As of 6 April 2025, India boasts over 4,864 registered brokers with the Securities and Exchange Board of India (SEBI) and various stock exchanges. Notably, the largest stock brokers in India command approximately 67.34% (the 5 biggest players) of the market share. If you’re looking for the best stock broker to open an account with, this guide highlights the top 10 stock brokers in India.
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What is a Stock Broker?
Stock brokers act as a bridge between buyers and sellers in the market. They add or remove liquidity based on the type of order. Apart from executing trades they also provide services like money management, investment advice and even creation of financial products like mutual funds and ETFs.
Brokers earn from transactions and also earn interest as custodians of client accounts. To attract new clients, many brokerage firms offer signing bonuses to enhance their assets under management.
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Largest Stock Broker in India 2025 with Highest Active Client Base
The landscape of the largest broker in India has evolved significantly over the years. Below is a list of the leading best stock brokers in India ranked by the number of active clients as of 28 February 2025:
List of the Largest Stock Brokers in India – Market Share, Rating, Active Clients
| Broker | Active Clients | Market Share | Rating |
| Groww | 1,30,11,867 | 26.28% | 9.25/10 |
| Zerodha | 79,57,128 | 16.07% | 9.20/10 |
| Angel One | 76,49,188 | 15.45% | 9.00/10 |
| Upstox | 27,89,896 | 5.63% | 8.90/10 |
| ICICIdirect | 19,38,192 | 3.91% | 8.80/10 |
| Kotak Securities | 14,91,998 | 3.01% | 9.45/10 |
| HDFC Securities | 14,88,982 | 3.01% | 8.37/10 |
| Motilal Oswal | 10,19,877 | 2.06% | 8.24/10 |
| SBI Securities | 9,82,704 | 1.98% | 8.10/10 |
| Dhan | 9,67,410 | 1.95% | 8.12/10 |
#1 Groww: Biggest Stock Broker in India
Groww Active Clients – 1,30,11,867
Complaints – 1,928
Groww Market Share – 26.28%
Groww Rating – 9.25/10
Account Opening & AMC Charges:
- Trading & Demat Account Opening Charge – Zero
- Trading Account AMC Charge – Zero
- Demat Account AMC Charge – Zero
Groww Brokerage Charges:
| Trading Type | Brokerage Charges |
| Equity Delivery | INR 20 per order or 0.1% whichever is lower, Minimum INR 2 |
| Equity Intraday | INR 20 per order or 0.1% whichever is lower, Minimum INR 2 |
| Equity Future | INR 20 per executed order |
| Equity Options | INR 20 per executed order |
| SEBI Turnover Charges | 0.0001% (INR 10/Crore) |
#2 Zerodha – Second in Best Stock Brokers in India
Zerodha Active Clients – 79,57,128
Complaints – 1,021
Zerodha Market Share – 16.07%
Zerodha Rating – 9.20/10
Account Opening & AMC Charges:
- Trading & Demat Account Opening Charge – Zero
- Trading Account AMC Charge – Zero
- Demat Account AMC Charge – INR 300 + GST
Zerodha Brokerage Charges:
| Trading Type | Brokerage Charges |
| Equity Delivery | No brokerage |
| Equity Intraday | INR 20 per order or 0.03%, whichever is lower |
| Equity Future | INR 20 per order or 0.03%, whichever is lower |
| Equity Options | Flat INR 20 per executed order |
| Currency Futures | INR 20 per order or 0.03%, whichever is lower |
| Currency Options | INR 20 per executed order |
| Commodity Futures | INR 20 per order or 0.03%, whichever is lower |
| Commodity Options | INR 20 per executed order |
| SEBI Turnover Charges | 0.0001% (INR 10/Crore) |
Read Also: Zerodha AMC Charges: A Comprehensive Breakdown
#3 Angel One – Fast-growing Discount Broker
Angel One Active Clients – 76,49,188
Complaints – 1,888
Angel One Market Share – 15.45%
Angel One Rating – 9.00/10
Account Opening & AMC Charges:
- Trading & Demat Account Opening Charge – Zero
- Trading Account AMC Charge – Zero
- Demat Account AMC Charge – First Year Free, Second Year INR 240 per year
Angel One Brokerage Charges:
| Trading Type | Brokerage Charges |
| Equity Delivery | Zero per trade |
| Equity Intraday | INR 0 brokerage up to INR 500 for the first 30 days Then, INR 20 per executed order |
| Equity Future & Options | INR 0 brokerage up to INR 500 for first 30 days Then, INR 20 per executed order |
| Currency Futures & Options | INR 0 brokerage up to INR 500 for first 30 days* Then, INR 20 per executed order |
| Commodity Futures & Options | INR 0 brokerage up to INR 500 for the first 30 days* Then, INR 20 per executed order |
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#4 Upstox
Upstox Active Clients – 27,89,896
Complaints – 690
Upstox Market Share – 5.63%
Upstox Rating – 8.90/10
Account Opening & AMC Charges:
- Trading & Demat Account Opening Charge – Zero
- Trading Account AMC Charge – Zero
- Demat Account AMC Charge – INR 75 + GST (Quarterly) or INR 150 + GST (Annual)
Upstox Brokerage Charges:
| Trading Type | Brokerage Charges |
| Equity Delivery | INR 20 per executed order |
| Equity Intraday | Whichever is lower than INR 20 per executed order or 0.01% |
| Futures (Equity, Currency, & Commodity) | Whichever is lower than INR 20 per executed order or 0.05% |
| Options (Equity, Currency & Commodity) | INR 20 per executed order |
| SEBI Turnover Charges | 0.0001% (INR 10/Crore) |
#5 ICICIdirect – Biggest Among Traditional Players
ICICIdirect Active Clients – 19,38,192
Complaints – 1,031
ICICIdirect Market Share – 3.91%
ICICIdirect Rating – 8.80/10
Account Opening & AMC Charges:
ICICIdirect offers two types of brokerage plans. The brokerage charges vary according to plans.
ICICIdirect Prime Plan Brokerage Charges
| Plan | Delivery % | Intraday % | Futures % | Options (Per lot) | Commodity (Futures and options) |
|---|---|---|---|---|---|
| INR 299 | 0.25% | 0.025% | 0.025% | INR 49/order | INR 20/order |
| INR 999 | 0.22% | 0.022% | 0.022% | INR 49/order | INR 20/order |
| INR 2,999 | 0.15% | 0.015% | 0.015% | INR 29/order | INR 20/order |
| INR 4,999 | 0.10% | 0.010% | 0.01% | INR 19/order | INR 20/order |
| INR 9,999 | 0.07% | 0.007% | 0.007% | INR 9/order | INR 20/order |
ICICI iValue Plan Brokerage Charges
The ICICI Direct iValue Plan is specially designed for active traders. It offers several cost-effective benefits:
- Flat Brokerage Fee: Trade in Equity Intraday, Futures, Options, and Commodities at a flat rate of INR 20 per order, applicable to both intraday and carry-forward trades.
- Reduced Demat Account Maintenance Charges (AMC): The annual maintenance charge for the demat account is reduced from INR 700 to INR 300 for iValue subscribers.
- Utilization of Shares as Margin: Subscribers can use 100% of their shares as margin for Futures and Options trading, with an interest rate of 0.027% per day.
- One-Time Subscription Fee: The plan requires a one-time subscription fee of INR 299 and offers lifetime validity without the need for renewal.
It’s important to note that brokerage rates for delivery trades remain as per the existing plan and are not affected by the iValue subscription.
#6 Kotak Securities
Kotak Securities Active Clients – 14,91,998
Complaints – 1,001
Kotak Securities Market Share – 3.01%
Kotak Securities Rating – 9.45/10
Account Opening & AMC Charges:
Kotak Securities provides two types of brokerage plans.
- Trading & Demat Account Opening Charge – INR 99
- Trading Account AMC Charge – Zero
- Demat Account AMC Charge – INR 600 per year
Kotak Securities Brokerage Charges:
| Feature | Trade Free Plan | Trade Free Youth Plan |
|---|---|---|
| Benefits | Investors or traders under 30 years of age, pay ZERO brokerage on all trades | Investors or traders under 30 years of age pay ZERO brokerage on all trades |
| Account Opening Fee | FREE | FREE |
| Plan Fee | FREE | INR 499 (Annual) INR 99 for 1st year during account opening |
| Validity | Lifetime | 2 years |
| Intraday Brokerage | FREE (All segments) | FREE (All segments) |
| Equity Delivery | 0.25% or INR 20, whichever is higher | FREE (All segments) |
| Carry Forward (All applicable segments) | INR 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 (if non-cash collateral > 50%) | 0.049% per day (if non-cash collateral > 50%) |
| Brokerage Cashback | NA | Up to INR 4,128 for 90 days post 1st MTF trade |
| Demat AMC | INR 50 per month | INR 50 per month |
#7 HDFC Securities
Active Clients – 14,88,982
Complaints – 780
Market Share – 3.01%
HDFC Securities Rating – 8.37/10
Account Opening & AMC Charges:
- Demat Account Opening Charge – Zero
- Trading Account Opening Charge – Zero
- Trading Account AMC Charge – Zero
- Demat Account AMC Charge – INR 750
HDFC Securities Brokerage Charges:
| Segment | Brokerage |
| Equity – Delivery | Resident: 0.50%, NRI: 0.75%, Min INR 25, Max 2.5% |
| Equity – Square-Off (Cash) | 0.10%, Min INR 25, Max 2.5% |
| Equity – Square-Off (Margin) | 0.05%, Min INR 25, Max 2.5% |
| Futures – Carry Forward | 0.05%, Min INR 25, Max 2.5% |
| Futures – Square-Off | 0.025%, Min INR 25, Max 2.5% |
| Options – Equity | 1% of premium or INR 100/lot |
| Currency Futures | INR 23 (Carry), INR 12 (Square) |
| Currency Options | INR 20 (Carry), INR 10 (Square) |
| Commodities – Futures (Carry) | 0.025% or Min INR 20 |
| Commodities – Futures (Square) | 0.020% or Min INR 20 |
| Commodities – Options | INR 100/lot |
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#8 Motilal Oswal
Motilal Oswal Active Clients – 10,19,877
Complaints – 989
Motilal Oswal Market Share – 2.06%
Motilal Oswal Rating – 8.24/10
Account Opening & AMC Charges:
- Trading & Demat Account Opening Charge – Zero
- Trading Account AMC Charge – Zero
- Demat Account AMC Charge – Free for the first year, then INR 199 per year
Motial Oswal Brokerage Charges:
| Trading Type | Brokerage Charges |
| Equity Delivery | 0.20% |
| Equity Intraday | Lifetime Free |
| Equity Futures | 0.02% |
| Equity Options | INR 20 per lot |
| Currency Futures | INR 20 per lot |
| Currency Options | INR 20 per lot |
| Commodity Futures | 0.02% |
| Commodity Options | INR 200 per lot |
#9 SBI Securities
SBI Securities Active Clients – 9,82,704
Complaints – 266
SBI Securities Market Share – 1.98%
SBI Securities Rating – 8.10/10
Account Opening & AMC Charges:
- Trading & Demat Account Opening Charge – INR 850
- Trading Account AMC Charge – Zero
- Demat Account AMC Charge – INR 750 (First Year – Free)
SBI Securities Brokerage Charges:
| Plan | Delivery | E-Margin* | Intraday | Futures | Options | ETF^ | Currency |
| PLAN 499 | 0.50% | 0.50% | INR 20 / order | 0.05% | INR 50 / lot | 0.50% | INR 20 / lot |
| PRO 749 | 0.35% | 0.50% | INR 20 / order | 0.02% | INR 20 / lot | 0.35% | INR 20 / lot |
| OIOP – 3K | 0.20% | 0.40% | INR 20 / order | INR 20 / order | INR 20 / order | FREE | INR 20 / order |
| OIOP – 5K | 0.20% | 0.40% | INR 20 / order | INR 20 / order | INR 20 / order | FREE | INR 20 / order |
| OIOP – 10K | 0.20% | 0.40% | INR 20 / order | INR 20 / order | INR 20 / order | FREE | INR 20 / order |
#10 Moneylicious Securities (Dhan)
Dhan Active Clients – 9,67,410
Complaints – 360
Dhan Market Share – 1.95%
Dhan Rating – 8.12/10
Account Opening & AMC Charges:
- Trading & Demat Account Opening Charge – Zero
- Trading Account AMC Charge – Free
- Demat Account AMC Charge – Free
Top Stock Brokers in India FAQs
Which is the largest stock broker in India in 2025?
Groww is the biggest stock broker in India in 2025, followed by Zerodha and Angel One in terms of the number of clients.
Which is the best stock broker in India in 2025?
ICICI Direct is the best stock broker among all the brokers. ICICI Direct is followed by stock brokers like HDFC Securities, Groww, and Kotak Securities.
Which is the fastest-growing broker in India?
Angel One is the fastest-growing stock broker in India. Upstox is the best choice for high-volume traders looking for high margins, low brokerages, and decent trading platforms.
What is Groww Market share?
Groww’s market share is 26.28%.
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