The collective loss across all brokerage firms exceeded 9.62 lakh active clients in the fourth quarter. Groww, India's largest brokerage firm, recorded the steepest decline, with its active client base falling to 1.29 crore in March 2025 quarter. Zerodha saw its active clients reduce by 2.31 lakh, reaching 78.89 lakh compared to 81.2 lakh in the previous quarter.

Angel One reported a decline of 1.76 lakh clients, ending the quarter at 75.78 lakh, down from 77.54 In Q4, India's benchmark indices, the Sensex and Nifty, declined by 0.9percent and 0.5percent, respectively. The decline in investor activity aligns with a significant correction in domestic equities since October 2024. HDFC Securities added 1.05 lakh active accounts, reaching 15.25 lakh from 14.21 lakh in the previous quarter.

INDmoney, a comprehensive financial management app, grew its active client base by 44,337 to 8.36 lakh. Moneylicious Securities, which operates the Dhan app, added 39,099 clients. PhonePe, the Walmart-backed fintech that recently launched the "Share.Market" platform, saw its active users rise by 33,435 to 3.55 lakh.