Top 10 Stock brokers in India
SUMMARY
Introduction
Stock brokers play an important role in India’s financial market. They help individuals buy and sell shares, invest in exchange-traded funds (ETFs), trade in derivatives, and access other financial products through stock exchanges such as the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
Over the past few years, stock market investing has become more accessible in India. Mobile trading apps, online account opening, low brokerage charges, and easy access to market information have encouraged more people to explore investing. Today, beginners can open a Demat and trading account online without visiting a physical office in many cases.
However, not all stock brokers offer the same services. Some focus on low-cost trading, while others provide research reports, investment advice, advanced charting tools, or personal assistance. The charges, features, customer support, and investment products available can also vary from one broker to another.
Choosing the right stock broker is important because brokerage fees and other account charges can affect your overall investment costs. A good platform should be easy to use, transparent about its fees, and suitable for your investment goals.
In this article, we will explore the top 10 stock brokers in India in 2026, their main services, business strengths, financial performance where reliable figures are available, and the factors investors should consider before opening an account.
1. Groww
Groww is one of India’s most popular online investment platforms. It allows users to invest in shares, mutual funds, ETFs, IPOs, and other financial products through its website and mobile application.
Groww is especially popular among beginners because of its simple interface and easy account-opening process. Investors can explore stocks, track their portfolios, review company information, and manage their investments from one place.
Main services
- Equity delivery and intraday trading.
- Futures and options trading.
- Mutual funds and systematic investment plans (SIPs).
- IPO applications and ETF investments.
- Margin trading facilities and portfolio tracking.
Latest business performance
According to September 2026 exchange data, Groww had approximately 1.34 crore active clients, making it India’s largest stock broker by this measure.
Groww’s parent company, Billionbrains Garage Ventures, also publishes financial information for its wider investment platform. Its FY2025–26 shareholder disclosures report quarterly total income of ₹849.6 crore, ₹948.5 crore, ₹1,070.8 crore and ₹1,261.1 crore for the first four quarters, followed by ₹1,535.5 crore in Q4 FY2026.
| Financial indicator | FY2025–26 |
| Total income | Approximately ₹5,665.5 crore |
| Profit after tax (PAT) | Approximately ₹2,083 crore |
Figures are calculated by adding the five quarterly income figures and the four FY2026 PAT figures disclosed in the shareholder letter, respectively. The income figure is total income, not revenue from operations. Check the final audited annual statements before publication.
Groww is worth considering for people who prefer a digital-first investment platform. However, users should compare its current brokerage rates, statutory charges, available tools, and customer support before opening an account.
2. Zerodha
Zerodha is one of India’s best-known discount stock brokers. It helped popularise low-cost online trading and has built a large customer base among individual investors and active traders.
Its Kite platform offers market charts, watchlists, order placement, and portfolio tracking. Zerodha also operates educational and investment-related services, including Varsity, which provides learning material about stock markets and financial products.
Main services
- Equity delivery and intraday trading.
- Futures and options.
- Mutual funds through Coin.
- Bonds and government securities where available.
- Trading charts, market tools, and investor education.
Latest business performance
| Stock Broker | Zerodha |
| Active Clients | Approximately 67.92 lakh (September 2026) |
| Market Position | Second among Indian stock brokers by active clients |
| Business Type | Privately held company |
| Financial Performance (FY2025–26) | Verified standalone revenue and net profit figures for the broking entity were not established |
| Key Strengths | Straightforward pricing, trading tools, and educational resources |
| Suitable For | Investors and traders who prefer low-cost trading and self-directed investing |
| Potential Limitation | May be less suitable for people seeking extensive personalised investment advice or a traditional relationship manager |
3. Angel One
Angel One is a major stock broker offering digital trading services and investment-related products. It combines an online trading platform with research tools and services designed for both individual investors and active traders.
Its application provides access to market information, trading facilities, portfolio details, and other investment features. The company has also invested in digital technology to make trading more accessible.
Main services
- Equity delivery and intraday trading.
- Futures and options.
- Mutual funds and IPO applications.
- Investment research and market information.
- Margin trading and portfolio monitoring.
Latest business performance
Angel One had approximately 67.56 lakh active clients in September 2026, placing it third in the NSE active-client ranking.
| Stock Broker | Angel One |
| Active Clients | Approximately 67.56 lakh (September 2026) |
| Market Position | Third in the NSE active-client ranking |
| Business Type | Publicly listed company |
| Financial Performance (FY2025–26) | Audited annual revenue and net profit figures were not independently confirmed |
| Financial Disclosures | Quarterly results covering revenue, expenses, and profit are available through its investor relations website |
| Key Strengths | Digital trading platform, investment features, and research tools |
| Suitable For | Investors and traders seeking a digital platform with multiple investment services |
| Things to Compare | Brokerage charges, platform usability, research services, and customer support |
4. ICICI Securities
ICICI Securities operates the ICICI Direct investment platform. It is associated with the wider ICICI financial services group and offers services for people who want to manage several financial products through one provider.
Unlike brokers that concentrate mainly on low-cost trading, ICICI Direct provides access to a broader investment ecosystem. Depending on eligibility and product availability, customers can explore stocks, mutual funds, IPOs, bonds, and other financial products.
Latest business performance
ICICI Securities had approximately 21.61 lakh active clients in September 2026, ranking fourth among brokers by NSE active clients.
| Stock Broker | ICICI Securities (ICICI Direct) |
| Ownership | Wholly owned subsidiary of ICICI Bank following its 2024 delisting |
| Financial Reporting | Its reporting context differs from that of an independently listed broker |
| Financial Performance (FY2025–26) | Separate, verified revenue and net profit figures for the broking business were not established |
| Financial Data Source | Official company filings and financial disclosures |
| Key Strengths | Established financial services brand and access to multiple investment products |
| Suitable For | Investors seeking an established provider with a range of investment services |
| Things to Compare | Brokerage fees, account charges, available products, and services offered by lower-cost online brokers |
5. Upstox
Upstox is a technology-focused stock broker that provides online trading and investment services. It is known for its digital onboarding process and tools aimed at retail investors and active market participants.
The platform allows customers to monitor market prices, create watchlists, analyse charts, and place orders through a mobile application or website.
Latest business performance
Upstox had approximately 18.54 lakh active clients in September 2026, making it the fifth-largest broker in the NSE ranking by active clients.
| Stock Broker | Upstox |
| Active Clients | Approximately 18.54 lakh (September 2026) |
| Market Position | Fifth-largest broker in the NSE active-client ranking |
| Business Type | Privately held company |
| Financial Performance (FY2025–26) | Verified annual revenue and net profit figures for the relevant broking entity were not established |
| Financial Data Source | Official company disclosures and regulatory filings |
| Key Strengths | Digital trading tools and online account management |
| Suitable For | Investors and traders who prefer digital platforms |
| Things to Compare | Brokerage charges, transaction fees, platform reliability, and customer support |
6. Kotak Securities
Kotak Securities is a stock broker associated with the Kotak Mahindra financial services group. It provides online trading services and investment products for individual investors and other market participants.
Its Kotak Neo platform allows users to trade and monitor their investments digitally. The company also provides market information and research-related services, subject to the product and account arrangements available to customers.
Latest business performance
| Stock Broker | Kotak Securities |
| Active Clients | Approximately 13.92 lakh (September 2026) |
| Market Position | Sixth in the NSE active-client ranking |
| Business Structure | Part of the Kotak Mahindra financial services group |
| Financial Performance (FY2025–26) | Verified annual revenue and net profit figures for Kotak Securities were not established |
| Financial Data Source | Latest company annual reports and official financial disclosures |
7. HDFC Securities
HDFC Securities is a well-known stock broker associated with HDFC Bank. It provides online investment and trading services to customers who want access to the Indian financial markets.
The company offers digital trading facilities alongside research and investment-related services. Its platform is designed to help customers monitor investments, review market information, and place trades.
Latest business performance
HDFC Securities had approximately 13.54 lakh active clients in September 2026, placing it seventh in the NSE ranking.
The company operates within the broader HDFC financial services ecosystem. Its own revenue and net profit should not be confused with HDFC Bank’s consolidated financial results.
| Stock Broker | HDFC Securities |
| Active Clients | Approximately 13.54 lakh (September 2026) |
| Market Position | Seventh in the NSE active-client ranking |
| Business Structure | Part of the broader HDFC financial services ecosystem |
| Financial Performance (FY2025–26) | Independently verified annual revenue and net profit figures were not established |
8. Dhan
Dhan is a digital stockbroking platform operated by Raise Securities. It focuses on trading tools, market analysis, and features intended for investors and active traders.
Dhan offers charting and trading facilities through its app and web platform. It also provides tools for users who want to analyse market movements and manage their trading activity.
Main services
- Equity delivery and intraday trading.
- Futures and options.
- Trading charts and technical analysis tools.
- Market watchlists and portfolio tracking.
- APIs and other trading-related tools, subject to applicable conditions.
Latest business performance
Dhan had approximately 11.21 lakh active clients in September 2026, placing it eighth in the NSE active-client ranking. The exchange’s reported broker name is Raise Securities Private Limited, which operates the Dhan app.
9. SBI Securities
SBI Securities is the stockbroking business associated with the State Bank of India financial services ecosystem. It provides trading and investment services to individuals who want access to shares and other market products.
Its digital platforms support online trading, portfolio monitoring, and access to market information. The SBI brand may be familiar to customers who already use banking services from the group, although banking and stockbroking accounts have different terms and risks.
Main services
- Equity delivery and intraday trading.
- Futures and options.
- IPO applications and mutual funds.
- Market information and research tools.
- Online account and portfolio management.
Latest business performance
| Stock Broker | SBI Securities |
| Active Clients | Approximately 10.21 lakh (September 2026) |
| Market Position | Ninth in the NSE active-client ranking |
| Business Structure | Part of the wider SBI financial services ecosystem |
| Financial Performance (FY2025–26) | Verified annual revenue and net profit figures for SBI Securities were not established |
10. Motilal Oswal Financial Services
Motilal Oswal Financial Services is a diversified financial services business that offers stockbroking alongside wealth management, asset management, investment banking, and other financial services.
Unlike brokers that concentrate mainly on app-based trading, Motilal Oswal has a broader service model. Its offerings include market research and investment-related services that may be useful to customers seeking more information when making financial decisions.
Main services
- Equity delivery and intraday trading.
- Futures and options.
- Wealth and portfolio management.
- Mutual funds and other investment products.
- Research reports and investment banking services.
Latest business performance
| Stock Broker | Motilal Oswal Financial Services |
| Active Clients | Approximately 9.09 lakh (September 2026) |
| Market Position | Tenth in the NSE active-client ranking |
| Business Structure | Diversified financial services company with multiple business segments |
| Financial Performance (FY2025–26) | Verified consolidated annual revenue and net profit figures were not established |
Comparison of the Top 10 Stock Brokers in India
The following table compares the ten brokers using their reported NSE active-client counts for September 2026. These figures provide a consistent measure of market reach, but they do not measure service quality, customer satisfaction, or financial performance.
| Stock broker | Active clients (approx.) | Latest annual revenue |
| Groww | 1.34 crore | ₹4,644.58 crore FY2025–26 |
| Zerodha | 67.92 lakh | Not independently verified for FY2025–26 |
| Angel One | 67.56 lakh | ₹5,136.61 crore, FY2025–26 |
| ICICI Securities | 21.61 lakh | ₹5,896.23 crore, FY2025–26 |
| Upstox | 18.54 lakh | Not independently verified for FY2025–26 |
| Kotak Securities | 13.92 lakh | ₹5,461 crore, FY2025–26 |
| HDFC Securities | 13.54 lakh | |
| Dhan (Raise Securities) | 11.21 lakh | Not independently verified for FY2025–26 |
| SBI Securities | 10.21 lakh | Not independently verified for FY2025–26 |
| Motilal Oswal Financial Services | 9.09 lakh | ₹9,416.42 crore, FY2025–26 |
Conclusion
India’s stockbroking industry offers a wide range of choices, from digital-first platforms such as Groww, Zerodha, Upstox, and Dhan to established financial services providers such as ICICI Securities, Kotak Securities, HDFC Securities, SBI Securities, and Motilal Oswal Financial Services. Angel One is another major player with a large digital trading platform.
The September 2026 active-client data places Groww at the top, followed by Zerodha and Angel One. However, this ranking reflects active-client numbers rather than the overall quality of each broker.
Financial performance is another useful comparison, but it must be assessed carefully. Some brokers publish detailed annual results, while others are privately held or operate within larger financial services groups. Their reported income and profit may therefore cover different business activities, making direct comparisons difficult.
For beginners, ease of use, transparent pricing, and reliable customer support may be the most important factors. More experienced investors may place greater value on advanced trading tools, research, and specialised services.
Ultimately, the right stock broker is the one that meets your needs at a reasonable cost and provides the services you require. Compare the latest charges, verify regulatory registration, understand the risks, and make investment decisions based on your own financial goals rather than popularity alone.
FAQs :
1. Which is the No. 1 stock broker in India?
Groww ranked first by active clients in the table used for this article.
2. Which are the top 10 stock brokers in India?
Groww, Zerodha, Angel One, ICICI Securities, Upstox, Kotak Securities, HDFC Securities, Dhan, SBI Securities, and Motilal Oswal.
3. Which stock broker is best for beginners in India?
Groww and Zerodha are popular options for beginners because of their user-friendly platforms and pricing.
4. Is Zerodha a discount broker?
Yes, Zerodha is a discount broker known for its low-cost trading services.
5. Is Groww suitable for long-term investors?
Yes, Groww offers investment options that can suit people investing for the long term.
6. Which stock broker offers low brokerage charges?
Zerodha, Groww, and Upstox are known for their discount-brokerage models, but charges vary by service.
7. Is Angel One a full-service broker?
Angel One offers digital trading services along with research and investment-related tools.
8. What is the difference between a discount broker and a full-service broker?
Discount brokers focus on low-cost trading, while full-service brokers may offer additional research and advisory services.
9. Can I buy shares through these stock brokers?
Yes, these brokers provide platforms through which eligible customers can buy and sell shares.
10. Do I need a Demat account to invest in shares?
Yes, a Demat account is generally required to hold shares in electronic form.
11. Is ICICI Securities linked to ICICI Bank?
Yes, ICICI Securities is part of the ICICI Group and provides brokerage and investment services.
12. What is Dhan known for?
Dhan is known for its digital trading platform and charting tools.
13. Which stock brokers provide mobile trading apps?
All ten brokers offer digital platforms, including mobile trading options.
14. What does a stock broker’s revenue mean?
Revenue is the income a company earns from its business activities before deducting expenses.
15. How should I choose the best stock broker in India?
Compare brokerage charges, platform features, customer support, investment options, and your personal needs before choosing a broker.
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