Last Updated: Jul -24-2019
The number of traders has significantly increased in the past few years, and so is the number of stock brokers. The digitalization of trading has led to the emergence of discount brokers in the market. Although there are numerous stock brokers across India, some of them hold a position in the list of largest stock brokers in the country. They make on the list considering the number of clients they serve or their yearly turnover.
In this blog, we will look at some of the largest stock brokers of the country.
With the presence of both discount brokers and full-service or traditional brokers in the market, frequent traders and investors have great flexibility and large number of options to choose from. This may create confusion and hence it is highly recommended that the investor must study the market, understand the pros and cons of the brokers, and take a wise decision of choosing a broker who is the most suitable. The investor must also realize his or her trading requirements and then opt for an appropriate stock broker accordingly.
Today, the competition to gain the largest number of clients amidst all stock brokers is fierce. Here’s a list of the largest stock brokers in India based on the number of active clients.
| Company |
9M FY 19 |
FY 18 |
FY 17 |
FY 16 |
| Zerodha |
847,016 |
540,905 |
165,586 |
61,970 |
| ICICI Securities |
844,853 |
798,355 |
618,359 |
560,438 |
| HDFC Securities |
764,495 |
602,493 |
483,244 |
408,059 |
| Sharekhan |
548,873 |
535,003 |
366,468 |
335,843 |
| Axis Securities |
416,707 |
404,769 |
259,006 |
184,325 |
Let us look at the top 5 largest stock brokers in detail.
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ZERODHA
Started in the year 2010, Zerodha is considered to be the best discount broker in the country. Based in Bengaluru, this stock broker swiped the market with its pioneering concept of fixed and flat brokerage of 0.01% or Rs. 20 whichever is lower, and technologically advanced trading tools. Amazingly Zerodha alone contributes to 10% of daily trading volumes of NSE, BSE and MCX. Read full review
Advantages
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Zero brokerage fee for trading in equity delivery
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Low brokerage fee for trading in currency, commodities, and F&O
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Advanced trading platforms and tools
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Zero brokerage commission on Mutual Funds
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Good margin exposure
Disadvantages
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No provision of 3-in-1 accounts
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Do not offer IPO investments
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Call and trade facility are available at an extra cost of Rs 20 per trade.
Zerodha offers a wide range of trading platforms such as Kite Web, Zerodha Pi, Coin, Zerodha Trader and Kite Mobile App
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ICICI Securities
Started in the year 1995, ICICI securities is truly one of the largest stock brokers in India with the largest number of active client base of close to 8.5 lacs. ICICIdirect.com, trade racer, and ICICI direct mobile app are the trading platforms that the clients can use. Clients trade through online platforms or visit the branch offices that are present in more than 70 cities across the country. Read full review
Advantages
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Offers 3-in-1 account
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Offers good trading platforms
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Offers good margin exposure facility
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Offers IPO investments
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Offers dedicated relationship manager to its clients
Disadvantages
- Has higher brokerage rates
- Call and trade is chargeable after 20 calls
HDFC Securities
In the year 2000, HDFC securities was started as a subsidiary of the HDFC bank. It is headquartered in Mumbai and serves as a full-service stock broker to over 6.5 lac active clients across India. Apart from broking, it also offers a wide range of financial products such as insurance, loans, NPS, and fixed income products. The brokerage rate varies from 0.025% to 0.50% based on the segment. Read full review
Advantages
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Offers 3-in-1 account
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Offers good trading platforms and tools
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Offers a diverse range of financial products
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Offers dedicated relationship manager to its clients
Disadvantage
They offer multiple trading platforms that the clients can leverage for smooth trading experience, such as, ProTerminal, Blink, smallcase, Voice Enabled Investing, Mobile Trading App, and Digify
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Sharekhan
Sharekhan was started in 2000, and eventually has become the most popular full-service broker in India. Currently, it is serving around 5.5 lakh active clients through their 1800 offices located in 550 cities within and outside the country. They also provide a wide range of trading platforms for clients to opt from, like, TradeTiger, Shakekhan App, Sharekhan Mini, Dial-N-Trade, and Pattern Finder. Their brokerage rates vary from 0.10% to 0.50% depending on the trade segment. Read full review
Advantages
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Offers good trading platform and tools
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Offers various financial products for clients to choose from
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Offers dedicated relationship manager services to clients
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Offers margin exposure facility
Disadvantages
- No provision of 3-in-1 accounts
- Brokerage charges are high
In addition, Sharekhan also offers investment services in mutual funds and IPOs. Considering that they are full-service brokers, they charge high brokerage rates but are good for investors who need trading advices, tips and recommendations.
Axis Securities
Axis Securities is one of the top 5 names in the list of largest stock brokers in India. It is a part of the Axis group and a subsidiary of Axis bank. The company offers a range of trading platforms to its clients – Axisdirect Mobile App, Axisdirect Web, Swift Trade 3.0, Directtrade. They serve over 4 lac active clients both through online and offline modes. They have a PAN India presence which makes them a preferred choice for trading. Read full review
Advantages
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They offer 3-in-1 account services
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They offer multiple financial products to the clients apart from the trading facilities
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They offer dedicated relationship manager services to their clients
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They offer margin facility
Disadvantages
Apart from the above-mentioned features, Axis securities offer a wide range of financial services to its clients including stock broking, mutual funds, IPOs, ETFs, NCDs and Bonds, etc.
If we consider the competition between discount brokers and full-service brokers, then listing down the largest stock brokers in India would become more challenging. This list shall be regularly updated based on the revenue of the companies and the total number of active clients served. Both these factors tend to alter on a daily basis which can alter the position of stock brokers on the list.
