List of Biggest Stockbrokers in India (Updated: July 2021) In this article, we are going to look at the 15 Biggest Stockbrokers in India based on their total number of unique active clients.

There are over three hundred stockbrokers in India registered with SEBI and different stock exchanges. Even on National Stock Exchange (NSE), there are 314 registered stockbrokers in India (including defaulters or expelled) as of 31st June, 2021. When you are looking for the best stock broker to open your demat and trading account, one of the most straightforward factors to look into is its total number of active clients. Although a large client base doesn’t guarantee a better service, however, being a big firm, it reduces the possibility of the brokerage firm disappearing or running out of the service soon enough. 

These days, one and all stockbrokers will argue that they are trustworthy as they are registered with SEBI. However, just because they are registered with SEBI doesn’t make them reliable for the long term. Time and again, a lot of such small brokers are either expelled out of the exchange or simply go out of the business and file for bankruptcy. And this leads to a lot of trouble for their current clients.

Therefore, a safer option for the customers to avoid any such kind of inconvenience is by opening their trading account with the biggest stockbrokers in the Industry.

15 Biggest Stockbrokers in India with Highest Active Clients

Several websites rank stockbrokers in India based on different factors like their brand value, trading platforms, customer services, facilities offered, complaint ratio, etc. However, in this article, we are not going to look into these factors. 

Here, we are going to look at just one factor, i.e. the total number of unique active clients for that stockbroker. In this post, the stockbroker with the highest number of clients is ranked first, followed by the subsequent stockbrokers with top active clients. 


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For this approach, we are going to use the data available on the NSE India website. The national stock exchange website provides the details of the monthly total number of unique clients of the different stockbrokers registered with it. Here’s a quick link to the page. You can also download the spreadsheet available on this page to analyze the stockbrokers further. 

Here are the 15 Biggest Stockbrokers in India based on the total number of unique active clients:

S.NoName of Stockbroker# of Active ClientsMarket Share (%)
1ZERODHA BROKING LIMITED360207419.06%
2RKSV SECURITIES (Upstox)214109511.33%
3ICICI SECURITIES LIMITED15802338.36%
4ANGEL BROKING LIMITED15646678.28%
5HDFC SECURITIES LTD.9570855.07%
65PAISA CAPITAL LIMITED8704054.61%
7NEXTBILLION TECHNOLOGY (Groww)7805704.13%
8KOTAK SECURITIES LTD.7432063.93%
9SHAREKHAN LTD.6793333.60%
10MOTILAL OSWAL FINANCIAL SERVICES LIMITED5640342.99%
11AXIS SECURITIES LIMITED4548822.41%
12SBICAP SECURITIES LIMITED3290991.74%
13IIFL SECURITIES LIMITED2917301.54%
14GEOJIT FINANCIAL SERVICES LIMITED2012061.06%
15EDELWEISS BROKING LIMITED1572540.83%

Please note that the total number of active clients of all stockbrokers is 1,88,93,832 (1.89 Cr) as of 31 June 2021, mentioned on the NSE India website.

From the above table, you can quickly notice that Zerodha is the biggest stockbroker with the highest numbers of unique clients registered on the National stock exchange in India. 

As of 31st June 2021, Zerodha constitutes around 19.06% of the total market share of the active clients registered on the National Stock Exchange. It has over 36.02 lakh active customers compared to a total of over 1.89 Crore active clients of all stockbrokers on the NSE.

What makes this list even more interesting is that Zerodha which got a unicorn startup status in 2020, was just founded in 2010 and still has been able to outrank all the old and well-matured traditional brokers. Anyways, other discount brokers like RKSV Securities (Upstox), Angel Broking, 5Paisa, and Groww (NextBillion Technologies) have also made into the top ten stockbrokers in India as per the number of active clients.  

Also read: Zerodha Review –Discount Broker in India | Brokerage, Trading Platform & More

According to the above table, Zerodha is followed by Upstox, which ranks second and has over 21.4 lakhs unique clients and holds 11.33% of the market share. 

Zerodha demat account

The other most prominent stockbrokers in this list are ICICI Securities (15.80 lakh clients), Angel Broking (15.64 lakh clients), HDFC Securities (9.57 Lakh clients), 5Paisa (8.70 lakh clients), Groww (7.80 lakh clients), Kotak Securities (7.43 lakh clients), Sharekhan (6.79 lakh clients), and Motilal Oswal Group (5.64 lakh clients). Together these 15 biggest stockbrokers constitute over 78.95% of the total share of the unique clients registered on NSE.

Further, Upstox (RKSV Securities) and Groww (Next Billion Technologies) have been climbing the ranks fastly compared to the other stock brokers. Groww has moved from 9th to 7th position in the last three months by defeating Kotak Securities and Sharekhan in terms of total numbers of active clients on NSE. On the other hand, Upstox has safely secured its second position with more than 5.5 lakh active clients compared to ICICI securities that hold the third rank in this list.

Also read: Compare Online broker in India – Stockbrokers list

Bonus: Additional Top Stockbrokers

Here is a list of the ‘Next’ 15 biggest stockbrokers in India with the highest active clients registered on the National stock exchange as of 31 June, 2021.

S.NoName of Stockbroker# of Active ClientsMarket Share (%)
16SMC GLOBAL SECURITIES LTD.1358630.72%
17RELIGARE BROKING LIMITED1329390.70%
18ALICE BLUE FIN SVCS P LTD1252230.66%
19NIRMAL BANG SECURITIES PVT. LTD.1232130.65%
20RELIANCE SECURITIES LIMITED1173070.62%
21MARWADI SHARES AND FINANCE LIMITED1074930.57%
22VENTURA SECURITIES LTD.964310.51%
23PAYTM MONEY LTD.858270.45%
24ANAND RATHI SHARE AND STOCK BROKERS LIMITED855690.45%
25SAMCO SECURITIES LIMITED771730.41%
26JAINAM SHARE CONSULTANTS PRIVATE LIMITED701910.37%
27ASTHA CREDIT & SECURITIES (P) LTD698900.37%
28CHOICE EQUITY BROKING PRIVATE LIMITED678040.36%
29TRADEBULLS SECURITIES (P) LTD.654600.35%
30ADITYA BIRLA MONEY LIMITED555620.29%

That’s all for this article. I hope this list of 15 Biggest Stockbrokers in India with highest Active Clients was helpful to you. Further, please comment below which brokerage firm you’re using for trading in the Indian stock market and your review for the same. Happy investing!