Broking Industry Size Forecast, per CARE Analytics and Advisory, Sep 2026 (commissioned by a company).
The Indian financial services and broking industry has experienced substantial growth driven by increasing retail participation, rising demat accounts, financialization of household savings, and digital onboarding. Aggregate ADTO across key exchanges expanded rapidly, with retail participation growing across cash and F&O segments. Operating in a highly competitive market against national brokers like SMC Global, Share India, and Arihant Capital, regional market leaders leverage localized client relationships and integrated NBFC funding models to maintain client stickiness. [2]
The broking industry in India is estimated to be valued at approximately ₹ 520.00 crore as of FY25 and is projected to expand to ₹ 810.00 crore by FY28 at a CAGR of 16-18%. Combined turnover across all Indian stock exchanges grew at a CAGR of approximately 44.5% between FY20 and FY25, driven by expanding retail investor participation. [1]
| Figure | Period | Value |
|---|---|---|
| Indian Broking Industry Size [1] | FY2025 | ₹520 crore |
| Indian Broking Industry Size Forecast [1] | FY2028 | ₹810 crore forecast |
| All Exchanges Combined Turnover CAGR [1] | FY2020–FY2025 | 44.5% |
The market is split between discount brokers (78.1% of active clients) and full-service brokers (21.9% of active clients). Margin trading funding (MTF) has emerged as a high-growth segment, with industry MTF book size expanding at an 87% CAGR from March 2020 to June 2025. [1]
| Figure | Period | Value |
|---|---|---|
| Discount Brokers Share of Active Clients [1] | Q1FY26 | 78.1% |
| Full-Service Brokers Share of Active Clients [1] | Q1FY26 | 21.9% |
| MTF Industry Size CAGR [1] | FY20-Q1FY26 | 87% |
Over 4,900 stockbrokers are registered with SEBI under the equity segment. The top 25 brokers command a majority share of active clients. [1]
| Figure | Period | Value |
|---|---|---|
| Registered SEBI Equity Brokers [1] | FY2025 | 4,900 |
| Topic | Figure | Period | Value |
|---|---|---|---|
| Market size and growth | Indian Broking Industry Size [1] | FY2025 | ₹520 crore |
| Market size and growth | Indian Broking Industry Size Forecast [1] | FY2028 | ₹810 crore forecast |
| Market size and growth | All Exchanges Combined Turnover CAGR [1] | FY2020–FY2025 | 44.5% |
| Segments | Discount Brokers Share of Active Clients [1] | Q1FY26 | 78.1% |
| Segments | Full-Service Brokers Share of Active Clients [1] | Q1FY26 | 21.9% |
| Segments | MTF Industry Size CAGR [1] | FY20-Q1FY26 | 87% |
| Competition and structure | Registered SEBI Equity Brokers [1] | FY2025 | 4,900 |
CARE Analytics and Advisory projects ₹810 crore by FY2028. Forecasts are the source's, not FinMinutes'.
Over 4,900 stockbrokers are registered with SEBI under the equity segment. The top 25 brokers command a majority share of active clients.
Built from 2 sources: 2 company-commissioned reports. Each figure carries its source number, which links to the full source list with dates and page references.
Figures are quoted from the sources listed above, with their dates and page references. They are not FinMinutes estimates and are not a recommendation about any security. All industries →