Published on Friday, September 14, 2012 by Chittorgarh.com Team | Modified on Monday, December 3, 2018
NSE, BSE and MCX, the popular exchanges in India, have hundreds of registered stock broker. Many of these brokers provide services to retail investors and traders.
There are top 10 brokers in India producing maximum turnover at these stock exchanges. All these brokers offers something unique service and suitable for a category of investor. Finding the right stock broker is a challenging task for most of the investors.
The detail comparison helps investors to choose the correct broker. We have considered following parameters to compare stock brokers in India.
Brokers in India can be categories by the type of services they provide. There are two popular types of broker; full-service broker and discount broker.
Full-service brokers are the traditional broker's who offers almost all kind of investment options and advisory to its customers.
Discount broker's offers less number of services but at a much cheaper price. They provide no-frill services and specialized into few investment options. Discount brokers are good for 'do-it-yourself' kind of investors.
Stocks are traded in stock exchanges. India has two big stock exchanges; BSE and NSE.
Commodities are traded in Commodity Exchanges. There are multiple exchanges available in India for commodity trading including MCX, NCDEX, NMCE, ICEX and ACE.
Most brokers offer different types of accounts or plans to suit different individual investors need. The below comparison is done for selected account type. Visit broker detail page for more account types.
The broker charges an account opening fee to open a new share trading account. The Account Opening fees is generally different for different types of account. This fees is non refundable.
The broker charges an Account Maintenance Fee; also called Annual Maintenance Fee (AMC) for trading account.
This fee is payable yearly irrespective to the uses of the account. It is automatically deducted from your account.
The broker charges Demat Account Opening Fee when the new Demat account is opened.
The broker charges an Demat Account Maintenance Fee; also called Demat Annual Maintenance Fee (AMC) for demat account. The Demat AMC is charged quarterly and in most cases automatically deducted from your account.
Any transaction a trader enters into will attract commission or brokerage. Brokerage is debited from your account at the end of the day.
Service Tax (ST), Securities Transaction Tax (STT), SEBI turnover charges, Transaction Charges (inclusive of Service tax) and Stamp duty will be charged in addition to brokerage.
Brokerages charged for buy and sell orders in the Cash Segment when the transaction is settled by delivery.
Brokerages charged for buy and sell orders in the Cash Segment when transaction is Squared-off on the same day.
Brokerages charged for buy and sell orders in the Margin Trading. In Margin Trading, trader takes buy/sell positions in stock with the intention of squaring off the position within the same settlement cycle.
Brokerages charged for buy and sell orders in the Future Trading.
Option is a derivative product used to hedge unexpected up and owns in the market. It is a contract, which gives the buyer the right, but not the obligation to buy or sell shares of the underlying security at a specific price on or before a specific date.
There are two kinds of options: Call Options and Put Options.
A Call Option is an option to buy a stock at a specific price on or before a certain date. The price paid for call option is called the 'option premium'. The option premium is the money which you pay when you decide not to use the option to buy the stock. In simple term Call options are like 'Security Deposit' paid in advance to rent a house.
A Put Option is an option to sell a stock at a specific price on or before a certain date. The 'put premium' is the money which you pay when you decide not to use the option to sell the stock. In Simple terms Put Option is like an insurance policy. With a Put Option, a trader can insure a stock by fixing a selling price.
Options are traded in lots specified by the stock exchanges.
Broker charges brokerage on the premium paid for Call or Put Option. Some broker charges a fixed rate per lot i.e. ICICI charges Rs 65 per lot, while other charges in % of premium paid.
Other brokerage charges paid.
The minimum brokerage charged by the broker for a transaction. This is an important factor when considering trading in penny stocks.
Minimum brokerage charged by broker could be different for each segment. The charges compared here are for Cash Segment.
Note: As per SEBI rule, a broker can charge a maximum of 2.5% of a transaction as brokerage.
Broker allows investment and trading in stocks which are listed in the stock exchange where the broker has membership.
Broker allows investment in Dept products like Fixed Deposits, Fixed Maturity Plans (FMP), Monthly Income Plans (MIP), PPF, NSC etc.
Broker allows investment in Initial Public Offers (IPO's).
Broker allows investment in Mutual Funds.
Broker allows investment in Bonds and NCD's.
Broker allows investment and trading in commodity.
Broker allows investment and trading in currency derivatives.
Other investment options offered by the broker including Insurance, Pension Plans etc.
Broker offers an online portfolio where the customer can view the profit and losses against the holdings, value of the holdings and other useful live information. It provides consolidate view of the investment.
Broker offers Basic Charts and Technical Charts of Stock and Commodities on its portal and trading terminals. These online charts help in technical analysis.
Broker provides online live demonstration of its trading platform and back office.
Broker offers mobile trading platform.
Broker offers 3-in-1 account including Trading Account, Demat Account and Banking Account. The 3 in 1 account make is very easy for beginners and casual investors.
Broker who offers software for automated online trading to its customer. Automated trading is also known as robotic trading or Computer trading or Program Trading.
Broker who provides facility to place after trading hours orders. The orders are send to exchange on the next trading day.
Good Till Cancelled (GTC) allows customers to place an order which remains in the system until it is executed or it reaches the specified number of days.
Through GTC feature, you can place buy and sell limit orders in equity scripts of your choice; specifying the period for which you want the order instruction to be valid.
Broker sends SMS alerts for major transactions.
Other important features offered by the broker.
Broker offers 24 / 7 customer service.
Broker offers customer service though email.
Broker provides live chat facility on its website for customer support.
Broker offers customer service though phone.
Broker provides toll free phone numbers for customer support.
Broker offers customer service though the network of branches it has in most of the cities across India.
Broker publishes daily market report.
Broker provides free stock and commodity tips to its customers.
Broker publishes analysis of listed company's quarterly results.
Broker publishes market news alerts on its website and trading platforms.
Casual Investors buy and sell shares occasionally and use a long term strategy to review their investment portfolios.
Comprehensive investment tools are not the most Important factor in selecting the best broker for them, but educational tools that are simple to use and cost- effective are important to them.
Active Investors buy and sell shares & derivatives more frequently than basic investors. The latest market information, fundamental analysis data/reports are used to determine portfolio holdings.
The comprehensiveness of research tools are an important factor when selecting the best broker for them.
Traders buy and sell shares very frequently. The latest market information is used to determine portfolio holdings.
Cost is an important factor for them due to high trading frequency. The availability of derivatives and dynamic trading platforms are also key considerations this trading group.
Reviews of the broker.
Key advantages of the broker.
Key disadvantages of the broker.
Current promotional offers available with the broker.
Stock Broker ComparisonCompare Share Brokers Side-by-Side Comparison List of Stock Brokers Broker Complaints Monitor Articles / Tutorials Glossary
Discount BrokersZerodha (Flat ₹20) ProStocks (₹15 per trade) Upstox RKSV (Flat ₹20) 5paisa Trade Smart Online More Discount Brokers >>
Full Service BrokersICICI Direct Sharekhan HDFC Securities Ventura Securities Kotak Securities More Full-Service Brokers >>
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