India, Nov. 6 -- Indian stockbrokers' combined total active user base shrunk by 0.5% to 4.59 Cr in October, dropping from 4.61 Cr users in September. Despite the broader market plateau, user consolidation accelerated in favour of newer players.

Groww continued to cement its market-leading position with 1.38 Cr active users in October, commanding a 30% market share. Notably, it added 3.04 Lakh users in the month, more than any other competitor in the top 10.

To note, Groww's net active client additions in October were approximately 1.5X the combined additions of the next four largest brokers by active client base, Angel One, Zerodha, ICICI Securities and Upstox, which collectively added around 2.02 lakh active clients.

But the positions...