India’s stockbroking market has changed considerably. Opening a Demat account now takes minutes, mobile trading has become mainstream, and discount brokers compete directly with established bank-backed brokerage houses.
But there is a problem.
A broker with the lowest advertised brokerage may not necessarily suit your trading style. An intraday trader needs execution tools, charts and risk controls. A long-term investor may care more about ease of use, research and investment products.
So, which are the top 10 brokerage firms in India in 2026?
For an objective starting point, this list uses the latest available NSE active-client figures for August 2026. According to data reported from NSE statistics, Groww had about 1.33 crore active clients, followed by Zerodha and Angel One with roughly 68 lakh and 67 lakh respectively.
Quick answer: What are the top 10 brokerage firms in India?
Based on NSE active-client data for August 2026, the ten largest brokers were Groww, Zerodha, Angel One, ICICI Securities, Upstox, Kotak Securities, HDFC Securities, Dhan, SBI Securities and Motilal Oswal. Together, these firms accounted for about 3.67 crore active clients.
This ranking measures active clients, not trading quality, profitability, customer service or suitability for an individual investor.
Top 10 brokerage firms in India by active clients
| Rank | Brokerage Firm | NSE Active Clients – Aug 2026 | Approx. Market Share |
| 1 | Groww | 1,33,47,233 | 29.04% |
| 2 | Zerodha | 67,96,854 | 14.79% |
| 3 | Angel One | 67,18,755 | 14.62% |
| 4 | ICICI Securities | 21,56,209 | 4.69% |
| 5 | Upstox | 18,64,628 | 4.06% |
| 6 | Kotak Securities | 13,91,663 | 3.03% |
| 7 | HDFC Securities | 13,51,311 | 2.94% |
| 8 | Dhan | 11,07,277 | 2.41% |
| 9 | SBI Securities | 10,43,820 | 2.27% |
| 10 | Motilal Oswal | 9,06,005 | 1.97% |
What does “largest stock broker in India” mean?
There is no single definition.
A broker could be the largest by active clients, revenue, trading volume, Demat accounts or another financial measure.
For this article, largest brokerage firms in India refers specifically to the number of active NSE clients. NSE considers an active client to be one who carried out at least one transaction during the relevant period.
That distinction is essential when comparing brokers.
1. Groww
Groww currently occupies the first position by NSE active clients.
As of August 2026, Groww had approximately 1.33 crore active clients, representing about 29% of NSE’s active-client base. It also added more than 2.23 lakh active clients during August.
Groww’s appeal comes partly from its mobile-first approach. A person beginning with mutual funds or stocks can use a relatively straightforward interface rather than starting with a terminal-style trading environment.
Its current pricing page lists equity brokerage as ₹20 or 0.1% per executed order, whichever is lower, subject to a ₹5 minimum. Its F&O pricing page lists ₹20 per executed order for equity/commodity F&O.
Suitable use cases:
- First-time investors
- Mobile-focused users
- Stocks and mutual fund investors
- Users wanting multiple investments within one platform
2. Zerodha
Zerodha remains one of India’s biggest brokerage firms, with approximately 67.97 lakh active NSE clients in August 2026.
Zerodha’s pricing structure remains straightforward for resident individual accounts: ₹0 brokerage on equity delivery, while equity intraday and futures are charged at 0.03% or ₹20 per executed order, whichever is lower. Options are charged at ₹20 per executed order.
For active traders, however, brokerage should never be the only criterion.
Suppose you take five intraday trades every day. Your trading outcome will depend far more on entry quality, stop-loss discipline, position sizing and slippage than saving a few rupees on brokerage.
That distinction is something we repeatedly emphasize while teaching traders at Ruchir Gupta Training Academy.
3. Angel One
Angel One ranked third with approximately 67.19 lakh active clients in August 2026.
Angel One operates at the intersection of a large established brokerage business and app-based trading.
For learners comparing top brokerage firms in India, Angel One is worth researching for its stock-market access, trading tools and investment ecosystem.
Before opening an account, compare its current brokerage schedule, DP charges, account-related costs and the products you intend to trade.
4. ICICI Securities
ICICI Direct, operated by ICICI Securities, had approximately 21.56 lakh NSE active clients in August 2026.
Bank-backed brokerage platforms can appeal to investors who value integration among banking, Demat and trading services.
This becomes particularly useful for investors who prioritize account integration over having the most stripped-down trading interface.
The trade-off is that investors should compare the specific brokerage plan they select rather than assuming every account has the same fee structure.
5. Upstox
Upstox recorded approximately 18.65 lakh active NSE clients in August 2026.
Upstox is another technology-led platform used across investing and active trading.
Its current charges page also reflects the statutory changes introduced in 2026. For example, from April 1, 2026, STT on futures is 0.05% on the sell side, while STT on options sold is 0.15% of the premium.
This illustrates why traders should look beyond the headline “₹20 brokerage” message.
Your actual transaction cost can include:
- Brokerage
- Securities Transaction Tax
- Exchange transaction charges
- GST
- SEBI turnover charges
- Stamp duty
- DP charges where applicable
6. Kotak Securities
Kotak Securities had approximately 13.92 lakh active NSE clients as of August 2026.
Kotak Securities is a bank-linked brokerage platform, making it relevant to users comparing traditional financial-service integration with app-first discount brokers.
For beginners, the practical question is less about brand size and more about workflow.
Ask yourself:
- Can I understand the order window?
- Can I clearly see my positions and exposure?
- Can I place and modify stop-loss orders efficiently?
- Can I understand every charge on my contract note?
- Does the platform support the products I intend to trade?
These questions can be more useful than simply choosing the biggest brand.
7. HDFC Securities
HDFC Securities had approximately 13.51 lakh active NSE clients in August 2026.
HDFC Securities represents the bank-backed side of India’s brokerage industry.
For long-term investors already operating within the HDFC banking ecosystem, integration can be a consideration. Active traders should separately evaluate charting, order execution, derivative tools and their applicable pricing plan.
8. Dhan
Dhan had approximately 11.07 lakh active NSE clients in August 2026, putting it eighth in the active-client ranking.
Dhan has positioned itself heavily around active traders and market tools.
This distinction demonstrates an important principle: the largest stock broker in India does not automatically provide the most appropriate setup for every trader.
A long-term investor buying an index ETF every month has very different requirements from an options trader monitoring Greeks, open interest, charts and multiple positions during market hours.
9. SBI Securities
SBI Securities had approximately 10.44 lakh active clients in August 2026.
SBI Securities is another bank-linked brokerage option.
It may be relevant to investors already using SBI’s financial ecosystem, while traders should still independently compare brokerage plans, platform capabilities and derivative features.
10. Motilal Oswal
Motilal Oswal completed the August 2026 top ten with approximately 9.06 lakh active NSE clients.
Motilal Oswal has a full-service brokerage background and provides investing, research and trading-related services.
Investors who value research and a broader financial-services relationship may assess it differently from traders primarily seeking a low-cost execution platform.
Discount broker vs full-service broker: What is the difference?
| Factor | Discount Broker | Full-Service/Bank-Linked Broker |
| Primary focus | Digital execution | Trading + broader services |
| Pricing model | Often flat/low-cost | Varies by plan |
| Research | Varies | Often available |
| Banking integration | Usually limited | Often stronger |
| Active trading tools | Often a major focus | Varies |
| Suitable for | Self-directed traders/investors | Investors wanting broader support |
Neither category guarantees better investment returns.
Your broker executes transactions. Your trading system determines why you enter, where you exit and how much capital you expose.
The biggest mistake traders make when choosing a broker
Beginners often spend hours comparing whether one broker charges ₹10 or ₹20 more on a transaction but spend almost no time developing a risk-management framework.
That reverses the priorities.
Imagine a trader with ₹2 lakh of trading capital taking an oversized position because a stock appears to be “breaking out.”
The trade moves against him.
Instead of respecting the predefined stop-loss, he waits because he does not want to accept the loss. The position falls further. He then averages down.
At that stage, brokerage costs are almost irrelevant.
The problem is trading behaviour.
A broker gives you access to the market. It does not give you a repeatable trading process.
How should beginners choose a brokerage firm in India?
Use this seven-point checklist:
- Verify SEBI registration. SEBI advises investors to check the registration status of market intermediaries before investing.
- Identify your trading style. Investing, swing trading, intraday trading and options trading require different tools.
- Calculate total costs. Include brokerage, DP charges, taxes and exchange-related charges.
- Evaluate execution tools. Active traders should inspect charts, order types and position-management features.
- Check reporting. Contract notes, P&L reports and tax reports should be understandable.
- Evaluate support. Support becomes particularly relevant when an order, account or fund-transfer issue occurs.
- Learn before increasing capital. A sophisticated platform cannot compensate for poor risk management.
SEBI defines a stock broker as a registered intermediary that is a member of a stock exchange and is permitted to execute trades on exchange platforms. Investors can verify broker registration through SEBI and exchange websites.
Why learning matters more than choosing the “perfect” broker
At Ruchir Gupta Training Academy, our approach is to teach traders how to understand markets before relying heavily on any platform or indicator.
Ruchir Gupta’s training material focuses on areas including technical analysis, trading strategies, risk management and market psychology, with both live and recorded learning formats.
Ruchir Gupta’s background material states 20+ years of market experience and six years of previous experience as a research analyst, while the academy’s teaching approach emphasizes emotional discipline and structured risk management.
That distinction becomes critical during volatile sessions.
When a trade moves rapidly against you, you rarely have time to learn position sizing or trading psychology on the spot. Those rules need to exist before the order is placed.
Join a stock market course by Ruchir Gupta to learn intraday trading, options trading, technical analysis, risk management and structured market analysis with practical training and mentorship.
The academy’s course material covers Indian markets including NSE and BSE and combines live sessions with recorded lessons.
Expert insight: Don’t confuse popularity with suitability
The August numbers reveal how concentrated India’s brokerage industry has become.
Groww, Zerodha and Angel One alone represented roughly 58.5% of NSE active clients in August 2026.
That tells us which platforms have attracted large active user bases.
It does not tell us which broker will make a trader profitable.
Before selecting among the top brokerage firms in India, separate these questions:
“Which is India’s largest broker?”
That can be answered with measurable data such as active clients.
“Which broker suits me?”
That depends on your instruments, trading frequency, required tools, cost structure, service preferences and experience.
Trading psychology: Your broker cannot control this risk
One of the hardest lessons in trading is that convenience can encourage overtrading.
When placing a trade takes seconds, a trader can enter five unnecessary positions just as easily as one carefully planned position.
Before pressing Buy or Sell, ask:
- What is my setup?
- Where is my invalidation point?
- How much capital am I risking?
- What happens if the trade gaps against me?
- Am I following my system or reacting emotionally?
- Would I take this trade if I had already suffered two losses today?
These questions have more influence on trading discipline than the logo on your trading app.
Final takeaway
The latest data gives a clear picture of the top 10 brokerage firms in India by active clients. Groww currently leads this metric, followed by Zerodha and Angel One, while ICICI Securities, Upstox, Kotak Securities, HDFC Securities, Dhan, SBI Securities and Motilal Oswal complete the August 2026 top ten.
But selecting among the biggest brokerage firms in India is only one part of becoming a trader.
A good platform can provide execution, charts and market access. It cannot decide how much risk you should take, stop you from revenge trading or create a trading strategy for you.
That comes from education, testing and discipline.
At Ruchir Gupta Training Academy, the focus is on building that foundation through technical analysis, structured trading strategies, market psychology and risk management rather than relying on random trades or shortcuts. The academy’s stated curriculum specifically includes technical analysis, price action, risk management and practical market strategies.
Before asking only, “Which is the largest stock broker in India?”, ask a better question:
“Do I have a system for what I will do after I open the trading account?”
That answer can have a much greater impact on your trading journey.
