As of 27 January 2025, India boasts over 4,896 registered brokers with the Securities and Exchange Board of India (SEBI) and various stock exchanges. Notably, the largest stock broker in India command approximately 67.51% (the 5 biggest players) of the market share. If you’re looking for the best 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 intermediaries between buyers and sellers in the financial markets. They facilitate trades by either adding or removing liquidity based on the type of order placed. In addition to executing trades, these firms provide various services such as money management, investment advice, and even the creation of financial products like mutual funds and ETFs.
Brokers earn commissions on transactions and may also generate 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 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 31 December 2024:
#1 Groww: Biggest Stock Broker in India
Active Clients – 1,31,58,530
Complaints – 1,744
Market Share – 26.23%
Groww Rating – 9.75/10
Account Opening & AMC Charges:
- Trading & Demat Account Opening Charge – Zero
- Trading Account AMC Charge – Zero
- Demat Account AMC Charge – Zero
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
Active Clients – 81,19,791
Complaints – 871
Market Share – 16.19%
Zerodha Rating – 9.25/10
Account Opening & AMC Charges:
- Trading & Demat Account Opening Charge – Zero
- Trading Account AMC Charge – Zero
- Demat Account AMC Charge – Zero (Up to INR 4,00,000), INR 100 + GST (Between – INR 4,00,000 – 10,00,000) Annual
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) |
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#3 Angel One – Fast-growing Discount Broker
Active Clients – 77,54,030
Complaints – 1,631
Market Share – 15.46%
Angel One Rating – 9.05/10
Account Opening & AMC Charges:
- Trading & Demat Account Opening Charge – Zero
- Trading Account AMC Charge – Zero
- Demat Account AMC Charge – INR 240 per year
Brokerage Charges:
| Trading Type | Brokerage Charges |
| Equity Delivery | Zero per trade |
| Equity Intraday | INR 0 brokerage up to INR 500 for first 30 days Then, lower of INR 20 or 0.03% per executed order, Minimum of INR 2 |
| 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 first 30 days* Then, INR 20 per executed order |
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#4 Upstox
Active Clients – 28,86,625
Complaints – 612
Market Share – 5.75%
Upstox Rating – 8.95/10
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)
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 0.05% |
| 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
Active Clients – 19,46,827
Complaints – 923
Market Share – 3.88%
ICICIdirect Rating – 8.90/10
Account Opening & AMC Charges:
- Trading & Demat Account Opening Charge – Zero
- Trading Account AMC Charge – Zero
- Demat Account AMC Charge – INR 700 (Annual)
Brokerage Charges:
| Trading Type | Brokerage Charges |
| Equity Delivery | 0.55% (including buy & sell) |
| Equity Intraday | 0.275% |
| Equity Future | 0.05% |
| Equity Options | INR 95 per lot |
| Currency Futures & Options | INR 20 per executed order |
| Commodity Futures & Options | INR 20 per executed order |
| NCDs / Bonds | 0.75% |
#6 Kotak Securities
Active Clients – 15,04,813
Complaints – 874
Market Share – 3.00%
Kotak Securities Rating – 9.30/10
Account Opening & AMC Charges:
- Trading & Demat Account Opening Charge – INR 99
- Trading Account AMC Charge – Zero
- Demat Account AMC Charge – INR 600 per year
Brokerage Charges:
| Trading Type | Brokerage Charges |
| Equity Delivery | 0.25% (Minimum INR 20 per trade) |
| Equity Intraday | Free |
| Equity Futures | Delivery: INR 20 per trade | Intraday: Free |
| Equity Options | Delivery: INR 20 per trade | Intraday: Free |
| Currency Futures | Delivery: INR 20 per trade | Intraday: Free |
| Currency Options | Delivery: INR 20 per trade | Intraday: Free |
| Commodity Futures | Delivery: INR 20 per trade | Intraday: Free |
| Commodity Options | Delivery: INR 20 per trade | Intraday: Free |
#7 HDFC Securities
Active Clients – 14,20,177
Complaints – 683
Market Share – 2.83%
HDFC Securities Rating – 8.40/10
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
Brokerage Charges:
| Trading Type | Brokerage Charges |
| Equity Delivery | 0.50% of trade value or INR 25 (whichever is higher) |
| Equity Intraday | 0.50% of trade value or INR 25 (whichever is higher) |
| Equity Future | 0.50% of trade value or INR 25 (whichever is higher) |
| Equity Options | INR 100 per lot or 1% of the premium (whichever is higher) |
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#8 Motilal Oswal
Active Clients – 10,30,406
Complaints – 800
Market Share – 2.05%
Motilal Oswal Rating – 8.35/10
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
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
Active Clients – 9,83,254
Complaints – 210
Market Share – 1.96%
Sharekhan Rating – 8.40/10
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)
Brokerage Charges:
| Trading Type | Brokerage Charges |
| Equity Delivery | 0.50% |
| Equity Intraday | 0.05% |
| Equity Futures | 0.05% |
| Equity Options | INR 100 per lot (sell & buy side) |
| Currency Futures | 0.03% |
| Currency Options | INR 30 per lot |
#10 Moneylicious Securities (Dhan)
Active Clients – 9,32,661
Complaints – 320
Market Share – 1.86%
5paisa Rating – 8.50/10
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 are the largest stock broker in India?
Groww is the biggest stock broker in India, followed by Zerodha and Angel One in terms of the number of clients.
Who is the top-paid stock broker?
ICICI Direct is the best stock broker among all the brokers. ICICI Direct is followed by stock brokers like HDFC Securities, Sharekhan, and Kotak Securities.
Which is the fastest-growing broker in India?
Upstox 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.
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