Fintech Disruption and the Rise of Retail Mobile Trading in India: Market Dynamics, Investor Behaviour, and Brokerage Transformation

The Indian capital markets have undergone a paradigm shift driven by the rapid proliferation of fintech-enabled mobile trading platforms. This study examines the transformative impact of mobile trading applications on retail investor participation, trading volumes, market share dynamics, and investor behaviour in India between 2018 and 2023. Leveraging secondary data from the Securities and Exchange Board of India (SEBI), the National Stock Exchange (NSE), the Bombay Stock Exchange (BSE), and leading brokerage firms, the research employs multiple quantitative analytical techniques—including regression analysis, chi-square testing, independent samples t-test, and one-way ANOVA—to assess the statistical relationships between mobile trading adoption and key market outcomes. Findings reveal that mobile trading platforms, including Zerodha, Groww, Upstox, and Angel One, have collectively disrupted traditional brokerage models and democratised stock market access across socioeconomic strata. The number of mobile trading platforms grew from 20 to 45 between 2018 and 2023 (CAGR: 14.47%), with fintech brokers capturing over 50% market share by 2023. The regression model (R² = 0.9805) establishes a statistically significant positive relationship between mobile user growth and market participation. While the chi-square test confirms a structural shift in brokerage dominance (p = 0.0017), the ANOVA results reveal significant cross-platform differences in user trading activity (F = 45.51, p < 0.001). Alongside inclusion benefits, the study identifies regulatory concerns around speculative behaviour, market volatility, and responsible platform design. Implications are discussed for policymakers, fintech firms, traditional brokers, and retail investors navigating India’s evolving digital investment landscape.