Dhan, operated by Raise Securities Private Limited, climbed one spot in the hierarchy of India's largest stockbrokers in July 2026, securing the 8th position by active client count. The digital brokerage added 14,166 net active clients during the month, expanding its total active client base from 10,73,293 in June to 10,87,459 in July.

This monthly addition ranked Dhan 4th among the top 50 stock brokers for net client inflows and 2nd among the top 10 brokers, trailing only Groww Invest Tech Private Limited. The performance allowed Dhan to overtake SBIcap Securities Limited, which fell to the 9th position after recording a sharp decline of 47,551 active clients.

July 2026 Client Movement

Groww remained the dominant player in client acquisition, adding 70,119 active clients to maintain its lead with a total base of 1,31,23,871. Aaritya Broking Private Ltd and Nu Investors Technologies Private Limited followed Dhan in the rankings for net additions, contributing 27,316 and 17,616 clients respectively.

Conversely, several established brokerages reported contractions in their active user bases. Zerodha Broking Limited saw its active clients drop by 38,725, while Upstox Securities Private Limited recorded a decline of 26,433. Other firms registering losses included HDFC Securities Ltd (-9,169), Paytm Money Ltd (-26,724), and Motilal Oswal Financial Services Limited (-1,748).

What the Numbers Show

The data reveals a divergence in growth strategies within the top tier of Indian discount brokers. While industry leaders like Zerodha and Angel One experienced stagnation or churn, mid-tier players like Dhan and Aaritya Broking captured significant market share. Dhan’s ability to add 14,166 clients while larger peers like Zerodha lost nearly 39,000 suggests a shift in user preference toward platforms offering advanced trading tools, such as Dhan’s TradingView integration and low-latency execution systems.

Market Consolidation and Entry

The broader broker landscape saw movement at the lower end of the top 50 list. Samco Securities Limited entered the top 50 at the 49th position with 52,198 active clients, while Swastika Investmart exited the list, falling to 51st.

Dhan continues to cater primarily to active traders through its proprietary DEXT trade-processing system, offering access to equities, ETFs, futures, options, and commodities. The firm’s growth trajectory contrasts with traditional full-service brokers like HDFC Securities and SBIcap, which reported declines in active engagement during the same period.

Dhan , operated by Raise Securities Private Limited , secured the 4th position among India’s top 50 stock brokers by net client additions in May 2026, adding 10,035 active clients. This performance placed the platform second in net additions among the top 10 brokers by active client base, trailing only Groww. Dhan maintained its 9th rank overall with 10,61,986 active clients, sustaining the milestone it crossed in April 2026 with 10,51,951 active clients.

The platform's growth contrasted with trends at several established brokerages. Major players including Zerodha, AngelOne, Upstox, Kotak Securities, HDFC Securities, SBIcap Securities, and Motilal Oswal Financial Services reported declines in their active client counts during the same period. Dhan ranked ahead of ICICI Securities, which added 8,210 active clients, and followed Groww, Aaritya Broking, and Nu Investors Technologies in net additions.

Market landscape and peer performance

Groww continued to lead the market with 1,30,59,756 active clients, followed by Zerodha with 68,47,049 and AngelOne with 66,84,223. Dhan held the 9th spot, staying ahead of Motilal Oswal Financial Services, Paytm Money, and Sharekhan.

Strategic positioning and technology

Launched in 2021, Dhan has focused on active traders and serious investors to drive its rapid ascent in the broking sector. The platform offers equities , ETFs , futures, options, and commodities , integrated with TradingView , screeners, and smallcases. Its in-house DEXT trade-processing system is designed for fast order execution and low latency, catering to users prioritizing speed and reliability. This trading-focused approach differentiates Dhan from mass retail platforms and bank-backed brokers that rely on advisory services and banking integration.

Dhan’s momentum in May 2026 highlights its ability to gain market share through a technology-led strategy. With 10,035 net additions and a top 10 active client rank, the platform continues to expand its footprint in a competitive landscape.