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Top 20 Share Brokers in India 2023

Top Share Brokers in India [[yyyy]] (Top 20 Stock Brokers)

A genuine list of Top share brokers in India 2023 by the number of the active clients in 2023.

There are 20 top stock brokers who have over 1 lakhs of active customers. The year wise list of Top stock brokers in India also provides detail about the latest number of active clients with the broker. Find the top online broker rankings 2023 below:

About This Ranking — How We Compile the List

This ranking is compiled from active client count data reported monthly by NSE (National Stock Exchange) — the most objective and verified measure of broker scale in India. An “active client” is a customer who has executed at least one trade in the past 12 months, as defined by SEBI regulations. This data is collected by NSE from all registered trading members and published monthly. It is the same data that Chittorgarh, InvestorGain, and other broker comparison platforms use for their rankings.

Active client count is not a measure of quality or suitability — it measures popularity and scale. A broker with more active clients is not necessarily the best choice for every investor; it simply means more people have traded with that broker in the past year. Use this ranking to understand market dominance, then read the individual broker review to decide suitability for your specific needs.

The Big Story of 2026 — Discount Brokers Now Dominate India

The most significant structural shift in Indian retail broking over the past decade is the dominance of discount brokers . Of the top 5 brokers by active clients in 2026, four are discount brokers (Groww, Zerodha, Angel One, Upstox). Of the top 20, 14 are discount brokers and only 6 are full-service.

The defining moment was Groww overtaking Zerodha to become India's largest broker by active clients. Groww, launched in 2016 primarily as a mutual fund platform, expanded into stocks and used its app-first, zero-friction approach to attract first-time investors in tier-2 and tier-3 cities. It now has 1.13 crore active clients — a client base that would have been unimaginable for any Indian broker as recently as 2019.

Among full-service brokers, ICICI Direct remains the undisputed leader at 19.5 lakh active clients — the largest full-service broker by a wide margin. HDFC Securities (15.8L), Kotak Securities (14.6L), and Motilal Oswal (9.9L) follow. Traditional giants like Sharekhan, once among the top 3 by client count, have seen relative declines as discount brokers absorbed the bulk of new investor growth.

Discount vs Full-Service — Which Type Is Right for You?

✔ Choose a Discount Broker if:

✓	You want the lowest brokerage — ₹0 delivery, ₹5–₹20 F&O flat fee
✓	You are comfortable with self-directed investing — no RM hand-holding needed
✓	You want a modern, app-first trading experience
✓	You are an active trader (frequent orders = more savings with flat fees)
✓	You want free or very low-cost direct mutual fund investing

✔ Choose a Full-Service Broker if:

✓	You want a dedicated Relationship Manager and personal advisory
✓	You want SEBI-registered research analyst recommendations
✓	You are an NRI who needs an integrated 3-in-1 bank+trading+demat account
✓	You want branch access — especially in tier-2/3 cities
✓	You need 50+ financial products (insurance, loans, PMS) in one account

Top 5 Brokers — Why They Lead the Rankings

#1 Groww — 1.13 Crore Active Clients

Groww became India's No. 1 broker by active clients through a relentlessly simple mobile-first app that made investing accessible to first-time investors. Starting as a mutual fund platform, it expanded into stocks and F&O, then UPI-based IPO applications. Its ₹0 delivery brokerage, ₹20 flat F&O, and clean interface with no trading jargon resonated with young investors in smaller cities. Groww has also built India's largest retail MF distribution base. Read the full Groww review →

#2 Zerodha — 74.7 Lakh Active Clients

Zerodha pioneered the flat-fee discount model in India and remains the most trusted broker by experienced traders. Kite (trading platform), Coin (direct MF), Varsity (education), and Streak (algo) form an integrated ecosystem built in-house. GTT orders, ₹0 delivery, ₹20 F&O, ₹300/year AMC, and bootstrapped profitability make it the benchmark by which all other discount brokers are measured. Read the full Zerodha review →

#3 Angel One — 71.7 Lakh Active Clients

Angel One is India's most technologically innovative full-turned-discount broker. With AI-powered SmartStore (personalised stock recommendations), SmartAPI (best-in-class trading API), SuperSIP (stock SIPs), and a Sensibull options analytics integration, Angel One serves both beginners and sophisticated traders. ₹0 delivery, ₹20 flat F&O, and a massive physical network of sub-brokers make it uniquely positioned. Read the full Angel One review →

#4 Upstox — 32.3 Lakh Active Clients

Upstox (formerly RKSV) is backed by the Ratan Tata family and GIC Singapore. It provides TradingView chart integration, a modern UI, ₹0 delivery, ₹20 F&O, and strong API capabilities. Having grown from a bootstrapped broker to a top-4 player, Upstox is particularly popular among tech-forward traders who want a Zerodha-quality experience with a more modern design aesthetic. Read the full Upstox review →

#5 ICICI Direct — 19.5 Lakh Active Clients

ICICI Direct is India's largest full-service broker by a significant margin. The ICICI Bank 3-in-1 account, SEBI RA research, eATM same-day payouts, NRI 3-in-1 accounts, and 50+ products make it the go-to choice for investors who want the security and integration of India's leading private bank. Despite higher brokerage, it retains nearly 20 lakh active clients — testament to the loyalty that comes with banking integration and institutional trust. Read the full ICICI Direct review →

Top Brokers — Key Charges at a Glance (April 2026)

Broker	Delivery	Intraday	F&O	Account Opening	AMC
Groww	₹0	0.05%	₹20	₹0	₹0
Zerodha	₹0	0.03%	₹20	₹0	₹300/yr
Angel One	₹0	0.25% or ₹20	₹20	₹0	₹0 yr1
Upstox	₹0	0.03% or ₹20	₹20	₹0	₹150/yr
ICICI Direct	0.29%	0.029%	₹20 (iValue)	₹0	₹700/yr
Dhan	₹0	₹20 or 0.03%	₹20	₹0	₹0
mStock	₹0	₹5	₹5	₹0	₹219/qtr or ₹0*
Motilal Oswal	0.20%	₹0 FREE	₹20/lot	₹0	₹0 yr1

All charges as of April 2026. F&O STT revised upward effective April 1, 2026 (Futures: 0.05% sell; Options: 0.15% sell on premium). Charges verified from individual broker review pages on CSB — compare brokers side-by-side here.

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