05,144 | 11.04 % |
| 8 | 5Paisa Capital | 2,94,850 | 3,80,693 | 29.11 % |
| 9 | Motilal Oswal | 3,33,388 | 3,50,068 | 5.00 % |
| 10 | Axis Securities | 3,11,400 | 2,71,881 | -12.69 % |
- ICICI Securities has become the second stock broker in India to cross 10 lakh active clients.
- Upstox has shown staggering growth rate of 48% over a 2-month period. It has added 1.8 lakh clients in just 2 months, which is nearly 3000 customers per day!
- 5Paisa is the other discount broker, which is quickly climbing the ladder and should enter the Top 5 in a few months.
- Axis Securities lost customers in the first 2 months of the year.
- The second slowest growing broker is HDFC Securities.
- Zerodha maintained its lead at the top with a steady growth rate. But the company will soon begin to feel the pressure if Upstox continues to grow the way it has in the last few months.
- Discount brokers are capturing market share from full service brokers. In a few years from now, things could look very different from how it is now.
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