India, July 30 -- Retail money keeps finding its way into Indian equities, and increasingly it doesn't stop at stock trading; investors are moving into mutual funds and wealth products too. Rising SIP inflows and wider digital adoption have let brokers push past plain brokerage income into wealth management, asset management, lending, and insurance distribution.

The June quarter shows that shift clearly, though the four biggest listed brokers didn't grow the same way. Some added users aggressively. Others made more money without adding many customers at all by leaning on wealth and asset management. Here's the breakdown.

Groww Groww had the best quarter of the four on pretty much every metric. Total income was Rs1,549 crore, up 63% year...