As of March 2023, a total of 258 stockbrokers are registered with NSE with a total client base of 32837704. I have prepared a report on the top 20 stock broking companies in India.
Top 20 Stock Brokers Based on Active Client
Zerodha has the largest client base with more than 64 lakh client base which is about 20% of the total Demat account holders.
Second, comes Groww with a 53 lakh client base which is 16% of the total numbers. Angel one has the largest number of clients of 42 lakhs, among the full-service brokers.
Stock Broker | Active Client |
Zerodha | 6447055 |
Next Billion (Groww) | 5301449 |
Angel One | 4269924 |
Upstox | 3158595 |
ICICI Direct | 2473701 |
HDFC Securities | 1089646 |
Kotak Securities | 995018 |
Motilal Oswal | 850842 |
5paisa | 810937 |
Sharekhan | 703693 |
Paytm Money | 648251 |
IIFL Securities | 552859 |
SBI Securities | 547535 |
AxisDirect | 373015 |
Choice | 236401 |
Geojit | 234615 |
Edelweiss (Nuvama) | 213602 |
Fyers | 169386 |
SMC Global | 155303 |
Alice Blue | 141462 |


Compaints Registered with Exchange 2022-23
Kotak securities have the highest complaint to active user percentage of 0.058%.
Groww has the lowest complaint percentage of 0.004% and Zerodha comes second with 0.006% complaints.
That means for every 1000 customers only 4 have registered a complaint against Groww, whereas 58 customers registered a complaint against Kotak securities.
Stock Broker | Complaints | Complaints to active user |
Angel One | 682 | 0.016% |
Kotak Securities | 574 | 0.058% |
ICICI Direct | 543 | 0.022% |
Motilal Oswal | 460 | 0.054% |
Zerodha | 423 | 0.006% |
Upstox | 379 | 0.012% |
IIFL Securities | 285 | 0.051% |
Next Billion (Groww) | 237 | 0.004% |
5paisa | 229 | 0.028% |
Paytm Money | 226 | 0.035% |

Expelled Stockbrokers on NSE in FY 2022-23
NSE expelled 4 stockbrokers in the financial year 2022-23
- Karvy stock broking
- Sunness Captial
- Amrapali Aadya Trading
- Arcadia Share & Stock Brokers
Brokers with No Joining Fee
Among the top 20 stockbrokers, only Zerodha and SBI securities charge upfront account opening fees. All other brokers provide free account opening services.
Stock Broker |
Upstox |
ICICI Direct |
Angel One |
5paisa |
HDFC Securities |
Kotak Securities |
Sharekhan |
Motilal Oswal |
Paytm Money |
IIFL Securities |
AxisDirect |
Next Billion (Groww) |
Geojit |
Edelweiss (Nuvama) |
Fyers |
Alice Blue |
Choice |
SMC Global |

You can also check out the list of best free demat accounts with no annual fees in India.
Brokers AMC
Stock Broker | AMC |
Upstox | Free |
Paytm Money | Free |
Next Billion (Groww) | Free |
Fyers | Free |
Motilal Oswal | 200 |
Choice | 200 |
Angel One | 240 |
Zerodha | 300 |
Edelweiss (Nuvama) | 300 |
IIFL Securities | 300 |
5paisa | 300 |
Alice Blue | 400 |
Sharekhan | 400 |
Geojit | 600 |
Kotak Securities | 650 |
ICICI Direct | 700 |
HDFC Securities | 750 |
SBI Securities | 750 |
AxisDirect | 750 |
Brokers with Zero Delivery
Only 4 stockbrokers provide the free stock delivery amount to the top 20 stockbrokers in India.
Zerodha |
Angel One |
Paytm Money |
Fyers |
Brokers with Lowest Brokerage Charges
Paytm Money charges the lowest brokerage charge which includes free stock delivery and a flat Rs 20 on all other trades.
Stock Broker | Delivery | Intraday | Options | Futures |
---|---|---|---|---|
Paytm Money | 0 | 10 | 10 | 10 |
Edelweiss (Nuvama) | 10 | 10 | 10 | 10 |
Alice Blue | 15 | 15 | 15 | 15 |

You can also read our list of the best discount brokers in India that offer cheap brokerage charges on stock trading.
Brokers with Fixed Brokerage
9 stockbrokers provide the fixed brokerage plan among the 20 brokers.
Stock Broker | Delivery | Intraday | Options | Futures |
Paytm Money | 0 | 10 | 10 | 10 |
Fyers | 0 | 20 | 20 | 20 |
Zerodha | 0 | 20 | 20 | 20 |
Angel One | 0 | 20 | 20 | 20 |
Edelweiss (Nuvama) | 10 | 10 | 10 | 10 |
Alice Blue | 15 | 15 | 15 | 15 |
Upstox | 20 | 20 | 20 | 20 |
5paisa | 20 | 20 | 20 | 20 |
Groww | 20 | 20 | 20 | 20 |

Brokerage Details
Stock Broker | Delivery | Intraday | Options | Futures |
Zerodha | 0 | 20 | 20 | 20 |
Upstox | 20 | 20 | 20 | 20 |
ICICI Direct | 0.55% | 25 | 95 | 0.05% |
Angel One | 0 | 20 | 20 | 20 |
5paisa | 20 | 20 | 20 | 20 |
HDFC Securities | 0.32% | 0.032% | 20 | 20 |
Kotak Securities | 0.25% | Free | Free | Free |
Sharekhan | 0.3% | 0.02% | 30 | 0.02% |
Motilal Oswal | 0.2% | 0.02% | 20 | 0.02% |
Paytm Money | 0 | 10 | 10 | 10 |
IIFL Securities | 0.1% | 0.01% | 10 | 0.01% |
SBI Securities | 0.5% | 0.075% | 50 | 0.03% |
AxisDirect | 0.5% | 0.05% | 10 | 0.05% |
Next Billion (Groww) | 20 | 20 | 20 | 20 |
Geojit | 0.3% | 0.03% | 50 | 0.01% |
Edelweiss (Nuvama) | 10 | 10 | 10 | 10 |
Fyers | 0 | 20 | 20 | 20 |
Alice Blue | 15 | 15 | 15 | 15 |
Choice | 0.2% | 0.02% | 25 | 0.02% |
SMC Global | 0.4% | 0.04% | 0.04% | 0.04% |
You can also go through our article on the best demat trading accounts in India where we have reviewed the top 10 brokers in India.