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.
Table of Contents
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.
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Best Stock Broker in India 2024 with Highest Active Client BaseÂ
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
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 Type | Brokerage Charges |
| Equity Delivery | Whichever is lower than INR 20 per executed order or 0.1% |
| Equity Intraday | Whichever is lower than INR 20 per executed order or 0.1% |
| 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 – 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 Type | Brokerage Charges |
| Equity Delivery | No brokerage |
| Equity Intraday | Whichever is lower than INR 20 per executed order or 0.03% |
| Equity Future | Whichever is lower than INR 20 per executed order or 0.03% |
| Equity Options | INR 20 per executed order |
| Currency Futures | Whichever is lower than INR 20 per executed order or 0.03% |
| Currency Options | INR 20 per executed order |
| Commodity Futures | Whichever is lower than INR 20 per executed order or 0.03% |
| Commodity Options | INR 20 per executed order |
| SEBI Turnover Charges | 0.0001% (INR 10/Crore) |
#3 Angel One – Fast-growing Discount Broker
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 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 |
| 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 – 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 Type | Brokerage Charges |
| Equity Delivery | Whichever is lower than INR 20 per order or 2.5% |
| 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 – 19,05,641
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 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 – 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 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 – 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 Type | Brokerage Charges |
| Equity Delivery | 0.32% |
| Equity Intraday | 0.032% |
| Equity Future | INR 20 per trade |
| Equity Options | INR 20 per trade |
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#8 SBI Securities
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 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 |
#9 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 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 |
#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
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 Type | Brokerage Charges |
| Equity Delivery | INR 20 per executed order or 2.5% whichever is low |
| Equity Intraday | INR 20 per executed order or 0.05% whichever is low |
| Equity Futures | INR 20 per executed order or 0.02% whichever is low |
| Equity Options | INR 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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