Best stock brokers in India: full comparison for 2026
Brokerage, account charges, DP fees and client numbers for seven of India’s most popular brokers, side by side. Every figure comes from the broker’s own pricing page or NSE data, so you can choose based on how you actually invest or trade.
Charges checked on 3 October 2026
- Groww130.3 L
- Zerodha68.8 L
- Angel One67.4 L
- ICICI Securities21.0 L
- Upstox19.6 L
- Kotak Securities13.9 L
- HDFC Securities13.8 L
- SBIcap Securities11.6 L
Which broker fits which kind of investor?
A short guide based only on published charges. The right choice depends on how often you trade and what you trade.
Lowest cost to buy and hold
Zerodha or Dhan
Both charge ₹0 brokerage on delivery trades. Dhan also has ₹0 AMC.
Lowest cost per order
Kotak Neo
₹10 per order on intraday and F&O, half the ₹20 most discount brokers charge.
Simplest start
Groww
₹0 account opening and ₹0 AMC, with the largest active client base on NSE.
Bank-linked account
HDFC Sky or Kotak Neo
Both are part of large banking groups, which some investors prefer for funds transfer and support.
These are observations from published pricing, not recommendations. 9AM Traders Academy has no ranking arrangement with any broker.
Brokerage and account charges compared
Brokerage is per executed order. “₹20 or 0.1%” means whichever is lower. Scroll sideways on smaller screens; the broker name stays in view.
| Broker | Active clients | Account opening | AMC | Equity delivery | Intraday | Futures | Options | DP charge on sell | Source |
|---|---|---|---|---|---|---|---|---|---|
| GrowwGroww Invest Tech Pvt. Ltd.Discount | 130.3 L | ₹0 | ₹0 | ₹20 or 0.1%, min ₹5 | ₹20 or 0.1%, min ₹5 | ₹20 per order | ₹20 per order | ₹16.50 + ₹3.50 depository fee | Official charges for Groww |
| ZerodhaZerodha Broking Ltd.Discount | 68.8 L | ₹0 | Free 1st year, then ₹300 + GST a year (free under ₹4 lakh on BSDA) | ₹0 | ₹20 or 0.03% | ₹20 or 0.03% | ₹20 per order | ₹15.34 incl. GST | Official charges for Zerodha |
| Angel OneAngel One Ltd.Discount | 67.4 L | ₹0 | Free 1st year, then ₹60 + GST a quarter (nil under ₹4 lakh on BSDA) | ₹20 or 0.1%, min ₹5 | ₹20 or 0.1%, min ₹5 | ₹20 per order | ₹20 per order | ₹20 + GST | Official charges for Angel One |
| UpstoxUpstox Securities Pvt. Ltd.Discount | 19.6 L | ₹0 | Free 1st year, then ₹300 + GST a year | ₹20 per order | ₹20 or 0.1% | ₹20 or 0.05% | ₹20 per order | ₹20 per scrip | Official charges for Upstox |
| Kotak NeoKotak Securities Ltd.Bank-backed | 13.9 L | ₹0 | ₹0 (conditions apply) | 0.20% (Trade Free plan) | ₹10 or 0.05% | ₹10 per order | ₹10 per order | See broker site | Official charges for Kotak Neo |
| HDFC SkyHDFC Securities Ltd.Bank-backed | 13.8 L | ₹0 | ₹0 for the 1st year | ₹20 or 2.5% | ₹20 or 2.5% | ₹20 or 2.5% | ₹20 per order | See broker site | Official charges for HDFC Sky |
| DhanRaise Securities Pvt. Ltd.Discount | 10.5 L | ₹0 | ₹0 | ₹0 | ₹20 or 0.03% | ₹20 per order | ₹20 per order | ₹12.50 + GST | Official charges for Dhan |
Also large but not in this table: ICICI Direct, SBI Securities and Motilal Oswal are full-service brokers with plan-based pricing that varies by subscription, so check their current plans directly. Promotional offers, such as Angel One’s and Kotak Neo’s first-30-day offers, are mentioned only where relevant.
What would you pay in brokerage each month?
Enter a typical month of trading to compare brokerage across brokers. Lowest cost is shown in green, highest in red.
Estimate of broker brokerage only, using the published rates in the table. It excludes GST, statutory charges, DP charges, AMC and first-month offers. Actual bills can differ.
Strengths and trade-offs of each broker
Ordered by NSE active clients. Strengths and trade-offs are based on published charges, not on account experience.
Groww
Groww Invest Tech Pvt. Ltd. · DiscountSuits: First-time investors who want one simple app for stocks and mutual funds.
- Delivery
- ₹20 or 0.1%, min ₹5
- Intraday
- ₹20 or 0.1%, min ₹5
- Options
- ₹20 per order
- Active clients
- 130.3 L
Strengths
- ₹0 account opening and ₹0 AMC
- Largest active client base on NSE (July 2026)
Watch out for
- Brokerage on delivery trades (₹20 or 0.1%)
- About ₹20 per scrip when you sell holdings
Zerodha
Zerodha Broking Ltd. · DiscountSuits: Long-term investors and active traders who want zero delivery brokerage and mature tools.
- Delivery
- ₹0
- Intraday
- ₹20 or 0.03%
- Options
- ₹20 per order
- Active clients
- 68.8 L
Strengths
- ₹0 brokerage on delivery
- DP charge of ₹15.34 including GST, among the lowest here
Watch out for
- AMC after the first year unless you qualify for BSDA
- ₹50 per order placed through a dealer
Angel One
Angel One Ltd. · DiscountSuits: Beginners who want one of the largest brokers in India and ₹0 brokerage up to ₹500 in their first 30 days.
- Delivery
- ₹20 or 0.1%, min ₹5
- Intraday
- ₹20 or 0.1%, min ₹5
- Options
- ₹20 per order
- Active clients
- 67.4 L
Strengths
- ₹0 brokerage up to ₹500 in the first 30 days
- No AMC for BSDA accounts under ₹4 lakh
Watch out for
- Brokerage on delivery trades
- ₹60 + GST a quarter AMC for non-BSDA accounts
Upstox
Upstox Securities Pvt. Ltd. · DiscountSuits: Traders who want a flat, predictable ₹20 structure across segments.
- Delivery
- ₹20 per order
- Intraday
- ₹20 or 0.1%
- Options
- ₹20 per order
- Active clients
- 19.6 L
Strengths
- Simple flat ₹20 structure
- No AMC in the first year for new customers
Watch out for
- Flat ₹20 even on small delivery orders
- ₹300 + GST a year AMC after year one (non-BSDA)
Kotak Neo
Kotak Securities Ltd. · Bank-backedSuits: Frequent intraday and F&O traders who want ₹10 orders and a bank-linked account.
- Delivery
- 0.20% (Trade Free plan)
- Intraday
- ₹10 or 0.05%
- Options
- ₹10 per order
- Active clients
- 13.9 L
Strengths
- ₹10 per order on intraday and F&O
- Linked to a large banking group
Watch out for
- 0.20% delivery brokerage on the Trade Free plan
- DP charge not shown on the pricing page
HDFC Sky
HDFC Securities Ltd. · Bank-backedSuits: HDFC Bank customers who want a flat-fee app backed by a large bank group.
- Delivery
- ₹20 or 2.5%
- Intraday
- ₹20 or 2.5%
- Options
- ₹20 per order
- Active clients
- 13.8 L
Strengths
- Flat ₹20 per order across segments
- Backed by the HDFC group
Watch out for
- AMC is free only for the first year
- DP charge not shown on the pricing page
Dhan
Raise Securities Pvt. Ltd. · DiscountSuits: Investors and option traders who want zero AMC, zero delivery brokerage and trader-focused tools.
- Delivery
- ₹0
- Intraday
- ₹20 or 0.03%
- Options
- ₹20 per order
- Active clients
- 10.5 L
Strengths
- ₹0 delivery brokerage and ₹0 AMC
- Low DP charge (₹12.50 + GST)
Watch out for
- Smaller client base than the top three
- ₹20 also applies to expired or exercised options
Six things to check before you open an account
How you will use it
Buy-and-hold investors should focus on delivery brokerage, DP charges and AMC. Traders should compare per-order costs.
The full cost, not the headline
“Zero brokerage” can still come with AMC, DP fees and paid add-ons. Add them up for a typical year.
Platform and reliability
Try the app in demo or with a small trade. Speed, charts and stability matter more as you trade more.
Regulation and safety
Confirm SEBI registration and exchange membership. Never use an unregistered app or “account handler”.
Support when things go wrong
Check how you can reach support, and whether placing an order through a dealer costs extra.
Products you need
Make sure the broker offers what you plan to use, such as mutual funds, IPOs, F&O or commodities.
Costs every investor should know
- Brokerage
- The broker’s fee per executed order. This is where brokers differ most.
- DP charge
- Charged by the depository and broker each time you sell a stock from your demat account, per scrip per day.
- AMC
- Annual maintenance charge for the demat account. Some brokers waive it, or waive it for small BSDA accounts.
- Statutory charges
- STT, exchange transaction charges, SEBI fees, stamp duty and GST. These are the same at every broker.
- Extra service fees
- Some brokers charge for orders placed by phone, for auto square-off or for physical statements.
Stay safe with any broker
- Check the broker on the SEBI website and on the NSE or BSE member list.
- Download apps only from official app stores or the broker’s own site.
- Never share your password, OTP or PIN with anyone, including people claiming to be support staff.
- Check your holdings in the monthly statement from CDSL or NSDL.
- Walk away from anyone offering guaranteed returns or to “manage” your trading account.
Questions about choosing a stock broker
Which is the best stock broker in India?
There is no single best broker for everyone. Long-term investors usually care most about delivery brokerage and AMC, while active traders care about per-order costs and platform speed. Use the comparison table and cost calculator on this page to see which broker is cheapest for the way you invest.
Which broker has the most active clients in India?
According to NSE active client data for July 2026, Groww had the most active clients at about 1.30 crore, followed by Zerodha and Angel One.
What is the difference between a discount broker and a full-service broker?
Discount brokers charge low, often flat, fees and focus on online platforms. Full-service brokers usually charge a percentage of trade value and may offer research, relationship managers and branch support. Bank-backed brokers add the convenience of a linked bank account.
Is zero brokerage really free?
Zero brokerage only removes the broker's own fee. You still pay statutory charges such as STT, exchange transaction charges, SEBI fees, stamp duty and GST, plus DP charges when you sell shares from your demat account and any annual maintenance charge.
What is a BSDA demat account?
A Basic Services Demat Account (BSDA) is meant for small investors. At brokers such as Zerodha and Angel One, BSDA holders with holdings below ₹4 lakh pay little or no AMC. Check your broker's current BSDA rules.
How can I check whether a broker is SEBI registered?
Search for the broker's name in the list of registered intermediaries on the SEBI website, and confirm its membership on the NSE or BSE website. Only download trading apps from official app stores or the broker's own website.
Can I open demat accounts with more than one broker?
Yes. You can hold demat and trading accounts with more than one SEBI-registered broker, for example one for long-term investing and another for trading.
Are statutory charges different between brokers?
No. STT, stamp duty, SEBI fees and exchange transaction charges are set by the government, SEBI and the exchanges. The main differences between brokers are brokerage, DP charges, AMC and extra service fees.
Does 9AM Traders Academy recommend a broker?
No. We are an education provider and do not recommend any broker. This page compares published charges so you can make your own choice. Our courses teach you how to use any broker's platform safely.
A good broker is a tool. Knowing how to use it is the skill.
Whichever broker you choose, learn to read the market, size your risk and avoid costly mistakes. Join a free demo class at 9AM Traders Academy, in Delhi or online.