Indian brokers open U.S. markets to 46 million retail investors

Indian retail investors can now buy American technology stocks directly through their primary trading apps. Previously, access to U.S. equities was restricted to wealthier clients using global banks. Now, millions of ordinary traders are purchasing shares in companies like Nvidia and Apple.

Groww serves more than 29% of India's 46 million active brokerage clients. The platform launched its U.S. equity feature in October. It offers over 10,000 stocks and exchange-traded funds, including fractional share options. Harsh Jain, co-founder and chief operating officer, said early users favored Nvidia, SpaceX, Apple, Alphabet, Amazon, Micron, and Meta.

Zerodha, the second-largest platform with a 15% market share, is currently beta testing similar access. The company expects a full launch within weeks. Angel One, which manages 6.7 million active retail clients, is also preparing to offer U.S. trading services.

The shift follows a year of weak performance in domestic markets. The Nifty 50 index has dropped nearly 13% since the start of the year. In contrast, the S&P 500 has risen more than 12%. Foreign investors have withdrawn a record $32.5 billion from direct Indian equities since January, according to NSDL data.

Somnath Mukherjee, vice president of corporate development at Zerodha, cited latent demand for global companies. He noted the absence of major local artificial intelligence firms as a key driver. The decline of the rupee against the dollar also encourages investors to hold assets in another currency.

Money leaving the country for investment purposes is accelerating. In August, Indian residents sent over $321 million abroad for equity and debt investments. This figure represents an 111% increase from the same period last year. For the financial year ending in March 2026, total outward investment remittances reached $2.6 billion.

Tanvi Kanchan of Anand Rathi Shares & Stock Brokers noted that investment now accounts for 11.7% of total outward remittances, up from 5.8% a year ago. Nitin Jain of Kotak Mahindra Asset Management Singapore warned that regulators may reconsider the policy if participation continues to grow. The central bank has already intervened in currency markets to support the rupee.