Discount Brokers Mixed in November: Zerodha Sheds 100,000 Clients, Groww Adds

• Discount brokerages showed mixed trends in November, with some gaining clients while others experienced significant exits.
• Zerodha, Upstox, and Angel One recorded notable declines in active clients.
• Groww, ICICI Securities, SBICap Securities, and Paytm Money successfully added new clients.
• The overall active client base across all stockbrokers decreased by 2.16 lakh in November, continuing a trend of client churn.
• Over 51 lakh active clients have exited the system since January, reducing the total to 4.53 crore in November 2025 from 5.02 crore in December 2024.

Why It Matters: Retail investor exits from brokerages signal changing market dynamics.