by Rajan Dhawan
As of 31 March 2023, 266 stockbrokers are registered with NSE, with a total client base of 32,660,214. I have prepared a report on the top 20 stockbroking companies in India.
Top 20 Stock Brokers Based on Active Client
Zerodha has the most extensive client base, with more than 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 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 |
Complaints 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 SBI and Zerodha charge upfront account opening fees. 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 |
You may also like to read our article on how to invest Rs. 5000 in share market 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
Edelweiss (Nuvama) charges the lowest brokerage charge, including free stock delivery and a flat Rs 20 on all other trades.You can go through zero brokerage trading account in India.
| Stock Broker | Delivery | Intraday | Options | Futures |
|---|---|---|---|---|
| Paytm Money | 15 | 15 | 15 | 15 |
| Edelweiss (Nuvama) | 10 | 10 | 10 | 10 |
| Alice Blue | 15 | 15 | 15 | 15 |
Brokers with Fixed Brokerage
9 stockbrokers provide the fixed brokerage plan among the 20 brokers.
| Stock Broker | Delivery | Intraday | Options | Futures |
| Paytm Money Charges | 0 | 10 | 10 | 10 |
| Fyers Charges | 0 | 20 | 20 | 20 |
| Zerodha Charges | 0 | 20 | 20 | 20 |
| Angel One Charges | 0 | 20 | 20 | 20 |
| Edelweiss Charges | 10 | 10 | 10 | 10 |
| Alice Blue Charges | 15 | 15 | 15 | 15 |
| Upstox Charges | 20 | 20 | 20 | 20 |
| 5paisa Charges | 20 | 20 | 20 | 20 |
| GrowwCharges | 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 | 15 | 15 | 15 | 15 |
| 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% |
Top 50 SEBI Registered Stock Brokers List 2024
As of 31 March 2023, the National Stock Exchange (NSE) has a total of 266 registered stockbrokers serving a vast 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.
