Exchange data shows that India’s total active broking clients dropped from **5.02 crore (Dec 2024)** to **4.49 crore (Dec 2025)**. **\~75% of this decline came from just four platforms — Groww, Zerodha, Angel One, and Upstox**.
Main reasons behind the drop:
* SEBI’s tighter **F&O regulations** (higher margins, fewer expiries, higher taxes)
* Reduced retail appetite for derivatives trading
* Shift toward **mutual funds, PMS, and AIFs**
* Market volatility, weak earnings, and muted IPO listings
This doesn’t necessarily mean retail investors are “leaving markets.” It looks more like a **move away from frequent trading toward long-term investing**.
And your thoughts ?
**Numbers in lakh | Source: NSE, Moneycontrol**
https://preview.redd.it/5dnp3xrmqvcg1.png?width=400&format=png&auto=webp&s=3c77e149097fe7bfb15337952eace653f1f6e2b1