If you are looking to invest in stock, the first and foremost thing you need to understand that you can buy and sell shares only through a stock broker. A stock broker’s primary job is to help the investors in easy buying and selling of stocks against a certain amount that it charges in the form of brokerage. Put simply, stock brokers can be defined as market intermediaries that connect buyers and sellers on a stock exchange. They frequently work for a brokerage company that facilitates stock market transactions. In the following post, you will get to know about the top 10 full service brokers in India or top full service brokerage firms in India. This will help you find the best full service broker in India.
Types Of Stock Brokers
In India, there are primarily two types of stock brokers –
- Full Service Brokers
- Discount Brokers.
1. Full Service Brokers
In addition to offering standard brokerage services, full-service brokers in India also offer financial advice based on in-depth market research and financial statement analysis of businesses. Services may include estate planning, tax counselling, access to IPO shares, access to overseas markets, portfolio analysis and construction, etc. Since the best full service broker in India offers a larger range of services than budget brokers, these brokers levy a higher commission.
>When To Choose A Full Service Brokers
Investors with sizable funds are often more prudent and experienced, and they can afford to pay for expert financial guidance. They choose the best full service broker in India as a result. Such investors are long-term participants who do not frequently trade. Because there is so much at stake, it is very improbable that a high net worth individual (HNI) will invest without a strategy and without adequate information.
2. Discount brokers
Discount brokers merely offer their clients a brokerage platform and charge a minimal fee. They just serve as a conduit for their clients’ numerous transactions with the stock market, offering no guidance. They are perfect for those who often trade and have knowledge or expertise in the stock market.
>When To Choose A Discount Broker
Contrarily, investors with a modest portfolio do not think it makes sense to pay for financial guidance because doing so might reduce their results. Since they trade more often, brokers must put buy and sell orders for them. They can thus gain from the lower charges charged by discount brokers.
Advantages Of Full Service Stock Brokers Over Discount Brokers
If you are confused between choosing the best full service broker in India and a discount broker, you must need to know the benefits associated with top 10 full service brokers in India or top full service brokerage firms in India. Though discount brokers provide cost advantage to investors in terms of zero or competitive brokerage, it is necessary for an investor to understand the difference between full-service stockbrokers and discount brokers. This can help you choose the top full service broker in India.
| Parameter | Full Service Broker | Discount Broker |
| Brokerage | Levied as a certain percentage | Can be a flat fee |
| Service | Wide-ranging services. Stock advisory, investment support, portfolio management, tax planning etc. | Online trading platform with unique features along with analytical investment tools. |
| Presence | Services can be delivered both online and offline. Several physical branches may be available. | Only online service delivery |
| Research | In-house stock market research | No such department. |
| Customer support | Personalized service can be availed at doorstep | Online customer support. |
| Add on services | Research reports, suggestion, funding, enhanced margin etc. based on the specific need. | Just trading |
| Banking Service | May be provided. | Not available |
| Deciding Parameters | Brokerage and other charges, Customer services, Research point and leverages | Brokerage, Transaction cost, Customer support, Call and trade services |
| Suitability | Best for beginners who want dedicated investment advisory | Best suited for experts who research on their own or have a financial advisor. |
Top 10 Full Service Brokers In India
You must select the best full service broker in India if you want to receive top-notch stock broking and other relevant services. We have selected the top 10 full-service brokers in India for your reference. You may learn more about them below, evaluate their costs and offerings, and make an informed choice about the top full service broker in India.
| Rank | Broker Name | Active Clients | Minimum Brokerage | Best Features | Customer Rating |
| 1 | ICICIdirect | 2, 005, 773 | Rs 35 per trade (I-Secure Plan) | 3-in-1 account opening, seamless trading experience, quite money transfer, low bandwidth website, IPO investment, VTC facility | 9.8/10 |
| 2 | Angel One | 13,33,756 | Flat Fee brokerage of Rs. 20 per across different segments | Margin trading, training support, RM services, no cost on fund transfer, free stock advisory | 9.6/10 |
| 3 | HDFC Securities | 1, 016, 493 | Rs. 25 per order on equity segment | Invest in government bonds, Up to 20% intraday margin, great trading platforms | 9.3/10 |
| 4 | Kotak Securities | 953, 734 | Rs 21 per executed order | 3-in-1 account feature, excellent physical presence, free technical research, 2 decades of experience | 8.8/10 |
| 5 | Motilal Oswal | 776, 919 | Rs 25 for Delivery | Fre equity trading for lifetime, stock SIP feature, Up to 4X margin, Free trading software | 8.5/10 |
| 6 | Sharekhan | 647, 062 | Intraday: 5 paisa per share | Delivery: 10 paisa per share | Future Rs 0.001 per share | Call& trade facility, zero cost DP transactions, Excellent network across India, Wide range of brokerage slabs | 8.0/10 |
| 7 | SBI Securities | 598, 237 | Rs 0.05 for Cash, Rs 0.01 Future | 3-in-1 account opening, Demat and research advisory, a decade of experience, 100+ branches across India | 7.5/10 |
| 8 | IIFL Securities | 443, 967 | 0 for equity delivery and Rs. 20 for all other options | Zero cost equity and mutual fund research, Equity SIP, Best-in-class trading platform, Dedicated relationship manager, Wide-ranging products | 7.2/10 |
| 9 | Axis Direct | 328, 653 | Rs. 25 per order | 3-in-1 account opening, free research reports, online tutorials, Best for high frequency traders | 7.0/10 |
| 10 | Edelweiss | 209, 446 | 0.02% for Delivery and Intraday, 0.02% for Futures and Rs. 25 per lot. for Options | Wide-ranging investment products, Prompt customer service, easy trading platforms, Availability of margin trading facility, Lifetime and refundable AMC options | 6.8/10 |
1. ICICI Securities
ICICI Direct, which is a member of the ICICI Group, is a well-known brand in the stock trading industry. Five million customers may access online trading and investing services through the best full-service broker in India. The broker allows customers to trade in commodities, currencies, and equities on the BSE, NSE, and MCX. Additionally, clients have the option of investing in IPOs, mutual funds, NCDs, bonds, and other options.
The most popular product from ICICI Direct is its 3-in-1 account, which includes a bank account, an ICICI trading account, and a Demat account. All of this ensures a smooth trading experience.
Brokerage
| Trade Category | Brokerage Charges |
| Equity Delivery | 0.55% (including buy and sell) |
| Equity Intraday | 0.275% ( the second leg is not charged) |
| Equity Futures | 0.050% plus a flat brokerage of Rs. 50 on the second leg |
| Equity Options | Rs. 95 per lot plus a flat brokerage of Rs. 50 on the second leg |
| Currency/ Commodity Futures | Rs. 20 per order |
| Currency Options | Rs. 20 per order |
2. Angel One
Another best full service broker in India is Angel One. The brokerage house was setup in 1987and offers a wide assortment of trading and investment services such as margin funding, investment advisory, stock and commodity broking, and other financial products.
Both novice and experienced traders and investors who wish to be affiliated with a fantastic stock broking pioneer may choose Angel One. Angel One provides its clients with a vast array of goods and services, including investments in commodities, equities, currencies, futures, and options.
Regardless of the order amount, the best stock broker in India charges a standard fee of INR 20 per completed order or 0.25% (whichever is lesser) for all types of equities, commodities, currencies, futures, and options.
Brokerage
| Category | Brokerage |
| 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 |
3. HDFC Securities
One of India’s biggest full-service stock brokers is HDFC Securities. It was founded in 2000 and is a division of the top HDFC Bank in the nation. Customers of the stock broker can invest in bonds, stocks, mutual funds, currency derivatives, initial public offerings (IPOs), commodities, futures, options, buybacks, etc. The top full service broker in India is a legitimate member of the NSE, BSE, MCX, NSDL, and CDSL, and is registered with the SEB.
Through a variety of trading platforms that are based on the most recent technology and provide a flawless stock trading experience, HDFC Securities provides trading services. The lowest brokerage is charged by HDFC Securities, who charges Rs 20 per transaction for trading in derivatives and 0.10% per deal for equity delivery. It offers a 3-in-1 account that combines a trading account with a savings account and a demat account.
| Category | Brokerage |
| Plan Type | Percentage based brokerage plan |
| Monthly Plan | NA |
| Equity Delivery | 0.50% |
| Equity Intraday | 0.05% |
| Equity Futures | 0.05% |
| Equity Options | Higher of 0.1% of Premium or Rs 100 per lot |
| Currency Futures | Rs 23 per lot |
| Currency Options | Rs 20 per lot |
| Commodity | Rs. 20 per order, Options: Rs. 100 per lot |
4. Kotak Securities
A part of the country’s prestigious group – Kotak, Kotak Securities is one of the best full service brokers in India. It allows investors to invest in equities, currency, commodity, and mutual funds. In addition, it provides a wide range of services like Research SMS, margin trading, depository services and third-party products like insurance. It also gives straight access to the US markets.
Brokerage
| Plan | Trade Free Plan | Trade Free Youth Plan |
| Brokerage | ZERO brokerage on intraday trades across all segments | Investors or traders under 30 years of age, Pay ZERO brokerage on all trades |
| Account Opening Fee | FREE | FREE |
| Plan fee | Rs 99 Incl. of GST | Rs 499 incl. of GST (Annual) Rs.299 incl. of GST for 1st year during account opening. |
| Validity | Lifetime | 2 years |
| Intraday Brokerage | FREE (All segments) | FREE (All segments) |
| Equity Delivery | 0.25% or Rs 20 whichever is higher | FREE (All segments) |
| Carry forward (All applicable segments) | Rs 20 per order | FREE |
| Interest on Margin Trading Facility | 0.049% per day | 0.049% per day |
| Interest on Stock used as margin for derivative trades | 0.049% per day (applicable only if the non-cash collateral limit is above 50% of the total margin required). | 0.049% per day (applicable only if the non-cash collateral limit is above 50% of the total margin required). |
| Brokerage Cashback | NA | Upto Rs 4,128 for 90 days on all trades post 1st MTF trade |
| Demat AMC | Rs 50 per month | Rs 50 per month |
5. Motilal Oswal
Motilal Oswal Financial Services Ltd. (MOFSL), which has more than 35 years of industry expertise and a clientele of more than 50 lakhs, has earned a reputation as one of the top 10 full service brokers in India. The financial services company, which was founded in 1987, provides trading services in equity, commodities, currencies, and derivatives. Other products available include Mutual Funds, Initial Public Offerings (IPOs), US Stocks, Gold, Insurance, Fixed Income Products, and pre-built portfolios like Stock Baskets and Intelligent Advisory Portfolios, among others.
| Category | Brokerage |
| Equity Delivery | 0.20% |
| Equity Intraday | Lifetime Free |
| 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 |
6. Sharekhan
One of the top full service brokerage firms in India, Sharekhan is one of the long-standing full-service stockbrokers in India and offers a plethora of investment services to investors. Sharekhan was founded in February 2000, is the third-largest stock broker in India. Through its online trading platform Sharekhan.com and its 1800 offices, which comprise branches and franchisees in more than 550 locations around India, Sharekhan offers brokerage services.
Sharekhan has had phenomenal development over the past ten or more years thanks to its highly successful online trading platform and its franchise network, which is spread over practically all of India. In the UAE and Oman, Sharekhan is also present internationally.
Brokerage
| Category | Brokerage |
| Plan Name | Classic Trading Plan (Percentage Based) |
| Monthly Plan | NA |
| Equity Delivery | 0.5% or 50 paisa |
| Equity Intraday | 0.1% or 10 paisa |
| Equity Futures | 0.1% or 10 paisa |
| Equity Options | 2.5% of Premium or Rs 250 per lot whichever is high |
| Currency Futures | 0.1% or 10 paisa |
| Currency Options | 2.5% of Premium or Rs 30 per lot whichever is high |
| Commodity | 0.1% or 10 paisa |
7. SBI Securities
The stock brokerage division of the State Bank Group is SBICAP Securities Ltd (SSL), a wholly owned subsidiary of SBI Capital Markets Ltd. SSL is the top full service broker in India. Institutional equity, retail equity, derivatives, broking, depository services, and third party distribution products are among the services provided by the 2006-founded business. They furthermore provide traders and investors internet trading services.
| Trade Category | Brokerage Fee |
| Equity Delivery | 0.50% |
| Equity Intraday | 0.05% |
| Equity Futures | 0.05% |
| Equity Options | Rs 100 per lot |
| Currency Futures | 0.03% |
| Currency Options | Rs 30 per lot |
| Commodity Futures | NA |
| Commodity Options | NA |
8. IIFL Securities
IIFL Securities is another best full-service stock broker in India. IIFL Securities, one of India’s biggest full-service stock brokers, was founded in 1995 and is a member of the distinguished IIFL Group, a well-known provider of financial services. The key services provided by IIFL Securities include exceptional stock advice, individualized service, and use of cutting-edge technology.
IIFL Securities offers research-based consulting services and online trading for a wide range of financial instruments, including stocks, derivatives, insurance, commodities, loans, FDs, bonds, and initial public offerings (IPO).
A simple flat rate brokerage plan offered by IIFL Securities enables stock trading at a flat charge of Rs 20 per order across all categories, including equity delivery.
| Category | Brokerage |
| 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 |
9. Axis Direct
Axis Securities Ltd., a 2005 incorporation, is a subsidiary of India’s top private bank, Axis Bank. Axis Sec is the top full-service broker in India that distributes financial goods and provides stock broking services to retail consumers in India under the Axis Direct brand. Axis Direct has more than 4.2 lakh active customers, ranking among the top 10 full service brokers in India.
Investments in bonds, NCDs, ETFs, derivatives, IPOs, mutual funds, stocks, and company fixed deposits are all available through Axis Direct. Additionally, Axis Sec provides loans for SME, credit, and prepaid cards, as well as loans for homes, cars, people, and shares.
| Segment | Brokerage Charges |
| Equity Delivery | 0.50% |
| Equity Intraday | 0.05% |
| Equity Future | 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 Futures | 0.03% |
| Commodity Options | Rs 50 per lot |
10. Nuvama (Edelweiss)
Setup in 2008, Nuvama Wealth & Investment Limited (formerly Edelweiss Broking Ltd.) is based out of Mumbai and offers trading across all segments like IPOs, Debt, Equity, Mutual Funds, Futures & Options, Currency Derivatives, and Commodities.
With over 475 offices spread across 200 sites, Edelweiss Group is well-represented throughout India. The best full service broker in India employs 11,938 people to serve over 12 lakh customers from diverse industries.
For its products and technological innovations, Nuvama, one of the top 10 full service brokers in India, has received several honors. ABP BFSI Awards 2017, National Digital Marketing Awards 2017, Best Broker in India at Finance Asia (Hong Kong) Country Awards 2016, and BBC Knowledge are just a few of the significant honors received recently.
Brokerage
| 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 |
Factors To Consider Before Choosing The Top Full-service Broker in India
If you are looking for the best full service broker in India, it is necessary to take into account a number of factors. The decision to choose a particular broker shouldn’t be taken in haste. Instead, it should be backed by a clear understanding of the below-mentioned factors that play a substantial role in deriving the expected results.
1. Broker’s legacy
It is crucial to do a historical check of the brokers’ performance, taking into account factors such as the number of years he has been in the business, feedback from clients, performance output, and others. For instance, if someone purchases an apple from a shopkeeper, they are making sure that their investment will provide the desired results.
2. Broker’s regulation
It is your obligation to verify the legitimacy of the broker so that your vital funds are in the proper hands. Frauds are inevitable to arise in this market because individuals are unaware of the profits and losses. The top 10 full service brokers in India may try to trick you by promising you bigger margins.
3. Check the research capability
When selecting from the top 10 full service brokers in India, have an eye out for things like historical success on equities reports, publishing market trends, and their thoughts on the financial markets. Numerous websites, stockbroking firms, and other organizations all feature blogs and advice that might assist you in your investment journey.
4. Margin trading
Since it enables you to trade multiple times with the available funds in your account, margin exposure is a crucial consideration when choosing the best brokerage company for stock trading. One must check out this option in order to take advantage of it because certain brokers provide 50 times leverage for intraday trading.
5. Brokerage
The next thing to check is the brokerage being charged by the brokers. Since, it has a direct impact on the overall stock trading cost of the investor, this factor plays a vital role in determining the best full service broker in India.
The Conclusion
The role of both full-service brokers and discount brokers is crucial in ensuring the smoother functioning of the stock market. The aforementioned top 10 full service brokers in India are considered among the top full service brokerage firms in India and are known to provide unparalleled stock trading services. Moreover, you can take into account the given factors to determine the best full service broker in India for your stock trading needs.
FAQs
Qu. How to choose or select the best full service broker?
Ans. The decision to choose the best full service broker in India should be taken on the basis of various parameters like brokerage charges, margin trading, history, customer service, and regulations.
Qu. Who is No 1 full-service broker in India?
Ans. ICICI Direct is the no. 1 full service broker in India in terms of active client base and featured offered.
Qu. What are the top 5 full-service brokerage firms?
Ans. The top 5 full-service brokerage firms in India are:
- ICICi Direct,
- Angel One,
- HDFC Securities,
- Kotak Securities, and
- Motilal Oswal.
Qu. Which is the best discount broker or full service broker?
Ans. Zerodha is considered the best discount broker and ICICI Direct is the best full service stock
Qu. Is Zerodha a full service broker?
Ans. No, Zerodha is a discount broker in India.
Qu. Which broker offers the lowest brokerage charges India?
Ans. At present, m.Stock is known to have the lowest brokerage charges in India which is zero under its Rs. 999 plan.