Stock Brokers in India
Choosing a stock broker is one of the first practical decisions an investor or trader makes. The broker provides the account and the technology through which orders reach the stock exchange, but the experience can differ substantially in pricing, research, charting, support, reporting and the range of products available.
There is no single broker that is best for everyone. A long-term investor may care most about delivery costs, mutual funds and simple portfolio reports. An active derivatives trader may prioritise order controls, charting, API access and reliable support during market hours. A first-time investor may value a straightforward app and access to educational material.
This guide explains what a stock broker does, compares the ten largest brokers by NSE active clients, and reviews two additional platforms: Shoonya and FYERS.
What is a stock broker?
A stock broker is a SEBI-registered intermediary and exchange member that allows clients to buy and sell securities on recognised exchanges. The broker provides a trading account and order-placement platform. A demat account, usually provided by the broker or an affiliated depository participant, holds securities bought for delivery.
A broker may also provide products such as mutual funds, IPO applications, bonds, commodities, margin trading, market research and trading APIs. These are add-on services; check which ones are available for your account type and the relevant charges before opening an account.
How we selected the brokers
The ten brokers below are listed in descending order of NSE active clients for September 2026, using NSE-reported figures. In this context an active client is a client code that traded during the period, an exchange measure of scale. It says nothing about service quality, safety beyond regulatory status, or suitability for a particular user. Shoonya and FYERS are reviewed separately rather than being described as members of this top-ten list.
The reviews compare publicly described products, platform features and published pricing structures. They are editorial summaries, not the result of hands-on execution or customer-support testing. Brokerage and other fees can change, so verify the latest tariff sheet and use the broker's own calculator before trading.
Quick comparison
Every figure in the table comes from the brokers' published pricing pages and the NSE active-client ranking for September 2026. Read the figure as a starting point for your own comparison, not as a verdict.
| Broker | NSE active clients, Sep 2026 | General fit | Main consideration |
|---|---|---|---|
| Groww | 1,34,48,194 | Investors wanting a simple app and a broad investing menu | Confirm stock-trading charges; delivery is not necessarily free |
| Zerodha | 67,91,541 | Self-directed investors and active traders | Research and advisory are not the core offering; API access may have a separate fee |
| Angel One | 67,55,711 | Users looking for a broad app, research and trading tools | Check delivery brokerage and plan-specific charges |
| ICICI Direct | 21,60,619 | Customers who value an integrated bank-and-investment setup | Pricing depends heavily on the selected plan |
| Upstox | 18,54,285 | App-first investors and traders looking for a digital platform | Compare AMC, DP and segment-wise charges, not just headline brokerage |
| Kotak Securities / Kotak Neo | 13,91,840 | Users who want bank-linked services and low-cost intraday/F&O plans | Delivery pricing and benefits vary by plan and eligibility |
| HDFC Securities / HDFC Sky | 13,53,843 | HDFC customers and investors who want bank-linked services | Compare the digital HDFC Sky offer with other HDFC Securities plans |
| Dhan | 11,20,901 | Active traders, especially those who use chart- and options-focused tools | Review order handling, support and charges against your own workflow |
| SBI Securities | 10,21,295 | Investors who value an SBI-linked relationship and broader service model | Plan-based pricing can be higher than flat-fee discount brokers |
| Motilal Oswal | 9,08,987 | Investors who value research and advisory-style resources | Compare the chosen brokerage plan and any service-specific terms |
| Shoonya by Finvasia | Outside this top ten | Cost-conscious users looking at low brokerage | “Zero brokerage” does not mean zero statutory, DP or other charges |
| FYERS | Outside this top ten | Chart-focused and systematic traders | Smaller active-client base than the largest platforms; assess support and tools yourself |
Pricing Comparison
Broker-specific charges are the ones that distinguish one broker from another, so they are the rows here. Statutory and exchange levies (STT/CTT, stamp duty, exchange transaction charges and SEBI turnover fees) are deliberately kept out of the comparison: they are set by the relevant rules, segment, exchange and transaction value, and for the same trade on the same exchange they generally do not separate one broker from another. Include them when you estimate your total cost, not when you compare brokers. "Zero brokerage" does not mean "zero trading cost": DP charges, AMC, API and data subscriptions, pledge fees, call-and-trade fees and MTF interest often matter more than the headline brokerage figure. Promotional introductory rates are not shown as standard rates.
Last verified: 15 October 2026.Read the figure as a starting point, verify it against the broker's current tariff, and use the broker's own calculator before trading. This is a comparison, not advice, and no broker here is best for everyone.
Opens the full pricing comparison for all twelve brokers, with a broker-by-broker view for reading one platform at a time. On a phone the matrix scrolls sideways inside the window.
Platform Comparison
Platform features decide whether a broker fits your workflow, and they are harder to compare than prices because the same capability is often provided through a third party. Every cell uses one of four labels, Yes, Third-party, No or Not publicly confirmed, and each is explained at the top of the window that opens.
Last verified: 15 October 2026.Read the figure as a starting point, verify it against the broker's current tariff, and use the broker's own calculator before trading. This is a comparison, not advice, and no broker here is best for everyone.
Opens the full platform comparison for all twelve brokers, with a broker-by-broker view for reading one platform at a time. On a phone the matrix scrolls sideways inside the window.
Reviews of the ten largest brokers
- 1
Groww
1,34,48,194
Investors wanting a simple app and a broad investing menu
Read the review - 2
Zerodha
67,91,541
Self-directed investors and active traders
Read the review - 3
Angel One
67,55,711
Users looking for a broad app, research and trading tools
Read the review - 4
ICICI Direct
21,60,619
Customers who value an integrated bank-and-investment setup
Read the review - 5
Upstox
18,54,285
App-first investors and traders looking for a digital platform
Read the review - 6
Kotak Securities / Kotak Neo
13,91,840
Users who want bank-linked services and low-cost intraday/F&O plans
Read the review - 7
HDFC Securities / HDFC Sky
13,53,843
HDFC customers and investors who want bank-linked services
Read the review - 8
Dhan
11,20,901
Active traders, especially those who use chart- and options-focused tools
Read the review - 9
SBI Securities
10,21,295
Investors who value an SBI-linked relationship and broader service model
Read the review - 10
Motilal Oswal
9,08,987
Investors who value research and advisory-style resources
Read the review
Two additional platforms to compare
How to choose a broker
Before opening an account, make a short list based on how you actually invest or trade. Compare broker-specific costs separately from statutory and exchange levies.
- Compare broker-specific costs. Check the brokerage plan for each segment, account-opening fee, AMC, DP charges, pledge and unpledge fees, call-and-trade or auto-square-off charges, MTF interest, and any API, market-data, platform or algo subscription. These are the charges most likely to distinguish one broker from another. A "zero brokerage" offer does not mean every broker-side service is free.
- Keep statutory and exchange levies separate. STT/CTT, stamp duty, exchange transaction charges and SEBI turnover fees are determined by the relevant rules, segment, exchange and transaction value, not freely set by an individual broker. They still affect your total cost, so include them when estimating what you will pay. But when comparing brokers, don't treat them as a broker advantage or disadvantage for the same trade on the same exchange. GST also has a statutory rate, but it applies to taxable charges such as brokerage and certain fees. Its amount can therefore vary when broker-specific charges vary.
- Compare like-for-like examples. Use the same segment, exchange, order type, turnover and number of trades for every broker. Show broker-specific charges, statutory and exchange levies, and GST as separate lines. This gives you a useful total-cost estimate while making clear which charges the broker controls.
- Check the market data you need. Compare minute and daily history, options open interest, expired contracts, futures history, candle intervals and per-request limits. "Historical data available" is too vague for a backtest. Include any paid data or API subscription in the broker-specific cost comparison.
- Match the platform and service model to your workflow. Compare order types, charts, option-chain tools, watchlists, API support, reports, exit controls and customer support. Check support hours, escalation paths, system-status notices, investor charter and complaint disclosures. A feature list alone does not establish uptime or execution quality.
- Verify registration and account terms. Check the broker's registration with SEBI and the relevant exchange, then read the latest tariff and account-opening documents before signing up.
Popularity is a useful starting point, not a verdict. Choose the broker whose broker-specific charges, tools, data access, API rules and service model fit how you actually invest or trade. For a cost comparison, calculate the same representative trades at each broker and keep common statutory and exchange levies visible but separate.
Editorial disclosure: this comparison is for general information and is not investment advice or a recommendation to open an account. Broker terms, product availability and charges may change. Verify all details directly with the broker before acting.