Top 10 Stock Brokers in India 2026 for Investing and Trading

The largest stock broker in India may not necessarily be the best broker for you.

A beginner may prefer a simple investing app. An active trader may need fast execution, advanced charts and options tools. A long-term investor may value research, banking integration and customer support more than the lowest brokerage.

This guide compares the top stock brokers in India using the latest available NSE active-client ranking for May 2026. It also evaluates their brokerage structure, platforms, investment products, research support and suitability for different users.

Active-client numbers show how widely a broker is used. They do not prove that the broker has the best platform, lowest charges or highest service quality.

Top 10 Stock Brokers in India 2026

The ranking below is based on NSE active-client data as of May 30, 2026.

Rank	Stock Broker	Type	Best Suited For	Equity Delivery Brokerage	Intraday/F&O Brokerage
1	Groww	Discount broker	Beginners and simple investing	₹20 or 0.1%, whichever is lower; minimum ₹5	Intraday: ₹20 or 0.1%, whichever is lower; F&O: ₹20 per order
2	Zerodha	Discount broker	Self-directed investors and traders	₹0	Intraday and futures: ₹20 or 0.03%, whichever is lower; options: ₹20
3	Angel One	Hybrid broker	Investors seeking research and digital tools	₹20 or 0.1%, whichever is lower; minimum ₹5	Intraday: ₹20 or 0.1%, whichever is lower; F&O: ₹20
4	ICICI Direct	Full-service broker	Existing ICICI Bank customers	Depends on selected plan	Depends on selected plan
5	Upstox	Discount broker	Mobile-first investors and traders	Up to ₹20 per order, subject to plan conditions	Usually up to ₹20 per order under the basic plan
6	Kotak Securities	Full-service/hybrid broker	Bank-linked users and active traders	Depends on selected plan	Selected plans offer ₹10 intraday and F&O orders
7	HDFC Securities	Full-service/hybrid broker	Long-term investors and HDFC Bank customers	Depends on platform and plan	HDFC SKY offers flat-fee pricing; full-service plans differ
8	SBI Securities	Full-service broker	SBI customers and branch-oriented investors	Depends on selected plan	Several plans charge ₹20 per intraday order
9	Dhan	Discount broker	Active, options and API traders	₹0	Intraday: ₹20 or 0.03%, whichever is lower; F&O: ₹20
10	Motilal Oswal	Full-service broker	Research-led investors	Plan-dependent	Plan-dependent

Brokerage plans, promotional offers and account charges can change. Check the broker’s current tariff sheet before opening an account.

How We Selected These Stock Brokers

The inclusion and order of brokers are based on their latest NSE active-client positions.

An active client generally refers to a registered client who has completed at least one transaction during the period considered by the exchange. It is a useful measure of broker size and popularity, but it is not a complete measure of quality.

Each broker has also been assessed using the following factors:

1. Active-client position
2. Brokerage and account-related charges
3. Investing and trading platforms
4. Available products and market segments
5. Research and educational support
6. Customer service model
7. Banking integration
8. Suitability for different users

MoneyMoksh does not treat the broker with the highest client count as the automatic winner.

1. Groww – Best for Beginners and Simple Investing

Groww was the largest stock broker in India by NSE active clients in May 2026, with more than 1.30 crore active users.

Its simple interface is one of its main advantages. Users can access stocks, mutual funds, ETFs, IPOs, futures and options through the same platform.

Investors who are unsure whether to use exchange-traded products or regular mutual funds should first understand the difference between ETFs and mutual funds.

Main strengths

• Clean and beginner-friendly app
• Stocks, mutual funds, IPOs and ETFs in one place
• Simple digital account-opening process
• Easy portfolio tracking
• Suitable for investors starting with mutual funds or shares

Brokerage

Groww charges the lower of ₹20 or 0.1% of the trade value per stock order, with a minimum brokerage condition of ₹5. F&O trades generally carry a flat charge of ₹20 per order.

This means equity delivery is not brokerage-free.

Important limitations

Groww may suit beginners, but experienced traders may find its tools less specialised than platforms created mainly for active or options trading.

Users should also consider DP charges when selling delivery shares and interest costs before using its Margin Trading Facility.

Who should consider Groww?

Groww may suit:

• First-time investors
• Mutual fund investors
• Users who want a simple interface
• Investors who prefer managing different products in one app

Active traders who need detailed options analysis, APIs or advanced desktop tools should compare Dhan, Zerodha and Upstox as well.

2. Zerodha – Best for Self-Directed Investors and Traders

Zerodha remained India’s second-largest broker by active clients in May 2026.

It helped popularise the discount-broking model in India and is widely used by long-term investors and active traders.

Its main platforms include Kite for trading and Coin for direct mutual funds.

Main strengths

• Zero brokerage on genuine equity-delivery investments
• Clear and relatively simple pricing
• Kite web and mobile trading platform
• Direct mutual funds through Coin
• Varsity educational content
• Suitable for investors and traders

Brokerage

Zerodha charges:

• Equity delivery: ₹0
• Equity intraday: ₹20 or 0.03% per executed order, whichever is lower
• Equity futures: ₹20 or 0.03%, whichever is lower
• Equity options: ₹20 per executed order

Statutory, exchange and DP charges still apply.

Important limitations

Zerodha mainly follows a self-service model. Investors looking for stock recommendations, relationship managers or extensive branch support may prefer a full-service broker.

Some specialised tools or market-data services may also operate through separate platforms or integrations.

Who should consider Zerodha?

Zerodha may suit:

• Long-term equity investors
• Direct mutual fund investors
• Self-directed traders
• Users who value transparent pricing
• Investors who use educational resources to make their own decisions

3. Angel One – Best for Research and Digital Features

Angel One ranked third by NSE active clients in May 2026.

It operates as a digital-first broker while also providing research, investment ideas and a wider range of support than a basic execution-only platform.

Main strengths

• Research and stock-analysis content
• Stocks, mutual funds, IPOs, commodities and F&O
• Digital investing and trading tools
• Suitable for both new and experienced users
• API and technology-based features

Brokerage

Angel One currently charges:

• Equity delivery: ₹20 or 0.1% per executed order, whichever is lower, with a minimum of ₹5
• Equity intraday: ₹20 or 0.1%, whichever is lower, with a minimum of ₹5
• F&O: ₹20 per executed order

Its current introductory offer may provide limited-period brokerage benefits, subject to terms.

Important limitations

Users should not assume that delivery investing is free. They should also check whether a research or advisory feature is included free or linked to a particular product or plan.

Who should consider Angel One?

Angel One may suit:

• Beginners who want investment ideas
• Investors interested in research support
• Traders who want digital tools
• Users looking for more guidance than an execution-only broker provides

Research reports should be treated as information, not guaranteed recommendations.

4. ICICI Direct – Best for ICICI Bank Customers

ICICI Direct was the largest traditional full-service broker by active clients in May 2026.

Its strongest advantage is its three-in-one account, which connects an ICICI Bank account, trading account and demat account.

This can make fund transfers and investment transactions easier for existing ICICI Bank customers.

Main strengths

• Three-in-one banking, trading and demat integration
• Stocks, IPOs, bonds, FDs, mutual funds and other products
• Research reports and investment ideas
• Established full-service support
• Convenient for ICICI Bank customers

Brokerage and account costs

ICICI Direct offers multiple pricing plans. Brokerage can differ according to:

• Selected plan
• Equity delivery or intraday trade
• Trading volume
• Subscription package
• Product segment

Its regular demat account may also carry annual maintenance charges after the introductory period. DP charges may apply when securities are sold.

Important limitations

Its overall cost can be higher than that of discount brokers, especially when the user selects a percentage-based plan or trades frequently.

Users should compare the plan tariff instead of relying on one advertised brokerage figure.

Who should consider ICICI Direct?

It may suit:

• Existing ICICI Bank customers
• Long-term investors
• Users who want banking integration
• Investors seeking research and multiple products
• People who value convenience over the lowest possible cost

5. Upstox – Best for Mobile-First Active Traders

Upstox is a technology-driven discount broker offering investments and trading through its mobile and web platforms.

It ranked fifth by NSE active clients in May 2026.

Main strengths

• Mobile-first investing and trading experience
• Stocks, mutual funds, IPOs, commodities and F&O
• Charting and market-analysis tools
• Digital account opening
• Suitable for investors and active traders

Brokerage

Under its basic pricing structure, Upstox generally charges:

• Equity delivery: up to ₹20 per order, subject to the regulatory limit
• Equity intraday: ₹20 or 0.1%, whichever is lower
• Futures and options: generally up to ₹20 per order

Upstox Plus can have higher per-order charges than the basic plan in exchange for additional features.

Important limitations

Users must check which plan is active in their account. Comparing the basic plan with a premium plan without considering the additional features can be misleading.

Upstox may also offer less personalised advisory support than a traditional full-service broker.

Who should consider Upstox?

Upstox may suit:

• Mobile-first traders
• Intraday traders
• Investors who want one app for stocks, mutual funds and IPOs
• Users who prefer flat-fee digital broking

6. Kotak Securities – Best for Bank-Linked Investing and Lower-Cost Trading Plans

Kotak Securities, now commonly accessed through Kotak Neo, ranked sixth by active clients in May 2026.

It combines the backing and banking integration of a traditional financial group with newer flat-fee trading plans.

Main strengths

• Integration with the Kotak banking ecosystem
• Research and investment support
• Stocks, IPOs, mutual funds and derivatives
• Plans for young and active traders
• API-based trading facilities

Brokerage

Kotak offers several plans.

Its Trade Free and Trade Free Youth plans may provide:

• Equity intraday: ₹10 or 0.05% per executed order, whichever is lower
• F&O: ₹10 per executed order
• Zero brokerage on selected API orders
• Limited introductory delivery-brokerage benefits

Account-opening fees and delivery charges depend on the selected plan.

Important limitations

Kotak does not have one brokerage structure for every customer. Charges may vary according to age, subscription plan and service selected.

Read the exact pricing terms instead of choosing based only on an introductory “free” offer.

Who should consider Kotak Securities?

Kotak may suit:

• Existing Kotak Bank customers
• Investors seeking banking integration
• Traders looking for ₹10 order-based plans
• Users who want research along with digital trading

7. HDFC Securities – Best for Long-Term Investors and HDFC Bank Customers

HDFC Securities ranked seventh by active NSE clients in May 2026.

It now serves different customer profiles through both full-service facilities and HDFC SKY, its lower-cost digital investing platform.

Main strengths

• Integration with HDFC Bank
• Research reports and investing ideas
• Stocks, mutual funds, IPOs, ETFs and F&O
• Full-service and discount-style platform choices
• Suitable for long-term investors

Brokerage

The brokerage depends on the account and platform selected.

HDFC SKY promotes flat ₹20-per-order pricing for supported segments, while traditional HDFC Securities plans may use different rates, subscription packages or percentage-based charges.

Important limitations

Users must clearly distinguish between HDFC SKY and traditional HDFC Securities pricing.

The cheapest advertised charge may not apply to all accounts or products. Demat, DP and account-maintenance charges should also be checked.

Who should consider HDFC Securities?

It may suit:

• Existing HDFC Bank customers
• Long-term investors
• Users seeking institutional-style research
• Investors who want banking and investing services together
• Traders willing to compare SKY with full-service plans

8. SBI Securities – Best for SBI Customers and Branch-Oriented Investors

SBI Securities is part of the State Bank of India financial ecosystem. It ranked eighth among the largest brokers by active clients in May 2026.

It is often considered by customers who already use SBI for banking and prefer a familiar financial institution.

Main strengths

• Connection with the SBI ecosystem
• Stocks, ETFs, mutual funds, IPOs and derivatives
• Research-based recommendations
• Banking integration
• Support suitable for traditional investors

Brokerage

SBI Securities has multiple plans, so delivery brokerage can vary.

Several plans charge around ₹20 per intraday order, while equity-delivery charges may be percentage-based. Futures, options and call-and-trade costs also depend on the selected plan.

Important limitations

Its pricing structure can be more complicated than that of a basic discount broker.

Some plans include subscription costs or higher delivery charges. Users should compare total annual costs before opening an account.

Who should consider SBI Securities?

It may suit:

• Existing SBI customers
• Investors who want a bank-backed broker
• Users seeking research and service support
• People comfortable with plan-based pricing

9. Dhan – Best for Active, F&O and API Traders

Dhan crossed 10 lakh active clients in 2026 and ranked ninth in the May 2026 NSE list.

Unlike many beginner-first apps, Dhan has built several tools specifically for serious traders, especially options and technical-analysis users.

Its charting facilities may suit experienced users who understand indicators and order flow. Traders can also learn how a tick chart in trading differs from a regular time-based chart before choosing a platform.

Main strengths

• TradingView integration
• Dedicated Options Trader platform
• Strategy builder and payoff tools
• Advanced option chain
• DhanHQ trading APIs
• Stocks, ETFs, mutual funds, commodities and F&O
• Zero account-opening and AMC charges for eligible retail accounts

Brokerage

Dhan charges:

• Equity delivery: ₹0
• Equity intraday: ₹20 or 0.03% per executed order, whichever is lower
• Equity futures and options: ₹20 per executed order
• Account opening: ₹0 for eligible individual accounts
• AMC: ₹0 for eligible individual accounts

Other charges, including DP, call-and-trade, auto-square-off and MTF-related costs, may apply.

Important limitations

The number of trading tools can feel complex to a complete beginner who only wants to buy a few shares or start a mutual fund SIP.

Dhan is also a broker featured in this ranking, so its self-published comparisons should not be treated as independent recommendations.

Who should consider Dhan?

Dhan may suit:

• Active equity traders
• F&O and options traders
• TradingView users
• Algorithmic and API users
• Traders who require advanced analysis tools

10. Motilal Oswal – Best for Research-Led Investors

Motilal Oswal ranked tenth by NSE active clients in May 2026.

It is a full-service financial-services company known for equity research, advisory support and a broad investment-product range.

Main strengths

• Detailed equity research
• Investment and market-analysis tools
• Stocks, mutual funds, IPOs and wealth products
• Advisory and relationship-based services
• Suitable for fundamental investors

Brokerage

Motilal Oswal’s charges can depend on the selected account and brokerage plan.

Its published standard structure has historically included percentage-based delivery and intraday brokerage, while options may carry per-lot or plan-based charges. Customers should check the current tariff directly before opening an account.

Important limitations

It may not be the lowest-cost option for frequent traders.

Some services, advisory features or account plans may involve charges that are not present with basic discount brokers.

Who should consider Motilal Oswal?

It may suit:

• Fundamental investors
• Users who value equity research
• Investors seeking advisory support
• Customers comfortable paying more for full-service facilities

Which Stock Broker Is Best for Your Needs?

There is no single best stock broker for every investor.

User Type	Brokers Worth Comparing	What to Prioritise
Complete beginner	Groww, Zerodha, Angel One	Simple interface, education and transparent fees
Long-term investor	Zerodha, ICICI Direct, HDFC Securities, Motilal Oswal	Delivery costs, research and available products
Intraday trader	Zerodha, Upstox, Dhan	Execution, charts and total trading cost
F&O trader	Dhan, Zerodha, Upstox, Angel One	Options tools, APIs, stability and risk controls
Bank-linked account user	ICICI Direct, Kotak Securities, HDFC Securities, SBI Securities	Banking integration and fund movement
Research-focused investor	Motilal Oswal, ICICI Direct, Angel One, HDFC Securities	Research quality and advisory support
Low-cost delivery investor	Zerodha and Dhan	Delivery brokerage, DP charges and AMC
API or algorithmic trader	Dhan, Zerodha, Kotak Neo	API features, cost and platform compatibility

Long-term investors interested in building an income-oriented portfolio can also understand how a dividend investing strategy works before selecting a broker.

Use this table only as a starting point. Test the platform and read the tariff sheet before making a decision.

Read Also: Intraday vs Delivery: Understand the Pros and Cons Before You Trade

Discount Broker vs Full-Service Broker

Factor	Discount Broker	Full-Service Broker
Brokerage	Usually flat or relatively low	May be flat, plan-based or percentage-based
Research	Limited or general	Research reports may be included
Advisory	Usually limited	May offer advisory or relationship support
Branch network	Generally limited	More likely to offer branches
Banking integration	Usually separate	Often available with bank-backed brokers
Trading tools	Often technology-focused	Varies by broker
Suitable for	Self-directed investors and traders	Users seeking guidance and integrated services

A discount broker is not automatically cheaper in every situation. For example, frequent delivery sell transactions can create DP charges even when delivery brokerage is zero.

Similarly, a full-service broker is not automatically better. Research and relationship support are useful only when you actually use them and find the total cost reasonable.

How to Choose the Best Stock Broker in India

Identify Whether You Are an Investor or Trader

A long-term investor may need a simple platform, low delivery costs and access to mutual funds, ETFs and IPOs.

An active trader may prioritise:

• Fast order placement
• Advanced charts
• Option-chain tools
• APIs
• Stable execution
• Risk-management features

Calculate the Total Cost

Estimate the cost based on your actual activity.

Include:

• Brokerage
• AMC
• DP charges
• MTF interest
• Platform subscriptions
• API charges
• Call-and-trade fees
• Auto-square-off fees

A broker with low intraday brokerage may still be expensive for a delivery investor because of AMC or DP charges.

Test the Platform

Check whether the app or website is:

• Easy to understand
• Stable during active market hours
• Suitable for your screen size
• Equipped with the required order types
• Clear about profit, loss and charges

Do not open an account only because an app has a high download count.

Check the Available Products

Confirm whether the broker offers the products you require, such as:

• Equity shares
• ETFs
• Mutual funds
• IPOs
• Bonds
• Commodities
• Currency derivatives
• Futures and options
• Margin Trading Facility

Advanced long-term investors can also check whether the broker supports SLBM in the stock market, which allows eligible securities to be lent through the regulated lending mechanism.

Read Also: IPO Investing Guide: Should Beginners Apply in 2026?

Review Customer Support

Check the availability of:

• Ticket support
• Email assistance
• Telephone support
• Branch service
• Dealer-assisted trading
• Grievance escalation

The cheapest broker may not suit someone who regularly needs personal support.

Verify Registration

Use the NSE broker locator or SEBI intermediary database to verify the broker’s registration and official contact details.

Avoid downloading trading applications from links received through unknown messages or social-media groups.

Is It Safe to Keep Investments With a Stock Broker?

Opening an account with a large broker does not make investing risk-free.

Your demat account holds securities electronically through the depository system. The broker provides the trading interface and may also act as a Depository Participant.

Money temporarily kept in the trading account is different from shares held in the demat account.

To improve account safety:

• Use only a SEBI-registered broker
• Download the app from an official source
• Enable two-factor authentication
• Never share passwords, PINs or OTPs
• Check contract notes
• Review ledger and demat statements
• Keep your mobile number and email updated
• Do not transfer money to personal bank accounts
• Report unauthorised activity immediately

Investors should also understand that broker registration does not protect them from market losses.

Final Verdict: Which Is the Best Stock Broker in India?

The best broker depends on how you invest or trade.

• Best for beginners: Groww
• Best for self-directed investing: Zerodha
• Best for research with digital access: Angel One
• Best for ICICI Bank customers: ICICI Direct
• Best for mobile-first trading: Upstox
• Best bank-linked trading plan: Kotak Securities
• Best for HDFC Bank customers: HDFC Securities
• Best for SBI customers: SBI Securities
• Best for options and advanced trading tools: Dhan
• Best for research-led investing: Motilal Oswal

These are editorial suitability categories, not guarantees that one broker will perform better for every user.

Compare at least two or three brokers using your expected trades, preferred products and required support. The right broker is the one whose platform, total cost and service model match how you actually invest.

FAQs