Raise Securities Private Limited, operating the Dhan brokerage platform, added 19,818 active clients in August 2026. This performance placed Dhan sixth among India’s top 50 stock brokers by net client additions for the month.

The brokerage’s total active client base rose to 11,07,277 from 10,87,459 in July. Dhan retained its eighth position among the largest stock brokers by active client count. Within the top 10 brokers by active clients, Dhan recorded the fifth-highest monthly net addition.

Market Leader Performance

Groww maintained its lead as India’s largest stock broker by active clients, ending August with 1,33,47,233 users. The digital-first broker also recorded the highest net client addition in the period, gaining 2,23,362 new active clients.

Angel One and Zerodha followed as the second and third largest brokers by active client base, with 67,18,755 and 67,96,854 clients respectively. Angel One added 84,636 clients, while Zerodha gained 34,501 during the month.

Client Churn Among Peers

Several major brokerages reported declines in their active client bases during August. SBIcap Securities experienced the sharpest contraction among the top 10, losing 26,365 active clients. Paytm Money saw a decline of 9,112 clients, while Mirae lost 5,727 active users.

Among smaller brokers, Aaritya recorded the fourth-highest net addition with 24,718 clients. Nu Investors added 19,228 clients, placing it just behind Dhan in monthly growth metrics.

What the Numbers Show

Dhan’s growth trajectory diverges significantly from larger incumbents like Upstox and Kotak. While Upstox added only 3,749 clients despite holding the fifth-largest base, and Kotak gained 9,440, Dhan’s addition of 19,818 clients represents a higher acquisition velocity relative to its current scale. This suggests strong traction in its targeted segment of active traders, distinct from the broader retail base served by market leaders.

Platform Capabilities

Launched in 2021, Dhan offers trading across equities, ETFs, futures, options, and commodities. The platform integrates TradingView, screeners, smallcases, and the DhanHQ API ecosystem. It utilizes an in-house DEXT trade-processing system designed for low-latency order execution, catering primarily to active traders and investors.

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.