Top 10 Stock Brokers in India 2026
Ranked by NSE Active Clients — Compare Fees, Platforms & Who Each Broker Is Best For
India’s retail investing landscape has been transformed. With over 4,900 SEBI-registered brokers now competing for your account, choosing the right stockbroker matters more than ever — it directly affects your execution speed, transaction costs, tools access, and ultimately, returns.
Below are the top 10 stock brokers in India for 2026, ranked by NSE active client numbers as of June 2026, with a clear breakdown of brokerage fees, standout features, and who each platform genuinely serves best.
Quick Comparison: Top 10 Brokers India 2026
| # | Broker | Active Clients (June 2026) | MoM | Delivery Brokerage | Intraday / F&O | Best For |
|---|---|---|---|---|---|---|
| 1 | Groww | 1,30,59,756 | +27,635 ▲ | 0.1% or ₹20 | 0.1% / ₹20 | Beginners, MF |
| 2 | Zerodha | 68,47,049 | −36,950 ▼ | Zero | ₹20 or 0.03% | Self-directed Traders |
| 3 | Angel One | 66,84,223 | −59,617 ▼ | Zero (30 days) | ₹20 or 0.1% | Algo & Research |
| 4 | ICICIdirect | 21,05,295 | +8,210 ▲ | 0.29% | 0.029% / ₹20 | Long-term & HNIs |
| 5 | Upstox | 19,23,729 | −38,097 ▼ | ₹20 | ₹20 or 0.1% | Millennial Traders |
| 6 | Kotak Securities | 13,80,379 | −5,067 ▼ | 0.20% | ₹10 / ₹10 | Full-service Advisory |
| 7 | HDFC Securities | 13,61,209 | −18,775 ▼ | 0.50% min ₹25 | 0.05% / ₹25 | HDFC Customers |
| 8 | SBI Securities | 11,40,808 | −19,469 ▼ | 0.10–0.35% | ₹20 / 0.05% | Risk-averse Investors |
| 9 | Dhan | 10,61,986 | +10,035 ▲ | Zero | ₹20 or 0.03% | F&O, Algo Traders |
| 10 | Motilal Oswal | 8,93,172 | −8,696 ▼ | 0.20% | 0.02% / ₹20/lot | Research HNIs |
Source: NSE Active Client Data, June 2026 | Compiled for editorial purposes
How India's Broker Market Share Looked in 2021
Back in December 2021, Zerodha dominated India's active client market with an 18.33% share, followed by Upstox at 14.24%. Groww was just emerging at 8.93%. Fast forward to June 2026 — Groww has overtaken everyone to become India's #1 broker, while Zerodha has dropped to #2. The shift reflects how mobile-first, mutual-fund-led onboarding changed the game entirely.
📊 2021 vs 2026 — Key Shift: Zerodha's share has declined as Groww's mobile-first, mutual-fund-first approach drew over 1.3 crore new investors. Dhan (founded 2021) didn't even exist in this chart — it now has 10.6L+ active clients and is one of the fastest-growing brokers in India.
Top 10 Stock Brokers in India — Detailed Review
Groww
Active Clients: 1,30,59,756 +27,635 ▲Founded in 2016 by ex-Flipkart employees, Groww is now India's largest stockbroker by active users — the first brokerage in India to cross the 1 crore active client mark. What started as a direct mutual fund platform has evolved into a full-stack investment app covering stocks, ETFs, IPOs, and F&O, all in one clean interface.
Groww's strength is radical simplicity. Onboarding takes minutes, the interface never overwhelms, and zero commission on direct mutual funds continues to be its biggest driver among young retail investors entering markets for the first time.
Zerodha
Active Clients: 68,47,049 −36,950 ▼Zerodha is the broker that fundamentally changed India's brokerage industry. Founded in 2010 by Nithin and Nikhil Kamath, it pioneered the flat-fee discount brokerage model that every new entrant has since followed. Its Kite trading platform remains the gold standard for clean, fast, and reliable trading in India.
The free education portal Varsity is regarded as the best stock market learning resource for Indian retail investors. Its Coin platform enables zero-commission direct mutual fund investment. Despite a dip in monthly client numbers, Zerodha's loyalty among serious, self-directed traders remains unmatched.
Angel One
Active Clients: 66,84,223 −59,617 ▼Established in 1987, Angel One is one of India's oldest full-service brokers that has successfully reinvented itself as a technology-first investment platform. It combines AI-driven stock suggestions, robo-advisory, detailed research reports, and algorithmic trading tools under a flat-fee discount structure.
The SmartAPI offering is particularly compelling for algorithmic traders who want to build custom trading systems. Its research platform attracts data-driven investors seeking structured insight without full advisory pricing. Angel One's free-for-30-days proposition also makes it an easy onboarding choice.
ICICIdirect
Active Clients: 21,05,295 +8,210 ▲ICICIdirect, the brokerage arm of ICICI Securities, has over 20 years of market experience and a reputation built on institutional credibility. Its flagship three-in-one account — seamlessly combining ICICI Bank savings, demat, and trading — enables frictionless fund transfers and instant settlement that long-term investors genuinely value.
Beyond trading, ICICIdirect functions as a full wealth platform covering bonds, NCDs, fixed deposits, and insurance. Its extensive research desk and advisory expertise make it the broker of choice for HNIs and conservative long-term investors who place trust and advisory quality above brokerage cost.
Upstox
Active Clients: 19,23,729 −38,097 ▼Upstox is a technology-advanced discount broker built for millennial traders and high-volume market participants. It offers competitive margin facilities, advanced charting, multi-market access, and a fast UI designed for active intraday and F&O traders. IPO and mutual fund transactions are completely free.
The Pro Web and Pro Mobile platforms are among the most capable trading apps in India for speed, advanced charting, and aggressive margin facilities — making Upstox a natural fit for traders who prioritise execution over advisory.
Kotak Securities
Active Clients: 13,80,379 −5,067 ▼Kotak Securities is a full-service broker backed by the institutional strength of Kotak Mahindra Bank, one of India's most respected banking groups. It offers a Trade Free Youth Plan for investors under 30 and a Trade Free Pro Plan for others — covering equities, derivatives, commodities, IPOs, and mutual funds from a single platform.
The research desk, IPO access, advanced charting, and banking integration make it a compelling choice for investors who want comprehensive advisory and full-service support without switching between multiple platforms.
HDFC Securities
Active Clients: 13,61,209 −18,775 ▼Backed by HDFC Bank — India's largest private sector bank — HDFC Securities brings institutional-grade trust and seamless banking integration to retail brokerage. The platform offers real-time option chains, instant IPO applications via UPI, comprehensive research reports, and multi-watchlist management in one place.
Its three-in-one account with HDFC Bank is a genuine differentiator for existing customers. While brokerage fees are higher than pure discount brokers, the combination of brand trust, banking integration, and long-term investment tools makes it ideal for conservative, wealth-preservation focused investors.
SBI Securities
Active Clients: 11,40,808 −19,469 ▼SBI Securities is a subsidiary of the State Bank Group — India's largest public sector bank — and carries the institutional trust that comes with that heritage. Its Instacharts feature lets traders view charts, place trades, and monitor positions in real time from a single window, making it practical for active participants.
Multiple brokerage plans make it flexible for both occasional and regular investors. SBI Securities' primary competitive advantage is not pricing or technology, but the unmatched trust of the SBI brand across Indian households, especially in smaller cities and towns.
Dhan
Active Clients: 10,61,986 +10,035 ▲Dhan is one of the fastest-growing tech-led brokers in India. Founded in 2021 by Raise Securities Private Limited, it was built from the ground up for super traders, options strategists, and algorithmic investors. Its active client count has grown multifold year-on-year, and June 2026 added over 10,000 new clients — one of only three brokers in the top 10 to grow that month.
What sets Dhan apart is its institutional-grade feature stack: TradingView integration for chart-based order placement, free API access via DhanHQ for algo traders, MTF on 1,700+ stocks at 12.49% p.a., the lightning-fast DEXT execution engine, and SLBM to earn returns on idle stock holdings. Zero AMC and zero platform fees complete the picture.
Motilal Oswal
Active Clients: 8,93,172 −8,696 ▼Established in 1987, Motilal Oswal Financial Services is one of India's most respected names in equity research, wealth management, and long-term investing. Its research team is among the largest and most cited in Indian equity markets, producing in-depth fundamental analysis relied upon by both institutional and retail investors.
Beyond plain brokerage, Motilal Oswal offers Portfolio Management Services (PMS), alternative investments, wealth advisory, and access to IPOs and mutual funds. It wins not on price, but on the depth of research, advisory quality, and nearly four decades of capital markets experience.
The Right Broker Is the One That Fits You
India's brokerage ecosystem in 2026 has clearly split into two camps — technology-first discount brokers on one side and research-backed full-service firms on the other. Groww, Zerodha, Angel One, and Dhan have democratised market access. ICICIdirect, HDFC Securities, and SBI Securities continue to win on institutional trust and banking integration.
The most popular broker is not automatically the right one for you. The right broker matches your trading style, investment horizon, fee sensitivity, and the tools you actually need to navigate India's stock markets.
FAQs: Top Stock Brokers in India 2026
Which is the No. 1 stock broker in India in 2026?
Groww is the No. 1 stock broker in India by active clients in 2026, with over 1.30 crore active clients on NSE as of June 2026. It is also the first Indian broker to cross the 1 crore active client milestone.
Which is the best discount broker in India in 2026?
The top discount brokers in India in 2026 are Groww, Zerodha, Angel One, Upstox, and Dhan. Among these, Zerodha and Dhan are most preferred by active traders for platform reliability and advanced trading tools respectively.
What is Zerodha's brokerage fee in 2026?
Zerodha charges zero brokerage on equity delivery. For intraday and F&O, it charges ₹20 or 0.03% per order (whichever is lower). Options are capped at ₹20 per order.
Is Groww safe for investing in India?
Yes. Groww is a SEBI-registered broker regulated by SEBI, NSE, and BSE. With over 1.3 crore active clients as of June 2026, it is one of India's most trusted platforms for retail investors.
Which stock broker is best for beginners in India?
Groww is widely considered the best broker for beginners due to its clean interface, zero commission on mutual funds, and simple onboarding. Zerodha's Varsity education portal is also highly recommended for financial learning.
Which is the best broker for F&O trading in India in 2026?
Zerodha (Kite), Dhan (TradingView + DEXT engine), and Upstox (Pro Web/Mobile) are the top choices for F&O trading in India in 2026. All three offer ₹20 flat fee per order with advanced charting capabilities.
How many SEBI-registered stock brokers are there in India?
As of 2026, there are over 4,900 SEBI-registered stock brokers in India. However, the top 10 brokers by NSE active clients account for the vast majority of India's retail investor base.
Which broker grew the most in active clients in June 2026?
Among the top 10, Groww added the most new active clients in June 2026 (+27,635), followed by Dhan (+10,035) and ICICIdirect (+8,210). Seven of the top 10 brokers saw a decline in active clients during the same period.
