Groww provides 350,000 customers in January as on-line brokerages recuperate from 2024 hunch

After dropping about 10% customers in 2024, brokerages added lively customers in January 2026 amid an IPO increase, whilst the specter of recent curbs on F&O buying and selling looms.

The turnaround marks a pointy distinction to final yr’s challenges, when elevated Securities Transaction Tax (STT) and tighter rules on futures and choices (F&O) buying and selling had dampened progress throughout the sector.

On-line stockbroking firm Groww continued its momentum from the earlier quarter, recording its fourth consecutive month of enlargement. The platform onboarded about 350,000 new customers in January, representing 2.9% progress that pushed its whole consumer depend from 12.1 million in December to 12.5 million in January.

Firm executives pointed to the resurgent IPO market as the first driver behind this progress, noting that latest high-profile public choices—together with these from LG Electronics India, Meesho, and Groww itself—efficiently introduced inactive accounts again to life.

Zerodha’s efficiency was notably notable, ending a year-long decline by including over 10,000 customers throughout the month and bringing its whole consumer base to six.86 million.

Amongst different main gamers, Paytm Cash achieved the second-highest progress charge at 1.6%, reaching 860,000 customers. Dhan noticed its buyer base increase by 1.51% with almost 15,000 new additions.

Nonetheless, not all platforms shared within the restoration. PhonePe’s Share.Market skilled the steepest contraction amongst main new-age brokerages, dropping almost 5% of its consumer base to fall to roughly 237,000 accounts in January. Upstox misplaced 2% of its customers in January taking its whole consumer base to twenty,36,413 customers in January 2026.

At the same time as consumer additions present indicators of restoration, just lately hiked transaction prices threaten to weigh on buying and selling exercise.

Within the Union Finances, Finance Minister Nirmala Sitharaman introduced a steep improve within the Securities Transaction Tax (STT) on derivatives, efficient April 1, 2026. The tax on futures contracts has been raised to 0.05% from 0.02%, whereas the levy on choices premiums has elevated to 0.15% from 0.10%. The tax on the train of choices has additionally been hiked to 0.15% from 0.125%.

The upper STT considerably raises the price of executing derivatives trades, a section that accounts for a big share of volumes for many retail-focused brokerages. For lively merchants who depend on skinny margins and frequent trades, the rise may make a number of methods much less viable.

The federal government has argued that the derivatives market has expanded at a tempo that warrants warning. India is now the world’s largest fairness derivatives market by contract quantity, with notional turnover working at multiples of the nation’s GDP.