Top 10 stock brokers in India

[Last Updated 23/9/2014 ] Lately people have a lot of options while choosing a stock broker because of increase in number of stock broker in India. But still it is not easy to choose. You need to be sure of what is important for you before deciding on the stock broker. Some pointers to keep in mind are :-

1) Full service or discount broker : The main difference among them is full service broker would charge you brokerage as a percentage of your trade value(for ICICI it lies between .5% – .9%). while discount broker are much cheaper charging you based on the number of trade. Most of the discount brokers charges between Rs 15 to Rs 30 per trade irrespective of the trade volume. Find a detailed review about discount brokers.

2) Online trading vs Offline/Phone trading: Most have the brokers have started to provide online trading services to there customers. Some of them also provide trading on phone or even physically at there location. Decide what would be a good fit for you.

3) How often do you trade : Whether you are a trader or investor. If you are a investor brokerage generally won’t make a big difference in your returns while if you are a trader, brokerage can mean whether you end up making a profit or loss. By that I mean that brokerage adds up for traders.

4) Will you require advice to trade : Would you need financial adviser to trade or would you be trading on your own. If you need adviser, remember to get some historical data of how good the adviser is and would you be comfortable with giving him your money. Full service broker generally will provide you recommendation about stocks.

5) Internet savvyNewer generation people are tech savvy and don’t mind to trade completely only. If you are like then, discount brokers would be a good fit and if you are someone who prefers to know the face of the brokers, this list would be of little use to you as I have not included any local brokers here. But if you do use local brokers, I would suggest that at least compare there brokerages with some of the new discount brokers to see how much money you are loosing by way of higher brokerage.

top 10 stock brokers in India(Update 23/09/2014) In the last one year, With the increase in internet penetration, I have added some of the major discount brokers also in the top 10 list. They are not the largest but are giving full service brokers a run for there money and increasing there market share every quarter. I would suggest to read there reviews before finalizing your brokers. Times are changing and I think that in next couple of years more and more brokers would move from being a Full service broker to discount brokers.


Best discount brokers in India

1) Zerodha : They are one of the new stock broker in India which have started discount trading in India. They have a very competitive brokerage structure and decent customer service. These type of discount brokers are new in India and providing tough competition to full service brokers. You can find detailed review about Zerodha here.

2) RKSV : RKSV is a discount broker operating from Mumbai. They provide very competitive rates of Rs 20 per trade irrespective of the size of the trade, with 5 free trades per month for life. They also have unlimited tradings plan in which, for a fixed monthly fee, the customer can do unlimited trading at zero brokerage. You can find RKSV review here.

3) TradeJine: They are another discount Brokers operating out of Bangalore. They do provide NEST and ODIN platform and have a very competitive brokerage rate of Rs 20 per trade irrespective of the volume of the trades. You can find a detailed review of Tradejini here.

Best Full service brokers in India

1) ICICI Direct : By far the biggest and most well know stock broker in India.  They have decent service and easy to use user interface but there brokerage is really high compared to what other discount brokers are providing. There biggest selling point is there seamless integration with your ICICI bank account which make transfer/withdrawal of funds really easy and quick. Great for investor but not for tarder. You can find detailed information about ICICI Direct brokerage charges here.

2) Sharekhan : Incorporated in February 2000, Sharekhan is India’s 2nd largest stock broker providing brokerage services through its online trading website and 1950 Share shops which includes branches & Franchises in more than 575 cities across India. They are full service broker and provide various other services like asset management etc. You can find my detailed review for Sharekhan brokerage charges here.

3) HDFC Security: They are one of the larger broking house in India and with there bank branches, they have one of the largest network which is only after ICICI. They have a vast network of bank branch in even smaller town. You can find detailed review about HDFC security here.

4) Kotak Security : They are one more well know name in Financial services and with there bank branches in big cities they are able to cater to clients in big cities. There online service is decent but brokerage is not that competitive. You can find detailed review about Kotak Security here.

5) Reliance Money: They came with a bang but lately have lost a lot of sheen from there name. There have been lots of question about there business practices. You can find detailed review about reliance money here.

6) Motilal Oswal : These are one of the decent broker operating in India. They are also full service brokers providing gamut of financial service to the customer.  You can find detailed review about Motilal Oswal here.

7) Karvy : They are one of the oldest broking house operating in India. They are the brokers which your fathers used to use for buying there IPO and MF but there online service are  not that great. Lately they are upgrading there online platform and there brokerage is also comparable to other full house brokers.

I understand that some of you would say that this list is missing some of the major Brokers in India but I have tried my level best to common up with this list. If you feel that I have missed someone, do let me know in the comments.

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  1. K Wadhwa says:

    Please add RKSV ( to the list. I have been doing algo trading using Ami Broker with them for the past two months and their support is great. For those looking 2 cut down their brokerage rates, check it out. Even if I am loosing money or gaining profit their brokerage charged is very low

  2. manikannan says:

    please put a top 10 stock brokers for traders not for investors

  3. Hi,
    can you please add some information on Trade Smart Online (also known as VNS Capital Services Pvt. Ltd.) under the Discount Brokers section. I am hearing about them a lot these days and would like to have some unbiased information about them.
    Also I want to know what security there is of the investor’s money with the discount brokers, what is the Sebi guideline regarding investor security when it comes to discount brokers.
    Thanks and regards.

  4. Nice information, thanks for sharing this..

  5. Pratik Upadhyay says:

    Thanks for Sharing

  6. It is a good list. But seems like missed to add Angel Broking in this list.

  7. SBICap is Pathetic

  8. narendra says:

    is it better that broker sd hv branch in my city ..i want to open ac with zerodha but they are not based in delhi. i also heard that broker might shut their shop abruptly if faced with losses. which is best discount broker in around delhi.

    • It is not that easy for a broker to shut there shop and most of the time you broker won’t have your share which are kept with the DP. Now with more on more brokerage increasing there online presence, I think that having a brokerage house in your city should not be one of the deciding factor. I have my account with RKSV which is also not based in my home city.

  9. Kamlakar Rao says:

    You can freesauda and edelweiss capital also both are good , 1st one is Discount Broker and 2nd one is full time

  10. i want to information about kotak securities.

  11. Rishabh Mishra says:

    Sir, what is the minimum amount to invest in stock market

    • There is no minimum amount you need to trade but there would be some minimum fund requirement by the brokers.


    • If you are new to markets without much experience a full service broker would be nice for you. They will help you with any questions you may have about trading.

  13. Sir,
    1) I am new to the stock trading. I am prepared to take advise from any reputed institution.
    Please advise me the a reliable advisers.
    2) I would like to choose a discounting stock broker, for eg RKSV. I have a SB a/c in SBI.
    Should I deposit my money with the broker? Please explain the procedure.

  14. hello
    i want to know about online trading offered by RR Equity. How is the company and their platform.

  15. Hi, I would like to go for a block deal of my father’s shares. Kindly let me through which intermediary I can go safely.

  16. Dear IndianShareBroker Admin, Kindly share your comments about

    Thank you.

  17. Edelweiss is also a good broker and by far the best website in indian broking industry. Also their mobile app is good. U should have them in the list

  18. as far as i know equity trading best one to buy or sell shares. because banks,company shares and all comes under this category.
    when we talk about stock brokers angel broking is the best one and user friendly.I contact and spoke with their customer care they provide all informations regarding share trading

  19. Dear Admin,
    I have an account with Reliance. I wish to close the account with Reliance and open an account with RKSV. Do you have any idea about how to close the account?
    Request you to kindly send me a copy of your reply to my email id.
    Best Regards

  20. Arvind Pithiya says:

    RKSV is the best discount broker available right now. their service is decent. go for RKSV.

  21. Sonal Sharma says:

    The list is informative but I have recently came across a full-service broker Ashlar Securities Pvt. Ltd. Providing complete investment advisory services, offline operations and has a pan-India presence of branches and franchisees. They have a fully-owned subsidiary Ashlar Online which provides online trading services at low brokerage plans like 10 Rs per order and 10 free trades per month. The interesting thing is that while Ashlar Online is more of a discount brokerage it offers all services afforded by full-service broker, supported by its parent firm. So, what to make of it? I would like to hear some expert comments or views about it here.

  22. senthilkumar says:


  23. JyotirAaditya Singha says:

    hi, praveen, u can ask ur. Broker about ur.a/c closer formilities. It’s a simple to close ur.a/c but if u have DP a/c with any holding than ( i ) u must open DP with Trading a/c any other broker or Ucan

  24. Very helpful list!!!!

  25. I have a Demat A/C with Integrated Enterprises a full service broker I Believe.If i open an account with RKSV can i use the same demat a/c with integrated for trading. enlighten me

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