India’s stock market boasts over 10 crore active investors in 2025, driving demand for reliable brokers with low fees, robust platforms, and SEBI regulation. Discount brokers like Groww and Zerodha dominate by client numbers, offering ₹20/order brokerage, while full-service options like ICICI Direct provide research and advisory. This ranking draws from active clients, ratings, and features as of December 2025, ideal for beginners to pros navigating NSE/BSE.
Ranking Criteria
Brokers evaluated on active clients (NSE data), brokerage charges, platform usability, customer support, and specialties like algo trading or mutual funds. Discount models prioritize cost (₹0-₹20/trade), full-service emphasize research and 3-in-1 accounts. Data from Chittorgarh and broker comparison sites highlights Groww’s lead with 1.3+ crore users.
Top 10 Stock Brokers Comparison
| Rank | Broker | Active Clients (Lakhs) | Brokerage (Equity Delivery/Intraday) | Key Platform | Best For |
|---|---|---|---|---|---|
| 1 | Groww | 1,31,74 | ₹0 / ₹20 | Groww App | Beginners, Mutual Funds |
| 2 | Zerodha | 79,11 | ₹0 / ₹20 | Kite | Tech-savvy Traders |
| 3 | Angel One | ~50+ (est.) | ₹0 / ₹20 | Angel One App | Hybrid Services |
| 4 | Upstox | 27,01 | ₹0 / ₹20 | Upstox Pro | Mobile Trading |
| 5 | ICICI Direct | 19,50 | 0.55% / 0.275% | Trade Racer | Full-Service Investors |
| 6 | HDFC Securities | 15,56 | 0.5% / 0.05% | Blink | HNIs, Banking Integration |
| 7 | m.Stock | 4,22 | Free / Low | m.Stock App | Zero Delivery Charges |
| 8 | 5Paisa | 4,10 | ₹20 flat | Trader Terminal | Budget Traders |
| 9 | Motilal Oswal | 10,08 | ₹20 / ₹20 | MO Investor App | Research-Driven |
| 10 | Sharekhan | 7,85 | % based | TradeTiger | Advisory & Branches |
Groww tops for simplicity, Zerodha for innovation.
Detailed Profiles of Leaders
- Groww (Rank 1) surged ahead in 2025 with intuitive apps for stocks, ETFs, and SIPs, zero delivery fees attracting millennials. Its 9.60/10 rating stems from seamless onboarding and educational tools, though advanced charts lag pros.
- Zerodha (Rank 2) pioneered discount broking with Kite’s speed and Varsity learning modules, serving 79 lakh clients. Flat ₹20 fees across segments, plus Coin for mutual funds, make it versatile; API access suits algo traders.
- Angel One (Rank 3) blends discount pricing with ARQ robo-advisory and 5,000+ branches for handholding. Strong in options trading, it appeals to hybrid users seeking free tips and zero AMC Demat.
- Upstox (Rank 4) excels in mobile-first trading with Pro Web’s real-time analytics, backed by Ratan Tata. ₹20 orders and TradingView charts draw active traders, though support waits can hit 10 minutes.
- ICICI Direct (Rank 5) offers 3-in-1 banking-Demat-trading for seamless fund transfers, with premium research calls. Ideal for retirees, its % brokerage suits low-volume investors despite higher costs.
Emerging and Full-Service Contenders
- HDFC Securities (Rank 6) integrates with HDFC Bank for HNIs, featuring Blink’s AI insights and loan-against-shares. Research reports cover 500+ stocks, but fees deter day traders.
- m.Stock (Rank 7) by Mirae Asset disrupts with free delivery trades and high ratings (9.80/10), focusing on F&O via robust apps. Niche for cost-conscious users.
- 5Paisa (Rank 8) delivers ₹20 flat across products with Tech Pro platforms, plus insurance tie-ups. Budget-friendly for multi-asset trading.
- Motilal Oswal (Rank 9) shines in research with 40+ analysts, MO Investor app offering PMS previews. ₹20 trades balance value and insights.
- Sharekhan (Rank 10) leverages BNP Paribas backing for legacy trust, TradeTiger’s 50+ indicators, and 3,500 branches. Advisory excels for portfolios.
Choosing the Right Broker
Beginners favor Groww or Zerodha for zero learning curves; pros pick Upstox or Angel One for speed. Full-service like ICICI suits research needs, discount for volume trading. Factor Demat AMC (₹0-₹500/year), margins (4-10x), and apps’ uptime (99%+ for top ranks). Open accounts via Aadhaar e-KYC in minutes; compare via NSE client lists.
SEBI mandates transparency, but check reviews for payout delays. In 2025’s bull market, these brokers handle surges via cloud tech. For Indian creators eyeing finance content, Zerodha’s scale aligns with SEO trends in trading guides.