Top 10 Discount Stock Brokers in India 2021
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Top 10 Discount Brokers 2021
| Rank | Broker | Clients | Request Callback | Review |
|---|---|---|---|---|
| 1 | Groww | 12,480,505 |  | |
| 2 | Zerodha | 6,862,233 | | |
| 3 | Angel One | 6,745,594 | | |
| 4 | Upstox | 2,036,413 | | |
| 5 | Dhan | 979,483 | | |
| 6 | Paytm Money | 860,278 | | |
| 7 | INDmoney | 838,493 | | |
| 8 | 5paisa | 343,187 | | |
| 9 | m,Stock | 268,305 | | |
| 10 | Share.Market | 245,411 | |
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1
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India's largest broker by client count, Groww built its dominance through a frictionless mutual fund experience before expanding into stocks, IPOs, and F&O. Its clean app and zero-jargon interface make it the go-to platform for first-time investors and SIP investors. Groww has also built India's largest retail MF distribution base alongside its trading business.
₹20 Flat Brokerage
Free Delivery Trades
Best For: Beginners & MF Investors
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2
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The pioneer of flat-fee discount brokerage in India. Zerodha's Kite platform remains the gold standard for active equity and F&O traders. Its broader ecosystem — Coin (direct MF), Console (portfolio analytics), Varsity (free education), and Streak (algo) — makes it a comprehensive choice despite having no dedicated research advisory team.
₹20 Flat Brokerage
Free Delivery Trades
No Advisory
Best For: Active Equity & F&O Traders
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3
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One of the fastest-growing discount brokers in India, Angel One offers AI-powered research tools (ARQ), SmartAPI for algo traders, SuperSIP for automated stock investments, and in-app financial education. It bridges the gap between discount and full-service brokers by offering basic research intelligence without charging premium brokerage.
₹20 Flat Brokerage
Free Delivery Trades
AI Research Tools
Best For: Semi-active Traders + Research Seekers
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4
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Backed by Tiger Global and Ratan Tata, Upstox offers a polished trading experience at a competitive price. The Pro Web platform features native TradingView chart integration, a clean modern UI, and fast order execution. Popular among millennials and tech-savvy investors who want a no-frills but reliable trading platform without the complexity of older systems.
₹20 Flat Brokerage
Free Delivery Trades
Best For: Tech-savvy Retail Traders
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5
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Dhan has rapidly become the preferred platform among F&O traders, featuring a dedicated Options Trader app, Option Basket orders, Iceberg Plus orders, and the distinction of being the first Indian broker natively integrated on TradingView.com worldwide. It also offers DhanHQ API for algorithmic trading and a unique 50% discount on brokerage for women traders.
₹20 Flat Brokerage
Free Delivery Trades
Best For: F&O & Options Traders
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6–10
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Paytm Money • INDmoney • 5paisa • m,Stock • Share.Market
Paytm Money (₹10 brokerage) is strong for investors embedded in Paytm's ecosystem. INDmoney stands out uniquely for US stock investing alongside Indian equities — the only top-10 broker offering US stock SIPs. 5paisa (₹10) bundles free research tips, making it cost-effective for traders who want basic advisory. m,Stock by Mirae Asset charges the lowest flat fee in the industry at just ₹5 per order with a ₹1,299 lifetime zero-charge option. Share.Market by PhonePe is gaining traction rapidly through the PhonePe app's massive 50+ crore user base.
₹5–20 Brokerage Range
Niche & Ecosystem-driven Platforms
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Brokers in India are broadly classified into two types based on services and pricing — Full-Service Brokers and Discount Brokers. Discount brokers (also called flat-fee or budget brokers) operate entirely online and offer trading at a very low fixed cost. Most charge a flat fee of ₹20 per executed order regardless of trade size, compared to full-service brokers who charge 0.3%–0.5% of turnover.
The core trade-off: discount brokers do not offer research reports, trading tips, PMS, dedicated relationship managers, or local branches. What they do offer is ₹0 equity delivery trading, direct mutual funds, and modern trading platforms at 60–70% lower cost than full-service alternatives.
Notable exceptions exist — Angel One offers AI-powered research; 5paisa bundles free advisory access; m,Stock offers the lowest flat fee at just ₹5/order. Outside the top 10, SAS Online, BlinkX, FINVASIA, and Shoonya offer even lower or zero brokerage plans.
| Broker | Delivery | Intraday | F&O | Acct Opening | AMC | Direct MF |
|---|---|---|---|---|---|---|
| Groww | ₹0 | ₹20 | ₹20 | ₹0 | ₹0 | ✔ Free |
| Zerodha | ₹0 | ₹20 | ₹20 | ₹0 | ₹300/yr | ✔ Coin |
| Angel One | ₹0 | ₹20 | ₹20 | ₹0 | ₹0 yr1 | ✔ Free |
| Upstox | ₹0 | ₹20 | ₹20 | ₹0 | ₹150/yr | ✔ Free |
| Dhan | ₹0 | ₹20 | ₹20 | ₹0 | ₹0 | ✔ Free |
| Paytm Money | ₹0 | ₹10 | ₹10 | ₹0 | ₹0 | ✔ Free |
| 5paisa | ₹0 | ₹10 | ₹10 | ₹0 | ₹0 yr1 | ✔ Free |
| m,Stock | ₹0 | ₹5 ★ | ₹5 ★ | ₹0 | ₹219/qtr or ₹0* | ✔ Free |
★ m,Stock ₹5/order is the lowest flat fee in India. *₹0 AMC with ₹1,299 one-time lifetime plan. GST + exchange transaction charges apply additionally. Budget 2026: F&O STT revised from April 1, 2026 (Futures 0.05%, Options 0.15% on sell side).
With 10+ strong discount brokers available, your choice should depend on your specific use case:
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Trading Platform
Zerodha Kite is best for active traders. Groww and Upstox are best for beginners due to clean, simple UX. Dhan's Options Trader app leads for F&O. Angel One and 5paisa include in-app research.
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Brokerage Cost
m,Stock at ₹5 is the cheapest. Paytm Money and 5paisa charge ₹10. Most others charge ₹20. High-volume traders should calculate annual savings carefully before choosing.
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Segment Focus
For F&O: Dhan and Zerodha are superior. For MF-first investing: Groww and INDmoney are best. For US stock investing: INDmoney is the only top-10 option.
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Research & Advisory
Angel One and 5paisa offer basic in-app research. Most discount brokers provide none — use Screener.in or Tickertape separately for independent stock research.
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NRI / Global Access
INDmoney is best for US stock investing. For NRI demat accounts, Zerodha and HDFC Securities are the most reliable full-featured options.
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Trust & Reliability
All top 10 are SEBI-registered. Zerodha and Angel One have the longest track records in the discount segment. Groww is backed by Tiger Global and Sequoia.
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Note: Your demat holdings are held in your personal CDSL/NSDL account, independent of the broker — they are safe regardless of which discount broker you choose.
Rankings are based on active client counts published officially by NSE and BSE each month. An “active client” is a registered client who has executed at least one trade during the reporting period. This is the most objective, exchange-verified measure of broker adoption in India — it counts real trading activity, not dormant account openings. Rankings are updated every month when exchange data is released. Data for 2026 is based on the latest available monthly report (April 2026). Only brokers classified as discount/flat-fee brokers are included in this list — for bank-backed full-service brokers see the Top 10 Full-Service Brokers page.
Frequently Asked Questions:
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1. Who is India's #1 discount broker in 2026?
Groww is India's #1 discount broker by active clients in 2026, with over 1.24 crore active clients registered at NSE — making it also India's largest broker overall. It built this lead through its dominant position in mutual fund distribution and a frictionless app for first-time investors. Zerodha follows at #2 with 68.6 lakh clients, remaining the preferred platform for active equity and F&O traders. Read the Groww review →
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2. What is the difference between a discount broker and a full-service broker?
Discount brokers charge a flat fee (typically ₹20 per order) and operate entirely online without advisory, research, or relationship manager services. Full-service brokers like ICICI Direct and HDFC Securities charge percentage-based brokerage (0.29%–0.50%) but provide SEBI-registered research analyst reports, dedicated RMs, branch access, and PMS. Discount brokers are 60–70% cheaper but require self-directed investing. See Top 10 Full-Service Brokers →
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3. Which discount broker has the lowest brokerage charges in India?
Among the top 10, m,Stock by Mirae Asset charges ₹5 per executed order — the lowest flat brokerage among mainstream discount brokers. Paytm Money and 5paisa charge ₹10. Zerodha, Groww, Angel One, Upstox, and Dhan charge ₹20. All 10 offer ₹0 brokerage on equity delivery trades. Outside the top 10, SAS Online (₹9), BlinkX, FINVASIA, and Shoonya offer even lower or zero brokerage.
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4. Is Zerodha still the best discount broker in India?
Zerodha is no longer #1 by client count (Groww overtook it in 2024), but it remains the most trusted and technically superior discount broker for active equity and F&O traders. Its Kite platform, Coin for direct MF, Console for analytics, and Varsity for education form an ecosystem no other discount broker has matched. For serious traders, Zerodha remains the gold standard. Read the Zerodha review →
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5. Which discount broker is best for beginners in India?
Groww is the top pick for beginners — the simplest interface, strong mutual fund integration, ₹0 delivery, and no minimum balance. Angel One is excellent for beginners who want basic research and AI-powered stock recommendations. Upstox offers a clean, modern platform ideal for new investors starting with small amounts.
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6. Do discount brokers offer mutual fund investments?
Yes. All major discount brokers offer direct mutual fund investments at zero commission — Groww (natively), Zerodha (via Coin), Angel One, Upstox, Dhan, Paytm Money, INDmoney, and 5paisa. Investing in direct plans means no distributor commission and better long-term returns vs regular plans bought through a bank or distributor.
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7. What are the Budget 2026 F&O STT changes relevant for discount broker users?
Effective April 1, 2026: Futures STT raised to 0.05% on sell side (from 0.02%). Options STT raised to 0.15% on sell side on premium (from 0.10%). These are government taxes — identical at every broker in India. They apply on top of brokerage and are clearly shown in contract notes. This change affects all F&O traders regardless of which discount broker they use.
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8. How often is this top 10 discount broker ranking updated?
This ranking is updated every month when NSE and BSE publish their active client data, typically 2–4 weeks after month-end. The current data reflects April 2026 figures. We update the client counts, ranking order, and any broker-specific changes every month.
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