From discount brokers to advisory channels: how Indian traders are changing where they get value

Discount brokers are shedding clients, but where are they going for value? In the September 2025 quarter, 26 lakh active clients vanished from discount brokerages, with roughly 50 lakh leaving in 9 months. The big four — Groww, Zerodha, Angel One, Upstox — bore the brunt; smaller names like Paytm Money, SBICap, ICICI Securities actually gained. ^[1]

That shift hints at a pivot toward advisory platforms and education-driven channels as the new value source for Indian retail investors. ^[1]

• Paytm Money, SBICap, ICICI Securities — gained clients, signaling flow away from traditional discount-broker dominance. ^[1]

On the education front, the conversation around learning and guidance is taking center stage. Content that helps decode stocks, IPOs, and mutual funds in an Indian context is getting traction.

• ValuePickr — great website to follow for stock-picking insights. ^[2]
• WeekendInvesting — daily market updates and investor temperament guidance. ^[2]
• FundaTakes — a recommended channel for price-and-profit thinking. ^[2]
• Ramdeo Agarwal — valuation masterclass cited as a must-watch. ^[2]
• Siddharatha Bhaiya — a go-to video for investing philosophy. ^[2]
• Mr.Paragh Parikhs — masterclass noted as valuable. ^[2]
• Books discussed in the thread include Once Upon Wall Street and The Intelligent Investor (and The Psychology of Money) as starting points for learners. ^[2]

Bottom line: Indian retail investors are increasingly turning to advisory platforms and education-driven channels as their primary value sources, reshaping how value is created in the market. ^[1][2]

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