Exploring the Top 7 Share Brokers in India: A Comprehensive Guide

Are you looking for the best share brokers in India to start your investing journey? 

How do you choose the right broker for your needs and preferences? To help you out, we have compiled a list of the top 7 brokers in India based on various criteria, such as brokerage charges, trading platforms, customer service, research, and more. These brokers offer a range of products and services to suit different types of investors, whether you are a beginner or an expert, a trader or an investor, a value seeker or a growth seeker. Here are the top 7 brokers in India that you should consider for your stock market investments.

Groww

Securing the top spot among the top 7 share brokers in India is Groww, a platform established in 2016 by Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh, former employees of Flipkart. 

Groww is officially registered with SEBI as a stockbroker, depository participant, and investment adviser, holding memberships with NSE, BSE, MCX, and CDSL to ensure adherence to regulatory standards and establish credibility.

Key Features

Distinguishing itself through unique offerings, Groww imposes a minimal brokerage charge of Rs 20 per executed trade or 0.05% for Equity, Intraday, and F&O trades. The platform boasts a user-friendly trading app equipped with 128-bit encryption, serving the diverse investment needs of over 90 lakh users. 

Fees/Charges

Groww adheres to a fixed brokerage model, charging a flat Rs 20/ executed order for Equity Intraday, Delivery, and F&O trades. This transparent pricing strategy ensures that customers pay a maximum of Rs 20, regardless of the trade quantity or amount. Additional charges encompass auto square-off fees of Rs 50, alongside other transaction, regulatory, and Demat charges. Importantly, Groww does not levy charges for mutual fund investments or redemptions.

Pros

• A straightforward pricing model featuring a flat Rs 20 per trade brokerage.
• No account opening fees.
• Absence of Demat AMC charges.
• Direct Mutual Funds platform provides an extra 1.5% returns.
• Enables trading in SME Shares.

Cons

• Lack of Call and Trade services.
• No provision for stock tips, research reports, or recommendations.
• Exclusion of investment options in shares of Small and Medium Enterprises (SMEs) listed on BSE SME and NSE Emerge platforms.
• Unavailability of trailing stop loss orders in the Groww app.
• Non-offering of NRI Trading.
• SME IPOs are not accessible.

Shoonya by Finvasia

Shoonya by Finvasia, established in 2013, proudly holds the second position among the top 7 brokers in India. It distinguishes itself as the country's pioneer in introducing a commission-free demat account, allowing users to trade without incurring any commissions. The Finvasia Group, founded by Sarvjeet Singh and Tajinder Singh in 2009, envisions bringing about a new era of financial accessibility and innovation in the Indian market through Shoonya.

This platform facilitates commission-free trading across various segments, including stocks, mutual funds, bonds, ETFs, futures and options, currency, and commodities on exchanges such as NSE, BSE, MCX, and NCDEX.

Key Features

Shoonya offers a zero brokerage demat account, covering all trading segments at zero brokerage. 

• Users can engage in commission-free trading across equity intraday, delivery, futures, options, currency, commodities, mutual funds, ETFs, bonds, and IPOs. 
• The platform ensures a streamlined onboarding process with no charges for account opening and zero annual maintenance fees. 
• Advanced trading tools, accessible customer support, a user-friendly platform, and AI-powered insights enhance the trading experience.

Fees/Charges

Shoonya follows a transparent brokerage model with zero hidden costs. It offers zero brokerage on equity intraday and delivery, futures and options, currency and commodities, mutual funds, ETFs and bonds, IPOs, account opening, annual maintenance, call and trade, auto-squared-off, volume commitment, clearing charges (NSE & BSE), API and algo trading charges, upfront charges, and trading platform charges.

Shoonya By Finvasia's Brokerage Plans- Zero Hidden Costs

1.    Zero brokerage on equity intraday and delivery.

2. Zero brokerage on futures and options.

3. Zero brokerage on currency and commodities.

4. Zero brokerage on mutual funds.

5. Zero brokerage on ETFs and bonds.

6. Zero brokerage on IPOs.

7. Zero account opening charges.

8. Zero AMC (Annual Maintenance Charges).

9. Zero call and trade charges.

10. Zero hidden charges.

11. Zero trading platform charges.

12. Zero auto-squared-off charges.

13. Zero volume commitment.

14. Zero clearing charges (NSE & BSE).

15. Zero charges on APIs and Algo trading.

16. Zero Upfront charges.

Pros

• Zero brokerage on all segments, ETFs, and Mutual Funds.
• AI-powered insights for stock price prediction.
• Robust trading tools and sophisticated analytics.
• User-friendly platform available on desktop, web, and mobile devices.

Cons

• Lack of physical branches for local support.
• Absence of Margin Funding services.

Angel One

Angel One, securing the third position among the top 7 share brokers in India, was formerly known as Angel Broking and has been a prominent financial services provider in India since its establishment in 1987. Registered with SEBI and a member of major stock exchanges, including NSE, BSE, MCX, and NCDEX, Angel One offers a user-friendly and secure trading platform with a variety of financial products and services.

Key Features

Angel One's platform encompasses stocks, commodities, currencies, mutual funds, IPOs, and bonds. It follows a transparent pricing model with brokerage charges for equity, commodity, FnO, and currency trading.

Fees/Charges

Angel One charges a maximum of Rs 20 / order, with the lowest brokerage set at 0.25% of the transaction value for various trading segments. In addition to brokerage, users cover transaction and regulatory charges, along with Demat charges.

Pros

• Flat fee stockbroker with Rs 20 per order across segments.
• Brokerage-free equity delivery trades.
• No charges for NEFT/fund transfers.
• Minimal charges for intraday square-off and call & trade.
• Provision of free advisory/tips for stocks and mutual funds.

Cons

• Margin funding provided without notice, leading to confusion.
• No trading in SME shares.

Zerodha

Zerodha, positioned fourth among the top 7 brokers in India, stands out as a pioneer in online discount broking since its establishment in 2010. Founded by Nithin Kamath, Nikhil Kamath, and Dr. Kailash Nadh with a self-funded initiative, Zerodha aimed to overcome obstacles in the Indian broking space. The platform is registered with SEBI and holds memberships with NSE, BSE, MCX, and CDSL.

Key Features

Zerodha offers cutting-edge online trading tools and provides zero brokerage fees for Equity Delivery and Mutual Funds, with a maximum charge of Rs 20 per trade. Zerodha's technological advancement is evident through its various platforms like Zerodha Kite, Coin, Varsity, Trading Q&A, Smallcase, Streak, Sensibull, GoldenPi, and Ditto.

Brokerage Charges

• Equity Delivery: Rs 0 (Free)
• Equity Intraday: Flat Rs 20 or 0.03% per executed order (whichever is lower)
• Equity Futures: Flat Rs 20 or 0.03% per executed order (whichever is lower)
• Equity Options: Flat Rs 20 per executed order
• Currency Futures: Flat Rs 20 or 0.03% per executed order (whichever is lower)
• Currency Options: Flat Rs 20 or 0.03% per executed order
• Commodity: Flat Rs 20 or 0.03% per executed order
• Mutual Fund: Rs 0 (Free Unlimited Direct MF)

Account Opening Charges:

• Online Account Opening: Rs 200
• Offline Account Opening: Rs 400
• Demat Account AMC: Rs 300 per year

Pros

• Offers cutting-edge trading platforms and tools.

Cons

• BSE SME IPOs are not available, while NSE SME IPOs are offered.
• No monthly unlimited trading plans or lifetime free AMC demat account plans.
• Additional charges for certain positions not squared off by the customer and for Call & Trade services.

RKSV Securities India Pvt Ltd- Upstox

Upstox, positioned at the fourth spot among the top 7 brokers in India, commenced its operations in 2011 with the goal of simplifying and making trading in the Indian stock market affordable. Operating under SEBI's regulations, Upstox holds licenses as a stockbroker, depository participant, and commodity broker.

Key Features

Upstox distinguishes itself with a comprehensive suite of products and services covering equity, commodity, futures and options (FnO), currency, IPOs, and more, accessible through its Upstox Pro Web and Upstox Pro Mobile trading platforms. The Upstox Pro trading platform is acclaimed for its user-friendly interface, advanced charting tools, and seamless order execution.

Fees and Charges

• Physical contact notes: Rs 25 per contract note plus courier charges (Digital contract notes are free)
• Equity Delivery: Rs 20/ executed order or 2.5% (whichever is lower)
• Equity F&O Charges: Rs 20 per executed order or 0.05% (whichever is lower)
• Currency Futures: Rs 20/ executed order or 0.05% (whichever is lower)
• Commodity Futures: Rs 20/ executed order or 0.05% (whichever is lower)
• Call & Trade: Rs 20 per executed order
• Instant Money Transfer Fee: Rs 7 per transfer

Pros

• Free online account opening.
• Flat Rs 20/trade brokerage across all segments.
• Advanced order types, including AMO, CO, SL, and GTT.
• Upstox Bridge for AmiBroker facilitates coding and executing trading strategies.

Cons

• Stock delivery brokerage fee of Rs 20 per trade.
• No margin funding for delivery trades.
• No provision for a 3-in-1 account.
• Absence of API access for automated trading.
• No NRI Trading and Demat accounts.
• Call-and-trade fee of Rs 20 per executed order.
• Automatic settlement charges an additional Rs 20 per executed order.

Invest in stocks, mutual funds, futures and options, currencies, and commodities through a zero brokerage online trading platform.

ICICI Direct

ICICI Direct secures the fifth position on the list of top 7 share brokers in India, serving over 50 lakh customers under the ICICI Group. Dedicated to online trading, ICICI Direct provides services for equity, commodity, and currency trading at BSE, NSE, and MCX, along with additional financial products.

Key Features

ICICI Direct offers diverse brokerage plans, including the Neo Plan, which introduces a flat-rate brokerage approach. The Neo Plan charges a flat Rs 20 per executed order for Equity Intraday and Options trading, along with 0.55% brokerage for equity delivery.

Fees/Charges

ICICI Direct implements multiple brokerage plans to cater to varying needs. The Neo Plan, for instance, charges a flat Rs 20/ executed order for Equity Intraday and Options trading, with a 0.55% brokerage for equity delivery. The account maintenance includes free account opening and an AMC of Rs 300 for the Demat Account. Additional charges encompass Rs 20 per transaction for Demat Debit Transactions and Rs 50 per order for Call and trade.

Pros

• 3-in-1 account integration for a seamless online trading experience.
• VTC Feature (Valid Till Cancelled) for placing buy or sell limit orders valid for 45 days.

Cons

• Rs 25 per call charge for call & trade after the initial 20 free calls in a month.
• Minimum brokerage charge of Rs 35 per trade under the standard I-Secure Plan.
• Flat Rs 0.05 per share brokerage on stocks quoting up to Rs 10.

Kotak Securities Ltd

Established in 1994, Kotak Securities Ltd. is a renowned full-service stockbroker offering a 3-in-1 account to retail investors in India. Securing the seventh spot among the top 7 share brokers in India, the company provides investment opportunities in equities, derivatives, and mutual funds, along with additional services like research, margin trading, depository services, and third-party products.

Key Features

Kotak Securities provides a seamless 3-in-1 account integration for banking, broking, and demat accounts. The company stands out by offering free technical, fundamental, derivatives, macro-economic, and mutual fund research.

Pros

• 3-in-1 account integration for a seamless trading experience.
• Free research services.

Cons

• Zero Brokerage Plan limited to investors up to the age of 30.
• High brokerage charges for Equity delivery (0.25%).

As you can see, each broker has its own advantages and disadvantages, and you need to weigh them according to your preferences and goals. Whether you are looking for a zero brokerage demat account, an online trading platform, or a 3-in-1 account, you can find a suitable option among the top 7 brokers in India.