Mumbai, April 14 (IANS) Retail trading activity on the National Stock Exchange showed signs of cooling, with active client accounts on the NSE fell 7 per cent year-on-year (YoY) amid tighter regulations and volatile market conditions.

Data showed the number of active investors on the exchange dropped to 4.57 crore in March 2026, down from 4.92 crore a year earlier -- marking a drop of nearly 35 lakh accounts.

The decline continued through much of the financial year, with several months witnessing negative net additions, suggesting that new account openings failed to offset rising inactivity and investor churn.

The moderation in retail participation also impacted the market share of major discount brokers.

Zerodha saw its share fall to 15.08 per cent from 16.03 per cent a year ago, while Angel One slipped to 14.79 per cent from 15.4 per cent.

Upstox recorded the sharpest decline among key players, with its share dropping to 4.35 per cent from 5.58 per cent.

Market participants attributed the slowdown to stricter norms in the futures and options (F&O) segment, heightened volatility and a gradual exit of less active retail investors who had entered the markets during the previous bull phase.

The dip in retail activity comes at a time when the NSE itself is preparing for a public listing.

Earlier, the exchange reported a 37 per cent year-on-year fall in consolidated net profit to Rs 2,408 crore in the December quarter (Q3 FY26), compared to Rs 3,834 crore in the same period previous financial year.

Total income during the quarter declined 9 per cent on-year to Rs 4,395 crore, even as fundraising activity on the platform remained strong.

Around Rs 5.4 lakh crore was raised via equity, debt and business trusts in Q3, while 65 companies mobilised Rs 96,457 crore through IPOs, the highest in the past four quarters.

--IANS

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