Stock brokers in India
Every retail broker that matters, ranked by active NSE clients. 37 of these are live on Know Your Brokerage with full charge calculators today; the rest are on the roadmap.
Active client count = NSE active UCCs (clients who traded at least once on NSE in the last 12 months). Data as of 2026-05-11. Source: NSE active client disclosures and broker statements.
Frequently asked
What people ask about choosing a stock broker in India.
SEBI lists around 1,000 registered stock-broking firms, but only a small fraction actively onboards retail investors at scale. This page covers the 37 brokers that account for nearly all retail trading activity in India today, ranked by NSE active client count.
By active NSE clients, Groww is currently the largest stock broker in India with over 1.24 crore active clients, followed by Zerodha (~68.6 lakh) and Angel One (~67.5 lakh). The top-three discount brokers together account for the majority of retail trading volume in India.
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.