India’s retail stock broking industry saw some important changes in June 2026. While Groww continued to hold its position as the country’s largest stock broker, fast-growing trading platform Sahi entered the list of India’s top 20 brokers for the first time.
The latest industry data shows that the total number of active trading clients fell slightly during the month. Even with this small decline, new-age platforms like Sahi continued to attract more users by offering advanced trading tools and simple pricing.
These changes come at a time when the Securities and Exchange Board of India (SEBI) has introduced new rules to improve market safety and protect retail investors.
Groww Keeps the Top Spot, Sahi Sees Fast Growth
Groww remained India’s biggest stock broker in June with around 1.30 crore active clients. The platform held a market share of nearly 28.72%. Although it lost a little over 6,000 active clients during the month, it comfortably stayed ahead of other brokers.
The overall broking industry also saw a small drop in active clients. Around 1.37 lakh active clients left the country’s leading brokers in June, bringing the total active client base to nearly 4.54 crore. Experts believe this is a normal correction and not a sign of a major slowdown in the stock market.
Among all brokers, Sahi stood out by adding the highest number of new active clients. This helped the company enter India’s top 20 stock brokers for the first time.
Sahi focuses mainly on active traders. It charges a flat brokerage fee of ₹10 per order and offers a trading screen where users can view index and options charts together while placing trades directly from the chart. The platform has also added 17 AI and machine learning-based trading indicators at no extra cost.
The app has already crossed 3 million downloads, showing its growing popularity among Indian traders.
Fresh Funding Gives Sahi a Big Boost
Sahi’s strong growth has also been supported by fresh investment. Earlier this year, the startup raised $33 million in a Series B funding round led by Accel Growth, with participation from existing investor Elevation Capital.
After this funding, the company’s valuation increased to around $200 million. This is more than three times its previous valuation of $60 million during its Series A funding in 2025.
Sahi was founded by Dale Vaz, former Chief Technology Officer at Swiggy and former Technology Director at Amazon, along with Manish Jain. The founders say their goal is to give retail traders access to professional-level trading tools that were once available mainly to large trading firms and institutional investors.
The new funding will help the company improve its technology, build new products and reach more customers across India.
SEBI Brings New Rules to Protect Retail Investors
The latest changes in the broking industry come as SEBI continues to tighten rules for the stock market.
According to a recent SEBI study, around 91% of individual traders lost money in the equity derivatives segment during FY25. The report also found that retail traders lost nearly ₹61,000 crore in FY24, excluding transaction costs. Much of this money went to proprietary trading firms and Foreign Portfolio Investors (FPIs).
Even though the number of retail derivatives traders has fallen over the past year, India continues to see strong participation in the stock market. The country has now crossed 15 crore demat accounts, showing that more people are investing in shares than ever before.
To improve market safety, SEBI introduced the new Stock Brokers Regulations, 2026. The new rules require brokers to set up stronger systems to detect insider trading, market manipulation, front-running and suspicious account activity. Brokers must also have a whistleblower policy and meet updated governance and net-worth requirements.
SEBI has also introduced new rules for algorithmic trading. Every algorithmic order must now carry a Unique Strategy ID to improve transparency and tracking. At the same time, black-box trading algorithms have been restricted for retail investors unless they are offered by SEBI-registered research analysts.
In addition, the Union Budget 2026-27 increased the Securities Transaction Tax (STT) on derivatives trading, while SEBI also relaxed some technical glitch reporting rules for smaller brokers.
India’s retail broking industry is changing quickly. While large players like Groww continue to lead the market, fast-growing companies like Sahi are proving that better technology, lower costs and a smoother trading experience can help new platforms compete with established names.