Research Report – Top 20 Stock Brokers in India 2024

I have analyzed the 266 brokers registered with NSE and created a research report on India’s top 20 stock brokers.

You will get information about their services, brokerage fees, account opening, annual maintenance, and the number of customer complaints filed. This will help you make the right decision.

As of 31 March 2023, 266 stockbrokers are registered with NSE, with a total client base of 32,660,214.

Top 20 Stock Brokers Based on Active Client 

Zerodha has the most extensive client base, with over 64 lakh clients and about 20% of the total Demat account holders. 

Second, Groww has a 53 lakh client base, which is 16% of the total. Angel One has the largest number of clients, 42 lakh, 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

Complaints Registered with Exchange Against Broker in 2022-23

Kotak securities have the highest complaint percentage to active users, at 0.058%.

Groww has the lowest complaint percentage, 0.004%, and Zerodha comes second lowest with 0.006% complaints. 

This statistic shows that out of every 1000 customers, only 4 complained about Groww, while 58 complaints were filed 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

Only SBI and Zerodha charge upfront account opening fees among the top 20 stockbrokers. All other brokers provide free demat 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

Brokers With Zero AMC 

Upstox, Paytm Money, Groww, and Fyers offer zero AMC brokerage accounts among the top 20 stockbrokers.

Here are the details of annual maintenance charges details;

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
AMC vs. Stock Broker

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

Edelweiss (Nuvama) charges the lowest brokerage charge, including free stock delivery and a flat Rs 20 on all other trades.

Stock BrokerDeliveryIntraday OptionsFutures
Paytm Money15151515
Edelweiss (Nuvama)10101010
Alice Blue15151515
Brokers with Lowest Brokerage Charges

Brokers with Fixed Brokerage 

9 stockbrokers provide the fixed brokerage plan among the 20 brokers. 

Stock BrokerDeliveryIntraday OptionsFutures
Paytm Money Charges0101010
Fyers Charges0202020
Zerodha Charges0202020
Angel One Charges0202020
Edelweiss Charges10101010
Alice Blue Charges15151515
Upstox Charges20202020
5paisa Charges20202020
Groww Charges20202020
Brokers with fixed brokerage

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 Money15151515
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%

Top 50 SEBI Registered Stock Brokers List 2024

As of 31 March 2023, the National Stock Exchange (NSE) had 266 registered stockbrokers serving a client base of 32,660,214. 

Below is a list of the top 50 SEBI-registered stock brokers in India 2024:

Sr. No. Name of the Stock Broker
1.Angel One Limited
2.ICICI Securities Limited
3.Kotak Securities Ltd.
4.Motilal Oswal Financial Services Limited
5.Zerodha Broking Limited
6.RKSV Securities India Private Limited
7.IIFL Securities Limited
8.Nextbillion Technology Private Limited
9.5Paisa Capital Limited
10.Paytm Money Ltd.
11.SBICAP Securities Limited
12.Mirae Asset Capital Markets (India) Private Limited
13.HDFC Securities Ltd.
14.Sharekhan Ltd.
15.Fyers Securities Private Limited
16.Nuvama Wealth and Investment Limited.
17.Choice Equity Broking Private Limited
18.Axis Securities Limited
19.Alice Blue Fin Svcs P Ltd
20.Swastika Investmart Limited
21.Religare Broking Limited
22.Finvasia Securities Private Limited
23..Nirmal Bang Securities Pvt. Ltd.
24.SMC Global Securities Ltd.
25.Anand Rathi Share and Stock Brokers Limited
26.Profitmart Securities Private Limited
27.Dhani Stocks Limited
28.Reliance Securities Limited
29.IDBI Capital Markets & Securities Ltd.
30.Tradebulls Securities (P) Ltd.
31.SAMCO Securities Limited
32.Jainam Broking Limited
33.Aditya Birla Money Limited
34.Goodwill Wealth Management Pvt Ltd
35.Maxgrowth Capital Private Limited
36.Master Capital Services Limited
37.Bonanza Portfolio Ltd.
38.Stock Holding Corporation of India Ltd
39.Vikson Securities Private Limited
40.SHCIL Services Limited
41.Globe Capital Market Limited
42.LKP Securities Ltd.
43.Concunsmart Shares and Stock Broker Private Limited
44.Yes Securities (India) Limited
45.Ventura Securities Ltd.
46.Artha Vrddhi Securities Limited
47.Zebu Share and Wealth Managements Private Limited
48.Bajaj Financial Securities Ltd.
49.Prabhudas Lilladher Pvt. Ltd.
50.Astha Credit & Securities (P) Ltd.
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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