Retail trading activity on the National Stock Exchange has displayed a cooling trend, as active client accounts fell by 7% year-on-year. In March 2026, the number of active investors on the exchange decreased to 4.57 crore from 4.92 crore a year earlier, marking a decline of nearly 35 lakh accounts. This decline persisted throughout the financial year, with negative net additions in several months, indicating that new account openings did not compensate for the increasing inactivity and investor turnover.
The moderation in retail participation also impacted the market share of major discount brokers. Zerodha witnessed a decrease in its share from 16.03% to 15.08% compared to a year ago, while Angel One’s share dropped from 15.4% to 14.79%. Upstox experienced the most significant decline among key players, with its share falling to 4.35% from 5.58%.
Market participants attribute this slowdown to stricter norms in the futures and options (F&O) segment, heightened market volatility, and a gradual exit of less active retail investors who had joined the markets during the previous bullish phase. This decline in retail activity coincides with the NSE’s preparations for a public listing.
The National Stock Exchange reported a 37% year-on-year decrease in consolidated net profit to Rs 2,408 crore in the December quarter of FY26, down from Rs 3,834 crore in the same period the previous financial year. Despite a 9% decline in total income to Rs 4,395 crore during the quarter, fundraising activities on the platform remained robust. In Q3, around Rs 5.4 lakh crore was raised through equity, debt, and business trusts, with 65 companies collectively mobilizing Rs 96,457 crore through IPOs, marking the highest amount in the past four quarters.
