Largest stock brokers in India
The top 10 — and the rest of the retail roster — ranked by NSE active clients for September 2026. 40 are live on Know Your Brokerage with full charge calculators today; the rest are on the roadmap.
This month: September 2026
Fastest growers and biggest decliners by percentage change versus August 2026, among the current top 20 listed brokers with counts in both months.
Top decliners
- Paytm Money−27,950 clients (−3.53%)
- SBI Securities−22,525 clients (−2.16%)
- Geojit−1,886 clients (−0.90%)
Active clients are NSE client codes that traded at least once in the preceding 12 months. Market share uses the exchange-wide total (4,61,20,857), not the sum of this selected roster. A person may have client codes with multiple brokers. Changes compare September 2026 with August 2026. “—” means unavailable, never zero; growth percentages are unavailable when the previous count is zero. On smaller screens, scroll the table horizontally to see all columns.
| Rank | Broker | Active clients | Market share | Change vs August 2026 | Change % | Calculator |
|---|---|---|---|---|---|---|
| 1 | Groww | 1,34,48,194 | 29.16% | +1,00,961 | +0.76% | Calculator |
| 2 | Zerodha | 67,91,541 | 14.73% | −5,313 | −0.08% | Calculator |
| 3 | Angel One | 67,55,711 | 14.65% | +36,956 | +0.55% | Calculator |
| 4 | ICICI Direct | 21,60,619 | 4.68% | +4,410 | +0.20% | Calculator |
| 5 | Upstox | 18,54,285 | 4.02% | −10,343 | −0.55% | Calculator |
| 6 | Kotak Securities | 13,91,840 | 3.02% | +177 | +0.01% | Calculator |
| 7 | HDFC Securities | 13,53,843 | 2.94% | +2,532 | +0.19% | Calculator |
| 8 | Dhan | 11,20,901 | 2.43% | +13,624 | +1.23% | Calculator |
| 9 | SBI Securities | 10,21,295 | 2.21% | −22,525 | −2.16% | Calculator |
| 10 | Motilal Oswal | 9,08,987 | 1.97% | +2,982 | +0.33% | Calculator |
| 11 | Paytm Money | 7,62,793 | 1.65% | −27,950 | −3.53% | Calculator |
| 12 | INDmoney | 7,18,725 | 1.56% | +5,070 | +0.71% | Calculator |
| 13 | Mirae Asset Sharekhan | 5,27,503 | 1.14% | −62 | −0.01% | Calculator |
| 14 | AxisDirect | 4,28,144 | 0.93% | −1,335 | −0.31% | Calculator |
| 15 | IIFL Capital | 3,40,957 | 0.74% | — | — | Coming soon |
| 16 | 5paisa | 3,21,174 | 0.70% | −399 | −0.12% | Calculator |
| 17 | Sahi | 2,81,028 | 0.61% | +28,077 | +11.10% | Calculator |
| 18 | Geojit | 2,07,487 | 0.45% | −1,886 | −0.90% | Calculator |
| 19 | Share.Market | 2,06,598 | 0.45% | +1,457 | +0.71% | Calculator |
| 20 | Fyers | 1,97,380 | 0.43% | +951 | +0.48% | Calculator |
| 21 | m.Stock | 1,83,789 | 0.40% | −7,488 | −3.91% | Calculator |
| 22 | Jainam Broking | 1,53,962 | 0.33% | +3,517 | +2.34% | Calculator |
| 23 | Anand Rathi | 1,53,235 | 0.33% | +795 | +0.52% | Calculator |
| 24 | Nuvama (Edelweiss) | 1,38,354 | 0.30% | −635 | −0.46% | Calculator |
| 25 | BlinkX | 1,13,385 | 0.25% | −286 | −0.25% | Calculator |
| 26 | Yes Securities | 95,660 | 0.21% | −1 | −0.00% | Calculator |
| 27 | Alice Blue | 94,919 | 0.21% | −123 | −0.13% | Calculator |
| 28 | Shoonya | 92,194 | 0.20% | −1,323 | −1.41% | Calculator |
| 29 | Aditya Birla Money | 68,735 | 0.15% | +412 | +0.60% | Calculator |
| 30 | Bajaj Broking | 66,938 | 0.15% | +1,351 | +2.06% | Calculator |
| 31 | Indiabulls Securities | 61,352 | 0.13% | +2,177 | +3.68% | Calculator |
| 32 | Arihant Capital | 55,152 | 0.12% | +422 | +0.77% | Calculator |
| 33 | SAMCO | 52,444 | 0.11% | −722 | −1.36% | Calculator |
| 34 | Monarch Networth | 51,226 | 0.11% | +644 | +1.27% | Calculator |
| 35 | Tradingo | 50,148 | 0.11% | −176 | −0.35% | Calculator |
| 36 | Stocko | 44,365 | 0.10% | +3,308 | +8.06% | Calculator |
| 37 | Flattrade | 40,795 | 0.09% | +556 | +1.38% | Calculator |
| 38 | Prostocks | 6,461 | 0.01% | +9 | +0.14% | Calculator |
| — | TradeSmart | — | — | — | — | Calculator |
| — | Firstock | — | — | — | — | Calculator |
| — | Arrow | — | — | — | — | Calculator |
Source: NSE Report 1C, “NO. OF ACTIVE CLIENTS” column, updated 2026-09-30. The report covers members with complaints in this financial year. Rank is within this selected roster, not all NSE members. IIFL Capital’s monthly change is unavailable in this dataset. History is backfilled from previously committed disclosures; only adjacent reporting months are compared.
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Popular comparisons
Frequently asked
What people ask about choosing a stock broker in India.
Among the top 20 brokers listed here by NSE active clients in September 2026, Sahi has the fastest percentage growth: +28,077 active clients (+11.10%) versus August 2026. Only brokers with counts in both months are compared; this is client growth, not investment performance or a recommendation.
Groww has 1,34,48,194 NSE active clients as of September 2026, or 29.16% of the exchange-wide total of 4,61,20,857. Active means at least one trade in the preceding 12 months; these are client codes, not a count of unique people across brokers.
This page covers 41 retail brokers, ranked by their reported NSE active clients for September 2026. It is a selected roster, not the complete SEBI register or every NSE member. Brokers absent from Report 1C have no count or numeric rank here.
By NSE active clients (September 2026), Groww is the largest stock broker in India with 1.34 crore active clients, followed by Zerodha (67.92 lakh) and Angel One (67.56 lakh). Together the top three hold about 59% of the 4.61 crore active clients across all NSE brokers.
Discount brokers (Zerodha, Groww, Upstox, Dhan, Angel One, etc.) charge a low flat fee per executed order — typically ₹20 or 0.03% — but do not offer research, advisory, or branch support. Full-service brokers (ICICI Direct, HDFC Securities, Kotak Securities, Sharekhan, Motilal Oswal) charge percentage-based brokerage that is significantly higher but include research reports, relationship managers, and physical branch support.
Yes. Every legal stock broker operating in India must be registered with SEBI (Securities and Exchange Board of India) and hold membership of at least one stock exchange (NSE, BSE). SEBI maintains a public registry. Always verify a broker’s SEBI registration number on the SEBI website before opening an account.
Pick based on what you actually trade. Equity-only investors should compare delivery + intraday brokerage and DP charges — differences here add up. F&O traders should focus on per-lot pricing on options, exchange transaction charges, and margin facilities. New investors valuing research and advisory should look at full-service brokers despite higher cost. Use the brokerage calculator on each broker’s page to see the exact landed cost on a typical trade for you.
Active client count refers to NSE active UCCs (Unique Client Codes) — the number of clients who have traded at least once on NSE in the last 12 months. It is the standard industry metric for retail broker size in India and is published by NSE on a monthly basis.