The Indian stock broking market has witnessed tremendous growth in recent years. Competition among discount brokers and full service brokers has never been more intense, driven by increasing retail participation in the Indian financial market. Whether it is a beginner or an experienced trader, in both cases, it becomes important to know about the largest SEBI registered broker and their standing to make the right decision regarding the choice of trading & investing platform. Let's explore the top 50 stock brokers in India based on the number of active clients.List of Top 50 Largest Stock Brokers in March 2026 in India RankStock Broker’s nameNo. of Active ClientsAddition/ ChurnRank Change1Groww Invest Tech Private Limited1,29,39,127193,261-2Zerodha Broking Limited68,93,75321,459-3Angel One Limited67,62,9066,443-4ICICI Securities Limited20,87,41012,494-5Upstox Securities Private Limited19,87,928-20,950-6HDFC Securities Ltd.13,91,568-23,941-7Kotak Securities Ltd.13,82,8174,851-8SBIcap Securities Limited11,63,9304,644-9Raise Securities Private Limited10,37,03218,824-10Motilal Oswal Financial Services Limited9,01,790171-11Paytm Money Ltd.8,76,6936,702-12Indstocks Private Limited6,93,3104,529-13Sharekhan Ltd.5,31,949-1,087-14Axis Securities Limited4,30,10111,214-15IIFL Capital Services Ltd.3,42,801-3,140-165paisa Capital Limited3,34,970-3,709-17Choice Equity Broking Private Limited2,54,518-2,64418Mirae Asset Capital Markets (India) Private Limited2,45,773-11,78819PhonePe Wealth Broking Private Limited2,22,147-7,236-20Geojit Investments Limited2,17,100-598-21Fyers Securities Private Limited2,01,159793-22SMC Global Securities Ltd.1,60,236564-23Anand Rathi Share And Stock Brokers Limited1,46,950381-24Nuvama Wealth And Investment Limited1,41,680-655-25Religare Broking Limited1,37,433-144-26Jainam Broking Limited1,35,86165227Nirmal Bang Securities Pvt. Ltd.1,35,784-58528Marwadi Shares And Finance Limited1,29,724-258-29Aaritya Broking Private Ltd1,28,15218,09530JM Financial Services Limited1,14,629-34831Finvasia Securities Private Limited99,824-1,003-32Ventura Securities Limited99,344-481-33Alice Blue Fin Svcs P Ltd93,281269-34Yes Securities (India) Limited91,4012,860-35Tradebulls Securities (P) Ltd.77,922-88-36Stockholding Services Limited76,207749-37NJ India Invest Private Limited74,77152-38Aditya Birla Money Limited68,189-950-39Moneywise Finvest Limited61,6984,42540Bajaj Financial Securities Ltd.59,945-55941Master Capital Services Limited59,194-31242IDBI Capital Markets & Securities Ltd.58,92732543Jhaveri Securities Limited58,484-Newly Added44Nu Investors Technologies Private Limited55,5323,44145Globe Capital Market Limited54,912-28146Bonanza Portfolio Ltd.53,84535547Swastika Investmart Limited52,923-62448Arihant Capital Markets Limited52,55226049Samco Securities Limited51,232-56150Integrated Enterprises (India) Private Limited50,618583 The bottom lineBroker market share India in March 2026 remains highly competitive, with the top 10 brokers taking up the majority percentage of active retail participation. The data indicate a definite structural pattern that technology-first platforms that charge zero or a flat fee are gaining more clients than traditional brokers, whereas full-service brokers are still not going anywhere, as they retain their relevance among investors who value research depth and advisory services.This monthly NSE data can be utilised by retail investors to assess which broker to employ, as it is a reflection of actual trading activity and not registered accounts or marketing claims.
