Top Brokers in India by Active Clients

Everyone knows the exchange where their shares are listed. But the real enabler of these transactions is the broker who acts as a bridge between the investor and the exchange. Brokers are hence an integral part of the trading ecosystem. In India, to buy or sell delivery-based securities, one needs to have both a trading account and a demat account—and these are provided by stock brokers who, in turn, charge brokerage for their services. In this article, we will list out the top brokers in India by active clients. But before we get into that, let’s have a quick look at the history behind it.

What is the History of Stock Brokerage?

The first account of shares being purchased and sold is from 1602, when the Dutch East India Company released the first publicly traded stocks through the Amsterdam Stock Exchange. Although similar trading used to take place in some markets before this, the traded instruments were mostly related to debt, and the key ingredient – stocks – was missing. This can be seen as the first instance of organized stock issuance and trading. Owing to the law of private property rights indoctrinated in the Dutch Empire, the profession of stockbrokers flourished.

At the end of the 17th century, the London Stock Exchange came into existence, and almost a hundred years later, in 1792, the New York Stock Exchange was formed. India and Asia saw the first stock exchange in the form of the Bombay Stock Exchange (BSE) in 1875.

Fast forward to the current day, and India has a flourishing stock market servicing millions of domestic and overseas investors through hundreds of stock brokers.

Top Stock Brokers Market Share: List of Stock Brokers in India

Read Also: Is Your Stock Broker charging you higher than stipulated clearing fees?

Types of Share Market Brokers in the Market

That’s where the journey of share market brokers began. There are many types of brokers, and their clients have to decide which one suits them best. Every broker has its advantages and disadvantages. Understanding those differences before you choose a broker to handle your investments is crucial.

• Discount Stockbrokers

Discount or internet stock brokers are getting more and more popular because of their accessibility and affordability. They enable Internet trading without the need for face-to-face contact between the investor and the broker. Discount brokers may not be appropriate for consumers with large investment portfolios because not all of them offer the same level of knowledge as standard brokers. Nevertheless, they may be a great starting point for stock market investing for investors with a little extra cash.

• Full-Service or Traditional Stockbrokers

Full-service stock brokers offer a variety of services, including dealing in stocks, investment guidance, retirement planning, and portfolio management. Even though they have more experience and a bigger commission, they can help you increase your earning potential and reduce dangers.

Also Read: Largest Stock Brokers in India 2025

What’s the difference between a Discount and a Full-Service Broker?

Discount Brokers	Full-Service Brokers
Lower fees and commissions	Higher fees and commissions
Limited investment guidance	Personalized investment advice and guidance
Online trading platform	Personalized trading platform
No or limited research and analysis	In-depth research and analysis
Limited or no access to IPOs	Access to IPOs and other exclusive investments
Minimal customer support	Extensive customer support and assistance
Ideal for self-directed investors	Ideal for investors seeking personalized advice and assistance

Read Also: Fyers Brokerage Calculator

List of Top Brokers in India by Active Clients

Given the huge addressable market, the list of the top 100 stock broking companies in India by active clients is quite long. As of 31 July 2025, there were 215 stock brokers registered with NSE. Below is the list of NSE active clients in India.

Broker Name	Active Clients	Market Share (%)	Number of Complaints	% of Number of Complaints Resolved
Groww Invest Tech	12,351,761	26.19	780	88.46
Zerodha Broking	7,433,773	15.76	317	79.50
Angel One	7,196,742	15.26	391	75.96
Upstox Securities	2,474,081	5.25	427	74.47
ICICI Securities	1,958,688	4.15	250	68.40
HDFC Securities	1,574,443	3.34	154	70.78
Kotak Securities	1,443,751	3.06	273	74.36
SBICAP Securities	1,047,604	2.22	95	77.89
Moneylicious Securities	996,436	2.11	59	91.53
Motilal Oswal Financial Services	983,934	2.09	357	72.27
Indstocks	807,692	1.71	25	80.00
Paytm Money	746,352	1.58	62	64.52
Sharekhan	608,713	1.29	84	76.19
Mirae Asset Capital Markets ( India )	422,973	0.90	253	83.40
IIFL Capital Services	405,603	0.86	148	81.76
5paisa Capital	392,994	0.83	50	76.00
Axis Securities	388,891	0.82	60	63.33
Phonepe Wealth Broking	326,177	0.69	46	86.96
Choice Equity Broking	249,848	0.53	106	63.21
Geojit Investments	231,894	0.49	13	92.31
Fyers Securities	222,329	0.47	37	59.46
Smc Global Securities	168,758	0.36	52	73.08
Nuvama Wealth And Investment	156,000	0.33	34	70.59
Anand Rathi Share And Stock Brokers	145,286	0.31	59	88.14
Nirmal Bang Securities	144,576	0.31	17	64.71
Religare Broking	140,137	0.30	45	82.22
Finvasia Securities	135,768	0.29	44	75.00
Marwadi Shares And Finance	135,560	0.29	4	75.00
Jainam Broking	126,994	0.27	24	70.83
JM Financial Services	119,123	0.25	65	64.62
Alice Blue Fin Svcs P Ltd	111,092	0.24	27	70.37
Ventura Securities Limited	110,945	0.24	51	90.20
Aditya Birla Money Limited	89,550	0.19	25	92.00
Tradebulls Securities (p) Ltd.	79,844	0.17	18	83.33
NJ India Invest Private Limited	79,793	0.17	1	100.00
Yes Securities (india) Limited	75,413	0.16	25	84.00
NU Investors Technologies Private Limited	70,624	0.15	19	68.42
Samco Securities Limited	65,365	0.14	20	95.00
Swastika Investmart Limited	64,424	0.14	14	71.43
Master Capital Services Limited	63,323	0.13	8	87.50
Globe Capital Market Limited	61,855	0.13	24	41.67
IDBI Capital Markets & Securities Ltd.	57,369	0.12	3	100.00
Reliance Securities Limited	56,803	0.12	28	82.14
Bonanza Portfolio Ltd.	56,264	0.12	9	77.78
Bajaj Financial Securities Ltd.	53,434	0.11	21	76.19
Arihant Capital Markets Limited	53,087	0.11	11	54.55
Monarch Networth Capital Limited	52,707	0.11	5	60.00
Integrated Enterprises (india) Private Limited	48,538	0.10	4	25.00
Prabhudas Lilladher Pvt. Ltd.	47,217	0.10	14	42.86
Suresh Rathi Securities Private Limited	44,087	0.09	2	100.00
Shah Investors Home Limited	36,522	0.08	1	0.00
Fortune Capital Services Private Limited	35,936	0.08	35	77.14
Cholamandalam Securities Limited	35,879	0.08	8	62.50
Indiabulls Securities Limited (formerly Known As Dhani Stocks Limited)	34,679	0.07	25	80.00
Profitmart Securities Private Limited	31,197	0.07	4	25.00
Goodwill Wealth Management Pvt Ltd	29,585	0.06	83	79.52
Prudent Corporate Advisory Services Limited	28,094	0.06	4	100.00
Eureka Stock & Share Broking Services Limited	27,741	0.06	1	100.00
Shriram Insight Share Brokers Limited	27,725	0.06	1	100.00
Lakshmishree Investment & Securities Pvt. Ltd.	27,010	0.06	1	0.00
Astha Credit & Securities (p) Ltd	26,016	0.06	14	57.14
LKP Securities	25,963	0.06	7	71.43
Way2wealth Brokers Private Limited	23,448	0.05	3	33.33
KIFS Trade Capital Private Limited	22,435	0.05	1	100.00
Aaritya Broking Private Limited	21,491	0.05	19	94.74
Arham Share Private Limited	20,876	0.04	1	0.00
Moneywise Finvest Limited	20,793	0.04	9	44.44
Ashika Stock Broking Ltd.	20,536	0.04	14	100.00
Finwizard Technology Private Limited	20,385	0.04	1	100.00
Aionion Capital Market Services Private Limited	19,928	0.04	2	100.00
B N Rathi Securities Limited	17,954	0.04	1	0.00
Tradesmart Fintech Securities Limited	16,962	0.04	6	100.00
Steel City Securities Ltd.	16,961	0.04	1	0.00
Phillipcapital (india) Pvt. Ltd	16,398	0.03	2	100.00
BOB Capital Markets Limited	15,970	0.03	13	92.31
South Asian Stocks Ltd.	15,254	0.03	16	68.75
Alankit Imaginations Limited	15,232	0.03	1	100.00
R Wadiwala Securities Pvt. Ltd.	15,057	0.03	1	100.00
Acumen Capital Market (india) Ltd	14,976	0.03	2	50.00
Univest Stock Broking Private Limited	13,780	0.03	12	100.00
Rudra Shares & Stock Brokers Limited	13,663	0.03	1	100.00
Sykes & Ray Equities (i) Ltd.	13,106	0.03	1	100.00
Zebu Share And Wealth Managements Private Limited	13,048	0.03	3	66.67
BP Equities Private Limited	12,792	0.03	1	100.00
Inventure Growth & Securities Limited	12,197	0.03	1	0.00
Navia Markets Ltd.	11,851	0.03	10	80.00
Bhansali Value Creations Private Limited	11,802	0.03	2	100.00
Tradejini Financial Services Pvt Ltd	11,742	0.02	2	50.00
Pravin Ratilal Share And Stock Brokers Ltd	11,419	0.02	1	100.00
Jk Securities Pvt. Ltd.	11,076	0.02	2	100.00
Prudent Broking Services Private Limited	11,055	0.02	1	100.00
Sky Commodities India Pvt Ltd	10,176	0.02	33	78.79
Enrich Financial Market Private Limited	9,784	0.02	7	28.57
Standard Chartered Securities (india) Limited	9,754	0.02	3	66.67
GEPL Capital Private Limited	9,740	0.02	1	100.00
Adroit Financial Services Private Limited	9,185	0.02	1	100.00
Shree Bahubali Stock Broking Ltd	8,560	0.02	2	50.00
Mansukh Securities & Finance Limited	8,454	0.02	3	100.00
A C Agarwal Share Brokers Pvt Ltd	8,436	0.02	2	50.00
Sunidhi Securities & Finance Limited	8,434	0.02	1	100.00
Progressive Share Brokers Private Limited	7,572	0.02	1	100.00
R K Global Shares & Securities Limited	7,175	0.02	1	100.00
DBFS Securities Limited	6,937	0.01	1	100.00
Sunlight Broking Llp	6,922	0.01	1	100.00
Espresso Financial Services Private Limited.	6,740	0.01	2	50.00
RKSV Commodities India Private Limited	6,560	0.01	2	100.00
Market-hub Stock Broking Private Limited	6,233	0.01	3	33.33
SMIFS Limited	5,764	0.01	1	100.00
Sunflower Broking Pvt. Ltd.	5,585	0.01	2	100.00
Mandot Securities Private Limited	5,430	0.01	58	84.48
Marfatia Stock Broking Private Limited	5,422	0.01	1	0.00
Raghunandan Capital Private Limited	5,348	0.01	3	100.00
Ganganagar Commodity Limited	5,347	0.01	2	100.00
Patel Wealth Advisors Pvt Ltd	5,213	0.01	1	100.00
Wealthyin Broking Private Limited	5,045	0.01	4	100.00
Pace Stock Broking Services Private Limited	4,666	0.01	1	100.00
Elite Wealth Limited	4,634	0.01	4	100.00
Zuari Finserv Limited	4,593	0.01	3	66.67
Nco Securities & Share Broking (p) Ltd	4,453	0.01	1	0.00
360 One Distribution Services Limited	4,099	0.01	2	0.00
Muthoot Securities Ltd.	4,006	0.01	5	100.00
Ashlar Securities Private Limited	3,517	0.01	2	100.00
Ats Share Brokers Private Limited	3,185	0.01	15	73.33
Centrum Broking Limited	3,097	0.01	2	100.00
Julius Baer Wealth Advisors (india) Private Limited	2,938	0.01	1	100.00
South Gujarat Shares & Sharebrokers Ltd	2,712	0.01	1	100.00
Arham Wealth Management Pvt Ltd	2,677	0.01	1	100.00
Kedia Capital Services Private Limited	2,356	0.00	1	100.00
Torus Financial Markets Private Limited	2,332	0.00	1	0.00
Ghalla Bhansali Stock Brokers Private Limited	2,234	0.00	1	100.00
Dealmoney Commodities Pvt. Ltd.	2,103	0.00	4	75.00
Motisons Shares Private Limited	2,078	0.00	3	66.67
Standard Securities & Investment Intermediates Limited	2,035	0.00	2	0.00
Indo Thai Securities Limited	1,821	0.00	3	100.00
CIL Securities Ltd.	1,649	0.00	30	10.00
Intellect Stock Broking Limited	1,640	0.00	1	100.00
J L Shah Securities Private Limited	1,615	0.00	3	100.00
Fair Intermediate Investment Pvt. Ltd.	1,551	0.00	1	100.00
Tipsons Stock Brokers Private Limited	1,408	0.00	1	100.00
Abhipra Capital Ltd.	1,395	0.00	6	33.33
Nda Securities Ltd.	1,355	0.00	1	100.00
Spark Pwm Private Limited	1,338	0.00	2	0.00
Bondbazaar Securities Private Limited	1,335	0.00	1	100.00
A . G. Shares & Securities Ltd.	1,324	0.00	2	100.00
Interactive Brokers (india) Private Limited	1,131	0.00	3	66.67
Gogia Capital Services Limited	960	0.00	1	0.00
Khandwala Securities Ltd.	839	0.00	1	100.00
C.D. Equisearch Pvt. Ltd	786	0.00	1	100.00
Acemoney Intermediaries Private Limited	667	0.00	1	0.00
Nuvama Wealth Management Limited	594	0.00	5	100.00
Prrsaar Sampada Private Limited	425	0.00	2	100.00
Morgan Stanley India Company Private Limited	399	0.00	2	100.00
Citigroup Global Markets India Pvt. Ltd.	353	0.00	7	85.71
Growth Securities Private Limited	351	0.00	1	100.00
Oswal Shares And Securities Limited	334	0.00	5	100.00
UBS Securities India Pvt. Ltd.	301	0.00	2	100.00
Pocketful Fintech Capital Private Limited	294	0.00	1	100.00
Abhinandan Stock Broking Pvt. Ltd.	246	0.00	1	0.00
Hsbc Securities & Capital Markets (india) Pvt. Ltd.	231	0.00	1	100.00
Gill Broking Private Limited	229	0.00	1	100.00
Barclays Securities (india) Private Limited	196	0.00	1	100.00
Khosla Tradewise Private Limited	107	0.00	27	55.56
Yashwi Securities (p) Limited	89	0.00	1	100.00
Dimensional Securities Pvt. Ltd	43	0.00	1	100.00
Dhan Stock & Share Brokers Pvt. Ltd.	27	0.00	24	75.00
Bajaj Share & Stock Brokers Pvt. Ltd	19	0.00	1	100.00
Parim Finserv Pvt Ltd	17	0.00	3	100.00
Trdez Investment Private Limited	15	0.00	10	50.00
Ganesham Securities Private Limited	8	0.00	1	100.00
Indianivesh Shares And Securities Private Limited	6	0.00	5	40.00
123 Capitals	3	0.00	1	100.00
Adroit Share & Stock Broker Pvt. Ltd.	1	0.00	1	100.00
Advent Stock Broking Private Limited	1	0.00	1	100.00
Axis Bank Ltd.	1	0.00	3	66.67
Bank Of Baroda	1	0.00	2	50.00
Citadel Securities India Markets Private Limited	1	0.00	8	50.00
Fortune Capital Services	1	0.00	3	100.00
ICICI Bank Ltd.	1	0.00	20	70.00
IDBI Bank Limited	1	0.00	1	0.00
IMC India Securities Private Limited	1	0.00	1	100.00
Indusind Bank Limited	1	0.00	1	100.00
Union Bank Of India	1	0.00	1	100.00
Universal Stock Brokers Pvt. Ltd.	1	0.00	1	100.00
Yes Bank Limited	1	0.00	1	100.00
1 Finance Private Limited	0	0.00	3	100.00
4A Securities Limited	0	0.00	8	87.50
A To Z Stock Trade Pvt. Ltd.	0	0.00	1	0.00
Abbott Wealth Management Limited	0	0.00	8	100.00
Allgrow Finance & Investment Private Limited	0	0.00	1	100.00
Angel Securities Ltd	0	0.00	48	66.67
Dealmoney Securities Private Limited	0	0.00	9	55.56
Fairwealth Commodity Broking Private Limited	0	0.00	1	0.00
Fourdegreewater Services Private Limited	0	0.00	1	100.00
Hcg Stock & Share Brokers Ltd.	0	0.00	14	100.00
HDFC Bank Ltd	0	0.00	2	50.00
Hem Securities Ltd.	0	0.00	4	100.00
Horizon Capital Ltd.	0	0.00	4	50.00
Il&fs Securities Services Limited	0	0.00	8	37.50
India Bond Private Limited	0	0.00	1	100.00
Iss Enterprise Limited	0	0.00	1	0.00
Karvy Comtrade Limited	0	0.00	47	78.72
Kotak Mahindra Bank Ltd.	0	0.00	1	100.00
Maashitla Securities Pvt. Ltd.	0	0.00	2	0.00
Ng Rathi Investrades Pvt. Ltd.	0	0.00	1	0.00
Nirmal Bang Commodities Private Limited	0	0.00	1	100.00
Northern Arc Securities Private Limited	0	0.00	3	66.67
Pentagon Stock Brokers Private Limited	0	0.00	4	100.00
Pnb Investment Services Limited	0	0.00	1	0.00
Quant Broking Private Limited	0	0.00	1	100.00
Quantum Securities Pvt. Ltd.	0	0.00	7	100.00
Rk Global Equity Broking Ltd.	0	0.00	1	100.00
Satco Capital Markets Limited	0	0.00	1	100.00
Stock Holding Corporation Of India Ltd	0	0.00	18	94.44
Sunglow Capital Services Ltd.	0	0.00	1	100.00
Zerodha Commodities Private Limited	0	0.00	12	91.67

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