Market swings trigger retail rethink, active client base of top brokers falls

A majority of India’s top brokerages saw a decline in active clients — defined as users transacting at least once a year — in FY26, signalling a slowdown in retail trading activity amid a year of sharp swings for markets.Six of the top 10 brokers posted a year-on-year decline in active client base for the financial year ended March 31, data from NSE showed.In percentage terms, Upstox saw the steepest decline in active clients at 27.64%, followed by Zerodha at 12.62% and Motilal Oswal Financial S...