We compared 10 top SEBI-registered stockbrokers on actual charges, platform quality, features, and investor safety. Ranked by NSE active clients. Data verified from official broker websites. Updated May 2026.
Last updated May 2026
Best Overall
Zerodha
The only top-4 broker with truly zero delivery brokerage. Best platform (Kite), 66+ lakh NSE active clients — India’s #1.
Editor’s Choice
Best for Beginners
Groww
Simplest onboarding, clean app, zero AMC forever. Mutual funds + stocks + US equities in one place.
Easiest to Start
Lowest F&O Charges
mStock
₹5/order flat for all F&O trades — the lowest in India. One-time ₹999 AMC. Mirae Asset backed.
Cheapest F&O
Best Research
Angel One
ARQ Prime AI-based stock advisory, SmartAPI for algorithmic trading, detailed research reports. 38+ years of market presence.
Best Research
#
Broker
Equity Delivery
Intraday / F&O
Account Opening
Demat AMC
Platforms
Rating
1
Z
Zerodha
Discount Broker
₹0 Free
₹20 or 0.03%
Free
₹0–₹300/yrBSDA slab-based
KiteCoinConsole
★★★★★4.7
2
U
Upstox
Discount Broker
₹20 or 2.5%
₹20 or 0.05%
Free
Free yr1; ₹150/yr
Upstox ProTradingView
★★★★★4.3
3
G
Groww
Discount Broker
₹20 or 0.1%Not free unlike Zerodha
₹20 or 0.1%
Free
₹0 Zero AMC
Groww AppWeb
★★★★4.2
4
A
Angel One
Full Service
₹20 or 0.1%
₹20 or 0.1%Revised Nov 2025 — min ₹5
Free
Free yr1; ₹240/yr
Angel One AppARQ AI
★★★★4.0
5
IC
ICICI Direct
Full Service
0.29%iValue plan: ₹20 or 0.05%
0.029%iValue plan: ₹20 flat
Free
₹700/yriValue: ₹300/yr
iDirectTrade Racer
★★★★3.9
6
5P
5paisa
Discount Broker
₹20 flat
₹20 flat
Free
₹0–₹300/yrBSDA tiered
5paisa AppWeb
★★★★3.7
7
HS
HDFC Sky
Discount (Bank-Backed)
₹20 flat
₹20 flat
Free
Free yr1; ₹240/yr
HDFC Sky AppUS Stocks
★★★★3.8
8
D
Dhan
Discount Broker
₹0 Free
₹20 or 0.03%
Free
₹0 Lifetime
Dhan AppOptions Chain
★★★★4.1
9
SK
Sharekhan
Full Service
₹0Trade Free plan
₹20 flat
Free
₹400/yr
TradeTigerApp
★★★★3.6
10
MS
mStock
Discount Broker
₹0 Free
₹5/orderLowest!
Free
₹999 one-timeNo annual renewal
mStock AppWeb
★★★★4.0
Detailed Reviews
All 10 brokers reviewed. Tick “Compare” on up to 4 cards then hit Compare Now to see them side by side.
Z
Zerodha
Discount Broker · Est. 2010
★★★★★4.7
India’s largest stockbroker with 66+ lakh NSE active clients — the only top-4 broker offering truly zero delivery brokerage. Kite is widely regarded as the best trading platform in India. Transparent charges, reliable technology, and a strong ecosystem including Coin (direct MF), Console (P&L analytics), and Varsity (free financial education).
Backed by Ratan Tata and Tiger Global. Surged to #2 by NSE active clients (49.8 lakh) in FY26. Excellent mobile app with native TradingView integration. Note: delivery brokerage is ₹20 or 2.5% — not free. AMC is free for the first year, then ₹150/yr from year two.
Largest by total registered demat accounts in India. Clean, minimal app designed for new investors. Zero AMC is a genuine differentiator. Important: delivery brokerage is ₹20 or 0.1% per order — not free unlike Zerodha. Groww settled a SEBI compliance case for ₹47.85 lakh in May 2025 (AML lapses).
One of India’s oldest brokers with 41+ lakh NSE active clients. ARQ Prime AI advisory is a paid subscription service. Angel One raised brokerage in November 2025 — intraday now ₹20 or 0.1% (min ₹5), up from 0.03%. SEBI imposed a ₹3 lakh fine in November 2024 for supervision lapses. AMC is free for year 1, then ₹240/yr.
Delivery
₹20 or 0.1%
Intraday/F&O
₹20 or 0.1%
Demat AMC
Free; ₹240/yr
ARQ AI AdvisorySmartAPIResearch ReportsCommodities
One of India’s oldest and most trusted full-service brokers with 31+ lakh NSE active clients. Part of ICICI Group — seamlessly integrated with ICICI Bank accounts. Premium charges on the standard plan (0.29% delivery), but the iValue plan reduces this significantly. Best for investors who value brand trust and 3-in-1 bank integration.
One of the fastest-growing new-age brokers in India. Zero delivery brokerage AND zero lifetime AMC — the most cost-effective combo for long-term investors. Known for the best options trading experience on mobile: built-in strategy builder, options chain with Greeks, basket orders, and a clean interface that rivals Zerodha Kite.
mStock by Mirae Asset Capital Markets India offers the lowest F&O brokerage in India — just ₹5 per order flat. Zero delivery brokerage. One-time ₹999 AMC (no annual renewal ever). Ideal for active F&O traders who execute many orders per day. Mirae Asset is a major global financial group with strong institutional backing.
5paisa is the discount brokerage arm of IIFL Group, offering ₹20 flat brokerage across all segments. AMC is BSDA slab-based — zero for holdings under ₹4 lakh. Decent platform with basic research tools. Good budget option for cost-conscious traders, though the platform lacks the polish of Zerodha or Upstox.
HDFC Sky is HDFC Securities’ discount trading platform launched to compete with Zerodha and Upstox. Flat ₹20 brokerage across all segments. Free first year AMC, then ₹240/yr. Backed by HDFC Bank group — trusted name with strong infrastructure. US stocks trading is a key differentiator. Good for HDFC Bank account holders who prefer integrated banking.
One of India’s pioneer full-service brokers, now owned by BNP Paribas. Sharekhan’s Trade Free plan offers zero delivery brokerage and ₹20 flat for F&O. Known for TradeTiger — one of India’s oldest desktop trading platforms. Strong research with 200+ branches across India for offline support. AMC of ₹400/yr is higher than most discount brokers.
Disclaimer: This comparison is for informational purposes only. Brokerage charges, plans, and features change frequently — always verify current charges directly with the broker before opening an account. Rankings are based on NSE active client data (May 2026). StockViz may earn a referral commission if you open an account through links on this page, at no additional cost to you. SEBI penalties mentioned are sourced from public regulatory orders. This is not investment advice.
How to Choose the Best Stock Broker in India
With 10 top SEBI-registered brokers to choose from, the right pick depends on whether you're a long-term investor, an active trader, or a beginner. Here's what actually matters when comparing brokers in 2026.
Brokerage Charges
All top discount brokers (Zerodha, Upstox, Groww, Angel One) charge ₹0 for equity delivery and ₹20 per order for intraday/F&O. For heavy F&O traders, mStock's ₹5/order flat is the cheapest in India. Full-service brokers (ICICI Direct, Sharekhan) charge 0.25–0.75% — much higher for frequent trades.
Annual Demat AMC
Annual Maintenance Charges vary widely. Groww charges ₹0. Zerodha is ₹0–₹300/yr (BSDA slab). Angel One is ₹240/yr. mStock charges a one-time ₹999 (no annual renewal). ICICI Direct charges ₹700/yr. Always factor AMC into total cost — it adds up over years.
Platform & App Quality
Zerodha Kite is the gold standard — fast, reliable, feature-complete. Groww is the most beginner-friendly. Dhan has the best charting with TradingView integration. Angel One SmartWeb is great for research. Platform reliability matters more than features when markets are volatile.
NSE Active Client Ranking
NSE active client data (May 2026): Zerodha #1 (66.09L) → Upstox #2 (49.80L) → Groww #3 (46.74L) → Angel One #4 (41.11L) → ICICI Direct #5 (31.24L). A broker's active client count is the most objective measure of trust in the market.
Safety & SEBI Registration
All 10 brokers on this page are SEBI-registered and members of NSE and BSE. Your shares are held in your own Demat account (CDSL/NSDL) — not by the broker. Even if a broker shuts down, your securities remain safe and transferable to another broker.
Best Broker by Investor Type
Beginners: Groww or Zerodha. Active traders: Zerodha or Dhan. F&O traders: mStock (₹5/order) or Zerodha. Algo trading: Angel One (SmartAPI). NRI investors: ICICI Direct or HDFC Sky.
About stock brokers and Demat accounts in India 2026
For most Indian investors, Zerodha is the best overall broker in 2026 — #1 by NSE active clients (66.09 lakh), reliable platform (Kite), ₹0 delivery brokerage, and transparent charges.
By use case:
Beginners: Groww (simplest app) or Zerodha
Active traders: Zerodha or Dhan (TradingView charts)
F&O traders: mStock (₹5/order — lowest in India)
Algo trading: Angel One (SmartAPI free)
Full-service with advisory: ICICI Direct or Sharekhan
Equity Delivery: ₹0 (completely free)
Equity Intraday: ₹20 per order or 0.03% — whichever is lower
Equity F&O: ₹20 per order or 0.03%
Account Opening: Free
Demat AMC: ₹0–₹300/yr (BSDA slab-based)
Zerodha also charges ₹50 per executed order for call-and-trade (placing orders by phone).
Yes, Groww is safe. It is SEBI-registered (registration no. INZ000301838), a member of NSE, BSE, and MCX, and registered with CDSL as a Depository Participant.
Your shares and mutual funds are held in your own Demat account at CDSL — not by Groww. Even if Groww were to shut down, your holdings remain safe and can be transferred to any other broker. Cash in your trading account is protected by SEBI's client fund segregation rules.
mStock by Mirae Asset charges just ₹5 per order flat for all F&O trades — the lowest in India as of 2026. Most other discount brokers (Zerodha, Upstox, Groww, Angel One, Dhan) charge ₹20 per order.
For a trader doing 100 F&O orders/day: mStock saves ₹1,500/day vs ₹20/order brokers — that's ₹4.5 lakh/year in brokerage savings. mStock also charges a one-time ₹999 AMC (no annual renewal).
Both are top discount brokers with ₹20/order F&O brokerage. Key differences:
Active clients: Zerodha 66.09L (#1) vs Upstox 49.80L (#2)
Platform: Zerodha Kite (more mature, more reliable) vs Upstox Pro (good charting)
Delivery brokerage: Both ₹0
AMC: Zerodha ₹0–₹300/yr vs Upstox ₹150/yr
Research: Zerodha has Varsity (free education); Upstox has basic research
Algo trading: Zerodha Kite Connect API (paid) vs Upstox API (paid)
Zerodha wins on reliability and ecosystem; Upstox wins on slightly lower AMC for some users.
Yes — Zerodha, Upstox, Groww, Angel One, Dhan, and mStock all offer ₹0 account opening with no registration fee. Documents needed: PAN card, Aadhaar, bank account details, and a selfie/signature. The process is entirely digital and takes 15–30 minutes.
Annual Maintenance Charges (AMC) still apply after opening: Groww ₹0, Zerodha ₹0–₹300 (BSDA), Angel One ₹240, mStock one-time ₹999.
Dhan (by Moneylicious Securities) is one of India's fastest-growing discount brokers, launched in 2021. It charges ₹0 delivery, ₹20/order intraday and F&O.
Dhan stands out for TradingView integration (industry-best charting), a clean Option Chain interface, and MTF (Margin Trading Facility). It's popular among active equity and options traders. Account opening is free; AMC is ₹100/yr. Rating: 4.3/5.