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 the 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 highest active clients in India.

Top 20 Stock Brokers highest active clients in India

S. No Stock broker name No. of Active Clients Market Share
1 Zerodha 66,09,384 17.61%
2 RKSV Securities (Upstox) 49,80,139 13.27%
3 Groww 46,74,263 12.45%
4 Angel One 41,11,606 10.96%
5 ICICI Securities Ltd. 31,24,775 8.33%
6 5 Paisa 15,06,966 4.02%
7 Kotak Securities 11,79,053 3.14%
8 HDFC Securities 11,76,526 3.13%
9 IIFL / India Infoline Securities 11,24,976 3%
10 Motilal Oswal Financial Services 9,06,828 2.42%
11 Sharekhan Ltd. 7,71,090 2.05%
12 SBICAP Securities Ltd. 6,47,733 1.73%
13 Paytm Money 5,78,639 1.54%
14 Axis Direct 4,02,877 1.07%
15 Choice Equity Broking 2,70,195 0.72%
16 Geojit Financial Services 2,34,020 0.62%
17 Edelweiss Broking Ltd. 2,13,010 0.57%
18 SMC Global 1,60,003 0.43%
19 Religare Broking Ltd 1,58,491 0.42%
20 Alice Blue 1,42,358 0.38%

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

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.

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