Are you looking for a Demat account to start your stock market investment journey? Sometimes, you still go through the maze of choosing the right broker for you. Today, we will explore the specifics of the top ten stock brokers in India, providing detailed information to help you both choose your best broker and successfully open your demat trading account.
Analyzing the characteristics and services of these brokers will give you the knowledge necessary to make informed decisions and ensure that a reliable and qualified partner supports your foray into banking. Remember that choosing the right broker can greatly affect your investment experience.
Table of Contents
1. NEXTBILLION TECHNOLOGY PRIVATE LIMITED (GROWW)
Securing first place in India’s top 10 brokers for 2023, Grove stands as proof of the business vision of its founders. Launched in 2016 by former Flipkart employees Lalit Keshre, Harsh Jain, Ishaan Bansal, and Neeraj Singh, the platform is thriving fast, becoming a key player in India’s online discount brokerage landscape. With a commitment to simplifying the investment process, irrespective of their financial background, Groww has positioned itself as the go-to platform for diverse investors What lies notably, the regulatory compliance of the platform is highlighted by registration with SEBI and membership with leading financial institutions, including NSE, BSE, MCX, CDSL, e.g., As Groww is redefining the financial experience, its user-friendly interface and comprehensive functionality helps size it up as a trusted alternative in the dynamic Indian financial market.
Key Features:
· Low brokerage charge of Rs 20 per executed trade or 0.05% for Equity, Intraday, and F&O trades.
· User-friendly trading app with 128-bit encryption.
· Zero-commission direct mutual funds.
· Instant online account opening.
· Abundant educational resources.
Fees/Charges:
· Fixed brokerage of Rs 20 per executed order for Equity Delivery, Intraday, and F&O trades.
· Additional charges for auto square-off, transaction, regulatory, and Demat charges.
Reasons to Choose Groww:
· Cost-effective with a flat fee of Rs 20 per trade.
· Prioritizes investor education with free resources.
· Transparent fee structure.
· Secure environment with 128-bit encryption.
2. Shoonya by Finvasia
Shoonya by Finvasia has earned a huge reputation in the industry with a commendable season as the runner-up in major categories in India. Since its launch in 2013, Shunya has boldly redefined the landscape as India’s leader in zero-commission commercial services. Zero was born out of the Finvasia Group, which had a vision, not just a factory. This has led to changes in economic growth and innovation in the Indian market.
Led by Finvasia Group, this groundbreaking platform means more than just business transactions—it points to a paradigm shift toward a future in which financial markets are more inclusive and technologically advanced. Zero’s commitment to zero-commission trading is not just a feature but a testament to its commitment to empowering every investor, from experienced traders to beginners exploring the world of finance, recently in the 1990s. As Zero gains popularity among the masses, its impact extends beyond the traditional business model, paving the way for accessible financial services in India.
Key Features:
· Zero brokerage on all trading segments.
· Zero brokerage demat account setup with no annual maintenance charges.
· Advanced trading tools and AI-powered insights.
· Commission-free trading in stocks, mutual funds, bonds, ETFs, futures and options, currency, and commodities.
Fees/Charges:
Shoonya By Finvasia offers Brokerage Plans with an emphasis on zero hidden costs:
- Experience zero brokerage on equity intraday and delivery, ensuring a hassle-free investment without incurring additional charges.
- Engage in futures and options trading with no brokerage fees, allowing you to trade Futures and options seamlessly.
- Explore currency and commodities markets with zero brokerage, enabling investments across multiple markets without fees.
- Invest in over 3000 Direct Commission-free Mutual Funds via SIP or lump sum, benefitting from zero brokerage on mutual funds.
- Maximize your portfolio with zero costs on ETFs and bonds, ensuring transparency and cost-effectiveness.
- Participate in new IPO offerings with zero brokerage, making it accessible to all investors.
- Avail the convenience of zero account opening charges when creating Demat and Trading accounts.
- Enjoy zero Annual Maintenance Charges (AMC) for the annual upkeep of Demat and Trading Accounts.
- Conduct trades over the phone at no cost with zero call and trade charges.
- Benefit from transparent pricing, free from hidden fees with zero hidden charges.
- Seamlessly experience multi-asset trading with a zero-cost trading platform.
- Eliminate additional charges on auto-squared-off trades with zero auto-squared-off charges.
- Trade without commitments with zero volume commitment, allowing flexibility in your trading approach.
- Trade on NSE and BSE without clearing fees with zero clearing charges.
- Explore the world of automated trading with Shoonya Developers APIs at zero charges, enabling you to build, backtest, and execute strategies for free across multiple assets.
- Commence your trading journey with zero upfront charges, eliminating any initial fees or barriers.
Open a Zero brokerage demat account today!
Reasons to Choose Shoonya:
· Multi-platform accessibility.
· Personalized client portal.
· AI-powered market predictions.
· Risk management tools.
3. Zerodha
Ranked third among the top brokers in India for 2023, Zerodha has been a trendsetter since it started in 2010 as an early leader in online discount broking. Their goal was simple: make trading in India easier. Zerodha is legit with SEBI and is part of significant financial groups like NSE, BSE, MCX, and CDSL.
But it’s not just about the rankings and registrations.
Key Features:
· Zero brokerage fees for Equity Delivery and Mutual Funds.
· Up to 20x leverage on intraday trading.
· Technologically advanced platforms like Zerodha Kite, Coin, Varsity, etc.
Brokerage Charges:
· Equity Delivery: Rs 0 (Free)
· Equity Intraday: Flat Rs 20 or 0.03% per executed order (whichever is lower)
· Equity Futures, Options, Currency Futures, Options, Commodity: Flat Rs 20 or 0.03% per executed order
Reasons to Choose Zerodha:
· User-friendly interface for both beginners and experienced investors.
· Transparent fee structure.
· Technological advancements and a range of trading tools.
4. Angel One
Angel One is the fourth-best share broker in India. They used to be called Angel Broking and started in 1987. They help with money stuff. Their website is easy to use and safe for trading different money things.
They’re not just a number on a list; Angel One has been helping people with money for a long time. Their website is all about being easy, fast, and safe, so if you want to try trading money stuff, Angel One is a good choice. They’re here to help make money things simple and safe for everyone.
Key Features:
· Diverse financial products and services, including stocks, commodities, currencies, mutual funds, IPOs, bonds, etc
· User-friendly trading platform.
Fees/Charges:
Angel One offers a transparent and competitive fee structure across various segments. For Equity Delivery, the brokerage is a flat Rs 0, making it a free service. In the case of Equity Intraday, as well as Equity and Currency Futures and options, the brokerage is set at a flat Rs 20 or 0.25%, whichever is lower.
Reasons to Choose Angel One:
· User-friendly trading platform.
· Comprehensive range of financial services.
5. Upstox
Having claimed the fifth position among the top retailers in India, Upstox began its journey in 2011 with a clear objective: to simplify and make shopping its value in Indian stock market.
Key Features:
· Comprehensive suite of products and services.
· Upstox Pro trading platform with advanced features.
Fees and Charges:
- Equity Delivery:
- Rs 20 per executed order/ 2.5%, whichever is lower.
- Equity F&O Charges:
- Rs 20 per executed order/ 0.05%, whichever is lower.
- Currency Futures:
- Rs 20 per executed order/ 0.05%, whichever is lower.
- Commodity Futures:
- Rs 20 per executed order/ 0.05%, whichever is lower.
- Other Charges (Upstox Broker Hidden Charges/Fees):
- Call & Trade: Rs 20 per executed order.
- Physical contact notes: Rs 25 per contract note plus courier charges. (Digital contract notes are free.)
Reasons to Choose Upstox:
· Upstox Pro trading platform.
· Wide array of financial products and services.
6. HDFC Securities Ltd.
HDFC Securities is a big stock broker in India, starting in 2000 and connected to HDFC Bank. It’s the sixth-best broker in India. They provide something called a 3-in-1 account, and they have more than 30 different things you can do with them, like services and products.
Key Features:
· 3-in-1 account for seamless investment.
· Instant online, paperless account opening.
Fees/Charges:
HDFC Securities is giving good deals on trading fees. If you’re into buying and keeping stocks, they charge 0.10% per trade, and for other types of trading, it’s a flat Rs 20 per deal. To start, there’s an account fee of Rs 999, and different kinds of trading have different charges.
For regular stock buying and selling, Indians pay 0.50% or at least Rs 25, which is like 2.5% of what you’re trading. If you’re not from India (NRI), the fee is 0.75% or Rs 100, and it’s the same 2.5% for both buying and selling.
For quick trades with certain stocks, they charge 0.10% or at least Rs 25, with a 2.5% limit for both buying and selling. And for some other types of stocks, the fee is 0.05% or at least Rs 25, sticking to the 2.5% limit for both buying and selling.
Reasons to Choose HDFC Securities:
· Instant online account opening.
· Diverse investment options.
· Competitive brokerage structure.
7. Kotak Securities Ltd.
Established in 1994, Kotak Securities Ltd. offers a 3-in-1 account to retail investors in India. It stands out by offering free research and provides various brokerage plans catering to different needs. The broker stands at number seven on the list of top 10 share brokers in India in 2023.
Key Features:
· 3-in-1 account for a seamless trading experience.
· Free technical, fundamental, derivatives, and mutual fund research.
Fees/Charges:
Kotak Securities offers a range of brokerage plans catering to diverse preferences, such as the Trade Free Plan, Trade Free Youth Plan, and Dealer Assisted Brokerage Plan.
Kotak Securities Trade Free Plan:
- Account Opening Fee: Free
- Plan Fee: Rs 99 (Incl. of GST)
- Validity: Lifetime
- Intraday Brokerage: Free (All segments)
- Equity Delivery: 0.25% or Rs 20 (whichever is higher)
- Carry forward (All applicable segments): Rs 20 per order
- Interest on Margin Trading Facility: 0.049% per day
- Brokerage Cashback: NA
- Demat AMC: Rs 50 per month
Dealer Assisted Brokerage Plan:
- Account Opening Fee: Rs 499 (One time)
- Equity Delivery: 0.39%
- Equity Intraday: 0.039%
- Equity Futures: 0.039%
- Equity Options: Rs 39 per lot
- Currency Futures: Rs 9 per lot
- Currency Options: Rs 5 per lot
- Commodity Futures: 0.039%
- Commodity Options: Rs 39 per lot
- Minimum Brokerage: Rs 21 per executed order (subject to a ceiling of 2.5% of contract value)
- Margin Trading Facility Interest rate: 0.025% per day
- Interest on stock used as margin for derivative trades: 0.042% per day
Reasons to Choose Kotak Securities Ltd.:
· Seamless trading experience with a 3-in-1 account.
· Free research offerings.
8. Motilal Oswal
Starting in 1987, Motilal Oswal is a financial services company that does a bunch of things like managing wealth, broking, and investment banking. They’re ranked eighth among the top 10 brokers in India and provide many different services.
Key Features:
- Trading options: Equities, Derivatives, Commodities, and Currency.
- Additional offerings: Mutual Funds, IPOs, US Stocks, Gold, Insurance, and Fixed Income products.
- Curated investment options: Readymade portfolios such as Stock Baskets and Intelligent Advisory Portfolios.
Fees/Charges:
- Equity Delivery: 0.20% brokerage charge
- Intraday Futures: 0.02% brokerage charge
- Equity and Currency Options: Rs 20 per lot
- Commodity Futures: 0.02% brokerage charge
- Commodity Options: Rs 200 per lot
- Lifetime free equity intraday trading was introduced
- Account administration charges: Rs 199
Reasons to Choose Motilal Oswal:
Offers user-friendly online trading and investing software: MO Investor App, MO Trader App, and desktop applications.
9. ICICI Direct
Claiming the ninth spot among the best brokers in India is ICICI Direct, serving over 50 lakh customers. It provides services for equity, commodity, and currency trading at BSE, NSE, and MCX, along with various financial products and services.
Key Features:
· Diverse brokerage plans.
· 3-in-1 account combining savings, trading, and a Demat account.
Fees/Charges:
- ICICI Direct offers diverse brokerage plans to suit different needs.
- The Neo Plan features a flat Rs 20 per executed order for Equity Intraday and Options trading, along with a 0.55% brokerage for equity delivery.
- Streamlined account maintenance includes free account opening and an annual maintenance charge (AMC) of Rs 300 for the Demat Account.
- Additional charges comprise Rs 20 per transaction for Demat Debit Transactions (Sell Orders) and Rs 50 per order for Call and trade.
Reasons to Choose ICICI Direct:
When it comes to trading, customers can pick from different platforms like the ICICIDirect.com Website, Trade Racer (Trading Terminal), and the ICICIDirect Mobile App, each made for different trading needs.
Check out the best online broker in India.
10. Sharekhan
Sharekhan, established in 2000, is one of the leading full-service brokerage firms in India. It offers a wide range of investment options and trading services, catering to both beginners and experienced investors.
Key Features:
· Diverse investment options.
· Research-based advisory services.
Fees/Charges:
Sharekhan’s brokerage charges cater to various trading scenarios. For Equity Cash Intra-day Trades, a charge of 0.02% on the market rate or a minimum of 1 paisa per share on each side is applicable. Equity Delivery Trades incur a charge of 0.30% on the market rate or a minimum of 1 paisa per share. F&O Trades have a charge of 0.02% per transaction value on each side, while Options Trades cost Rs 20 per lot on each side. Currency Future Trades carry a charge of 0.02% per transaction value on each side, and Currency Options Trades cost Rs 5 per lot on each side.
Reasons to Choose Sharekhan:
· Research-based advisory services.
· Diverse investment options.
When choosing a broker, consider your investment preferences, trading style, and the features offered by each platform. It’s crucial to evaluate factors like brokerage charges, platform usability, research offerings, and customer support to make smart decisions based on your financial goals and preferences.
