Top Stock Brokers in India 2024

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Last updated on September 26, 2024

As of 25 September 2024, there are over 4,898 brokers registered with SEBI and various stock exchanges in India. However, the top stock brokers dominate 67% (the 5 biggest players) of the market. If you’re struggling to find the best broker to open an account with, you’ve come to the right place. Take a look at the list of the top 10 stock brokers in India.

Top Stock Brokers in India 2023

What is a Stock Broker?

Stock brokers serve as a middleman between buyers and sellers since they are market makers. They either create or remove liquidity based on the type of order. These businesses usually offer their clients various services, including money management, investment guidance, and even the creation of financial instruments like ETFs or mutual funds.

Brokers receive commissions on each transaction and interest as account custodians. To increase their clients’ assets under management, brokerage houses frequently provide signing bonuses to new customers.

Read Also: Best Intraday Trading Tips for Beginners

Best Stock Broker in India 2024 with Highest Active Client Base 

The list of top stock brokers has seen several changes over the years. Here is the list of top share brokers in India by the number of active clients in August 2024.

#1 Groww: Biggest Among Top Stock Brokers in India

Groww

Active Clients – 1,18,82,869
Complaints – 834
Market Share – 25.41%
Groww Rating – 9.00/10

Account Opening & AMC Charges:

  • Trading & Demat Account Opening Charge – Zero
  • Trading Account AMC Charge – Zero
  • Demat Account AMC Charge – Zero

Brokerage Charges:

Trading TypeBrokerage Charges
Equity DeliveryWhichever is lower than INR 20 per executed order or 0.1%
Equity IntradayWhichever is lower than INR 20 per executed order or 0.1%
Equity FutureINR 20 per executed order
Equity OptionsINR 20 per executed order
SEBI Turnover Charges0.0001% (INR 10/Crore)

#2 Zerodha

Zerodha

Active Clients – 78,84,365
Complaints – 567
Market Share – 16.86%
Zerodha Rating – 9.10/10

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), INR 300 + GST (Above – INR 10,00,000) Annual

Brokerage Charges:

Trading TypeBrokerage Charges
Equity DeliveryNo brokerage
Equity IntradayWhichever is lower than INR 20 per executed order or 0.03%
Equity FutureWhichever is lower than INR 20 per executed order or 0.03%
Equity OptionsINR 20 per executed order
Currency FuturesWhichever is lower than INR 20 per executed order or 0.03%
Currency OptionsINR 20 per executed order
Commodity FuturesWhichever is lower than INR 20 per executed order or 0.03%
Commodity OptionsINR 20 per executed order
SEBI Turnover Charges0.0001% (INR 10/Crore)

#3 Angel One – Fast-growing Discount Broker

Angel One

Active Clients – 71,32,861
Complaints – 1,203
Market Share – 15.25%
Angel One Rating – 8.95/10

Account Opening & AMC Charges:

  • Trading & Demat Account Opening Charge – Zero
  • Trading Account AMC Charge – Zero
  • Demat Account AMC Charge – Zero (Up to INR 50,000), INR 100 + GST (Between INR 50,000 to 2,00,000)

Brokerage Charges:

Trading TypeBrokerage Charges
Equity DeliveryZero per trade
Equity IntradayINR 0 brokerage up to INR 500 for first 30 days*
Then, lower of INR 20 or 0.03% per executed order
Equity Future & OptionsINR 0 brokerage up to INR 500 for first 30 days*
Then, INR 20 per executed order
Currency Futures & OptionsINR 0 brokerage up to INR 500 for first 30 days*
Then, INR 20 per executed order
Commodity Futures & OptionsINR 0 brokerage up to INR 500 for first 30 days*
Then, INR 20 per executed order
*Brokerage up to INR 500 will not be charged for the first 30 days time period after onboarding. The offer will expire either on completion of 30 days from onboarding or complete consumption of INR 500 brokerage discount within the same period.

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#4 Upstox

Upstox

Active Clients – 27,71,549
Complaints – 299
Market Share – 5.93%
Upstox Rating – 8.79/10

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 Charge:

Trading TypeBrokerage Charges
Equity DeliveryWhichever is lower than INR 20 per order or 2.5%
Equity IntradayWhichever 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 Charges0.0001% (INR 10/Crore)

#5 ICICIdirect – Biggest Among Traditional Players

ICICIdirect

Active Clients – 19,05,641
Complaints – 971
Market Share – 4.08%
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 Charge:

Trading TypeBrokerage Charges
Equity Delivery0.55% (including buy & sell)
Equity Intraday0.275%
Equity Future0.05%
Equity OptionsINR 95 per lot
Currency Futures & OptionsINR 20 per executed order
Commodity Futures & OptionsINR 20 per executed order
NCDs / Bonds0.75%

#6 Kotak Securities

Kotak Securities

Active Clients – 13,82,036
Complaints – 610
Market Share – 2.96%
Kotak Securities Rating – 9.15/10

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 Charge:

Trading TypeBrokerage Charges
Equity Delivery0.25% (Minimum INR 20 per trade)
Equity IntradayFree
Equity FuturesDelivery: INR 20 per trade | Intraday: Free
Equity OptionsDelivery: INR 20 per trade | Intraday: Free
Currency FuturesDelivery: INR 20 per trade | Intraday: Free
Currency OptionsDelivery: INR 20 per trade | Intraday: Free
Commodity FuturesDelivery: INR 20 per trade | Intraday: Free
Commodity OptionsDelivery: INR 20 per trade | Intraday: Free

#7 HDFC Securities

HDFC Securities

Active Clients – 12,44,723
Complaints – 283
Market Share – 2.66%
HDFC Securities Rating – 8.40/10

Account Opening & AMC Charges:

  • Demat Account Opening Charge – INR 999
  • Trading Account Opening Charge – Zero
  • Trading Account AMC Charge – Zero
  • Demat Account AMC Charge – Zero if there is at least one transaction per year or INR 300 otherwise

Brokerage Charge:

Trading TypeBrokerage Charges
Equity Delivery0.32%
Equity Intraday0.032%
Equity FutureINR 20 per trade
Equity OptionsINR 20 per trade

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#8 SBI Securities

sbi securities logo

Active Clients – 9,66,099
Complaints – 212
Market Share – 2.07%
Sharekhan Rating – 8.65/10

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 Charge:

Trading TypeBrokerage Charges
Equity Delivery0.50%
Equity Intraday0.05%
Equity Futures0.05%
Equity OptionsINR 100 per lot (sell & buy side)
Currency Futures0.03%
Currency OptionsINR 30 per lot

#9 Motilal Oswal

Motilal Oswal

Active Clients – 9,58,025
Complaints – 498
Market Share – 2.05%
Motilal Oswal Rating – 8.40/10

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 400 per year

Brokerage Charge:

Trading TypeBrokerage Charges
Equity Delivery0.20%
Equity IntradayLifetime Free
Equity Futures0.02%
Equity OptionsINR 20 per lot
Currency FuturesINR 20 per lot
Currency OptionsINR 20 per lot
Commodity Futures0.02%
Commodity OptionsINR 200 per lot

#10 Moneylicious Securities (dhan)

Active Clients – 7,39,810
Complaints – 200
Market Share – 1.58%
5paisa Rating – 8.00/10

Account Opening & AMC Charges:

  • Trading & Demat Account Opening Charge – Zero
  • Trading Account AMC Charge – INR 100 – 400 per year
  • Demat Account AMC Charge – Free

#11 Paytm Money

paytm money

Active Clients – 7,35,825
Complaints – 188
Market Share – 1.57%
5paisa Rating – 8.00/10

Account Opening & AMC Charges:

  • Demat Account Opening Charge – Zero
  • Trading Account Opening Charge – INR 200
  • Trading Account AMC Charge – INR 300 per year
  • Demat Account AMC Charge – Free

Brokerage Charge:

Trading TypeBrokerage Charges
Equity DeliveryINR 20 per executed order or 2.5% whichever is low
Equity IntradayINR 20 per executed order or 0.05% whichever is low
Equity FuturesINR 20 per executed order or 0.02% whichever is low
Equity OptionsINR 20 per executed order

Top Stock Brokers FAQs

Which are the top stock brokers in India?

Groww is the biggest stock broker in the country, 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 Bank 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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