When it comes to navigating the landscape of financial markets in India, having a dependable Brokerage firm by your side is crucial. India’s financial sector has witnessed remarkable growth, driven by a flourishing stock market and a growing number of investors. Brokerage Firms play a vital role in facilitating trading and investment activities within this dynamic field. The ever-evolving world of finance and investments places a premium on selecting the right brokerage. This article will delve into the top 18 brokerage firms in India, each offering unique services to cater to diverse investor needs.

 

Business landscape in India

India’s dynamic business landscape offers a compelling stage for both domestic and international investors, with its rapidly growing economy poised to become one of the top emerging markets. The Indian government’s effort to streamline market entry and collaboration processes has bolstered foreign investment opportunities.

In 2022, India attracted a record-breaking $84.8 billion in FDI inflows, particularly in services, showing the country’s business-friendly environment. Various sectors in India, from IT to biotechnology, automotive to agriculture, are witnessing substantial growth and offering lucrative prospects for international businesses. With a cost-effective workforce, advanced technology adoption and government incentives, India stands as an attractive destination for foreign investors seeking diverse opportunities.

List of top brokerage firms in India

Zerodha 

Company Type: Public 

Location: Jp Nagar 4th Phase, Bangalore / Bengaluru, Karnataka – 560078

Founded in: 2010

Zerodha is a true game-changer in Indian financial services. Zerodha has grown to become India’s largest stockbroker. What sets it apart is its commitment to creating a brokerage-free world, benefitting traders and investors. With an array of products covering equity investments, retail and institutional broking, currencies, and commodities trading, Zerodha has disrupted the market with its low-cost, technology-driven approach. Today, over 1.5 million clients trust Zerodha for their financial needs.

Groww 

Company Type: Private 

Location: Bellandur, Bangalore / Bengaluru, Karnataka – 560034

Founded in: 2016

Groww is a rapidly growing investment platform in India. Initially focused on mutual funds, Groww quickly adapted to the changing landscape by offering equity trading services. With a focus on education and ease of use, Groww empowers both new and experienced investors. Its mission is to simplify investing, making it as straightforward as online shopping. Groww’s product portfolio includes:

• Mutual funds
• Demat services
• Trading services
• Intraday services
• IPO services
• Trading exposure

Angel One 

Company Type: Public 

Location: Marol, Andheri (E), Mumbai, Maharashtra – 400093

Founded in: 1996

Angle One is a prominent retail broking house in India. Founded in 1996, Angel One offers technology-led financial services like:

• Broking and advisory services
• Margin funding
• Loans against shares
• Financial product distribution

Operating through an online and digital platform, Angel One serves a diverse channel. It has onboarded over 15 million registered clients and is continuously innovating its services to provide a personalised financial journey.

Upstox 

Company Type: Private 

Location: Senapati Bapat Marg, Dadar(W), Mumbai, Maharashtra – 400013

Founded in: 2009

Upstox, the online investment brand of RKSV Securities, is a SEBI-registered financial service provider. Offering a fast, reliable and user-friendly trading platform, Upstox is known for its low-cost trading services. Its platform caters to professional traders, minimising investment and trading expenses. It provides equity delivery trading for free, with a flat Rs 20 per trade brokerage for other segments. Upstox offers a range of tools, including:

• Upstox Pro Web
• Upstox MF
• Upstox Pro Mobile
• Algo Lab

ICICIdirect 

Company Type: Private 

Location: Prabhadevi, Mumbai, Maharashtra – 400 025

Founded in: 1995

ICICI Securities is a leading technology-based securities firm in India. It operates across various capital market segments, including:

• Retail and institutional equity
• Financial product distribution
• Private wealth management
• Investment banking

ICICIdirect offers a comprehensive suite of services, including futures and options, mutual funds, currency and commodity trading, and share trading. With a strong focus on research and innovation, it has become a trusted name in the Indian brokerage industry.

HDFC Securities 

Company Type: Private 

Location: Near Kanjurmarg Station, Mumbai, Maharashtra – 400042

Founded in: 2000

HDFC Securities, a subsidiary of HDFC Bank, is a well-established financial services intermediary in India. With a strong technological backbone, HDFC Securities aims to simplify investing for its customers. Since its inception in 2000, HDFC Securities has been providing broking and portfolio services. It offers a wide range of financial products and services, including:

• Equity mutual funds
• Currency and commodity trading

Kotak Securities 

Company Type: Private 

Location: Bandra Kurla Complex-Bandra East, Mumbai, Maharashtra – 400051

Founded in: 1994

Kotak Securities Limited (KSL) is one of India’s oldest stockbroking companies, offering investment services across asset classes. Established in 1994, KSL has a pan-India presence and provides simplified investment solutions. Kotak Securities is a preferred choice for millions of investors in India, with its technology-first approach and a wide range of offerings, including:

• Equity
• Debt
• Mutual funds
• Commodities
• Currencies

Motilal Oswal

Company Type: Public

Location: Prabhadevi, Mumbai, Maharashtra – 400025

Founded in: 1987

Motilal Oswal Financial Services is a renowned Indian financial services company offering a range of financial products and services. Founded in 1987, the firm is listed on the BSE and NSE stock exchanges. Motilal Oswal’s strength lies in its online stock trading platform, equity research, market analysis, and innovative investment solutions. Motilal Oswal offers digital platforms, making investing simple and accessible. With a focus on technology and research, the company continues to provide value to its customers.

Paytm Money 

Company Type: Public 

Location: Nehru Place, New Delhi, Delhi – 110019

Founded in: 2017

Paytm Money is a SEBI registered Investment Adviser and online financial service provider. Its ‘Investor First’ approach offers a seamless and paperless investment experience. Paytm Money has simplified investing for over 14 million users with its services covering:

• Mutual funds
• Stocks
• Futures and options
• IPOs
• NPS

As a subsidiary of One97 Communications, it offers direct plans in mutual funds, ensuring transparency and value for investors.

Sharekhan 

Company Type: Private 

Location: 29 Senapati Bapat Marg, Dadar (West), Mumbai, Maharashtra – 400 028

Founded in: 2000

Sharekhan is a respected name in the Indian retail brokerage arena. With a focus on customer-first digital platforms, Sharekhan has gained popularity among traders and investors. It offers online security broking and portfolio services to a wide range of clients, including investors and corporate houses. Operating as a subsidiary of BNP Paribas SA, Sharekhan provides digital channels for:

• Trading
• Mutual fund distribution
• Loan against shares
• ESOP financing
• IPO financing
• Wealth management

5Paisa

Company Type: Public

Location: Thane Industrial Area, Wagle Estate, Thane, Mumbai, Maharashtra – 400604

Founded in: 2016

5paisa Capital Limited stands as a prominent player in the Indian brokerage scene. This online technology platform facilitates trading on the National Stock Exchange of India Limited, BSE Limited, and MCX. Beyond stock broking, it offers an array of financial services, including:

• Discounted stock broking
• Depository Services
• Mutual funds distribution
• Bonds
• Insurance products

Additionally, 5paisa provides investment advisory services and peer-to-peer lending through its platform and mobile app, 5paisa Loans. Catering to both retail investors and high-volume traders, 5paisa has emerged as India’s fastest-growing discount stockbroker.

IIFL Securities

Company Type: Public

Location: Thane Industrial Area, Wagle Estate, Thane, Mumbai, Maharashtra – 400604

Founded in: 1996

IIFL Securities, formerly known as Indian Infoline Limited, has an illustrious history in retail broking and financial product distribution. It operates across various segments, offering:

• Retail broking products
• Portfolio management
• Investing in banking services 

With a vast network of branches and partners, IIFL serves a wide range of customers, including institutional investors, foreign portfolio investors and retail clients. This financial powerhouse consistently aims to deliver quality products and services, making it a reliable choice for investors.

AxisDirect

Company Type: Private

Location: Kamani Junction, Kurla West, Mumbai, Maharashtra – 400070

Founded in: 2011

AxisDirect, the flagship brand under Axis Securities, a subsidiary of Axis Bank, has been a game-changer in the Indian brokerage industry. With a strong presence in Mumbai, AxisDirect offers a spectrum of investment options through its 3-in-1 account. Leveraging the backing of Axis Group, AxisDirect combines innovation and passion to provide cost-effective trading solutions, making them accessible to a broader audience. Its commitment to customer satisfaction and efficiency sets it apart in the online trading industry.

Geojit

Company Type: Public

Location: Civil Line Road Padivattom, Kochi, Kerala – 682024

Founded in: 1987

Geojit Financial Services, with a presence in India and the Middle East, has established itself as a leading retail financial services company. Geojit’s offerings encompass:

• Online share trading
• Equity and mutual 
• Fund investments
• Portfolio management services
• Live stock market data

Serving over 10,47,000 clients through a widespread network, Geojit’s multichannel services cater to various investment needs, including equities, derivatives, mutual funds and insurance.

TradeSmart

Company Type: Private

Location: Marol Maroshi Rd, Andheri East, Mumbai, Maharashtra – 400059

Founded in: 2013

TradeSmart, headquartered in Mumbai, ranks among the top online discount broking services in India. Focused on making stock trading accessible and cost-effective. Tradesmart is a venture of VNS Finance, boasting a successful track record in the brokerage business for over two decades by harnessing the latest technology and smart automation. TradeSmart offers a business model where clients can enjoy significant cost savings while benefiting from efficient, secure and user-friendly trading experiences.

Bajaj Finserv

Company Type: Public

Location: Panchshil Tech Park, Viman Nagar, Pune, Maharashtra – 411014

Founded in: 2007

Bajaj Finserv is a prominent non-banking financial services company headquartered in Pune. It specialises in leading, asset management, wealth management, and insurance. With a diverse range of leading vertices, including consumers, SMEs and commercial, Bajaj Finserv caters to various financial needs. It also offers insurance products, portfolio management services and innovative financial solutions. The NBFC’s commitment to innovation and customer service has made it a preferred choice for millions of clients seeking financial solutions.

Choice Broking

Company Type: Private

Location: J B Nagar, Andheri(East), Mumbai, Maharashtra – 400099

Founded in: 2010

Choice Equity Broking, also known as Choice Broking, is a full-service stockbroking firm based in Mumbai. With a strong presence in various financial segments, including NSE, BSE, MCX, NCDEX, and mutual fund distribution, Choice Broking has become a reliable partner for investors. As a full-service stockbroking firm based in Mumbai, Choice Broking offers a wide range of financial services, including:

• Equity research
• Wealth management
• Platforms for trading in stocks
• Derivatives
• Currencies
• Commodities
• Mutual funds
• IPOs

With a focus on technology and cost-effective solutions, Choice Broking aims to enhance the trading experience for its clients.

AliceBlue

Company Type: Private

Location: Sitabuldi, Nagpur, Maharashtra – 440012

Founded in: 2006

AliceBlue provides an online platform for share and commodity trading. Its services include customised strategies, historical data charts, alerts, and back-office software for transaction tracking. Established in Erode, Tamil Nadu, in 2006, the company has grown steadily and relocated its headquarters to Bangalore in 2017. AliceBlue is known for its competitive pricing, offering Intraday and F&O trading at Rs 15, along with free equity, IPO, and mutual fund investments.

Commercial real estate demand in India

Office space: With the growing presence of prominent brokerage firms in India, there’s a rising demand for spacious and well-equipped office spaces. This surge in demand has spurred the development of modern office complexes and thriving business hubs throughout India.

Rental property: The influx of these brokerage firms has also invigorated the rental property market in the country. Property owners are now enjoying the benefits of consistent demand for commercial spaces. It will result in competitive rental rates and increased property values.

Impact on real estate: As brokerage firms continue to establish themselves in India, the local real estate industry is rapidly evolving to cater to their unique requirements. This transformation is not only meeting their needs but also contributing significantly to the country’s economic growth and development.

Impact of brokerage firms in India

The financial sector in India has been significantly impacted by brokerage firms. They facilitate investment opportunities for individuals and institutions, promoting wealth creation and financial literacy. They facilitate stock trading, investments, and wealth management for people and businesses. Their presence has led to increased participation in the capital markets, contributing to India’s economic growth. Moreover, they have influenced the real estate market by offering financial products related to property investments, further diversifying their impact on the Indian economy.

FAQs

What is a brokerage firm in India?

A brokerage firm in India is a financial institution that facilitates the buying and selling of financial assets such as stocks, bonds, and commodities on behalf of clients.

How do brokerage firms in India make money?

Brokerage firms in India primarily earn money through commissions and fees charged on each trade executed for clients.

What services do brokerage firms offer?

Brokerage firms in India offer services including: Stock trading Commodity trading Investment advisory Portfolio management Research analysis

Are there different types of brokerage firms in India?

Yes, there are full-service brokerage firms that provide a wide range of financial services and discount brokerage firms that offer the lowest-cost trading services with fewer added features.

How can I choose the right brokerage firm in India?

To choose the right brokerage firm, consider factors like: Trading fees Research tools Customer support Types of investments they offer

What is a demat account, and do I need one with a brokerage firm in India?

An electronic account called a Demat account is used to store and trade stocks. Yes, a Demat account is required in order to trade stocks and other assets through an Indian brokerage firm.

Are there regulations governing brokerage firms in India?

Yes, brokerage firms in India are regulated by the Securities and Exchange Board of India (SEBI) to ensure fair and transparent trading practices.

What is the role of a sub-broker in the context of brokerage firms in India?

A sub-broker is an intermediary who works under a registered brokerage firm in India and helps clients with trading and investment services, sharing commissions with the main brokerage.

What are the advantages of using a discount brokerage firm in India?

Discount brokerage firms offer lower fees and commissions, making them cost-effective for self-directed investors.

Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at [email protected]