Top 10 Stock Brokers with the highest active clients in India

The Indian brokerage industry is transitioning from a percentage-based business model to a flat brokerage and subscription-based model. Following the pandemic, there has been an influx of investors opening demat accounts. The average daily turnover and revenues of the stockbrokers also increased. People were looking for new ways to earn income when the pandemic hit, and that entered them into the stock markets, which led to rapid growth in the stockbroking industry. Among this dynamic backdrop, the top 10 stock brokers in India have played a pivotal role, offering diverse services and innovative strategies to cater to the burgeoning demands of this new wave of investors.

There are more than 300 stockbrokers registered with SEBI. But all of them may not be safe and transparent. Being registered with SEBI does not make a broker trustworthy. Many factors put them on the list of top 10 stock brokers in India. And one of those important factors is unique active clients.

Active clients are those who have traded at least once in the financial year. So, in this article, we will see the ranking in terms of the active client base of the top 10 stock brokers in India.

List of the Top 10 Stock Brokers in India are:

The above table clearly shows that Zerodha is the largest stockbroker in India, with the most unique Zerodha active clients registered on the National Stock Exchange, followed by Upstox.

1. Zerodha

Zerodha is a stockbroking platform that offers solutions to all your financial needs. They facilitate the lowest brokerage charges along with other financial instruments like bonds, mutual funds, currencies, commodities, etc. They have zero charges on equity delivery and fixed/flat brokerage fees on other segments. This is one of the top 10 stock brokers in India by active clients.

The Top Features of the Zerodha are:

• Zerodha offers you an array of products like Kite for equity trading, Coin for mutual funds, Varsity for lessons/learning on the stock market, etc.
• They are the leading stockbrokers in terms of the highest number of active clients.
• You can instantly search through 90,000+ stocks and F&O contracts on multiple exchanges.
• Hundreds of indicators, studies, and tools are available on a robust and customizable charting interface.
• Over 3,000 commission-free direct mutual funds can be easily searched and filtered.
• Email & call support is available for all your queries.

Zerodha’s charges are as follows:

Trading segment	Brokerage charges
Equity Delivery	₹ 0
Equity Intraday	0.03% or ₹ 20 per executed order whichever is lower
Equity Futures	0.03% or ₹ 20 per executed order whichever is lower
Equity Options	Flat ₹ 20 Per Order
Currency Futures & Options	0.03% or ₹ 20/executed order whichever is lower
Commodity Futures & Options	0.03% or ₹ 20/executed order whichever is lower

Types of charges	Charges
Demat & trading account opening charges	₹ 200
Demat account annual maintenance charges (AMC)	₹300/year + GST charged quarterly (90 days)

 

2. RKSV Securities (Upstox)

They are ranked second in terms of the highest Upstox active clients, backed up by Tiger Global, Ratan Tata, etc. They provide you with 100+ Indicators, high-tech trading tools, and a user-friendly interface. You can invest in stocks, mutual funds, IPOs, currencies and commodities through this platform. They have two trading platforms where you can invest and trade: Pro Web Trading Platform and Upstox Pro Mobile.

The Top Features of Upstox are:

• There is no commission, no account maintenance, and a flat brokerage of Rs. 20 for stocks, currency, commodities, futures, and options.
• They are a technology-based platform that constantly innovates and provides highly advanced tools for better trading decisions.
• It also has an excellent customer service facility. If you need assistance, they answer your call within 30 seconds, and you can also submit a ticket online if you have any questions.
• They have additional features like a 3-in-1 account, SMS alerts, margin against shares, etc.

 Upstox charges are as follows:

Trading segment	Brokerage charges
Equity Delivery	₹20 or 2.5% (whichever is lower)
Equity Intraday	₹20 per executed order or 0.05% (whichever is lower)
Equity Futures	₹20 per executed order or 0.05% (whichever is lower)
Equity Options	Flat ₹ 20 Per Order
Currency Futures	₹20 per executed order or 0.05% (whichever is lower)
Currency Options	Flat ₹20 per executed order
Commodity Futures	₹20 per executed order or 0.05% (whichever is lower)
Commodity Options	Flat ₹20 per executed order

Types of charges	Charges
Demat & trading account opening charges	₹ 0
Demat account annual maintenance charges (AMC)	₹ 0

3. Groww

Initially, they were only a mutual fund investing platform, but in 2020, they started offering equity trading as demand for equity investments increased. They offer you a seamless online account opening procedure with no physical paperwork. So, the online account opening is easy and convenient. You can invest in stocks, mutual funds, US stocks, fixed deposits, and futures & options through this platform.

The Top Features of Groww are:

• Most of the clients are attracted to them because of their simple and clean user interface.
• Invest in direct mutual funds for free.
• A well-drafted educational resource for learning about stocks and mutual funds is available.
• One-click order placement allows for faster trading.

Groww charges are as follows:

Trading segment	Brokerage charges
Equity Delivery	₹ 20 per executed order or 0.05% whichever is lower
Equity Intraday	₹20 per executed order or 0.05% (whichever is lower)
Equity Futures	₹20 per executed order
Equity Options	₹20 per executed order

Types of charges	Charges
Demat & trading account opening charges	₹ 0
Demat account annual maintenance charges (AMC)	₹ 0

 

4. Angel One

Angel One is one of the top 10 stock brokers in India. Angel One Limited (formerly Angel Broking Limited) is a public limited company that operates as both a full-service and a discount broker. It offers you the services of full-service brokers at a very low fee. They provide you with the ARQ, which is merely an advisory tool. It has no fees or minimum investment commitments. With ARQ Prime, new investors as well as experts can minimize risk and maximize profit.

The Top Features of Angel One are:

• Free technical & derivative reports are provided every day.
• Offers you well-researched reports of different companies for better decision-making.
• They have a learning app, called Smart money. They have designed videos, blogs and modules for beginners, investors and traders to make them learn everything about stock markets.
• They do not charge anything for equity delivery and a flat fee for other segments.

Angel one charges are as follows:

Trading segment	Brokerage charges
Equity Delivery	₹ 0
Equity Intraday	₹ 20 / executed order or 0.25% (whichever is lower)
Equity Futures & options	₹ 20 / executed order or 0.25% (whichever is lower)
Currency Futures & options	₹ 20 / executed order or 0.25% (whichever is lower)
Commodities Futures & options	₹ 20 / executed order or 0.25% (whichever is lower)

Types of charges	Charges
Demat account opening charges	₹ 0
Demat account annual maintenance charges (AMC)	₹ 240

5. ICICI Direct

ICICI Direct is a prominent division of ICICI Securities that provides a wide range of investment options such as stocks, mutual funds, bonds, and so on. They are a full-service broker that offers you a 3-in-1 account that includes a bank account, trading account, and demat account. Customers also get free technical analysis and stock tips. Detailed educational content is available on the website, categorized by beginner, trader, and investor.

The Top Features of ICICI Direct are:

• They have different brokerage plan options: ICICI Direct Prime, ICICI Direct Neo, Prepaid brokerage plan, I-Secure & NRI brokerage.
• They offer free subscriptions to premium online courses, magazines, and other publications.
• Every customer receives a dedicated Relationship manager.
• Customers can use the VTC (Valid till Cancelled) feature to place buy or sell limit orders that are valid for 45 days.

ICICI Direct charges are as follows:

Trading segment	Brokerage charges
Equity Delivery	0.55%
Equity Intraday	0.275%
Equity Futures	0.050%
Currency/ Commodity Futures	₹ 20 Per Order
Equity Options	₹ 95 per lot

Types of charges	Charges
Demat account opening charges	₹ 0
Demat account annual maintenance charges (AMC)	₹ 700 (waived for the first year)₹ 300 for ICICIdirect Neo customers

6. 5 Paisa

It is a discount broking company launched by IIFL (India Infoline). You can invest in stocks, derivatives, mutual funds, currency & commodity trading through 5 PaisaThere are three subscription plans available from 5Paisa: Basic Pack, Power Investor Pack, and Ultra Trader Pack. These plans offer a variety of benefits, such as no account opening fees and a flat fee reduction from Rs 20 to Rs 10.

The Top Features of ICICI Direct are:

• With their premium plans, 5paisa offers a variety of services like portfolio analyzers, monitoring services, etc.
• They provide automated chat support as well as the option to submit a ticket.
• 5Paisa offers customers the option of margin trade funding, which allows them to pay only a portion of the delivery price in cash.
• They also provide short-term calls and long-term calls, derivatives strategies, and portfolio-based investment ideas.

5 Paisa charges are as follows:

Trading segment	Brokerage charges
Equity, commodities & currency	Flat ₹20 per order

 

Types of charges	Charges
Demat & trading account opening charges	₹ 0
Demat account annual maintenance charges (AMC)	₹ 0

7. Kotak Securities

One of the top 10 stock brokers in India, Kotak Securities Limited (KSL), is a subsidiary of Kotak Mahindra Bank serving retail and institutional investors. Through Kotak Securities, you can trade in stock markets, invest in IPOs, mutual funds, Futures & Options, and many more. They have different trading tools for all your needs: KEAT Pro X, Kotak stock trader, website, Trade smart terminal, etc.

The Top Features of Kotak Securities are:

• Customer service is available in 10 different languages to get the highest reach.
• Their clients receive research on technical, fundamental, derivatives, macroeconomics, and mutual funds.
• User-friendly and intuitive trading platforms are available.
• They provide you with a ‘Knowledge Bank’ with information for both beginners and traders.

Kotak Securities charges are as follows:

Trading segment	Brokerage charges
Equity Delivery	0.25%
Intraday Trades -All Segments	Free
Equity Futures	₹ 20 Per Order
Currency/ Commodity Futures	₹ 20 Per Order
Equity Options	₹ 20 Per Order

Types of charges	Charges
Demat account opening charges	₹ 0
Demat account annual maintenance charges (AMC)	₹ 600

8. HDFC Securities

It is one of the leading full-service stock brokers in India and is a subsidiary of HDFC Bank. It also offers users a 3-in-1 account option and an excellent research team to ensure a smooth trading experience. They have a product to meet all your investment needs, whether it is stocks, derivatives, mutual funds, fixed deposits, NCDs, insurance, bonds, or currency derivatives.

The Top Features of HDFC Securities are:

• They offer you technical charts that are advanced and interactive to help you improve your technical analysis.
• They have a portfolio tracker, where you can monitor your entire portfolio.
• They have 7 kinds of brokerage plans with different charges.
• Customers who do not want to open a demat and trading account but still want to invest in mutual funds online can use HDFC Digify.

HDFC Securities charges are as follows:

Source: HDFC Securities

Types of charges	Charges
Demat account opening charges	₹ 0
Demat account annual maintenance charges (AMC)	₹ 750 (Free for the 1st year)

9. IIFL Securities

They are one of the top 10 stock brokers in India, the list of full-service brokers offering you a wide range of products and services. They are well-recognized for their quality research and innovative technology. A wide range of financial products is offered by IIFL Securities, such as Stocks, Derivatives, Commodities, Insurance, FDs, Loans, IPOs, and Bonds. NRIs who want to invest in the Indian market can open an account with IIFL.

The Top Features of IIFL Securities are:

• A dedicated relationship manager will provide and call & trade support service for your queries.
• A well-drafted knowledge center for all the educational content on different categories like tax planning, PMS, mutual funds, derivatives, etc.
• IIFL has three brokerage plans to choose from – Investor, Premium, and Super Trader.
• If you need margin funding, they accept fixed deposits as collateral.

IIFL Securities charges are as follows:

Trading segment	Brokerage charges
Equity Delivery	₹ 20 Per Order
Equity Intraday	₹ 20 Per Order
Equity Futures	₹ 20 Per Order
Currency/ Commodity Futures	₹ 20 Per Order
Equity Options	₹ 20 Per Order

Types of charges	Charges
Demat account opening charges	₹ 0
Demat account annual maintenance charges (AMC)	₹ 250 (Free for the 1st year)

10. Motilal Oswal Financial Services

Being full-service brokers, they allow you to invest in many asset classes like equities, derivatives, IPOs, bonds, US equities, PMS, etc. They have extensive research experience and have published over 80000 research reports. They offer a variety of tools and services, including strategic builders, and trade guide signals for improved decision-making.

The Top Features of Motilal Oswal Financial Services are:

• They have 2 trading platforms: MO Trader and MO Investor.
• They have live streaming technical charts and quotes that assist traders in making trading decisions.
• They provide you with differentiated trading platforms for traders and investors.
• Get free in-depth stock analysis and recommendations.

Motilal Oswal’s charges are as follows:

Trading segment	Brokerage charges
Equity Delivery	0.40%
Intraday Trading	0.04%
Futures & Options – Currency	₹ 20 Per lot
Options (Commodity Trading)	₹ 200 per lot
Equity Options	₹ 50 per lot

Types of charges	Charges
Demat account opening charges	₹ 0
Demat account annual maintenance charges (AMC)	₹ 299 (Free for the 1st year)

Conclusion:

These are the top 10 stock brokers in India. Every investor has a different ideal stock broker when it comes to choosing the best. A lot depends on one’s personal needs, the services offered, and the features available. The above-mentioned stockbrokers are a combination of both, i.e., full-service brokers and discount brokers. A discount broker is the best option if you do not want to pay high brokerage fees. However, you should consider a full-service broker if you need stock advisory & guidance.

FAQs About Top 10 Stock Brokers in India: