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 History

Groww 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 Technology

Groww'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 Structure

Groww 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 Audience

Groww 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 History

Founded 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 Technology

Zerodha'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 Audience

Zerodha 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 History

Established 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 Technology

Angel 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 Services

Angel 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 Audience

Angel 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. ICICI Securities

Background and History

ICICI Securities is one of India’s best-known full-service brokers and operates the ICICIdirect platform. Its main advantage has long been its integration with the broader ICICI financial ecosystem, especially for investors who prefer a bank-linked investing experience and a single platform for multiple asset classes.

Platform and Technology

ICICIdirect positions itself as an all-in-one investing platform rather than only a low-cost trading app. It offers access to equities, derivatives, mutual funds, IPOs, bonds, ETFs, commodities, and other investment products from one account. That makes it attractive for users who want convenience, research, and portfolio breadth in one place.

Research and Advisory

A major strength of ICICI Securities is its research-led approach. Compared with discount brokers, it leans more toward guided investing, model portfolios, market commentary, and product cross-sell across wealth and investment categories. This suits users who value support and insights over bare-minimum execution costs.

Pricing Structure

ICICI Securities uses plan-based brokerage, so the effective rate depends on the plan selected. Its Prime plan highlights flat ₹20 per order in several segments, while some plans also advertise brokerage reductions up to specified percentage caps. Because of that, charges can be competitive for some users but still less predictable than flat-fee discount brokers.

Target Audience

ICICI Securities is best suited for existing ICICI Bank customers, long-term investors, and users who want a 3-in-1 style experience, research support, and easier money movement between banking and investing.

Unique Selling Points

• Strong ICICI ecosystem integration
• Wide investment product range
• Research and advisory focus
• Better fit for convenience-first investors than ultra-low-cost traders

5. Upstox

Background and History

Founded 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 Technology

Upstox 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 Audience

Upstox 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

6. HDFC Sky / HDFC Securities

Background and History

HDFC’s broking offering combines the trust of a major banking brand with a more modern app-led investing experience through HDFC Sky, while HDFC Securities remains the broader broking brand. Its appeal is strongest among users who want a bank-backed platform with a simpler pricing structure than traditional full-service setups.

Platform and Technology

HDFC Sky is positioned as a digital-first investment and trading platform with access to equities, derivatives, ETFs, commodities, currencies, and other market products. Its proposition is less about deep trader tooling and more about a broad, accessible platform backed by the HDFC brand.

Pricing Structure

Official HDFC pages currently state brokerage of ₹20 or 0.1% per order, whichever is lower, across equity, derivatives, currency, commodity, and ETF trades. The cited pricing material also notes free first-year AMC, with recurring AMC thereafter on some pages.

User Experience and Positioning

HDFC Sky is built for users who want a reasonably simple, mobile-friendly platform while staying inside a trusted bank-led ecosystem. It is a practical middle ground between old-style full-service broking and pure discount broking.

Target Audience

This broker is a good fit for HDFC Bank customers, convenience-focused investors, and users who prefer an established financial brand over a startup-style broker.

Unique Selling Points

• Strong bank-backed trust
• Broad market access from one platform
• More transparent flat-fee positioning than many legacy brokers
• Useful for users who want banking + investing familiarity

7. Kotak Securities

Background and History

Kotak 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 Technology

Kotak 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 Integration

Being 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 Structure

Youth 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 Audience

Kotak 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

8. SBICap Securities / SBI Securities

Background and History

SBI Securities benefits from the credibility and distribution reach of the State Bank of India group. It is positioned more as a trusted, traditional brokerage option than as a cutting-edge discount trading platform, which gives it strong appeal among conservative and bank-led investors.

Platform and Service Model

The platform emphasizes secure online trading along with access to official plans, forms, and support material through its ecosystem. Compared with newer app-first brokers, SBI Securities tends to stand out more for trust, institutional familiarity, and customer comfort than for aggressive product-led innovation.

Brokerage and Plans

SBI Securities does not have a single simple flat pricing model across all users; charges depend on the selected brokerage plan. Its official plan documents show structured plans such as 3K, 5K, and 10K and mention intraday brokerage figures like ₹20 per order, with higher charges possible in cases such as RMS auto square-off. It also promotes special offerings like ProZero for traders and some discounted-category plans.

Who It Appeals To

SBI Securities is better suited for investors who value SBI’s brand trust, branch familiarity, and assisted investing comfort. It is generally more appealing to conservative or traditional investors than to highly active low-cost traders comparing pure execution platforms.

Target Audience

Best for existing SBI customers, traditional investors, and users who want a familiar, bank-backed broking relationship.

Unique Selling Points

• SBI brand trust and reach
• Multiple brokerage plans for different user segments
• More comfort for traditional investors
• Good fit for bank-led investing relationships

9. Dhan (Raise Securities)

Background and History

Dhan, operated by Raise Securities, is a relatively newer broker built with a strong trader-first and product-first identity. Instead of targeting only beginners, it has positioned itself around active market participants who care about execution, charting, APIs, and advanced order workflows.

Platform and Technology

Dhan emphasizes a modern trading experience with charts, option chain tools, mobile and web access, and advanced capabilities for active users. Its official site highlights product evolution, trading-focused workflows, and tools designed for regular market participants rather than only long-term passive investors.

Pricing Structure

Dhan’s pricing is straightforward and very competitive:

• Account opening, AMC, and platform fees: ₹0
• Equity delivery, ETFs, IPOs, mutual funds: ₹0 brokerage
• Equity/ETF intraday and MTF: ₹20 or 0.03% per executed order, whichever is lower
• Equity and commodity F&O: ₹20 per executed order

Why Traders Like It

Dhan stands out because it is purpose-built for active traders and serious options users. Its value proposition is strongest when the customer wants speed, flexibility, modern tooling, and low friction rather than advisory or branch support.

Target Audience

Best for active traders, options traders, and API/algo-oriented users who want a specialized trading environment with simple low-cost pricing.

Unique Selling Points

• Zero AMC and zero delivery brokerage
• Trader-centric design
• Strong fit for active/options traders
• Clear, transparent pricing structure

10. Motilal Oswal

Background and History

Founded 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 Excellence

Motilal 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 Audience

Motilal 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

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.