Branch² Intelligence
NSE active client growth stalls in first half of 2026; top brokers see mixed trends
Key takeaway
NSE active client growth stalled to just 2.8 lakh new clients in H1 2026, signalling market saturation.
- Step 1NSE active client growth stalls to 2.8 lakh in H1 2026, indicating market saturation.
- Step 2Brokers with declining active clients (Zerodha, Angel One, Upstox, Kotak Securities, HDFC Securities) face revenue pressure and may reduce SME-focused services.
- Step 3Gainers (Groww, ICICI Securities, Dhan) capture market share and can cross-sell SME lending and distribution products, altering competitive dynamics for SME financing.
Source: CNBC TV18 (Markets)
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