In FY26, a majority of India's leading brokerages witnessed a decline in their active client base, defined as users who transact at least once a year. Notably, six out of the top ten brokers reported year-on-year decreases. Upstox experienced the most significant drop at 27.64%, followed by Zerodha at 12.62%, and Motilal Oswal Financial Services at 11.14%. The total active clients on the National Stock Exchange (NSE) decreased to 4.57 crore from 4.92 crore the previous year, indicating a slowdown in retail trading activity amid sharp market fluctuations. Factors contributing to this decline include heightened market volatility, regulatory tightening in the derivatives segment, and a shift in investor behavior, as noted by Krishna Rao, MD & Co-head of Equity Broking Group at JM Financial Services. The Nifty index fell 5%, while the Sensex dropped 7% over the year, further discouraging new investors. However, some brokers like Groww and ICICI Securities managed to increase their active client numbers, with ICICI Securities surpassing Upstox to become the fourth-largest broker by active clients.