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Stock Brokers in India (Best Broker Comparison)

  • Understand basics of Online Stock Market Trading in India.
  • Provide detail about Top Stock Trading Companies in India.
  • Compare and discuss about stock broker websites, product offerings, services, fees, brokerage and reviews.

Introduction to Online Stock Rrading

  1. Stock Exchange

    Stocks (Shares, equity) are traded in stock exchange. India has two big stock exchanges (Bombay Stock Exchange - BSE and National Stock Exchange - NSE) and few small exchanges like Jaipur Stock Exchange etc.

    Investor can trade stocks in any of the stock exchange in India.

  2. Stock Broker

    Investor requires a Stock Broker to buy and sell shares in stock exchanges (BSE, NSE etc.). Stock Broker are registered member of stock exchange.

    Only stock brokers can directly buy and sell shares in Stock Market. An investor must contact a stock broker to trade stocks on behalf of him. Broker charge commissions (brokerages) for their service. Brokerage is usually a percent of total amount of trade and varies from broker to broker. In recent days the idea of flat fee share broker is picking up. In flat fee stock trading, a fixed amount is charged (i.e. Rs 20 per trade) irrespective to the size of the order.

  3. Online Stock Trading

    Traditionally stock trading is done through stock brokers, personally or through telephones. As number of people trading in stock market increase enormously in last few years, some issues like location constrains, busy phone lines, miss communication etc start growing in stock broker offices. Information technology (Stock Market Software) helps stock brokers in solving these problems with Online Stock Trading.

    Online Stock Market Trading is an internet based stock trading facility. Investor can trade shares through a website without any manual intervention from Stock Broker.

    In this case these Online Stock Trading companies are stock broker for the investor. They are registered with one or more Stock Exchanges. Mostly Online Trading Websites in India trades in BSE and NSE.

    There are two different type of trading platforms available for online equity trading.

    1. Installable software based Stock Trading Terminals

      These trading environment requires software to be installed on investors computer. These software are provided by the stock broker. These softwares require high speed internet connection. This kind of trading terminals are used by high volume intra day equity traders.


      • Orders directly send to stock exchanges rather then stock broker. This makes order execution very fast.
      • It provides almost each and every information which is required to a trader on a single screen including stock market charts, live data, alerts, stock market news etc.


      • Location constrain - You cannot trade if you are not on the computer where you have installed trading terminal software.
      • It requires high speed internet connection.
      • These trading terminals are not easily available for low volumn share traders.
    2. Web (Internet) based trading application

      These kind of trading environment doesn't require any additional software installation. They are like other internet websites which investor can access from around the world through normal internet connection.

      Below are few advantages and disadvantages of Online Stock Market Trading :-

      Advantages of Online Stock Trading (Website based):

      • Real time stock trading without calling or visiting broker's office.
      • Display real time market watch, historical datas, graphs etc.
      • Investment in IPOs, Mutual Funds and Bonds.
      • Check the trading history; demat account balance and bank account balance at any time.
      • Provide online tools like market watch, graphs and recommendations to do analysis of stocks.
      • Place offline orders for buying or selling stocks.
      • Set alert to inform you certain activity on the stock through email or sms.
      • Customer service through Email or Chat.
      • Secure transactions.

      Disadvantages of Online Stock Trading (Website based):

      • Website performance - sometime the website is too slow or not enough user friendly.
      • Little long learning curve especially for people who doesn't know much about computer and internet.
      • Brokerages are little high.

Type of Brokers (by services they provide)

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. Both of them have their own pros and cons.

  1. Full-service broker (Full Service Brokerage)

    Full-service (Full-price) brokers are the traditional broker's who offers almost kind of investment options and advisory to its customers.

    This includes trading in stock (equity), Future & Options, commodities and currency derivatives, Investment in Mutual Funds, IPO's, Fixed Deposits and Bonds, Life Insurance and General Insurance. They also provide Wealth Management and Investment Planning services to individual as well as corporate customers.

    Full Service Brokers have their own research teams which helps the customer in their financial planning. They regularly publish newsletters like market watch where they provide research reports, stock tips and recommendations to their customers.

    The service they offer comes at a cost. There services charges, fees and brokerages are higher from discount brokers. They charges brokerage based on a certain % of the trade value.

    Most of the stock brokers in India are full-service brokers. Some popular names are ICICI Securities Pvt Ltd, HDFC Securities Ltd, Kotak Securities Ltd, HSBC Invest Direct Ltd and SBICAP Securities Ltd.

  2. Discount Broker (Discount Brokerage)

    An increasing popular discount broker's provides less number of services but at a much cheaper price. They offer no-frill services and specialized into few investment options. Discount brokers are good for 'do-it-yourself' kind of investors.

    While the services offered by them varies from broker to broker, many of the discount stock brokers do not provide services like stock research, investment in IPO's, Mutual Funds, FD's, Bonds and NCD's. They generally do not have their own research teams and thus do not provide wealth management related services.

    Discount brokers in India offers mainly two type of pricing plans:

    1. Per Trade Flat Rate Pricing

      Most discount brokers charge 'fixed price brokerage per trade' irrespective to the size of the trade. i.e.

      • ProStocks charges Rs 15 per executed order.
      • Zerodha charges Rs 20 per executed order.
      • Upstox charges 0.01% or Rs 20 per executed order (Whichever is lower).
    2. Unlimited Monthly / Yearly Trading Plan

      Many discount brokers offer fixed rate unlimited trading monthly or yearly plan. There brokers offers unlimited trading in selected segments and exchanges for a flat monthly rate. There is no brokerage charged in this kind of plans. Here are two unlimited trading plans offered by ProStocks.

      • ProStocks - Rs 899 per Month Unlimited Equity & Equity Derivatives Trading
      • ProStocks - Rs 499 per Month Unlimited Currency Derivatives Trading

Full Service Brokers Vs Discount Brokers (major difference)

Read detailed article about Comparison of Full Service Brokers and Discount Brokers in India

  1. Full service broker charges brokerage in % of total trade value. Discount broker brokerage charges are fixed irrespective to the size of the trade.
  2. Full service brokerage charges are always much higher than discount broker.
  3. Full service broker charges Annual maintenance Fees (AMC) for trading account which is free with the most of the discount brokers.
  4. Full service brokers have branches in almost all major cities while discount brokers have limited branches mainly located in metro cities.
  5. Full service brokers provide training programs, research reports and many other add on services to its customers, which are helpful for beginners.
  6. Most full service brokers provide 3-in-1 account which includes trading account, demat account and bank account. This makes it very easy for customers as all the transactions between these accounts are seamless.
  7. Most discount brokers do not provide 24 hours phone support while most of the full-service brokers provide 24 hours phone support.

List of Share Brokers in India

There are 100's of stocks broker in India member of BSE and NSE. Most of them offers retail broking. Every year we do detail review analysis of Top Share Brokers in India. Some of the stock brokers we reviewed are listed below. Click on the broker's name to get more detail about them.

Top Share Brokers in India

Broker Active Clients Request Callback Review
Zerodha1,414,376Open AccountZerodha Review
ICICI Direct1,075,956Open AccountICICI Direct Review
HDFC Securities720,150Open AccountHDFC Securities Review
Upstox619,305Open AccountUpstox Review
Angel Broking576,414Open AccountAngel Broking Review
Kotak Securities571,806Open AccountKotak Securities Review
Sharekhan549,778Open AccountSharekhan Review
5paisa434,036Open Account5paisa Review
Motilal Oswal377,123Open AccountMotilal Oswal Review
AxisDirect270,462Open AccountAxisDirect Review
SBI Securities249,924Open AccountSBI Securities Review
Karvy243,256Open AccountKarvy Review
IIFL Securities218,877Open AccountIIFL Securities Review
Geojit163,742Open AccountGeojit Review
Edelweiss130,215Open AccountEdelweiss Review
Reliance Securities119,321Open AccountReliance Securities Review
SMC Global113,513Open AccountSMC Global Review
Religare111,652Open AccountReligare Review
Nirmal Bang95,618Open AccountNirmal Bang Review
Marwadi Shares86,709Open AccountMarwadi Shares Review
Ventura74,849Open AccountVentura Review
Anand Rathi73,021Open AccountAnand Rathi Review
Tradebulls65,017Open AccountTradebulls Review
Jainam Share57,138Open AccountJainam Share Review
IDBI Capital51,591Open AccountIDBI Capital Review
SAMCO51,432Open AccountSAMCO Review
Indiabulls43,688Open AccountIndiabulls Review
Aditya Birla Money43,387Open AccountAditya Birla Money Review
Master Trust40,021Open AccountMaster Trust Review
JM Financial39,869Open AccountJM Financial Review
Alice Blue37,295Open AccountAlice Blue Review
Bonanza36,178Open AccountBonanza Review
Sushil Financial33,189Open AccountSushil Financial Review
Choice Equity Broking32,854Open AccountChoice Equity Broking Review
Arihant Capital31,799Open AccountArihant Capital Review
Globe Capital30,362Open AccountGlobe Capital Review
Shri Parasram Holdings27,474Open AccountShri Parasram Holdings Review
LKP Securities26,326Open AccountLKP Securities Review
Trade Smart Online24,999Open AccountTrade Smart Online Review
Prabhudas Lilladher24,714Open AccountPrabhudas Lilladher Review
Ashika Broking14,834Open AccountAshika Broking Review
Alankit Assignments14,124Open AccountAlankit Assignments Review
Yes Securities13,404Open AccountYes Securities Review
SAS Online13,027Open AccountSAS Online Review
Tradeplus12,374Open AccountTradeplus Review
Trustline11,517Open AccountTrustline Review
Bansal Finstock10,000Open AccountBansal Finstock Review
SSJ Finance9,332Open AccountSSJ Finance Review
RK Global7,669Open AccountRK Global Review
Mangal Keshav7,500Open AccountMangal Keshav Review
Wisdom Capital7,120Open AccountWisdom Capital Review
Fyers7,099Open AccountFyers Review
Indira Securities6,779Open AccountIndira Securities Review
Prostocks6,000Open AccountProstocks Review
Finvasia5,697Open AccountFinvasia Review
RMoney2,144Open AccountRMoney Review
Just Trade1,413Open AccountJust Trade Review
Compositedge1,368Open AccountCompositedge Review
Achiievers0Open AccountAchiievers Review
Tradejini0Open AccountTradejini Review
Rudra Shares0Open AccountRudra Shares Review
TradingBells0Open AccountTradingBells Review
BgSE Financials0Open AccountBgSE Financials Review
MansukhOpen AccountMansukh Review
DestimoneyOpen AccountDestimoney Review
Hem SecuritiesOpen AccountHem Securities Review
iTradeOnlineOpen AccountiTradeOnline Review
RKSVOpen AccountRKSV Review
BeelineOpen AccountBeeline Review
Open an Online Trading Account

Things to do before opening Online Share Trading Account

  1. Ask for Demo: Contact the broker who provide online trading service and ask him to give you a demo of product.
  2. Check if the broker trades in multiple stock exchanges. Usually most of the Online Trading Websites trade in NSE and BSE in India.
  3. Check the integration of Brokerage account, Demat account and Bank account.
  4. Compare brokerages with other peer companies.

Documents require to open a Trading Account

  1. Proof of residence (Address proof)
    • Driving license
    • Voter's ID
    • Passport
    • Photo credit card
    • Photo ration card
    • Utility Bill (Telephone, Electricity etc)
    • Bank Statement
  2. Proof of identity
    • Driving license
    • Voter's ID
    • Passport
    • Photo ration card
  3. PAN Card
  4. Two photographs
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