The retail investing landscape in India has grown exponentially in recent years due to the advent of online brokerage platforms. With over 4,900 SEBI-registered brokers operating in the country, the choice of a stockbroker has become extremely difficult for market participation due to the wide variety of platforms, with each platform offering something different. The right broker can bring quicker execution, reduced expenses, advanced tools, and eventually, improved returns. While a wrong selection can silently eat up all the returns. To help market participants find a suitable broker according to their needs, here is a comprehensive list of the top 10 stock brokers in India as of March 2026, based on the number of active clients reported by the NSE.1. GrowwGroww was founded in 2016 by former Flipkart employees, and currently, it is India's largest stockbroker by number of active users. It is also the first brokerage firm in India to cross the one crore active client mark. What began as a direct mutual fund platform has now evolved into a full-fledged investment application that provides stocks, ETFs, IPOs, and F&O, all investment products in one clean and user-friendly interface. Groww charges zero brokerage fees on direct mutual funds, 0.1% or Rs. 20 (whichever is less) with a minimum of Rs. 5 per order on intraday and Rs. 20 for F&O trades. It is best suited for first-time investors and mutual fund buyers who want a no-frills, easy-to-invest experience with a SEBI-registered broker.2. ZerodhaZerodha is the broker that changed India's brokerage industry. Nithin and Nikhil Kamath founded it in 2010 and were the first to implement the flat-fee discount brokerage model. It has been one of the most popular brokers in India over the years. Its Kite trading platform remains one of the most trusted, fastest, and cleanest trading interfaces in the Indian financial market. Zerodha levies no brokerage on equity delivery. But it charges Rs. 20 or 0.03% (whichever is lower) per order for intraday and F&O trades, and Rs. 20 for all options trades. Its Coin platform allows direct investment in mutual funds with zero commission, and Varsity, its free education portal, is considered to be the best stock market learning tool that Indian retail investors have. Zerodha attracts self-directed traders who are price-conscious and prioritise platform reliability and a clean trading experience over advisory hand-holding.3. Angel OneEstablished in 1987, Angel One is one of India's oldest full-service brokers that has successfully reinvented itself as a modern technology-first platform. It offers a combination of AI-driven stock suggestions, robo-advisory, detailed research reports, and a mobile application at flat-fee discount rates. Angel One charges zero brokerage for the first 30 days on equity delivery, intraday, F&O, commodities & currencies. Later for equity intraday it charges a brokerage fee of flat Rs. 20 or 0.1 %, minimum Rs. 5 (which is lower) per order and Rs. 20 for F&O, commodities & currencies trades. Its SmartAPI offering is especially appealing to algorithmic traders, and its research platform attracts investors seeking data-driven insights. 4. ICICIdirectICICIdirect, the brokerage arm of ICICI Securities, is one of the most reputable full-service brokers in India with more than 20 years of experience in the market. Its flagship three-in-one account combines market participants' ICICI Bank savings, demat, and trading accounts to enable easy transfer of funds and instant settlement. Under its default MoneySaver Plan, ICICIdirect charges 0.29% for equity delivery and 0.029% for intraday/futures; however, its iValue Plan charges Rs20 per order for intraday F&O and commodity trades, making it competitive with other brokers for active traders. ICICIdirect offers features like an extensive research desk, portfolio management, and various investment options such as bonds, NCDs, FDs, and insurance, which makes it one of the most favoured brokers among long-term investors and HNIs due to its institutional credibility and advisory expertise.5. UpstoxUpstox is a technology-advanced discount broker in India, which is popular among millennial traders and high-volume market participants. It provides competitive margin facilities, advanced charting tools, and a clean platform. Upstox does not charge any brokerage fees on mutual fund and IPO transactions, whereas it charges Rs. 20 for equity delivery, Rs. 20 or 0.1% for equity intraday, and Rs. 20 or 0.5% for futures and Rs. 20 for options across equity, currency, and commodity trades.Its Pro Web and Pro Mobile platforms are among the best trading applications in India for active intraday and F&O traders who desire speed, multi-market trading, and aggressive margin facilities.6. HDFC SecuritiesHDFC Securities, which is supported by HDFC Bank, the largest private sector bank, offers institutional-grade trust and a smooth banking integration to the brokerage space. The platform provides real-time option chains, instant IPO applications through UPI, research reports, and various watchlists. HDFC Securities charges a minimum brokerage of Rs. 25 at 0.50% per order in equity delivery and 0.05% or a minimum of Rs. 25 per order for futures, making it more suitable for long-term investors than high-frequency traders.The three-in-one account integration with HDFC Bank makes it an attractive option to conservative, long-term investors and current HDFC Bank customers who value the HDFC Bank security and brand trust more than the lower brokerage fees.7. Kotak SecuritiesKotak Securities is a full-service broker that provides a strong research desk and integration with Kotak Mahindra Bank. It offers two paid brokerage plans, a trade-free youth plan to individuals under 30 and a trade-free pro plan to others, to suit different trading styles in equities, derivatives, and commodities. The platform enables advanced charting, IPOs, and mutual funds investment access all from one platform. It charges 0.20% brokerage for equity delivery, Rs. 10 or 0.05% for intraday, and Rs. 10 F&O trades in its free plan. Its rich institutional heritage and the wide range of products make it the broker of choice among investors who are interested in full-service advisory provided by one of the most reputable banking groups in India.8. SBI SecuritiesSBI Securities is a subsidiary of the State Bank Group and is one of the most institutionally trusted brokers in India due to its heritage. It provides Instacharts, which allows traders to see charts, trade, and positions in real time, all within a single window. It provides various plans to the market players to suit their diverse needs. It charges Rs. 20 for equity intraday, 0.10% to 0.35% for delivery, 0.05% to Rs 20 for futures, and Rs. 20 or Rs. 50 for options trades, while all these charges depend on the plan selected. SBI Securities is a popular broker among risk-averse investors and SBI account holders who value institutional trust and the SBI brand trust.9. DhanDhan is one of the fastest-growing technology-led brokers in India. It was founded in 2021 by Raise Securities Private Limited, with its active clients increasing multifold every year. Dhan was built to cater to super traders and long-term investors. It provides zero brokerage on equity delivery, mutual funds, and IPO transactions, and zero AMC and platform fees. Although it charges a fixed brokerage fee of Rs. 20 or 0.03% per executed order for intraday and Rs. 20 on F&O and commodity trades. It provides TradingView integration to place orders directly through charts; free API access (DhanHQ) to algorithm traders; MTF on 1,700+ stocks at 12.49% per annum; SLBM to earn returns on idle stock holdings; and the DEXT execution engine that executes trades at lightning-fast speed. All these attributes of Dhan make it an attractive option to active F&O traders, algorithmic traders, options strategists, and technology-oriented investors who require institutional-grade features at retail prices. 10. Motilal OswalMotilal Oswal Financial Services was established in 1987 and is one of the most reputable names in the field of equity research, wealth management, and long-term investing in India. The company operates one of the largest and most cited equity research teams in India, which offers in-depth fundamental research that institutional and retail investors rely on to make investment decisions. It provides Portfolio Management Services (PMS), alternative investments, wealth advisory, and access to IPOs and mutual funds in addition to regular trading access. Motilal Oswal charges 0.20% for equity delivery, 0.02% for intraday/ futures, and Rs 20 per lot for options trades. It is a popular broker among long-term, research-driven investors and HNIs who can afford to pay a professional advisory fee and value its forty years of capital markets experience.Wrap upIn 2026, the brokerage ecosystem in India split into two halves, in which one half is led by technology-first discount brokers and the other by research-based full-service firms, and each has its advantages. Discount brokers like Dhan, Groww, Zerodha, and Angel One have made the financial market accessible to everyone, and brokers such as ICICIdirect, SBI Securities, and HDFC Securities have the goodwill of the large Indian private banks. Dhan, in this broker landscape, is making advanced trading tools available to retail participants.Often, for a market participant, the right broker is not the most popular one, but the one that fits their trading style, investment objectives, and offers the tools that they need to sail through this Indian stock market.
