Research Report – Top 20 Stock Broking Companies in India 2023

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 BrokerActive Client 
Zerodha6447055
Next Billion (Groww) 5301449
Angel One4269924
Upstox3158595
ICICI Direct2473701
HDFC Securities1089646
Kotak Securities995018
Motilal Oswal850842
5paisa810937
Sharekhan703693
Paytm Money648251
IIFL Securities552859
SBI Securities547535
AxisDirect373015
Choice236401
Geojit234615
Edelweiss (Nuvama)213602
Fyers169386
SMC Global155303
Alice Blue141462
Active Client vs. Stock Broker
Top 20 Stock Brokers based on Active Client

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 BrokerComplaintsComplaints to active user 
Angel One6820.016%
Kotak Securities5740.058%
ICICI Direct5430.022%
Motilal Oswal4600.054%
Zerodha4230.006%
Upstox3790.012%
IIFL Securities2850.051%
Next Billion (Groww) 2370.004%
5paisa2290.028%
Paytm Money2260.035%
Complaints and Complaints to active user

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
AMC vs. Stock Broker

You can also check out the list of best free demat accounts with no annual fees in India.

Brokers AMC 

Stock BrokerAMC
UpstoxFree
Paytm MoneyFree
Next Billion (Groww) Free
FyersFree
Motilal Oswal200
Choice200
Angel One240
Zerodha300
Edelweiss (Nuvama)300
IIFL Securities300
5paisa300 
Alice Blue400
Sharekhan400
Geojit600
Kotak Securities650
ICICI Direct700
HDFC Securities750
SBI Securities750
AxisDirect750

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 BrokerDeliveryIntraday OptionsFutures
Paytm Money0101010
Edelweiss (Nuvama)10101010
Alice Blue15151515
Delivery, Intraday, Options and Futures

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 BrokerDeliveryIntraday OptionsFutures
Paytm Money0101010
Fyers0202020
Zerodha0202020
Angel One0202020
Edelweiss (Nuvama)10101010
Alice Blue15151515
Upstox20202020
5paisa20202020
Groww 20202020
Brokers With Fixed Brokerages

Brokerage Details 

Stock BrokerDeliveryIntraday OptionsFutures
Zerodha0202020
Upstox20202020
ICICI Direct0.55%25950.05%
Angel One0202020
5paisa20202020
HDFC Securities0.32%0.032%2020
Kotak Securities0.25%FreeFreeFree
Sharekhan0.3%0.02%300.02%
Motilal Oswal0.2%0.02%200.02%
Paytm Money0101010
IIFL Securities0.1%0.01%100.01%
SBI Securities0.5%0.075%500.03%
AxisDirect0.5%0.05%10 0.05%
Next Billion (Groww) 20202020
Geojit0.3%0.03%500.01%
Edelweiss (Nuvama)10101010
Fyers0202020
Alice Blue15151515
Choice0.2%0.02%250.02%
SMC Global0.4%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.

About Rajan Dhawan

Rajan has covered personal finance and investing for over 5 years. Previously, he was in the IT field for 8 years after completing his MCA but his deep interest in personal finance led him to become an investing expert. He is passionate about investing, stocks, startups, and cryptos.

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