Top 20 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 made entered them into the stock markets, which led to rapid growth in the stock broking industry.

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. There are many factors that put them on the list of the leading best stock broker in India. 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 Top 20 Stock Brokers with the highest number of active clients in India.

Top 20 Stock Brokers with highest active clients in India

The total number of active clients of all the combined stock brokers is 3,75,31,075.

Zerodha

With more than 66 lac active traders, Zerodha is one of the top 20 stock brokers in India. Founded in 2010 by Nitin Kamath, the company holds a market share of around 17% and has achieved recognition among the leading trade companies.

RKSV Securities (Upstox)

Upstox is next on the list of the top 20 stockbrokers in India, with the highest number of active members. At present, the platform has more than 22 lac users, and the market size is around 13%. The privately held discount broker business, which was founded in 2011, rebranded itself as UpStox from RKSV. Being one of the best stock brokers in India, it offers a variety of retail stock market products and services.

Angel One

One of the top 20 stock brokers in India, Angel One has more than 50 lac active members and is well-known for its state-of-the-art tools and customer-first approach. Investors can trade on a variety of platforms, including mobile and web-based ones. There are more than 8000 sub-brokers, and it offers free Demat accounts to traders. As a registered member of BSE and NSE, Angel One is considered the safest platform to trade.

Groww

With more than 70 lac active users, Groww has a market share of 12% and is growing widely. It charges Rs 20 for per executed trade and zero fees for mutual fund investment. Groww provides commission-free direct mutual fund investments done without any hassle and paperwork. Groww has also adopted a community-based strategy, launching a number of channels and groups on the app in recognition of the fact that individuals find it simpler to make investments when they have peer group advice.

ICICI Securities Ltd.

ICICI Securities, also called ICICI Direct, has a total active user of more than 18 lac with a market share of 8.33%. The most preferred feature of ICICIDirect is the 3-in-1 account, which consists of an ICICI Bank Account, an ICICI Trading Account, and an ICICI Demat Account. Traders can trade using 3 in 1 account for smooth functioning.

5Paisa

5Paisa is the leading stock broker in India, having a client base of around 15lac and a market share of 4.02%. IIFL, a prominent financial organisation in the nation, introduced it. It is the first low-cost discount broker to offer both share trading and robot advisory services in a single app. From its founding in March 2016 to its ranking as India’s second-largest stockbroker in December 2018, 5Paisa has come a long way in a short amount of time. The BSE, NSE, and MCX offer currency, equities, and commodity trading through a 5paisa broking review.

Kotak Securities

Kotak Securities is yet another leading top 20 stockbroker in India with a good client base. Currently, it has more than 10 lac active members and a market share of 3.14%. It is known for offering unique trading services and options for traders. The company has demonstrated cutting-edge technologies and creative concepts for stock brokerage modules.

Established in 1994, Kotak Securities has since grown to rank among India’s top stock brokers. It offers 3-in-1 online trading, including Kotak Mahindra Bank Savings Account, Kotak Securities Trading Account and Kotak Securities Demat Account.

HDFC Securities

One of India’s top stock brokers, HDFC Securities is a division of HDFC Bank, which is entirely focused on trading. HDFC Securities has active clients of more than 11lac with a market share of 3.13%. With a minimum brokerage of Rs 25, the platform charges 0 for commodity trading. Like other trading platforms, HDFC Securities offers 3-in-1 Online Trading Accounts, which include HDFC Bank Savings Accounts, HDFC Securities Trading Accounts and HDFC Securities Demat Accounts.

IIFL / India Infoline Securities

One of the more seasoned financial service companies, India Infoline, was founded in 1995 and presently has more than 4 lacs active users and a 3% market share. The platform offers both online trading and research-based consulting services for a whole range of financial products, such as bonds, IPOs, stocks, derivatives, commodities, insurance, FDs, loans, mutual funds, and others. Although it doesn’t charge for account opening, it charges Rs 400 annually for demat and a minimum charge of o.05% for every trade executed.

Motilal Oswal Financial Services

Motilal Oswal Financial Services is next on the list of the top 20 stock brokers in India, having more than 8 lac active users and 2.42% of the market share. It charges Rs 20 for every executed trade and Rs 199 for account maintenance annually. Trading clients of Motilal Oswal can choose from a variety of individualised wealth-management and investing options. These consist of trading in stocks, commodities, and currencies, portfolio management and advisory services, investment advisory services, mutual fund distribution, initial public offerings (IPOs), personal loans, insurance, and e-broking and depository services.

Sharekhan Ltd

Sharekhan is one of the leading top 20 stock brokers in India, having active clients of more than 7 lac and a 2.05% market size. It is a full-service public broker that is regarded as leading in popularising internet trading throughout the nation.

Shripal Morakhia founded the company in 2000, and it quickly rose to the top of India’s stock broker rankings. It offers a 2-in-1 account service to NRIs in addition to its services to Indians. It also provides a cutting-edge trading platform and extremely effective customer service.

SBICAP Securities Ltd.

SBICAP Securities Ltd. has active clients of more than 6 lac and has a market size of 1.73%. SBICAP Securities (SSL), a well-known stockbroker in India, is a 100 percent subsidiary of SBI Capitals. Through their simple education investor initiative, they offer possibilities for learning to a variety of investors in addition to a platform for investing.

The platform offers a wide range of goods and services, including distribution of financial products, investment banking, retail broking, and private wealth management.

Paytm Money

Paytm Money has an active client of more than 5lac with a market share of 1.73%. With the Paytm Money platform, traders can purchase stocks, mutual funds, NPS, and other financial goods. The trading platform was introduced by One97 Communications, the parent company of Paytm, the biggest digital payments firm in India, which introduced the platform in 2017. 

Paytm Money provides a free, paperless, and entirely online account opening process. Additionally, Paytm Money doesn’t charge an annual maintenance fee (AMC) for trading or demat accounts, which has allowed them to develop significantly quicker than their rivals.

Axis Direct 

Axis Direct, with an active client of more than 4 lacs and a market share of 1.07%, is the leading stockbroker in India. Axis Securities Limited, a 100 percent subsidiary of Axis Bank, operates under the flagship brand Axis Direct and provides retail broking services in addition to assisting in the distribution of the Bank’s financial products.  

Choice Equity Broking

Choice Equity Broking is the leading stock broker in India, having a clientele of around 2lac and a market share of 0.72%. With a wide range of financial products, including equity, derivatives, currencies, commodities, mutual funds, wealth management, and loans secured by shares, Choice Equity Broking provides online trading with first-rate financial services. The company is a member of NSE, BSE and ICEX, in addition to having a depository membership with CDSL and NSDL. Choice Broking’s brokerage fees are said to be among the lowest in India, with Rs 0 for account openings and AMC of Rs 200 years. Also, the brokerage rate of 0.2% per trade executed.

Choice International Limited, a publicly traded financial services company founded in 1993, is the parent company of Choice Broking.

Geojit Financial Services

Geojit Financial Services is one of the leading stock brokers in India, with more than 2 lac active traders and a market share of 0.57%. Geojit BNP Paribas (Geojit) was founded in 1987. With its headquarters in Kochi, Kerala, Geojit is well-known throughout the Gulf. With a wealth of knowledge in portfolio management services, life insurance, and mutual fund distribution, Geojit BNP Paribas is a cash equity and derivatives broker.

Edelweiss Broking Ltd.

With a total trading account of around 2lac and a market share of 0.57%, Edelweiss Broking Ltd. is next on the list of top 20 stock brokers in India. Established in 1995, Edelweiss Broking Limited is a wholly owned subsidiary of the Edelweiss group, a prominent diversified financial firm in India that serves people, corporations, and institutions.

SMC Global

This premier stock broker platform has more than 1 lac active users and 0.43% of the market share. SMC Global offers corporate, institutional, high net worth individuals, and other retail clients a wide range of financial products, including equity, currency, commodities, investment banking, distribution of third-party financial products, research, insurance broking, clearing services, mortgage advisory, institutional brokering, etc. Additionally, it offers portfolio and wealth management.

Religare Broking Ltd.

Religare Securities Ltd (RSL), a 1986-founded subsidiary of the multinational financial firm Religare Enterprises Limited, is the leading stock broker in India with active clients of around 1lac and a market share of 0.42%.

Religare is a participant in the NCDEX, MCX, NSE, and BSE exchanges. Religare uses CDSL and NSDL to provide demat account services. Religare Broking offers traders an option for online trading via the broker’s website, mobile trading application, and installable trading terminal. Religare provides its customers with a 2-in-1 account that combines a demat account with internet trading. Customers must have a trading account to purchase or sell shares on stock exchanges. Customers can hold securities in demat accounts. 

Alice Blue

Founded in 2006, Alice Blue is a stock broker platform located in Bangalore that provides trading services for stocks and commodities at BSE, NSE, and MCX. The platform has more than 1,42,000 active clients and a market share of 0.38%. It provides depository services under Alice Blue CDSL membership.

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

FAQs About Best Stock Brokers in India