Choosing a stock broker is one of the first decisions every Indian investor makes. Below are ten well-known SEBI-registered brokers in India, as of October 2026, with what each is known for. This list is for information only: it is not a recommendation, and PositoAI has no affiliation with any broker.
How we chose this list
We focused on brokers with large active client bases on the NSE, a long operating record, and a clear position in the market. Active client numbers matter because they show how many people actually trade with a broker, not just how many accounts were ever opened. As of mid-2026, three brokers, Groww, Zerodha and Angel One, together accounted for nearly 58% of active NSE clients.
The list
1. Groww. India's largest broker by active NSE clients in 2026, with over 1.3 crore active clients. Known for a simple app that combines stocks, mutual funds and other products, and popular with first-time investors.
2. Zerodha. The pioneer of discount broking in India. Known for its Kite trading platform, low-cost pricing model and its free learning platform, Varsity. It has also launched its own mutual fund house.
3. Angel One. One of India's oldest broking names, now largely digital. Third-largest by active clients, and particularly active in derivatives trading.
4. Upstox. A large discount broker offering a mobile-first platform for stocks, derivatives and mutual funds.
5. ICICI Direct (ICICI Securities). A bank-linked full-service broker, convenient for customers who want their bank, demat and trading accounts in one place, with research coverage.
6. HDFC Securities. Another bank-linked broker, offering both traditional broking and a newer low-cost digital platform.
7. Kotak Securities. A bank-linked broker offering research, a range of products and digital platforms for different types of investors.
8. SBI Securities. The broking arm of the State Bank of India group, used by many SBI customers.
9. Dhan. A newer broker that has grown quickly and entered the top ten by active clients in 2026, known for its trading-focused features.
10. Motilal Oswal. A long-established full-service broker known for research, advisory services and wealth management.
Discount versus full-service brokers
Discount brokers (such as Groww, Zerodha and Upstox) focus on low-cost online trading with minimal extras. Full-service brokers (such as bank-linked brokers and Motilal Oswal) offer research, advice and relationship managers, usually at higher cost. Discount brokers now hold the large majority of active clients in India.
How to choose a broker
First, confirm SEBI registration. Then compare the total cost for how you trade, including account opening, annual maintenance, brokerage and charges for selling shares from your demat account. Test the app for ease of use and stability during busy market hours. Check customer support and the broker's regulatory record. Choose features you will actually use rather than paying for extras.
Things to keep in mind
Rankings change: client numbers move every month. Low cost is important, but reliability and transparency matter just as much. Statutory charges such as STT, exchange fees, stamp duty and GST apply whichever broker you choose. And no broker's tips or research guarantee returns.
Frequently asked questions
Which is the largest broker in India?
By active NSE clients in 2026, Groww, followed by Zerodha and Angel One.
Can I switch brokers later?
Yes. You can transfer your shares to a demat account with another broker.
Are discount brokers safe?
All registered brokers follow the same SEBI rules on client money and securities; check registration and track record.
Do I need more than one broker?
Not necessarily; some investors keep two for convenience or backup.
How to use this with PositoAI
PositoAI is a free research platform that works alongside any broker. Research companies on PositoAI, check red flags, then place your orders with the broker you choose. Read our guide to what a broker does.
Summary
As of October 2026, ten well-known brokers in India are Groww, Zerodha, Angel One, Upstox, ICICI Direct, HDFC Securities, Kotak Securities, SBI Securities, Dhan and Motilal Oswal. Groww, Zerodha and Angel One lead by active clients. Choose based on SEBI registration, total cost, platform reliability and support, not rankings alone.