Top 10 Stock Brokers in India with Highest Customers

The Indian stock market has witnessed explosive growth in recent years, with over 12 crore demat accounts now active across the country. This surge has been driven by digital adoption, regulatory reforms, and increased investor awareness. Based on the latest data from June 2025, here's a comprehensive analysis of the top 10 stock brokers in India by active client base.

1. Groww

Background and HistoryGroww was founded in 2017 by former Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal. What started as a mutual fund investment platform has transformed into India's largest broker by active client base. The company's meteoric rise reflects the changing preferences of Indian investors who favor mobile-first, simplified investing experiences.

Platform and TechnologyGroww's success stems from its intuitive mobile app and web platform designed specifically for beginners. The interface eliminates jargon and complex features, making stock market investing accessible to first-time users. Key platform features include:

• Clean, minimalist design with easy navigation

• One-click investment options

• Real-time portfolio tracking

• Integrated mutual fund platform

• Paper trading for practice

• Educational content and market insights

Pricing StructureGroww offers transparent, competitive pricing:

• Account Opening: Free

• Annual Maintenance: Free

• Equity Delivery: ₹20 or 0.05% per order (whichever is lower)

• Intraday/F&O: ₹20 or 0.05% per order (whichever is lower)

• Mutual Funds: Zero commission on direct plans

Investment Options

• Stocks (NSE/BSE)

• Mutual funds (5,000+ schemes)

• ETFs and index funds

• IPOs

• F&O trading

• US stocks

• Digital gold

• Government bonds

Target AudienceGroww primarily targets millennials and Gen-Z investors, particularly those making their first foray into investing. The platform's educational approach and simplified interface make it ideal for beginners who want to start their investment journey without overwhelming complexity.

Unique Selling Points

• Largest client base in India with over 1.25 crore users

• Zero account maintenance charges

• Mobile-first design philosophy

• Strong educational content

• Paperless account opening in minutes

• Integration with UPI for instant fund transfers

2. Zerodha

Background and HistoryFounded in 2010 by brothers Nithin and Nikhil Kamath, Zerodha revolutionized Indian broking by introducing flat-fee pricing and technology-first approach. The company name combines "zero" and "rodha" (Sanskrit for barrier), reflecting their mission to remove barriers to investing.

Platform and TechnologyZerodha's technology ecosystem is among the most advanced in India:

• Kite: Web and mobile trading platform

• Coin: Mutual fund investment platform

• Console: Back-office and portfolio management

• Varsity: Free financial education platform

• Streak: Algorithmic trading platform

• Smallcase: Thematic investing platform

Pricing Structure

• Account Opening: Free

• Annual Maintenance: ₹300 after first year

• Equity Delivery: Free

• Intraday/F&O: ₹20 or 0.03% per order (whichever is lower)

• Call & Trade: ₹50 per call

Target AudienceZerodha appeals to active traders, experienced investors, and tech-savvy users who value advanced charting tools, APIs, and comprehensive market data. It's particularly popular among F&O traders and those who prefer detailed technical analysis.

Advanced Features

• TradingView and ChartIQ integration

• API access for algorithmic trading

• Advanced order types (GTT, OCO, etc.)

• Comprehensive market data and analytics

• Risk management tools

• Third-party integrations

Unique Selling Points

• Pioneer of discount broking in India

• Zero brokerage on equity delivery

• Extensive educational ecosystem through Varsity

• Strong technology infrastructure

• API-first approach for developers

• Transparent pricing with no hidden charges

3. Angel One

Background and HistoryEstablished in 1996 as Angel Broking, the company rebranded to Angel One in 2020 to reflect its digital transformation. Founded by Dinesh Thakkar, it has evolved from a traditional brokerage to a modern digital-first platform while maintaining its research heritage.

Platform and TechnologyAngel One offers multiple platforms catering to different user types:

• Angel One App: Comprehensive mobile platform

• Angel One Pro: Advanced web platform

• Angel Broking Speed Pro: Desktop trading terminal

• Angel Bee: Educational platform

Research and Advisory ServicesAngel One's strength lies in its research capabilities:

• ARQ Prime: Algorithm-based advisory service

• Angel Platinum: Premium advisory with dedicated relationship managers

• Top Picks: Free stock recommendations

• Market Outlook: Daily research reports

• Company Reports: Detailed fundamental analysis

Pricing Structure

• Account Opening: Free

• Annual Maintenance: Free for first year

• Equity Delivery: Free initially, then ₹20 per order

• Intraday/F&O: ₹20 per order

• Mutual Funds: Zero commission

Investment Options

• Stocks (NSE/BSE)

• F&O trading

• Commodities

• Currencies

• Mutual funds (5,000+ schemes)

• IPOs

• Bonds and NCDs

• Insurance products

Target AudienceAngel One serves both beginners seeking guidance through advisory services and experienced traders needing advanced tools. The platform bridges the gap between full-service and discount broking.

Unique Selling Points

• Strong research and advisory heritage

• ARQ Prime robo-advisory service

• Free fundamental and technical analysis

• Comprehensive educational resources

• Multi-asset platform

• Dedicated relationship manager support

• Integration with external tools like Sensibull and Smallcase

4. Upstox

Background and HistoryFounded in 2011 as RKSV Securities by Raghu Kumar, Ravi Kumar, and Shrinivas Viswanath, the company rebranded to Upstox in 2016. Backed by notable investors including Ratan Tata, Tiger Global, and Kalaari Capital, Upstox has positioned itself as a technology-first broker.

Platform and TechnologyUpstox Pro platform offers advanced features:

• TradingView Integration: Professional charting with 104+ indicators

• Upstox Pro Web: Browser-based platform

• Upstox Pro Mobile: Feature-rich mobile app

• API Access: For algorithmic trading

• Real-time Market Data: Fast data feeds

Pricing Structure

• Account Opening: Free

• Annual Maintenance: ₹300 (first year free)

• Equity Delivery: ₹20 per order or 2.5% (whichever is lower)

• Intraday: ₹20 per order or 0.05% (whichever is lower)

• F&O: ₹20 per order or 0.05% (whichever is lower)

Investment Options

• Equities (NSE/BSE)

• F&O trading

• Commodities

• Currencies

• Mutual funds

• IPOs

Advanced Trading Features

• Options chain analysis

• Open interest data

• FII/DII activity tracking

• Smart lists and filters

• Basket orders

• GTT orders

• Margin trading facility

Target AudienceUpstox caters to active traders, F&O enthusiasts, and investors who value advanced analytics and fast execution. The platform is particularly popular among technical analysis practitioners.

Unique Selling Points

• Ratan Tata backing and investment

• Advanced TradingView integration

• Fast order execution

• Comprehensive market data

• Strong mobile platform

• Educational webinars and content

• API access for algo trading

5. Kotak Securities

Background and HistoryKotak Securities is the broking arm of Kotak Mahindra Bank, one of India's leading private banks. Established in 1999, it combines the trust of traditional banking with modern digital trading platforms.

Platform and TechnologyKotak offers multiple trading platforms:

• Kotak Neo: Modern mobile and web platform

• Kotak NEST: Advanced desktop trading terminal

• Kotak Neo API: For algorithmic trading

• Kotak Securities App: Comprehensive mobile solution

Banking IntegrationBeing part of Kotak Mahindra Bank provides unique advantages:

• 3-in-1 account (Banking + Demat + Trading)

• Instant fund transfers

• Integrated banking services

• Easy loan against securities

• Credit card bill payments through trading account

Platform Features

• Advanced Charting: TradingView integration

• Option Chain: Real-time Greeks and IV

• Strategy Bot: Automated multi-leg strategies

• Basket Orders: One-click multi-stock trading

• StockCase: Expert-curated investment basket

Pricing StructureYouth Plan (below 30 years):

• Account Opening: ₹99

• Equity Delivery: Free

• Intraday: ₹10 or 0.05% (whichever is lower)

• F&O: ₹10 per order

Regular Plan (above 30 years):

• Account Opening: Free

• Equity Delivery: ₹0 for first 30 days, then ₹20 per order

• F&O: ₹10 per order

Investment Options

• Stocks (NSE/BSE)

• F&O trading

• Commodities

• Currencies

• Mutual funds

• IPOs

• Insurance

• Fixed deposits

Target AudienceKotak Securities appeals to investors who prefer integrated banking services, HNI clients seeking personalized service, and those who value the security of banking institution backing.

Unique Selling Points

• Banking institution backing for trust and security

• 3-in-1 integrated account

• Branch network support

• Premium research and advisory

• Advanced trading tools

• API access for algo trading

• Relationship manager support

6. Motilal Oswal

Background and HistoryFounded in 1987 by Motilal Oswal and Raamdeo Agrawal, Motilal Oswal Financial Services has built a reputation as one of India's premier research houses. With over 37 years of experience, the firm combines deep market knowledge with modern technology.

Research ExcellenceMotilal Oswal's research capabilities are industry-leading:

• Coverage of 260+ companies across 21 sectors

• Award-winning research team

• Institutional research for global clients

• Retail research reports and recommendations

• Thematic investment ideas

• Sector-specific insights

Platform and Technology

• MO Trader: Advanced trading platform

• Mobile App: User-friendly mobile interface

• Web Platform: Browser-based trading

• Research Portal: Comprehensive research access

Pricing Structure

• Account Opening: ₹0

• AMC: Free for first year

• Equity Delivery: Varies by plan

• Intraday/F&O: Competitive rates

• Research Access: Complimentary for clients

Investment Options

• Equities (NSE/BSE)

• F&O trading

• Mutual funds

• PMS (Portfolio Management Services)

• AIF (Alternative Investment Funds)

• International investing

• Insurance

• Fixed deposits

Value-Added Services

• Portfolio Management Services: Professional portfolio management

• Wealth Management: For HNI clients

• Corporate Advisory: Investment banking services

• Institutional Services: For institutional investors

Target AudienceMotilal Oswal caters to serious investors who value high-quality research, HNI clients seeking wealth management services, and institutional investors requiring comprehensive market insights.

Unique Selling Points

• 37+ years of market experience

• Award-winning research team

• Institutional-grade research for retail clients

• Strong wealth management capabilities

• Pan-India branch network

• Corporate advisory services

• International investing options

7. Mirae Asset Sharekhan

Background and HistoryOriginally founded as Sharekhan in 2000, the company was acquired by Mirae Asset, a leading Korean financial services group, in 2017. This merger combined Sharekhan's 20+ years of Indian market experience with Mirae Asset's global investment expertise.

Platform and Technology

• TradeTiger: Advanced desktop trading platform

• Sharekhan App: Comprehensive mobile platform

• InvesTiger: Investment-focused mobile app

• Web Platform: Browser-based trading interface

Research and Education

• 3R Research Philosophy: Right stock, Right price, Right time

• Classroom Programs: Educational workshops

• Market Outlook: Regular research reports

• ROAR Program: Onboarding for newcomers

Platform Features

• Advanced Charting: 90+ technical indicators

• Options Chain: Real-time options data

• Pattern Finder: Technical pattern recognition

• Scanners: Real-time stock screening

• Research Ideas: Expert recommendations

Pricing Structure

• Account Opening: Free for limited time

• Equity Delivery: 0.30% or minimum 1 paisa per share

• Intraday: 0.02% or minimum 1 paisa per share

• F&O: Competitive rates

• Call & Trade: Available

Investment Options

• Stocks (NSE/BSE)

• F&O trading

• Commodities

• Currencies

• Mutual funds

• IPOs

• Portfolio management services

• Insurance

Target AudienceMirae Asset Sharekhan targets serious investors and traders who value expert research, educational support, and personalized service. It's particularly suited for those who want professional guidance combined with self-trading capabilities.

Unique Selling Points

• Global expertise from Mirae Asset

• 24+ years of Indian market experience

• Comprehensive education programs

• Strong research capabilities

• Full-service model with digital platforms

• Branch network support

• International market access

8. mStock

Background and HistorymStock, operated by Mirae Asset Capital Markets, focuses on providing ultra-low cost trading with a simplified fee structure. The platform has gained popularity for its transparent pricing and no-frills approach to trading.

Platform and Technology

• mStock App: Mobile-first trading platform

• Web Platform: Browser-based interface

• Real-time Data: Fast market data feeds

• Portfolio Tracking: Comprehensive portfolio management

Pricing Structure - Free Delivery Plan

• Account Opening: Free

• Equity Delivery: Zero brokerage

• Intraday: ₹5 per order

• F&O: ₹5 per order

• Mutual Funds: Zero commission

• IPO: Zero brokerage

• Currency Trading: ₹5 per order

Special Features

• Pay Later (MTF): Margin trading facility with interest starting at 6.99% p.a.

• Funding up to 80%: Higher funding percentage than industry average

• Unlimited Holding Period: No time restriction on MTF positions

• 900+ Stocks: Wide selection for margin trading

Investment Options

• Stocks (NSE/BSE)

• F&O trading

• Currencies

• Mutual funds

• IPOs

• MTF (Margin Trading Facility)

Target AudiencemStock appeals to cost-conscious traders, frequent traders who benefit from flat fee structure, and investors seeking margin trading facilities at competitive interest rates.

Unique Selling Points

• Ultra-low brokerage of ₹5 per order

• Zero brokerage on delivery trades

• Competitive MTF interest rates

• Unlimited holding period for MTF

• Transparent pricing structure

• High funding percentage (up to 80%)

9. 5 Paisa

Background and History5paisa Capital was founded in 2016 as the discount broking arm of IIFL (India Infoline). Listed on stock exchanges in 2017, it operates as an independent entity offering ultra-low cost trading services across multiple asset classes.

Platform and Technology

• 5paisa Mobile App: Feature-rich mobile platform

• Web Trading: Browser-based platform

• Trading Terminal: Desktop application

• API Access: For algorithmic trading

Pricing Plans Optimum Plan: ₹20 per order across all segments Platinum Plan: ₹499/month with ₹10 per order Titanium Plan: ₹999/month with free equity delivery

Investment Options

• Stocks (NSE/BSE)

• F&O trading

• Commodities (MCX)

• Currencies

• Mutual funds

• IPOs

Platform Features

• Real-time Charting: Advanced technical analysis

• Market Scanners: Stock screening tools

• Options Chain: Real-time options data

• Research Reports: Market insights and recommendations

• Portfolio Analysis: Comprehensive portfolio tracking

Target Audience5paisa caters to active traders seeking low-cost trading, investors who trade across multiple segments, and those who value comprehensive market access at competitive rates.

Unique Selling Points

• Multiple pricing plans to suit different trading styles

• Flat fee structure regardless of trade size

• Access to all major asset classes

• Listed company providing transparency

• Strong mobile platform

• API access for algo trading

10. Axis Securities

Background and HistoryAxis Securities, the broking subsidiary of Axis Bank, was established in 2005. As part of one of India's largest private banks, it offers integrated banking and investment services with a focus on technology and customer service.

Platform and Technology

• Axis Direct App: Comprehensive mobile platform

• RING Mobile: Investment opportunity scanner

• Web Platform: Browser-based trading

• Desktop Terminal: Advanced trading software

• API Access: For algorithmic trading

Banking Integration

• 3-in-1 Account: Banking + Demat + Trading integration

• Instant Fund Transfer: Seamless money movement

• Loan Against Securities: Easy financing options

• Branch Support: Pan-India branch network

• Priority Banking: Premium services for HNI clients

Platform Features

• Chart-based Trading: Direct trading from charts

• Option Strategies: Pre-built options strategies

• Fundamental Analysis: Company financials and ratios

• Technical Analysis: Advanced indicators and tools

• Research Reports: In-house research and recommendations

Pricing Structure

• Account Opening: ₹999 (often waived)

• Equity Delivery: 0.50% per leg

• Intraday: 0.05% per leg

• F&O: Competitive rates

• Minimum Brokerage: ₹20 per order

Investment Options

• Stocks (NSE/BSE)

• F&O trading

• Commodities

• Currencies

• Mutual funds

• IPOs

• Bonds and debentures

• Insurance products

Target AudienceAxis Securities appeals to Axis Bank customers seeking integrated services, investors who value banking institution backing, and those who prefer branch-based support alongside digital platforms.

Unique Selling Points

• Banking institution backing and trust

• 3-in-1 integrated account facility

• Extensive branch network support

• Professional research and advisory

• Advanced trading platforms

• Comprehensive investment solutions

• Priority banking benefits for HNI clients

Comparative Analysis: Key Factors for Choosing Your Broker

By Pricing Model

• Zero Brokerage Delivery: Zerodha, Groww (with conditions), mStock

• Flat Fee Structure: Upstox, 5paisa, mStock

• Percentage-based: Angel One, Kotak Securities, Axis Securities

• Subscription Plans: 5paisa (multiple options)

By Technology Focus

• Mobile-First: Groww, Upstox

• Advanced Platforms: Zerodha, Kotak Securities

• Research Integration: Motilal Oswal, Mirae Asset Sharekhan

• Banking Integration: Kotak Securities, Axis Securities

By Target Audience

• Beginners: Groww, Angel One

• Active Traders: Zerodha, Upstox

• Research-Oriented: Motilal Oswal, Mirae Asset Sharekhan

• Banking Customers: Kotak Securities, Axis Securities

• Cost-Conscious: mStock, 5paisa

By Service Model

• Full-Service: Motilal Oswal, Mirae Asset Sharekhan, Axis Securities

• Discount Broking: Zerodha, Upstox, 5paisa

• Hybrid Model: Angel One, Kotak Securities

• Ultra-Low Cost: mStock

Market Trends and Future Outlook

The Indian broking industry continues to evolve rapidly:

1. Mobile-First Approach: All major brokers are investing heavily in mobile platforms

2. Zero/Low Cost: Price competition continues to intensify

3. Technology Integration: AI, ML, and advanced analytics becoming standard

4. Educational Content: Focus on investor education and onboarding

5. International Markets: Growing interest in global investing options

Conclusion

The choice of broker depends on your specific needs, trading style, and preferences. While Groww leads in client numbers due to its beginner-friendly approach, each broker in the top 10 offers unique advantages. Consider factors like pricing, platform features, research quality, customer support, and additional services when making your decision.

The Indian broking landscape is dynamic and competitive, benefiting investors through lower costs, better technology, and improved services. Whether you're a first-time investor or an experienced trader, there's a broker in this list that can meet your requirements and help you achieve your financial goals.

As the market continues to mature, we can expect further innovations in technology, pricing models, and service offerings, making investing more accessible and rewarding for all participants in the Indian stock market ecosystem.