In 2010, Zerodha was the first discount broker in India to start a new trend that saved up to 90% of brokerage fees.
Earlier, full service brokers charged a percentage base high brokerage fee for stock delivery and intraday trading.
Full service brokers still charge the high brokerage fee but now we have a lot of discount brokers who charge a fixed brokerage as low as Rs 9 per trade and provide free stock delivery.
Let’s understand the basic difference between discount brokers and full service brokers for better clarity.
Difference between Discount Broker & Full Service Broker
Discount brokers provide you only platform for stock trading. You don’t get any advisory service from the discount broker. That’s the reason you get low cost brokerage plans as compared to full service brokers.
Full service brokers provide research reports, trading and advisory services in stock, commodities, currencies, Mutual funds, and IPOs. Advisory services increase their cost, so they charge higher brokerage from their customers.
For me, Discount brokers are better options as I suggest to do our own research for trading and value investing. And you would end up saving a handsome amount on brokerage fees.
I have listed the important factors that I have used to review the discount brokers. Check out the factors before moving to the list of best discount brokers in India
Discount Broker in India Comparison Table 2023
We have shortlisted the best discount brokers in India based on their brokerage rates, trading platform performance, client base, and customer support.
| Ranking | Discount Broker | Brokerage Charges |
| 1 | Zerodha | 0.03% to Rs. 20 per order |
| 2 | 5paisa | Rs. 10 to Rs. 20 per order |
| 3 | Upstox | 0.05% to Rs. 20 per order |
| 4 | SAS Online | Rs. 9 per order |
| 5 | FYERS | 0.03% to Rs. 20 per order |
| 6 | Wisdom Capital | Zero Brokerage |
| 7 | Samco | 0.02% to Rs. 20 per order |
| 8 | Trade Smart | 0.007% to Rs.15 per order |
| 9 | ProStocks | Rs. 15 per order |
| 10 | TradeJini | 0.05% to Rs. 20 per order |
Top 10 Best Discount Broker in India 2023
#1. Zerodha (Most Trusted Discount Broker)
Zerodha was the first and most trusted discount broker in India with more than 50 lakh client base. Zerodha started its operations in 2010 and has 10+ years of experience in the brokerage industry.
Zerodha introduced the flat brokerage system in India by charging Rs. 20 per order for intraday. The stock delivery is free.
You can also invest in direct mutual funds without paying any commission to Zerodha.
You can utilize multiple platforms according to your requirement. The platforms that Zerodha provide are –
- Zerodha Kite – Minimalist stock trading platform with simple and easy to use user interface
- Zerodha Coin – To invest in direct mutual funds and bonds
- Console – To invest in IPOs and you all trading and investing reports
Zerodha has also collaborated with Sensibul for Options trading and Small case for thematic investing.
You can also utilize 100+ technical indicators like fibonacci retracement for quick market movement analysis.
Zerodha is popular for their quick customer support with a ticket resolution window of 48 hours. They are also very responsive to tweets if you are not satisfied with their customer service assistance.
Brokerage Charges
| Segment | Brokerage Fee |
| Equity Delivery | Free |
| Equity Intraday | Rs. 20 per executed order or 0.03% (whichever is lower) |
| Equity Futures | Rs. 20 per executed order or 0.03% (whichever is lower) |
| Equity Options | Rs. 20 per executed order |
| Currency Futures & Options | Rs. 20 per executed order or 0.03% (whichever is lower) |
| Commodity F&O | Rs. 20 per executed order or 0.03% (whichever is lower) |
Account Opening and Maintenance Charges
| Type | Charges |
| Account Opening Charges | Equity – Rs. 200 Commodity – Rs. 100 |
| Annual Maintenance Charges | Rs. 75 per quarter |
Zerodha Margin Benefits
| Segment | Margin |
| Equity Delivery | No Margin |
| Intraday | Up to 5X |
| Stock Futures and Options | Up to 2X |
| Indices Futures and Options | Up to 2X |
| Currency Futures | Up to 2X |
| Currency Options | No margin |
| Commodity Futures | Up to 2X |
Advantages of Zerodha
- Free equity delivery
- Fast and efficient trading platform
- Good customer support
- 100+ technical indicators
- Minimalistic mobile app user interface
Disadvantages of Zerodha
- No leverage on equity delivery
- Zerodha app hangs in the peak hours sometimes
Best for – Zerodha is best for traders who want a trusted broker which provides better trading platforms and charge less brokerage fees.
#2. Upstox (Zerodha Alternative)
Upstox is the fastest-growing discount broker in the last 2 years. Now Upstox becomes the 2nd biggest discount broker after Zerodha in terms of customer base. Upstox charges a fixed brokerage of Rs 20 per trade.
You can also open a 3-in-1 account with Upstox. The 3-in-1 account includes savings, demat and trading accounts in one account. The benefit of a 3-in-1 account is that you can transfer funds from a savings account to a trading account and vice versa in a single click.
Secondly, you earn interest on the unallocated money that you are not using in a trading account.
Upstox also offers you to invest in direct mutual funds, IPOs and digital gold directly from the Upstox trading app.
Currently, Upstox is offering free account opening with zero AMC charges. You will also get a brokerage credit of Rs 1000 valid for the first 30 days. The offer is for limited time, can be revoked any time.
Brokerage Charges
| Segment | Brokerage Charges |
| Stock Delivery | Rs 20/order or 2.5% (whichever is lower) |
| Stock Intraday | Rs. 20/order or 0.05% (whichever is lower) |
| Stock Futures | Rs. 20/order or 0.05% (whichever is lower) |
| Stock Options | Rs. 20/order or 0.05% (whichever is lower) |
| Commodity F&O | Rs. 20/order or 0.05% (whichever is lower) |
| Call Trade Charges | Rs. 20/call |
Account Opening and Maintenance Charges
| Type | Charges |
| Account Opening Charges | Free |
| Annual Maintenance Charges | Zero (limited time offer) |
Advantages of Upstox
- Free account opening
- Robust trading platform
- Seamless 3-in-1 account opening
- Invest in gold, IPOs and mutual funds from App
Disadvantages of Upstox
- Customer support is need to be improved
Best for – If you are looking for a Zerodha alternative along with free account opening.
Check out – Upstox Demat account detailed review
#3. 5paisa (Best for Occasional Traders)
5paisa is the second cheapest discount broker in India. If you are a high volume trader, you can enjoy brokerage as low as Rs. 10 per trade with their premium plans. You need to pay Rs 499 for the power investor pack and Rs 999 per month for the trader pack.
You only need to pay the maintenance charges only for the month in which you make any trade. This feature makes 5paisa ideal for occasional traders.
If you are a short term trader you can benefit from their “Swing Trader” tool, that offers you trading strategies by analysing market movements from 2 days up to 20 days.
5paisa trading platform are easy to use and carry decent user interface
Brokerage Charges
| Segment | Basic Plan | Power Investor Pack (499/Month) | Ultra Trader Pack (999/Month) |
| Stock Delivery | Rs. 20/order | Rs. 10/order | Rs. 10/order |
| Stock Intraday | Rs. 20/order | Rs. 10/order | Rs. 10/order (First 100 trades free every month) |
| Stock Futures | Rs. 20/order | Rs. 10/order | Rs. 10/order |
| Stock Options | Rs. 20/order | Rs. 2/lot | Rs. 2/lot |
| Commodity F&O | Rs. 20/order | Rs. 10/order | Rs. 10/order |
| Call Trade Charges | Rs. 100/call | Rs. 100/call | Free |
Account Opening and Maintenance Charges
| Type | Charges |
| Account Opening Charges | Rs. 650 (currently free) |
| Basic Plan | Rs. 25 per month |
| Power Investor Plan | Rs 499 per month |
| Priority Plan | Rs. 999 per month |
5paisa Margin Benefits
| Category | Margin |
| Equity Intraday Trading | Up to 4X |
| F&O Exposure Intraday | Up to 5X |
| Option Writing Exposure | Up to 6X |
| Currency Futures | 1X |
Advantages of 5paisa
- Easy user interface
- One stop place for multiple investment types like trading, mutual funds and insurance
- Detailed stock analysis by MarketSmith India
- Pro pack for high volume trading
Disadvantages of 5paisa
- Trading platform crawls in the peak hours sometimes
- No free equity delivery
- Call to trade is very expensive in basic plan at Rs. 100/call
Best for – Traders who use the services occasionally as they need to pay Rs 25 only for the month they used the 5paisa services.
#4. SAS Online (Cheapest Discount Broker)
SAS Online is the cheapest discount brokerage in India. You can trade at Rs. 9 only and if you are a heavy trader, you can go for Rs. 999 monthly plan for unlimited trades every month.
They have more than 50,000 clients who trade on the SAS online platform. You can use margin up to 10X leverage in Equity cash.
You can trade using their Web trading platform “Alpha”. Alpha is a lightweight and fast trading platform but it glitches sometimes.
You can aiso install Alpha Mobile app to trade on the go, but the app is a basic app with some bugs. The app also misses many important features like showing margin requirement in order window.
Brokerage Charges
| Segment | Brokerage Fee |
| Equity Delivery | Rs. 9 per order or Rs. 999 per month for unlimited free orders |
| Equity Intraday | Rs. 9 per order or Rs. 999 per month for unlimited free orders |
| Equity Futures | Rs. 9 per order or Rs. 999 per month for unlimited free orders |
| Equity Options | Rs. 9 per order or Rs. 999 per month for unlimited free orders |
| Currency Futures & Options | Rs. 9 per order or Rs. 999 per month for unlimited free orders |
| Commodity F&O | Rs. 9 per order or Rs. 999 per month for unlimited free orders |
Account Opening and Maintenance Charges
| Type | Charges |
| Account Opening Charges | Rs. 200 |
| Annual Maintenance Charges | Rs. 200 |
SAS Online Margin
| Segment | Margin |
| Equity Delivery | Up to 4X |
| Intraday | Up to 10X |
| Stock Futures and Options | Up to 2X |
| Indices Futures and Options | Up to 2X |
| Currency Futures | Up to 2X |
| Currency Options | Up to 1.5X |
| Commodity Futures | Up to 2X |
Advantages of SAS Online
- Lowest trading charges at Rs 9 per order
- Unlimited trading plan for heavy traders at Rs. 999/month
- More leverage facility than other competitors
Disadvantages of SAS Online
- Trading platform is not efficient
- App contains bugs and misses important features
- No free equity delivery
Best for – If you want the cheapest brokerage rate with monthly plans.
Also read- Axis Direct Account Complete Review
#5. FYERS ( Theme Based Investing)
FYERS offers theme based stock investment. They have 100+ pre-designed portfolios that you can choose from or customize as per your investment goals.
For example, You can choose a theme “Banking Magnets” in which your money will be invested in the banking sector, corporate, retail and microfinance sectors.
You can utilize 70+ technical indicators and 20+ years historical End of the Day “EOD” data for deep analysis of market trends.
Brokerage Charges
| Segment | Brokerage Fee |
| Equity Delivery | Free |
| Equity Intraday | Rs. 20 per executed order or 0.03% (whichever is lower) |
| Futures (Equity, Currency, Commodity) | Rs. 20 per executed order or 0.03% (whichever is lower) |
| Options (Equity, Currency, Commodity) | Rs. 20 per executed order |
| Thematic Investing | Buy – Free Sell/Modify – Rs. 100 or 2% (Whichever is lower) |
Account Opening and Maintenance Charges
| Type | Charges |
| Account Opening Charges | Free |
| Annual Maintenance Charges | 1st year – Rs. 225 2nd year onwards – Rs. 300 |
FYERS Margin Benefits
| Segment | Margin |
| Equity Delivery | No Margin |
| Intraday | Up to 10X |
| Stock Futures and Options | Up to 4X |
| Indices Futures and Options | Up to 4X |
| Commodity Futures and Options | Up to 3X |
Advantages of FYERS
- Free equity delivery
- No brokerage on buying in thematic investing
- 70+ technical indicators
- 20+ years historical EOD data available
Disadvantages of FYERS
- Multiple investment options like mutual funds not available
- Poor customer support service
Best for – If you want to invest in pre-defined investment portfolios.
#6. Wisdom Capital (Free Brokerage Trading)
Wisdom Capital charges a one time fee of Rs 999 and provides lifetime free access on all the plans.
You don’t need to pay any account opening fee and annual maintenance charges with Wisdom capital.
If you are looking for the “brokerage free account”, then you can choose the Wisdom Freedom plan.
Other premium plans also offer low brokerage and high leverage that I have explained in the next section.
Brokerage Charges
| Segment | Freedom Plan | Pro Plan | Ultimate Plan |
| Equities Delivery | 0 | 0.01% per order | 0.02% per order |
| Equities Intraday | 0 | 0.01% per order | 0.02% per order |
| NSE Future | 0 | Rs 9/Trade | 0.005% pre order |
| NSE Options | 0 | Rs 9/Trade | Rs. 15/Lot |
| Commodities Delivery | 0 | Rs 9/Trade | 0.005%per order |
| Commodities Intraday | 0 | Rs 9/Trade | 0.005% per order |
| Call & Trade Charges | Rs 20/Executed Order | Rs 20/Executed Order | Rs 20/Executed Order |
Account Opening and Maintenance Charges
| Type | Charges |
| Account Opening Charges | Free |
| Maintenance Charges | Freedom Plan – Rs. 999 one time charges Pro Plan – Rs. 999 one time charges Ultimate Plan – Rs. 999 one time charges |
Note – Maintenance charges for Freedom plan and pro plan are the same. In the pro plan you get higher margin and in the Freedom plan you get zero brokerage.
Wisdom Capital Margin Benefits
| Segment | Freedom Plan | Pro Plan | Ultimate Plan |
| Equity Delivery | – | – | upto 4X |
| Intraday | Upto 5X | Upto 10 X | Upto 10 X |
| Stock Futures and Options | 1X | Upto 2X | Upto 2X |
| Indices Futures and Options | 1X | Upto 2X | Upto 2X |
| Currency Futures | 1X | Upto 2X | Upto 2X |
| Currency Options | 1X | Upto 2X | Upto 2X |
Advantages of Wisdom Capital
- No Brokerage in Freedom plan
- No Account opening fee
- No AMCs for lifetime
- High leverage facility in ultimate plan
Disadvantages of Wisdom Capital
- Offline account opening
- No investment options for mutual funds, IPO or bonds
- Slow mobile app
Best for – If you want you to open lifetime free account by paying a onetime fee of Rs 999.
#7. SAMCO (Zero Balance Trading)
If you are looking for a discount broker that offers you margin trading with cash collateral, then go with Samco.
Samco allows you to pledge 100% of your shares to trade further unlike other brokers where you have to deposit 50% cash collateral and 50% stock collateral.
You can utilize their Stock Pledge Monitor that allows you to check if promoters are not pledging heavy amounts of stocks to manipulate the market. That gives you an edge over others to avoid investing in those shares where promoter pledging percentage is high.
You can also use separate apps for mutual funds or to buy valuable stocks for long term investment.
Brokerage Charges
| Segment | Brokerage Fee |
| Equity Delivery | Rs. 20 per executed order or 0.20% (whichever is lower) |
| Equity Intraday | Rs. 20 per executed order or 0.02% (whichever is lower) |
| Equity Futures | Rs. 20 per executed order or 0.02% (whichever is lower) |
| Equity Options | Rs. 20 per executed order |
| Currency Futures & Options | Rs. 20 per executed order or 0.02% (whichever is lower) |
| Commodity F&O | Rs. 20 per executed order or 0.02% (whichever is lower) |
Account Opening and Maintenance Charges
| Type | Charges |
| Account Opening Charges | Free |
| Annual Maintenance Charges | Rs. 400 (1st year free) |
Samco Margin Benefits
| Segment | Margin |
| Cash Plus (Equity Delivery) | Up to 4X |
| Stock Plus | 100% margin against pledged stocks |
| Intra Plus (Futures and Options) | Up to 15X |
Advantages of Samco
- High leverage facility
- Innovative tools to make smart trading decisions
- Welcome bonus with 100% first month brokerage cashback
- 100+ technical indicators
- Zero balance trading
Disadvantages of Samco
- No free equity delivery
- App logs out randomly
- No regular app updates
Best for – Margin trading without cash collateral
#8. Trade Smart (Ultra Low Brokerage)
Trade Smart offers “ultra low” brokerage on trading. They offer 0.007% brokerage per order for intraday.
Trade Smart is the second cheapest discount broker after Wisdom Capital.
Trade Smart provides the “SINE” trading platform with 80+ indicators for analyzing the stock market moves.
You can also install the Trade Smart SINE app but that has lots of bugs like funds addition is slow.
Trade Smart claims to have more than 100 members customer support team to provide quick assistance to the clients.
Brokerage Charges
| Segment | Value Trading Plan | Power Trading Plan |
| Equity Delivery | 0.07% per executed order | Rs. 15 per executed order |
| Equity Intraday Trading | 0.007% per executed order | Rs. 15 per executed order |
| Equity Options | Flat Rs. 7 per lot | Rs. 15 per executed order |
| Equity Futures | 0.007% per executed order | Rs. 15 per executed order |
| Currency Options | 0.007% per executed order | Rs. 15 per executed order |
| Commodity Options | 0.007% per executed order | Rs. 15 per executed order |
| Commodity Futures | 0.007% per executed order | Rs. 15 per executed order |
Account Opening and Maintenance Charges
| Type | Charges |
| Account Opening Charges | Rs. 500 |
| Annual Maintenance Charges | Rs. 300 |
Trade Smart Margin Benefits
| Segment | Margin |
| Equities | Up to 10X |
| Equities F&O | Up to 2X |
| Currencies F&O | Up to 2X |
| Commodities F&O | Up to 2X |
Advantages of Trade Smart
- Offices in 1000 cities
- No hidden fees
Disadvantages of Trade Smart
- No free equity delivery
- Low performance in peak hours
Best for – If you are looking for an alternative that charges the lowest brokerage. No requirement of free stock delivery.
#9. Prostocks (Unlimited Plans)
Prostocks offers low brokerage as well as unlimited trading plans as well.
You can either trade for flat brokerage of Rs. 15 or you can opt for unlimited trading by paying monthly charges of Rs. 899 per month. You can also pay Rs. 8999 annually for unlimited stock trading.
You can also pay Rs. 499 monthly or Rs. 4999 yearly for unlimited currency trading.
Prostocks offer 3 trading platforms –
- Prostocks Web – You can use it through web portal
- Prostocks Desktop – You can download and install in your system for faster execution
- Prostocks Mobile – Smartphone app to trade on the go
Brokerage Charges
| Segment | Brokerage Charges |
| Equity Delivery | Free |
| Equity Intraday Trading | Rs. 15 per trade |
| Equity Options | Rs. 15 per trade |
| Equity Futures | Rs. 15 per trade |
| Currency Options | Rs. 15 per trade |
| Commodity Options | Rs. 15 per trade |
| Commodity Futures | Rs. 15 per trade |
| Unlimited Trading | Equity – Rs. 899 per month Commodities – Rs. 499 per month |
Account Opening and Maintenance Charges
| Type | Charges |
| Account Opening Charges | Free |
| Annual Maintenance Charges | Free (Rs. 1000 as refundable security) |
Prostocks Margin Benefits
| Segment | Margin/Exposure/Limit/Leverage |
| Equity Delivery | Upto 1x |
| Equity Intraday | Upto 7x |
| Equity Future | Upto 2x |
| Equity Option | Upto 1x |
| Currency Future | Upto 1.5x |
| Currency Option | Upto 1x |
| Commodity Future | – |
| Commodity Option | – |
| BO & CO Margin | Upto 20x (Time Exposure) |
Advantages of Prostocks
- Zero AMC fee
- Unlimited plans available
Disadvantages of Prostocks
- No commodity trading available
- High demat account security fee of Rs 1000 (refundable)
Best for – unlimited stock and currency trading
#10. Tradejini (High Equity Leverage)
TradeJini demands the lower of Rs. 20 per order or 0.05% as intraday brokerage. Trade Jini has emerged as a reputable discount broker with their brokerage offices in 1000 cities across India.
TradeJini has Vega Pro trading platform and mobile app that allows you to create multiple watchlists with options to categorize Industry wise or promoter wise.
TradeJini also offers better margin leverage on equities as compared to other peers.
Brokerage Charges
| Segment | Brokerage Charges |
| Equity Delivery | Rs. 20/order or 0.1% (whichever is lower) |
| Equity Intraday Trading | Rs. 20/order or 0.05% (whichever is lower) |
| Equity Options | Rs. 20/order |
| Equity Futures | Rs. 20/order or 0.05% (whichever is lower) |
| Currency Options | Rs. 20/order |
| Commodity Options | Rs. 20/order or 0.05% (whichever is lower) |
| Commodity Futures | Rs. 20/order or 0.05% (whichever is lower) |
Account Opening and Maintenance Charges
| Type | Charges |
| Account Opening Charges | Free |
| Annual Maintenance Charges | Free (Rs. 1000 as refundable security) |
TradeJini Margin Benefits
| Segment | Margin Leverage |
| Equity Spot | Up to 10X |
| Equity F&O | Up to 2.5X |
| Commodity F&O | Up to 3X |
| Currency F&O | Up to 2X |
Advantages of TradeJini
- Low brokerage
- Customized watchlists on trading platforms
- Offices across 1000 Indian cities
Disadvantages of TradeJini
- equity delivery brokerage percentage is little high
Best for – high margin trading in stocks
We can add single plus point along with the Broker name like Zerodha (most trusted), 5Paisa (2nd cheapest), SAS online (cheapest), XYZ (high leverage).
Factors to Compare the Discount Brokers in India
#1. Is Lower Brokerage Fee the Best?
Discount brokers in India charge brokerage fees starting from Rs 9 per trade to Rs 20 per trade.
Brokerage fee should not be the sole parameter to finalise the discount brokers.
By paying a genuine brokerage fee of Rs 20 per trade you can get a service from a top broker like Zerodha. If you try to cut the cost below Rs 20 then you would be ready to compromise on service end.
I have explained the other important factors in coming points.
#2. Efficient Trading Platform
Trading platform performance is like salt in the food, it’s presence is not felt but it’s absence makes all things “tasteless”.
If the trading platform is slow, takes time to show the live market, hard to use the different charts & tools then you would never focus on your trades.
Choose a discount broker that provides large historical data to analyse the past performances of the market and provide various technical indicators like bollinger bands, moving averages and charting options like candlesticks to watch real time market trends.
You should also check mobile trading apps performance if you are going to do trading through your mobile phone.
#3. Reputation of Broker
Reputation of a broker depends upon the number of clients the broker possesses. More clients means more people trust that broker.
For example, Zerodha has the highest number of client base with more than 50 lakh customers.
#4. Great Customer Support
If you are going for a discount broker that means you are not expecting any offline office of a broker in your city.
That means their customer support must be highly efficient to resolve your queries at hand. For example, Zerodha has a 48 hour ticket window, so they have to close the ticket in the fixed time frame.
Discount brokers mostly have bad customer support, you may escalate on social media like Twitter but don’t expect quick resolution.
#5. Margin Leverage
If you are an experienced trader, you may have 2 priorities –
- Paying less brokerage
- Enjoy high leverage
You should first check which broker offers you high margin leverage but as per SEBI’s new norms no broker would provide you up to 5x margin only.
#6. Multiple Investment Options
You might be interested in mutual funds, gold or IPOs along with stock trading, so it would be more hectic if your broker doesn’t offer you multiple investment options.
Because you have to open another account where you get the rest of the investment facilities. A one stop shop broker is an ideal option for distributed investments.
Final Verdict
If you are looking for the best discount broker, then Zerodha is on the top because you get low brokerage, fast trading platform and good customer service.
If you are an occasional trader then you can go with 5paisa and as you only need to pay maintenance charges for the traded month.
Upstox is my third recommendation as they have upgraded their trading platform a lot and they also offer less brokerage to their clients.
FAQS
#1. Which is the best discount broker in India for beginners?
Zerodha is the best discount broker for beginners as Zerodha charges a brokerage fee lower of Rs 20 or 0.03%. So, you need to pay less brokerage if you make small trades in the beginning.
Zerodha trading platforms are easy to use and provide advanced tools & charts.
#2. Which is the most trusted broker in India?
Zerodha is the most trusted broker in India with low brokerage fees, fast trading platform and good customer service. Currently Zerodha is the trusted by more than 5 million customers
#3. Are Discount Brokers safe in India?
Yes. Discount brokers are registered and regulated with SEBI (Securities and Exchange Board of India). So you can go with discount brokers without any doubt.
#4. Which online broker has the lowest fees?
SAS Online has the lowest fee of Rs. 9 per trade. Wisdom capital provided free lifetime brokerage on its Freedom plan.
#5. What is the safest broker?
All the listed discount brokers are registered with SEBI and work under the guidelines of SEBI and RBI. So all the discount brokers are equally safe.
#6. Can I have 2 accounts with Same Discount broker?
No. You can’t have 2 accounts with the same discount broker because your account number is attached with your PAN card and a broker provides only 1 account per PAN card. You can open account on your family member name.
#7. Can I have 2 demat & trading accounts?
Yes. You can have any number of demat & trading accounts but the broker must be different.
