Top Stock Brokers in India 2024

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As of 12 November 2024, India boasts over 4,902 registered brokers with the Securities and Exchange Board of India (SEBI) and various stock exchanges. Notably, the top stock brokers command approximately 67% (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.

Top Stock Brokers in India 2024

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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Top Stock Brokers in India 2024 with Highest Active Client Base 

The landscape of best stock brokers in India has evolved significantly over the years. Below is a list of the leading best stock brokers ranked by the number of active clients as of 31 October 2024:

#1 Groww: Biggest Stock Broker in India

Groww

Active Clients – 1,25,94,877
Complaints – 1,523
Market Share – 25.76%
Groww Rating – 9.50/10

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 DeliveryINR 20 per order or 0.1% whichever is lower, Minimum INR 2
Equity IntradayINR 20 per order or 0.1% whichever is lower, Minimum INR 2
Equity FutureINR 20 per executed order
Equity OptionsINR 20 per executed order
SEBI Turnover Charges0.0001% (INR 10/Crore)

#2 Zerodha

Zerodha

Active Clients – 80,67,274
Complaints – 777
Market Share – 16.50%
Zerodha Rating – 9.00/10

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 IntradayINR 20 per order or 0.03%, whichever is lower
Equity FutureINR 20 per order or 0.03%, whichever is lower
Equity OptionsFlat INR 20 per executed order
Currency FuturesINR 20 per order or 0.03%, whichever is lower
Currency OptionsINR 20 per executed order
Commodity FuturesINR 20 per order or 0.03%, whichever is lower
Commodity OptionsINR 20 per executed order
SEBI Turnover Charges0.0001% (INR 10/Crore)

#3 Angel One – Fast-growing Discount Broker

Angel One

Active Clients – 75,29,017
Complaints – 1,259
Market Share – 15.40%
Angel One Rating – 9.15/10

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 0.01% per executed order, Minimum of INR 2
Equity Future & OptionsINR 0 brokerage up to INR 500 for first 30 days
Then, lower of INR 20 or 0.01% per executed order, Minimum of INR 2
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 – 28,52,978
Complaints – 465
Market Share – 5.84%
Upstox Rating – 8.80/10

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 TypeBrokerage Charges
Equity DeliveryINR 20 per executed order
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 – 19,34,288
Complaints – 740
Market Share – 3.96%
ICICIdirect Rating – 8.75/10

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 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 – 14,62,281
Complaints – 719
Market Share – 2.99%
Kotak Securities Rating – 9.25/10

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 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 – 13,35,188
Complaints – 546
Market Share – 2.73%
HDFC Securities Rating – 8.45/10

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 TypeBrokerage Charges
Equity Delivery0.50% of trade value or INR 25 (whichever is higher)
Equity Intraday0.50% of trade value or INR 25 (whichever is higher)
Equity Future0.50% of trade value or INR 25 (whichever is higher)
Equity OptionsINR 100 per lot or 1% of the premium (whichever is higher)

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#8 Motilal Oswal

Motilal Oswal

Active Clients – 10,04,570
Complaints – 623
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 199 per year

Brokerage Charges:

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

#9 SBI Securities

sbi securities logo

Active Clients – 9,86,160
Complaints – 178
Market Share – 2.02%
Sharekhan Rating – 8.45/10

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 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

#10 Moneylicious Securities (Dhan)

Active Clients – 8,49,653
Complaints – 249
Market Share – 1.74%
5paisa Rating – 8.45/10

Account Opening & AMC Charges:

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

#11 Paytm Money

paytm money

Active Clients – 7,22,755
Complaints – 224
Market Share – 1.48%
5paisa Rating – 8.05/10

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 Charges:

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

Top Stock Brokers in India FAQs

Which are the largest 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 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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