15 Biggest Stockbrokers in India With Highest Active Clients

(Updated: 31st October 2019) 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 287 registered stockbrokers in India as of 31st October 2019.

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 files bankrupt. 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. 

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.No	Name of the Stockbroker	# of Active Clients	% Share
1	ZERODHA BROKING LIMITED	909008	10.35%
2	ICICI SECURITIES LIMITED	843975	9.61%
3	HDFC SECURITIES LTD.	672044	7.65%
4	SHAREKHAN LTD.	509787	5.80%
5	KOTAK SECURITIES LTD.	437822	4.99%
6	AXIS SECURITIES LIMITED	419455	4.78%
7	ANGEL BROKING LIMITED	412809	4.70%
8	MOTILAL OSWAL FINANCIAL SERVICES LIMITED	319138	3.63%
9	KARVY STOCK BROKING LTD.	266287	3.03%
10	IIFL SECURITIES LIMITED	214149	2.44%
11	SBICAP SECURITIES LIMITED	209301	2.38%
12	GEOJIT FINANCIAL SERVICES LIMITED	162789	1.85%
13	RELIGARE BROKING LIMITED	159030	1.81%
14	RELIANCE SECURITIES LIMITED	120227	1.37%
15	EDELWEISS BROKING LIMITED	120132	1.37%

Please note that the total number of active clients of all stockbrokers is 87,82,207 as of October 2019, 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 October 2019, Zerodha constitutes around 10.35% of the total market share of the active clients registered on the National Stock Exchange. It has over 9.09 lakh active customers compared to a total of over 87.82 lakh active clients of all stockbrokers on the NSE.

What makes this list even more interesting is that Zerodha was just founded in 2010 and still has been able to outrank all the old and well-matured traditional brokers. It is the only broker with a discount brokerage business model in the top ten list. Anyways, Angel broking has also started a similar discount brokerage model recently, along with its full-service model. 

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

According to the above table, Zerodha is closely followed by ICICI securities, which ranks second and has over 8.43 lakhs unique clients. 

The other most prominent stockbrokers in this list are HDFC Securities (6.72 Lakh clients), Sharekhan (5.09 lakh clients), Kotak Securities (4.37 lakh clients), Axis Securities (4.19 lakh clients), Angel Broking (4.12 lakh clients) and Motilal Oswal Group (3.19 lakh clients). Together these 15 biggest stockbrokers constitute over 65% of the total share of the unique clients registered on NSE.

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 31st October 2019.

S.No	Name of the Stockbroker	# of Active Clients	% Share
15	EDELWEISS BROKING LIMITED	120132	1.37%
16	5PAISA CAPITAL LIMITED	106280	1.21%
17	SMC GLOBAL SECURITIES LTD.	105981	1.21%
18	RKSV SECURITIES INDIA PRIVATE LIMITED	99546	1.13%
19	NIRMAL BANG SECURITIES PVT. LTD.	93607	1.07%
20	MARWADI SHARES AND FINANCE LIMITED	83111	0.95%
21	ANAND RATHI SHARE AND STOCK BROKERS LIMITED	76095	0.87%
22	VENTURA SECURITIES LTD.	76088	0.87%
23	TRADEBULLS SECURITIES (P) LTD.	69362	0.79%
24	JAINAM SHARE CONSULTANTS PRIVATE LIMITED	49367	0.56%
25	MONARCH NETWORTH CAPITAL LIMITED	45620	0.52%
26	INDIABULLS VENTURES LTD.	44730	0.51%
27	ADITYA BIRLA MONEY LIMITED	44234	0.50%
28	IDBI CAPITAL MARKETS & SECURITIES LTD.	40859	0.47%
29	MASTER CAPITAL SERVICES LIMITED	39790	0.45%
30	SAMCO SECURITIES LIMITED	39316	0.45%

That’s all for this article. Please comment below which brokerage firm you’re using for trading in the Indian stock market and your review for the same. Happy trading!