NSE Sees Surge in Demat Accounts in FY25, Powered by Groww and Zerodha

Synopsis: The National Stock Exchange (NSE) added over 84 lakh new active demat accounts in FY25, recording a 20.5% year-on-year growth. This expansion was primarily driven by digital brokerage platforms like Groww, Angel One, and Zerodha, which together accounted for more than 65% of the total growth.

The Indian capital market saw a significant rise in retail investor participation in FY25, as reflected by the surge in new demat accounts on the NSE. According to official data, the total number of active demat accounts reached 4.92 crore by the end of March 2025. This sharp increase—amounting to over 84 lakh new accounts—represented an annual growth rate of 20.5%.

A major part of this growth came from new-age digital brokers, notably Groww and Angel One. Groww led the charge, contributing 40% to NSE’s overall new account growth. Its client base increased from 95 lakh in March 2024 to 1.29 crore by March 2025, registering a robust 36% year-on-year growth. The platform’s market share also rose from 23.28% to 26.26% during the same period, with consistent monthly gains throughout the year.

Angel One also saw healthy traction, contributing 17.38% to the overall growth by adding 14.6 lakh new active accounts in FY25. Zerodha, which remains the second-largest brokerage by active clients, added 5.8 lakh accounts during the year, contributing 6.9% to NSE’s annual growth. At the end of the fiscal, Zerodha’s market share stood at 16%.

The NSE recorded an all-time high of 5.02 crore active demat accounts in January 2025, though a minor decline was observed in the last two months of the fiscal due to heightened market volatility.

This growing investor base highlights the rise of DIY (Do-It-Yourself) investing, particularly among younger, tech-savvy Indians. These new investors prefer platforms that offer user-friendly interfaces, transparent transactions, and seamless onboarding processes. Furthermore, the data reveals a changing demographic in Indian investing patterns, with an increasing number of women entering the capital markets—almost one in four new investors now is a woman.

Industry experts believe this generational and demographic shift signifies a broader transformation in how Indians are approaching wealth creation, favoring direct market participation over traditional investment avenues.

Disclaimer: This article is for informational purposes only and should not be considered as financial advice. Please consult with a certified financial advisor before making any investment decisions.