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Investment in India’s dynamic stock market is considered one of the most thrilling financial activities for Indian investors and traders. As of 2024, the Indian stock market has reached the 4th position in the global world. The continuous growth and development of the Indian stock market have simplified stock trading for Indian investors.
Further, the new investors and traders must comply with the list of top stock brokers, their features, fees, customer services, client base, etc.
A stock broker is a registered financial professional acting as an investment agent on behalf of their clients. The SEBI-registered stock brokers are members of the NSE and BSE stock exchanges and are authorized to perform trading functions.
According to Regulation 2 (gb) of the Securities and Exchange Board of India (Stock Brokers and Sub-brokers) Regulations of 1992 a stockbroker is a member of the stock exchange. Simply, they serve as a middle person between buyers and sellers for carrying out exchanges and ensuring quick and safe completion of transactions.
While picking the right stock broker, the clients must consider and match their needs with the specifications of the stock brokers. The top Stock Broker License holders in India must possess the following features as provided below:
One of the key features of top stock brokers is brokerage fees, which must be mandatory before taking any services. The stock brokers charge brokerage fees for the services they offer.
Customer service is another significant feature of top stock brokers registered with SEBI. Only those stock brokers must be considered that offer excellent customer service, especially to investors who need guidance.
Another key feature of top stock brokers that must be mandatory considered is the choice of trading platform. Stock brokers must consider a user-friendly and efficient trading platform to secure a significant trading experience.
Every investor must consider stock brokers that offer robust research and trading tools to support their informed investment decisions.
Every stockbroker requires a minimum deposit to open an account and promote investments. Investors must consider the minimum deposit required (according to their budget) for opening an account with stockbrokers.
Investors must consider the reputation and reviews of the stock brokers before choosing the best stock brokers in India.
There are 20 top stock brokers actively offering retail broking services to more than 1 lakh active clients in India. The following is the list of some of the top stock brokers registered as members of NSE and BSE.
Groww is an SEBI-registered stock broker that offers flat fee discount brokerage services for equity, IPO, direct mutual funds, and other investments. Groww, which is the brand name for Nextbillion Technology Private Limited, has been a registered member of the NSE and BSE since 2016.
Currently, Groww is not just considered one of the top stock brokers but also a revolution in the Indian investing scenario. Groww has transformed the investment market by using tech-savvy, affordable, user-friendly approaches. Presently, the active investors at Groww are the highest in number as of June 2024 (i.e., around 1,09,22,660 active client base).
Zerodha, one of the leading (pioneer online discount broking) stock brokers, has revolutionized the investment markets in India since 2010. It offers flat-fee discount brokerage services for investments in equity, currency, commodities, IPOs, futures and options, bonds, government securities, and direct mutual funds.
Currently, it is among the largest and most reputed stock brokers of 2024, offering an excellent online trading platform at a low brokerage fee. Simply, it is popular as the most transparent stock broker, with an active client base of around 76,62,920 in June 2024.
Angel One, formerly known as Angel Broking, is an SEBI-registered stock broker that has been offering discounted brokerage and investment services online since 1987. The brand name Angel One ranks third on the list of the top 20 stock brokers in India. It offers services for research reports, portfolio management, and personalized advice at competitive fees.
Angel One reaches a broader range of investors by offering reliable and cost-effective alternatives to traditional full-service brokers. As of June 2024, Angel One had a total active client base of around 67,08,617.
Upstox is one of the top stock brokers registered to provide seamless trading opportunities at unbeatable costs and a user-friendly platform. The platform generally offers trading in different segments, such as equities, commodities, currency, future options, etc.
Upstox, backed by investors like Kalaari Capital, Tiger Global, Ratan Tata, and GVK Davix, is a discount broker that provides free third-party premium subscriptions at the time of account opening. As of June 2024, Upstox had an active client base of approximately 26,62,327.
ICICI Direct (IDirect) is considered one of the best retail stock brokers, offering online trading and investment services to around 50 lakh customers. IDirect stock brokers are part of the ICICI Group, which offers services like IPO, mutual fund, FDs, bonds, loans against securities, equity, commodity, and currency trading at BSE, NSE, and MCX.
IDirect attracts beginner and experienced investors by offering a seamless and convenient team for research and portfolio management options. As of June 2024, it had an active client base of around 18,89,905.
Kotak Securities, incorporated in 1994, is a full-service stock broker that offers 3-in-1 (bank, trading, and demat) account opening services to Indian retail investors. Also, the Kotak Securities stock broker, which is a subsidiary of Kotak Mahindra Bank, has direct access to the US market.
Kotak Securities is considered one of the top stock brokers offering services to approx. 13,09,687 clients in June 2024.
HDFC Securities is a well-known full-service stock broker that offers advanced trading platforms, research insights, and strong and comprehensive customer service. It is a subsidiary of HDFC Bank that provides trading services through multiple trading platforms.
HDFC Securities uses tech-savvy platforms to access market data, news, and technical indicators. In June 2024, it had an active client base of around 11,52,697.
SBI CAP Securities Ltd. (SSL) is one of the top stock brokers that offers full-service stock brokerage. Founded in 2006, SSL offers services including institution equity, retail equity, derivatives, broking, depository, and third-party distribution products.
Also, SBI CAP Securities offers 3-in-1 account services to NRIs (non-residents of India) worldwide.
Motilal Oswal (MOSL) is one of the trending financial and full-service stock brokers. It offers trading services in equity, commodities, currency, and derivatives. It also offers products like mutual funds, IPOs, gold insurance, and fixed-income products.
Simply, Motilal Oswal uses robust platforms and mobile applications to access trading tools, research reports, and market data. As of June 2024, Motilal Oswal had an active client base of around 9,18,792.
Paytm Money is one of the top stock brokers, offering a seamless and intuitive platform for basic equity trading. It is a discounted broking firm that initially started as a direct mutual fund investment platform.
Simply, Paytm Money is an SEBI-registered stock broker and investment advisor that doesn’t offer tips or recommendations on stock broking. However, as of June 2024, Paytm Money had an active client base of around 7,71,574.
Sharekhan is one of the top stock brokers. Established in 2000, it provides a full-service stock broking service. It also offers online trading and investing services in products such as equity, derivatives, currencies, IPOs, mutual funds, and insurance bonds.
Currently, Sharekhan is considered one of the top stock brokers. It provides a strong research team and valuable insights for active customers.
Dhan, one of the top SEBI-registered stock brokers incorporated in 2021, primarily operates in India. It is also registered with CDSL, NSE, BSE, and MCX stock exchanges and offers various investment products, such as stocks, ETFs, options, futures, and commodities.
Simply, Dhan is considered a modern stock broking company that guarantees seamless, hassle-free platforms for investors and traders. In June 2024, Dhan had an active client base of around 6,18,874.
5paisa is one of the leading online stock brokers that offer discounted brokerage services to retail investors and traders in India. The 5paisa Capital Ltd. is a publicly traded stock brokerage company offering online equity, commodity, and currency trading at BSE, NSE, and MCX stock exchanges.
Currency, 5paisa had an active client base of around 5,42,458 in June 2024, making it one of the fastest-growing discounted brokers in India.
IIFL Securities is one of the leading financial service providers in India. It offers tech-savvy, quality stock brokerage services. Through its well-established platform and approaches, IIFL Securities provides access to research reports, technical analysis tools, and the trading community. Currently, IIFL Securities has an active client base of around 4,49,829, as of June 2024.
AxisDirect (i.e., Axis Securities Ltd.) is considered one of the top full-service stock brokers offering stock broking services to retail investors and traders in India. Axis Direct is among the top 15 stocks with a client base of approx. 3,87,520 in June 2024.
Geojit BNP Paribas (Geojit) is one of the oldest registered stock brokers, incorporated in 1987 in India. It has extensive experience in portfolio management services and the distribution of financial products (like MFs and Life insurance) in Gulf countries as well. Further, Geojit is a stock market-listed company that offers stock trading at the NSE and BSE stock exchanges.
Fyers (i.e., Focus Your Energy & Reform the Self) is one of the top online discounted stock brokers that offers trading options in equity, cash, F&O, currency, and derivatives. It believes in building the best, transparent, cost-effective trading platforms offering lower brokerage and online stock broking services. Further, Fyers has an active client base of around 2,41,022 in June 2022.
Choice Broking (Choice Equity Broking Pvt. Ltd.) is considered one of the top self-service stock broking companies registered in 2010 in India. It is a subsidiary of a publicly listed financial service company formed in 1993 to offer online trading and premium financial services.
A choice broking stock broker is a registered member of the NSE, BSE, MCX, NCDEX, and ICEX. In June 2024, it had an active customer base of around 2,05,561.
SMC Global is a leading stock broking company offering brokerage, investment banking, and wealth management services. It has a large network of registered sub-brokers and a PAN-India presence.
The SMC online trading portal offers a one-stop solution for financial investments, trading in equities, derivatives, commodities, IPOs, and mutual funds. Further, SMC Global has an active client base of around 1,86,023 in June 2024.
Alice Blue, a tech-savvy discount stock broker, offers trading services at BSE, NSE, and MCX. It leverages its algorithm-powered platforms, user-friendly interface, and low brokerage charges to attract investors and traders in India. Established in 2006, Alice Blue had an active client base of around 1,661220 in June 2024.
Choosing the best stock broker in India is crucial to enjoying several cost-effective and user-friendly benefits. Investors and traders must choose among the top stock brokers providing low brokerage fees, user-friendly trading platforms, customer service, research tools, and other additional features. Further, investing in the top 20 stock brokers in India is a more reliable and affordable option to embark on the journey towards investment goals and financial success.
Paytm Money, Zerodha, Aditya Birla Capital, Upstox, ICICI Direct, and HDFC Securities are India's most-safest stock brokers.
Angel One is the oldest trading stock broker registered in India since 1987.
Groww is considered to be India’s No. 1 stock broker in 2024.
Upstox stock broker is considered better than Zerodha because it is cost-effective and easy to open an account with.
Zerodha, Upstox, Angel Broking, 5paisa, Motilal Oswal, ICICI Direct, HDFC Securities, Sharekhan, Axis Direct, and IIFL Securities are some of the legal stock brokers registered to carry out trading currency derivatives on NSE and BSE stock exchange of India.
Geojit is the oldest, and the first stock broker registered in 1987 in India.
Zerodha is considered to be the most trusted stock broker in India.
Zerodha, Upstox, Fyers, ProStocks, and Indiabulls are some of the stock brokers that offer brokerage-free investments in the Indian stock market.
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