Top 10 stock brokers in India

Updated on March 20,2017

With the increase in number of stock broker, people have a lot of option to choose from, but still it is not easy to choose. You need to be sure of what is that you want. Some pointers to keep in mind before deciding on the brokers 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. So if you are going to trade multiple times a month, go for a discount broker rather than a full service one. To understand there difference better, please have a look at the video below.

2) Online trading vs Offline/Phone trading: Most of the brokers have started to provide online trading services to their customers. Some of them also provide trading on phone or even physically at their location. Decide what would be a good fit for you. If you are comfortable trading online from your laptop/desktop, you will find that most of the major brokers are providing that services. There are some people who prefer to trade on brokers terminal, make sure that you check with your broker if he have a terminal near your place.

3) How often do you trade: Whether you are a trader or investor. Investor is someone who trades few times a year while trader will trade at least few times a month. If you are an 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 giving him your money. Full service broker generally will have research desk which will send you a lot of recommendations for trading in stocks. Do remember to check there historical recommendations and if it matches your investment needs. Some of the full service broker will even provide you with the service of Relationship manager which will call you a couple of times a month and telling you about the new investment ideas.

5) Do you have access to internet: One more thing to keep in mind while looking at the broker is whether or not it provides call-n-trade service. Because even if you have a smartphone, there could be a chance that you are not able to access your account due to slow internet speed. Then you should be able to call you broker for closing the trade. Most of the broker provide call-n-trade service but ask what is the extra charge for using that service if any. Also some broker say that the provide this service but when you try to call then, the number is always busy. Make sure that you ask them what is the normal wait time to get call-n-trade service.

6) Internet savvy: Newer 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 their brokerages with some of the new discount brokers to see how much money you are losing by way of higher brokerage.

7) Trading platform provided: One more important thing to ask is what trading platform is provided by your broker and is there any extra charge for accessing that. Most of the broker will provide NEST trading platform free of cost but then charge a monthly charge for access there charting platform or to get access to real time data from there platform. So it is a good idea to get a better understanding of what is being provided by you broker to start with.

top 10 stock brokers in IndiaIn the last couple of years, with the increase in internet penetration and coming of smartphone in India, 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 their money and increasing their 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. And as far as safety of discount brokers are concerned, most of the brokers have a robust risk management in place and follow stringent SEBI rules.

Best discount brokers in India

1) Zerodha : They are one of the largest and oldest Discount broker in India having more than 50,000 clients. They have a very competitive and a simple brokerage structure (Rs 20 per trade) and good customer service. The account opening process is also very easy and most of the work can be completed online. They are one of the few discount broker who have their own Proprietor trading/charting software caller Pi which allows for writing custom algorithm. The good thing about these discount brokers is you may never have to visit their offices. The forms can be filled online and the application can be shipped to them. This type of discount brokers are new in India and providing tough competition to full service brokers. You can find detailed review about Zerodha review here.


2) UPSTOX: 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. The provide NEST and ODIN platform for trading. They are coming up with new mobile based platform called Upstox and the product look nice. There account opening process is also very easy and most of the work can be completed online. You can find more detail about account opening here.


3) Fyers: They are one of the newer discount Brokers and provide brokerage rate of .1% for delivery and .01% for intraday. The thing to keep in mind with them is the brokerage is capped at Rs 100 per trade. They provide one the the best trading platform which is built in house completely. To open account with them with ZERO account opening charges, please provide your details by clicking here.

For a latest updated list of discount broker, read top 5 discount brokers in India.

Best Full service brokers in India

1) Angel Broking : Incorporated in 1987, Angel Broking has become one of the most respected Stock-Broking and Wealth Management Companies in India. They have built up a huge network of Branches and Franchises (More than 900 cities and 8500 Franchises) thereby maintaining a great support system for investors who prefer human interactions while trading. Alternatively you can use their Trading platforms for the device of your choice be it the Web, Smartphones, Tablets and Desktops. They have more than 10 lakh clients which trades with them. Please read Angel Broking review here.

They are providing an account opening offer in which you can open account for free. Please provide your details by clicking on the button below and you will receive a call within 30 mins.


2) ICICI Direct: By far the biggest and best know full service stock broker in India. They have good service and easy to use user interface. There brokerage varies from  0.55% to .20% depending on the value of trades you do with them. There biggest selling point is there seamless integration with your ICICI bank account which makes transfer/withdrawal of funds really easy and quick. They also offer special product like valid till cancel and even T+90 trading in BSE segment.


3) Motilal Oswal : These are one of the oldest and reputed brokers operating in India. They are also full service brokers providing gamut of financial service to the customer.  They are best known for there advisory service provided by them. They have more than 8 lakh customer trading with them. You can find detailed review about Motilal Oswal here.

4) ShareKhan : Incorporated in February 2000, Sharekhan is India’s 2nd largest stock broker as per number of customers, 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. As of July 30th , BNP Paribas have purchased ShareKhan for Rs 2,200 crore. We don’t expect major changes due to the buyout.

5) HDFC Security: They are one of the larger broking houses in India and with their 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. Most of the investor who have a bank account end up opening a trading/Demat account with them. They are good full service brokers providing all major services like research desk, mutual fund investments and portfolio management services. You can find detailed review about HDFC security here.

6) Kotak Securities: They are one more well know name in Financial services and with their 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.

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

Apart from this, some other notable names in brokerage industry in India are Karvy, Axis direct and SBI cap.

After reading the list, I hope you will be able to select the right brokers for your needs. Do remember that brokerage is important but should not be the only reason to select the broker. Talk to some of them, get a feel and ask any question you may have from them. Once you are comfortable only then open an account with them.

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.

To see all the Brokers comparison on one page, visit our Home page. In case this sound complicated, read how to invest in Share market.

If you still have some questions about who would be the best broker for you, please provide your details here.


  1. Hi Samved, appreciate your response on all the post’s. I am a new trader too, using HDFC sec, i sold few shares for the first time and got to know that some money got debited from account as Depository Charges which i was unaware or was not briefed about while opening the account. Is Depository Charges common across all the broker’s ???

    • Yes Venu Depository charges are charged by all the broker. It mostly are between Rs 13-20 and it provided to your Depository and not the broker. Almost all the broker will charge it separately from the brokerage.

  2. Tanmaya Patel says:

    Also, if we buy a share, is there any limit of holding period ?? For example, like we can hold the shares purchased only for 15/30 days or till when ever we want to sell it ??

  3. Hai,
    I am trading on using my son’s demat account ,can i open an account in zerodha and transfer those stocks to my account , and will you post how to transfer those stocks to my account .

  4. I had been using ICICI direct (DEMAT) Account and I want less brokerage for Mid & Long Term investments..Which one is the best as I have the account of both ICICI & HDFC…?
    Zerodha / Angelbroking/ Sharekhan who can give me the best online support while i do the investments???

    Thank you,

  5. Dear Samved & Admin,
    This page has been very interesting. Thank you for writing in a very lucid manner.
    My doubt is that currently I have a 3-in-1 account with ICICI and I have exhausted the free brokerage that they have given me. Is it suggested that I move to Zerodha or some other discount broker. I am very comfortable with computers and do a lot of homework before i invest. Also after seeing ICICI benefits, I have opened a 3-in-1 for my wife with ICICI and I even have access to their research recommendations? Kindly suggest. Thank you.

  6. Dear Samved,
    Already i am holding trading and demat account with HDFC Sec, but due to high brokerage charges now I am planning to open account with Zerodha. How to transfer my shares from hdfc demat to zerodha demat?

    • It is very easy. You just have to take Client master list(CML) from HDFC and send it to your new broker. He will take care of the rest.

      • Badal Biswas says:

        I have demat account with Kotak. May I open another demat account with any broking house linking the Kotak savings account?

        • Yes Badal you can have as many Demat account as you want. But we advice reader to close account which they are not using as there would be AMC which would be charged if your account is not closed.

  7. Sir I have demat acct of ventura securities ltd. Can I change in other broker. Please suggest me for a good services company.

  8. If I go for opening account with Zerodha, will that work both as Trading and Dmat or do I need to open Dmat separately considering I am looking for delivery of shares.

  9. I hve my SB a/c in SBI bank I have to open my demat account. so compulsory I want to open account in sbi or I can open in other like zerodha…

  10. Good comparison of brokers .
    Can you suggest which brokers can assist i obtaining Custodial participant code through clearing house to trade derivates for Nri account please

  11. Lavanya says:


    I have a doubt that, if mutual funds are invested through Online, Can we invest only through regular plans ?
    And what is the case with Zerodha or sharekhan ? IS there an option to invest in direct plans with zerodha or sharekhan ?

    Kindly reply

  12. Hii
    I want to know why angel broking is not listed in the list ??, and also im gonna start my trading mostly with a 10k amount , shall i trade wth full service broker now and then move to Discount brokerage when my volume increases? because my trades won’t be big as in start
    And also 20/per trade = (buy order + sell order)
    OR 20/per buy order + 20/per sell order =50rs/per trader

    • We would be updating the list soon and Angel would be part of the new list.
      For discount broker, the brokerage is Rs 20 for buy and Rs 20 for sell, total Rs 40.

  13. Hi.! Nitu
    What is minimum amount required for invest in stock cash .?

  14. Hi,

    I would like to know the brokerage rate in Zeroadha, if I buy a stock of worth 5rup * 100shares = 500, what would be the brokerage? And this is for delivery not for intraday

  15. Mukut Mitra says:

    I am asking a stupid question (even the question could be wrong)…like discount brokers are tending towards free brokerage and also they do not recommend investment ideas…so how do they get benefited out of this ???
    Thanks in advance !

    • This is a good question. You should understand that delivery brokerage is very small part of the brokerage generated by any broker. Most of the brokerage is generated by Intraday and Derivatives trade. There expectation is once someone will start trading, they will eventually move towards intraday and F&O trades.

  16. I have demat account with Compositedge they are providing NOW Online trading platform.
    Most people say Zerodha PI trading platform is better than NOW online.
    Should I open an account with Zerodha for better plateform

  17. sushant sonawane says:

    can one person open multiple accounts with different brokers?

  18. best mobile treding app?

  19. i am converting my sbi saving account to demat account.please suggest if SBI is good for trading purpose or i should go for another option.

  20. UTTAM VERMA says:

    What is a contract note ? What Are the differences between electronic contract note and physical contract note ?

    • After the market close, stock brokers send you a bill with the purchase and sale you made on that day including the brokerage charges. Most of the brokers now a days send a soft copy in your email but you can ask for a physical contract(in paper format) if you need it. Most of them have a charge for requesting a physical contract note.

  21. hi,

    recently i started using SMC online platform for trading, can any one suggest me better one in terms of application, features, support, brokerage as well marginal support from broker.


    • I think that Zerodha Pi trading platform is one of the best trading platform provided by any broker in India. You case you have any other question, you can get it answer by giving your details here.

  22. Hi Samved,

    I would like to invest my money say around 50k and would not mind to trade 2-3 times a month. I already have HDFC sec demat account. Would you recommend HDFC Sec or should I get any discount broker account?

    Please advise.


  23. Please suggest me best online trading platform for me, can i use USA website like etrade and other ….?

  24. Sandeep says:

    I have a bank account with bank of Baroda. I asked them about demat account. They said they have a 3 in 1 account facility. And said brokerage applies for selling a stock only. They said they will outsource to a broking firm tied up with them and can do online trading. And I am a first timer to stock trading. They said opening a demat account is free and buying stock is also free. Should I open a demat account with the bank. I’m a investor. Will it be viable for me. Please advice.
    Thank you

    • I would suggest you someone who just provides broking services. Bank of Baroda can provide trading services but at the end of the day it is primarily a bank. They can open your Demat account for free but there would be charges for account maintenance yearly. Also try to understand the brokerage charges they are charging. Demat charges are anyhow very low. Look at our list of Cheapest discount broker in India.

  25. Manoranjan singh says:

    I had traded 3yrs ago with BMA wealth creator and their charge is low, its 350 per annum and with this account I can trade commodity, future, equity, forex, etc. no need to open different account for different sector. However, their service is not that much I was expected. Now I am just planning to open a new account, so can anyone suggest me which one will be the best for me as a part time trader in commodity trading.

  26. Dear sir i have trading account with a mumbai based brokerage firm but demat account with ILFS my trading brokerage firm taking accordingly brokerage but DP company i mean ILFS charged very high brokerage for debiting the securities for example from march 16 To 31 march i sold only 9 Scrip which was available in DEmat account for that ILFS send me bill 667 Rs. when i asked from him then they are not giving any properly reply and telling me this charges that charges and in statment no nothing they showing on which date which company shares i sold and on which Scrip how much fees they charged just send me 667 Rs. bill and last month i was paid 500 some thing so now how can they send 667 Rs bill i cant findout how can send me 667 Rs bill by which calculateded they charged. i request you please could you pls explain me how they can charged this 667 Rs. just now i read your site some comments some DP;s charged securities for Crediting and Debiting also but in my life i hear only Securities when debit from Demat then only minimum 22 Rs. will charged so from 16 march till 31 march i sold only 6 Scrip then how can they send me 667 Rs. bill please just give me some suggestion thank you

  27. Veershetty says:

    I want open new account so please sugest me that which one has lowest brokrages charges and good service

  28. Good information. Do any of these brokerage firms help with investing/trading on international stock exchanges like nasdaq ? – thanks

  29. Sumeet Nagar says:

    I have a trading account with Karvy.. I am using it since past 9 months.. I have seen some reviews or comments from friends like they have so many hidden charges.. Is it true??
    If yes, then are the hidden charges more?? Will be waiting for the reply..

  30. 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

  31. Very helpful list!!!!

  32. 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

  33. senthilkumar says:


  34. 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.

  35. Arvind Pithiya says:

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

  36. 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

  37. kindly share ventura securities, which is having less brokerage in intraday… and that even on one side only

  38. vivek bhakare says:

    I want to investmy money in share market. I had an account in axis direct but I closed it due to high brokerage. I am investor and not trader.Please suggest me good online broker.

  39. I am new here. I have been seeing lots & lots of people doing trading in the shares. Please let me know how to open an account; can I operate from my home/office; what charges would be there if i do no trading after opening account; how will I know whether I earn profit or suffer loss; how much money should I initially invest for trading. please educate me through my email id given above. regards.

  40. Hi
    I want invest in share but I dont know the ABcd of trading.

    My plan is to buy 4-5 share and hold this share just for 1year as I came to kniw profit in this shares.

    I am intrested in open accout in kotak secutries but its branch is not their in my place,can I still be able to open account and are their brokage charge less than others.

  41. 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

  42. 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

  43. Dear IndianShareBroker Admin, Kindly share your comments about

    Thank you.

  44. 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.

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

  46. 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.

    • can u please tell ur experience with state bank trading account..i have to open my account there


    • 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.

  48. 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.

  49. i want to information about kotak securities.

  50. Kamlakar Rao says:

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

  51. 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.

  52. SBICap is Pathetic

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

  54. Pratik Upadhyay says:

    Thanks for Sharing

  55. Nice information, thanks for sharing this..

  56. 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.

  57. manikannan says:

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

  58. 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

    • kalpesh shah says:

      Hi K.Wadhava,
      I am also looking forward to do Algo Trading. Kindly let me know which platform are you using

    • RKSV mobile software for Android is pure shit. Everytime you move away from the window and come back it will be hung and you have to relogin again everytime. Also it doesn’t show the purchase prices and unrealized profit/loss.

    • Interested in opening account with RKSV. Get your account opening charge waived off
      if you open using this link.

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