National Stock Exchange (NSE) saw a record decline in active investors in FY26, with a drop of nearly 34 lakh accounts. Active client accounts fell from 4.92 crore in March 2025 to 4.58 crore in March 2026, declining 7% year-on-year. Over 70% of decline came from Zerodha, Angel One and Upstox, with Zerodha accounting for 29% of the overall fall.