We’ll look at India’s top 15 stock brokers based on the total number of unique active clients in this post.
More than 300 stockbrokers are registered with SEBI and other stock exchanges in India. According to the most recent available data, as of March 31, 2022, the National Stock Exchange (NSE) has 305 registered stock brokers in India (including defaulters and exiles). The total number of active clients is one of the easiest criteria for looking for the best stock broker to open a Demat and trading account with.
Although a strong buyer base does not guarantee a better carrier, having a major company minimises the chances of the brokerage company quitting or leaving the carrier too soon.
Stock brokers nowadays will say that they are simple because they are registered with SEBI. However, just because they’re registered with SEBI doesn’t mean they’ll be dependable in the long run. Frequently, many such small agents are both thrown out of the change or forced to leave the business and file for bankruptcy. And this causes a great deal of frustration for their modern clients.
As a result, creating a trading account with the industry’s leading stock broker is safer for clients who want to prevent such problems.
15 Largest Stock broker in India with the Most Active Clients
Some websites rank Indian stock brokers based on brand value, trading platform, customer service, amenities supplied, complaint rate, etc. It is affixed. This article, however, will not go into detail about it.
These are the factors.
The total number of unique active clients for that broker is the only factor we observe here. This article lists the stock broker with the most clients first, followed by the stock broker with the most active clients.
This method makes use of data from the NSE India website. The monthly totals for each client of the numerous stock brokers listed on the National Stock Exchange website are available.
Based on the total number of unique active clients, here are India’s top 15 stock brokers:
After gaining brief information about the top 15 stockbrokers in India, it’s time to delve deeper and get to know more about these stockbrokers in detail. So, let’s start.
Zerodha
Known to be the first to offer flat fee discount brokerage services, Zerodha is undoubtedly the topmost stockbroker in India. Setup by Nitin Kamath in 2010, Zerodha has more than 6 million active traders and investors. It is the biggest and most popular stockbroker in India. It allows traders and investors to invest in Currency, Equity, IPO, Commodity, and Direct Mutual Funds.
The term Zerodha is made up of two words – Zero and Rodha, where ‘Rodha’ refers to the barrier. Put simply, it means zero barrier.
The biggest feature of Zerodha is its 0 brokerage for trading in equity delivery and direct mutual funds. It charges flat Rs. 20 or 0.03% (whichever is lower) for trading in intraday and F&O. The maximum brokerage with Zerodha is Rs. 20 for any trade order across all segments.
Some salient features of Zerodha are:
- Biggest stockbroker in terms of active clients, fresh customer acquisition, and market volume
- Maximum brokerage is capped at Rs. 20 per trade, which is 60 – 90% lower than its counterparts
- Gives up to 20x leverage on intraday trading
- 0 brokerage for trading in equity delivery and mutual funds
- Years of market expertise
- One of the safest and most reliable stockbrokers in India
- 0 commission on Direct Mutual Funds
- A perfect choice for beginners, active and passive investors, algo traders, and active traders
- Advanced and user-centric web and mobile trading app – Zerodha Kite
- Zerodha Coin – A mutual fund investment platform
- Zerodha Varsity – An investors education program
- Smallcase – A thematic investment platform
- Other trading platforms – Streak (algo & strategy platform), Sensibull (options trading platform), and GoldenPi (bonds trading platform).
Zerodha Brokerage
| Trading Segment | Brokerage Charges |
| Monthly Fee (Static) | |
| Equity Delivery | Rs 0 |
| Equity Intraday | Rs 20 per executed order or .03% whichever is lower |
| Equity Futures | Rs 20 per executed order or .03% whichever is lower |
| Equity Options | Rs 20 per executed order |
| Currency Futures | Rs 20 per executed order or .03% whichever is lower |
| Currency Options | Rs 20 per executed order or .03% whichever is lower |
| Commodity Futures | Rs 20 per executed order or .03% whichever is lower |
| Commodity Options | Rs 20 per executed order or .03% whichever is lower |
Upstox (Previously RKSV Securities India Private Limited)
Another popular stockbroker in the list is Upstox, which was earlier known as RKSV Securities India Pvt. Ltd. The biggest strength of Upstox is that it is supported by the legendary businessman Mr. Ratan Tata, Kalaari Capital, and GVK Davix. A Mumbai-based stockbroker, Upstox was founded in 2011 with the objective to bring a high level of simplicity to stock trading.
Upstox enables traders and investors to trade in equity, commodity, equity intraday, F&O, and currency derivatives. The stockbroker charges Rs. 249 for Demat account opening. Its brokerage is Rs. 20 per order or 2.5% (whichever is lower) for equity delivery, equity intraday, equity futures and options.
Some big features of Upstox are:
- Availability of 3-in-1 account
- Margin funding
- Flat Rs. 20 per trade for intraday trading
- Nill brokerage on delivery
- Offers reasonable brokerage basis for the trading plan chosen
- Next-gen mobile trading platform- Upstox Pro Mobile
- Choose from a large number of mutual funds under the Upstox MF platform
- Availability to invest in IPOs online
- Margin trading facility can be used at an interest rate of Rs. 20 per day
- Upstox Developer Console helps people develop and code your own trading app using Python language
- Dartstock software offers live & trend finders, opportunity scanners, recover & fall trackers & several other tools,
Brokerage
Upstox equity delivery brokerage stands at Rs 20 or 2.5% per order (whichever is lower. Its brokerage for equity intraday is Rs 20 per executed order or 0.05% (whichever is lower).
| Category | Brokerage |
| Equity Delivery | Rs 20 per executed order or 2.5% (whichever is lower) |
| Equity Intraday | Rs 20 per executed order or 0.05% (whichever is lower) |
Groww
Set up in 2016, Groww started its journey as a direct mutual fund investment platform, and later in 2020, it expanded its wings and forayed into equity trading. It allows investors to trade in IPO, equity, and direct mutual funds.
Groww gives its investors a flawless trading experience with its own trading platform, Groww for both web and mobile-based trading. It has 128-bit encryption, making it a safe and secure app. Groww had a robust user base, making it one of India’s fastest-growing stockbrokers in India. Additionally, it has one of the top ratings (4.5+) in both the App Store and Google Play Store.
The brokerage charges of Groww are defined below:
| Equity Delivery | Rs 20 per executed order or 0.05% whichever is lower |
| Equity Intraday | Rs 20 per executed order or 0.05% whichever is lower |
| Equity Futures | Rs 20 per executed order |
| Equity Options | Rs 20 per executed order |
The commission-free investment feature of Groww makes it one of the most preferred stockbrokers in India for mutual funds investment. Moreover, the trades and investors can invest in US ETFs, US equities, US FDs, and gold.
Angel One Limited
Earlier known as Angel Broking, Angel One is one of India’s leading full-service stockbrokers and became active in 1987. It also offers discount brokerage services to its clients. With an excellent branch and sub-broker network across different cities, the stockbroker allows traders and investors to invest in stocks, IPOs, mutual funds, and insurance.
Opening the Demat account with Angel One is quick and hassle-free. Angel One charges zero brokerage for stock investments. The maximum brokerage is Rs. 20 per order across intraday, commodities, F&O, and currencies.
The broker provides the top internal online trading platforms across desktops, smartphones, and web browsers. An all-in-one mobile trading app, called Angel One App, puts commerce across industries at your fingertips. One of the greatest desktop trading platforms is Angel SpeedPro, which offers portfolio management features, extensive charting capabilities, and quick market updates. Additionally, it provides customers with paperless mutual fund investment options through the Angel BEE app.
The brokerage plan by Angel One has zero brokerage on equity delivery and Rs. 20 or 0.25% for other categories.
| Segment | Brokerage Fee |
| Monthly Charges (Standard) | |
| Equity Delivery | Rs 0 (Free) |
| Equity Intraday | Rs 20 per executed order |
| Equity Futures | Rs 20 per executed order |
| Equity Options | Rs 20 per executed order |
| Currency Futures | Rs 20 per executed order |
| Currency Options | Rs 20 per executed order |
| Commodity Futures | Rs 20 per executed order |
| Commodity Options | Rs 20 per executed order |
ICICI Securities
ICICI Securities is one of the most reliable full-service stockbrokers in India and offers a plethora of trading and investment products including mutual funds, commodities, derivatives, equity trading, IPO, currencies, fixed deposits, bonds, and loans against securities.
ICICI Securities’ 3-in-1 account opening feature is undoubtedly the best. Put simply, it enables easy pay-in and pay-out. The stockbroker offers four brokerage plans – Prime Plan, Neo flat brokerage plan, I-Secure plan, and Lifetime Prepaid brokerage plan. The delivery trading is totally free and there is a maximum brokerage of Rs. 20 per order across commodity, F&O, intraday, and currency.
Its brokerage is defined below:
| Category | Brokerage Fee |
| Monthly Fee (Fixed) | NA |
| Equity Delivery | 0.55% |
| Equity Intraday | Rs 20 per order |
| Equity Futures | Rs 0 (Free) |
| Equity Options | Rs 20 per order |
| Currency Futures | Rs 20 per order |
| Currency Options | Rs 20 per order |
| Commodity Futures | Rs 20 per order |
| Commodity Options | Rs 20 per orde |
SBICAP Securities
A part of the State Bank of India Group, SBICAP is a 100% subsidiary of BI Capital Markets Ltd, a full-service stockbroker in India. Set up in 2006, the company’s offerings include retail equity, institutional equity, broking, derivatives, and third-party distribution services.
NRIs living all over the world can choose to access a comprehensive range of services from SBICAP Securities Limited. Due to legal limitations, SSL does provide a 3-in-1 account to NRIs who live in the US, UK, Canada, and Japan but does not actively seek out investments from them. NRIs, however, are free to use any of the company’s services as they look easy and effective Online trading solutions are offered to NRIs by SSL in collaboration with the State Bank of India.
The 3-in-1 account opening charges at SBICAP is Rs. 840 whereas its annual maintenance charges are Rs. 500.
The brokerage by the stockbroker is given below:
| Category | Delivery | Intraday | Minimum | ||
| First stage | Second stage | ||||
| Cash Market | 0.50% | 0.075% | 0.075% | Rs 0.05 | |
| Derivatives | Future | 0.05% | 0.03% | 0.03% | Rs 0.01 |
| Option (per lot) | Rs 100 | Rs 50 | Rs 50 | ||
| Currency Derivatives | Future | 0.03% | 0.015% | 0.015% | |
| Option (per lot) | Rs 30 | Rs 20 | Rs 20 | ||
Kotak Securities Limited
The full-service stockbroker started its operations in 1994 and offers a wide range of products and services to traders and investors in India. It allows them to invest in equities, currency, commodities, and mutual funds. Its major services include research advisory, portfolio management services (PMS), depository services, margin trade funding, and insurance. With Kotak Securities, investors can also invest in US stocks.
The excellent branch network of Kotak Mahindra Group gives an upper edge to the stock broker within the country. It also offers 3-in-1 account opening features to retail investors.
Though the account opening charges are zero, the account maintenance charges are Rs. 600 per year whereas the call & trade charges are Rs. 49.
Being in the stock trading sector for more than 25 years, Kotak Securities has maintained a strong and reliable position in the industry. As intraday trading at Kotak Securities is free, the broker offers reasonable brokerage. However, equity delivery brokerage is a bit higher than other categories.
| Category | Brokerage Charges |
| Monthly Fee (Fixed) | |
| Equity Delivery | 0.25% (Minimum Rs 20 per trade) |
| Equity Intraday | Free |
| Equity Futures | Delivery: Rs 20 per trade | Intraday: Free |
| Equity Options | Delivery: Rs 20 per trade | Intraday: Free |
| Currency Futures | Delivery: Rs 20 per trade | Intraday: Free |
| Currency Options | Delivery: Rs 20 per trade | Intraday: Free |
| Commodity Futures | Delivery: Rs 20 per trade | Intraday: Free |
| Commodity Options | Delivery: Rs 20 per trade | Intraday: Free |
HDFC Securities Limited
An established full-service stock broker in India since 2000, HDFC Securities is one of the top names in the industry. HDFC Bank’s subsidiary HDFC Securities was founded. Customers may trade and invest in stocks, bonds, futures, options, buybacks, mutual funds, initial public offerings (IPOs), currency derivatives, commodities, stock portfolios, and more through the firm. A SEBI-registered broker, HDFC Securities is an active participant in the BSE, NSE, MCX, CDSL, and NSDL exchanges.
With the use of HDFC Securities’ 3-in-1 account, investors can open a bank account, a demat account, and a trading account directly through HDFC Bank Limited. By completing a single application form, those accounts can be opened either individually or simultaneously under a single umbrella.
HDFC Securities offers user-friendly trading platforms for desktop, browser, and mobile. The major benefit of using these trading platforms is that they are created and maintained internally, so you will receive complete assistance in the event of a problem or question. The account opening charges of HDFC Securities is very high and stands at Rs. 999.
The brokerage of the stock broker is given below:
| Segment | Brokerage Fee |
| Monthly Fee (Fixed) | Rs 199 per year |
| Equity Delivery | 0.32% |
| Equity Intraday | 0.032% |
| Equity Futures | Rs 20 per trade |
| Equity Options | Rs 20 per trade |
| Currency Futures | |
| Currency Options | |
| Commodity Futures | |
| Commodity Options |
IIFL Securities Limited
Started operating way back in 1995, IIFL Securities has come a long way in providing cutting-edge, technology-driven stock broking services to traders and investors in India. The full-service stockbroker’s two major offerings are research advisory and online trading services that are offered across derivatives, stocks, insurance, commodities, loans, IPOs, bonds, fixed deposits etc.
There is a zero-cost account opening service by IIFL Securities, however, the account maintenance charges are Rs. 250. There is zero AMC for the first year.
IIFL offers an easy brokerage mechanism to traders and investors. It offers trading at flat Rs. 20 per order across all trading categories.
| Category | Brokerage Fee |
| Monthly Fee (Fixed) | NA |
| Equity Delivery | Rs 20 per order |
| Equity Intraday | Rs 20 per order |
| Equity Futures | Rs 20 per order |
| Equity Options | Rs 20 per order |
| Currency Futures | Rs 20 per order |
| Currency Options | Rs 20 per order |
| Commodity Futures | Rs 20 per order |
| Commodity Options | Rs 20 per order |
MOTILAL OSWAL FINANCIAL SERVICES LIMITED
One of the oldest stockbrokers in India, Motilal Oswal was set up in 1987. The full-service stock broker enables investors and traders to trade in Equity, Commodity, Currency, and Derivatives. Its other investment products include Mutual Funds, Gold, IPOs, Fixed Deposits, and Insurance.
The broker’s retail clients – international institutional investors, financial institutions, and corporate clients make up Motilal Oswal’s diverse clientele.
For equity delivery, Motilal Oswal charges 0.20%, for equity intraday and futures, 0.02%, and for equity and currency options, Rs.20 per lot. For futures and options, the commodity brokerage fee is 0.02%, and it costs Rs. 20 per lot.
| Segment | Brokerage |
| Equity Delivery | 0.20% |
| Equity Intraday | 0.02% |
| Equity Futures | 0.02% |
| Equity Options | Rs 20 per lot |
| Commodity Futures | 0.02% |
| Commodity Options | Rs 200 Per Lot |
| Currency Futures | Rs 20 per lot |
| Currency Options | Rs 20 per lot |
SHAREKHAN LIMITED
Sharekhan is one of the well-known and trusted names in the stockbroking industry. Started functioning in the year 2000, Sharekhan is a clear winner in the equity and derivative segment in India. It is also said that it is Sharekhan that brought the concept of online trading.
The full-service stockbroker is a registered member of NSE, BSE, and MCX. It offers margin trading services in addition to allowing trading in stocks, derivatives, commodities, currencies, IPOs, and mutual funds. The broker caters to all types of clients, including retail traders, investors, NRIs, businesses, and institutions.
Sharekhan is a pioneer in internet trading when compared to Zerodha. Sharekhan started with internet trading in early 2000, much as Zerodha did with their cheap brokerage concept in 2012. One of the greatest online trading platforms and PAN India branches are still provided by Sharekhan. In terms of brokerage, Sharekhan does really charge more than Zerodha (Maximum Rs 20 per order and free Delivery trade).
| Segment | Brokerage |
| Equity Delivery | 0.5% |
| Equity Intraday | 0.10% |
| Equity Futures | 0.1% |
| Equity Options | Rs 100/lot or 2.5% of Premium (Whichever is higher) |
| Currency Fututres | 0.1% |
| Currency Options | Rs 30/lot or 2.5% of Premium (Whichever is higher |
5Paisa Capital Limited
Started in 2016, 5Paisa Capital Limited is one of the most popular discount brokers in India and offers almost everything that is needed to deliver an amazing stock trading experience from affordable brokerage plans, zero-cost mutual fund investment, tech-enabled trading platforms, and others.
Fully managed by none other than IIFL, 5Paisa allows traders and investors to invest in equity, currency, and commodity across BSE, NSE, and MCX.
5Paiasa is a discount brokerage firm with an emphasis on technology. It provides cutting-edge online trading platforms in web, mobile app, and desktop editions. The desktop trading program 5paisa Trade Station 2.0 and 5paisa Trade Station Web are both web-based trading platforms with browser support for active traders. A number of special features, like a multi-asset watchlist, sophisticated charting, exclusive research, and Robo investment advising capabilities, are available on the broker’s top 5paisa Mobile Trading App. Customers may also access the industry’s best automatic trading using the cutting-edge algo trading platform offered by 5paisa, which is favored by seasoned investors.
5Paisa brokerage is fixed at flat Rs. 20 per order executed. The account opening charges with 5Paisa are zero.
Its brokerage details are:
| Segment | Brokerage Fee |
| Equity Intra-day | Rs 20 per trade |
| Equity Delivery | Rs 20 per trade |
| Equity Futures | Rs 20 per trade |
| Equity Options | Rs 20 per trade |
| Commodity Futures | Rs 20 per trade |
| Commodity Options | Rs 20 per trade |
| Currency Futures | Rs 20 per trade |
| Currency Options | Rs 20 per trade |
Axis Securities Limited
Set up in 2005, Axis Securities Ltd is a subsidiary of Axis Bank, a leading banking firm in India. It is a full-service broker and offers a wide range of stockbroking services and financial products to traders and investors across the country. AxisDirect is counted among the top 10 stock brokers in India with a large 5.5 lakh clients.
This full-service stockbroker is registered under NSE, BSE, MSEI, and MCX – SX s and allows its clients to trade across Equity, Derivative Trading, Currency Trading, IPO, NCDs, Mutual Funds, Bonds, and ETFs.
AxisDirect has account opening charges are Rs. 900 where the AMC is capped at Rs. 640 for the Demat account.
AxisDirect’s brokerage is defined below:
| Brokerage Charge | Fixed Brokerage Plan |
| Equity Delivery | 0.50% |
| Equity Intraday | 0.05% |
| Equity Futures | 0.05% |
| Equity Options | Intraday: Rs 0.01 per lot | Carry Forward: Rs 10 per lot |
| Currency Futures | 0.05% |
| Currency Options | Intraday: Rs 0.01 per lot | Carry Forward: Rs 10 per lot |
| Commodity | 0.03% / Rs 50 per lot |
| Minimum Brokerage | Percentage of Transaction |
| Demat AMC Charges | Rs.650 per Annum |
| Trading AMC Charges | Free |
| Margin Money | Rs.25,000 |
Paytm Money Limited
Set up in 2017, Paytm Money Limited (usually called Paytm Money) is a leading discount broker in India. Paytm Money is a wholly-owned subsidiary of One97 Communications Ltd, which is India’s biggest and top digital goods and mobile platform. Paytm is an RBI-certified Indian e-commerce payment system in India.
Paytm Money is a registered member of CDSL, BSE, and NSE. Beginning its operations as a direct mutual fund investment platform, Paytm Money later expanded its portfolio by allowing its clients to trade in equity, IPOs, digital gold, and ETFs. Paytm Money is primarily known for its competitive charges for trading like zero-cost Equity Delivery trading. Paytm Money also provides Free Mutual Fund services with zero charges to invest or redeem the mutual funds.
The maximum brokerage charges at Paytm Money are Rs. 15.
| Category | Brokerage Charges |
| Equity Delivery | Rs 15 or 2.5% of turnover (whichever is lower) |
| Equity Intraday | Rs 15 or 0.05% of turnover (whichever is lower) |
| Equity Future | Rs 15 or 0.02% of turnover (whichever is lower) |
| Equity Options | Rs 15 per order |
As of March 31, 2022, the total number of active clients of all stock brokers was 3.60.35.020, according to the NSE India website (3.60 Cr).
From the table above, it is clear that Zerodha is the largest stock broker on the National Stock Exchange of India and its mobile trading app is Zrodha Kite, with unique clients registered.
Zerodha has roughly 17.42 percent of the total market share of active clients registered on the National Stock Exchange as of March 31, 2022. There are around 62.77 million active clients, compared to 3.5 million active clients across all NSE stock brokers.
What makes this list even more interesting is that Zerodha, which acquired unicorn startup status in 2020, surpasses all old and mature traditional brokers, even though it was just founded in 2010. .. As of 2022, Zerodha reports that both profits and revenues in 202122 increased by about 60% year-on-year to about Cr 1,800 and Rs 4,300 Cr. Zerodha is currently worth more than $ 2 billion.
RKSV Securities (Upstox), Angel Broking, 5Paisa, and Groww (NextBillion Technologies) have also climbed into India’s top ten stock brokers in terms of active clients.
Upstox comes in second, according to the table above. Upstox is in the second position, with approximately 52.15 unique clients and a 14.47 per cent market share.
Grow (38.47 lakh client), Angel Broking (36.57 lakh client), ICICI Securities (30.31 lakh client), 5Paisa (17.54 lakh client), Kotak Securities (12.56 lakh client), HDFC Securities (11.41 Rak client), IIFL Securities (11.32 Rak client), Motilal Oswal Group (8.96 Rak client), Sharekhan (7.64 Rak client) are the other most prominent stock brokers on this list. These 15 largest stock brokers collectively account for more than 85.19 per cent of all individual clients registered with the NSE.
In addition, compared to other stock brokers, Upstox (RKSV Securities) and Groww (Next Billion Technologies) are fast rising. On March 22, Upstox’s market share increased from 11.33 per cent on June 21 to 14.47 per cent. Groww has eclipsed ICICI Securities, 5 Paisa, HDFC Securities, Kotak Securities, and Sharekhan in the last six months in terms of the total number of active NSE clients, jumping from 7th to 3rd place.
Upstox and Groww, by coincidence, are both well-funded businesses with a higher reputation than Zerodha. After the most recent funding round, Upstox was given Unicorn status and is now valued at $ 3 billion.
Nuvama Wealth & Investment Limited
Set up in 2008, Nuvama Wealth & Investment Limited (Earlier known as Edelweiss) is India’s leading full-service stock broking firm. The firm’s major offerings are Equity, Debt, Mutual Funds, IPOs, Currency Derivatives, commodities, and Futures & Options.
For all asset classes, trading approaches, and time horizons, Nuvama provides its clients with investing guidance that is supported by research and analysis. The finest selection of trading platforms for all media is offered by Nuvama (Mobile app, a website & desktop trading software). All trading platforms are excellent and simple to use, with India’s top-rated app being Nuvama Mobile Trader.
Account opening for trading and demat accounts is free at Nuvama. The annual maintenance fee for a Nuvama Demat Account is Rs 500. The first year of the demat AMC is free. For trading in stock delivery, intraday, and F&O, Nuvama charges a fixed brokerage of Rs 10 per order. Trading in currency derivatives is subject to the same brokerage charge.
| Category | Brokerage Charges |
| Equity Delivery & Intra-day | Rs 10 per executed order |
| Equity Futures & Options | Rs 10 per executed order |
| Currency Futures & Options | Rs 10 per executed order |
FAQs
Which are the top stock brokers in India?
The top 5 stock brokers in India are:
- Zerodha
- Angel One
- Groww
- Upstox
- 5Paisa
Can you name the most trusted stockbroker in India?
Zerodha is considered the most reliable stockbroker in India at present. The various Zerodha reviews available online clearly indicate that the discount brokerage firm has been maintaining a reliable and steadfast reputation among traders and investors.
Which stockbroker offers the lowest brokerage charges in India?
Among all stock brokerage firms, 5 Paisa has the lowest brokerage charges. For traders and investors, the brokerage is of extreme importance since it determines the size of their earnings and net income. People typically don’t want to spend more money than they should, and 5 paisa meets these demands.
Which stockbroker is known for research, advisory, and stock tips?
India Infoline abbreviated as IIFL is trusted by traders for dedicated advice, having a superb rating of 8.9. IIFL, one of the leading stock brokers in India has accurately and precisely extracted the most sought-after insights on various stock’s performance and their prospects in varying market situation.