List of Biggest Stockbrokers in India (Updated: Mar 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 299 registered stockbrokers in India (including defaulters or expelled) as of 28th Feb, 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 files 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. 

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 Stockbroker	# of Active Clients	Market Share (%)
1	ZERODHA BROKING LIMITED	3391059	18.85%
2	RKSV SECURITIES INDIA PRIVATE LIMITED (Upstox)	1960861	10.90%
3	ANGEL BROKING LIMITED	1454167	8.08%
4	ICICI SECURITIES LIMITED	1435356	7.98%
5	HDFC SECURITIES LTD.	944091	5.25%
6	5PAISA CAPITAL LIMITED	845879	4.70%
7	KOTAK SECURITIES LTD.	717658	3.99%
8	SHAREKHAN LTD.	676631	3.76%
9	NEXTBILLION TECHNOLOGY PRIVATE LIMITED (Groww)	656519	3.65%
10	MOTILAL OSWAL FINANCIAL SERVICES LIMITED	543311	3.02%
11	AXIS SECURITIES LIMITED	439273	2.44%
12	SBICAP SECURITIES LIMITED	322353	1.79%
13	IIFL SECURITIES LIMITED	287503	1.60%
14	GEOJIT FINANCIAL SERVICES LIMITED	197001	1.10%
15	EDELWEISS BROKING LIMITED	157198	0.87%

Please note that the total number of active clients of all stockbrokers is 1,79,87,749 (1.79 Cr) as of Feb 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 28th Feb 2021, Zerodha constitutes around 18.85% of the total market share of the active clients registered on the National Stock Exchange. It has over 33.9 lakh active customers compared to a total of over 1.79 Crore 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. 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 19.6 lakhs unique clients. 

The other most prominent stockbrokers in this list are Angel Broking (14.5 lakh clients), ICICI Securities (14.35 lakh clients) HDFC Securities (9.44 Lakh clients), 5Paisa (8.45 lakh clients), Kotak Securities (7.17 lakh clients), Sharekhan (6.76 lakh clients), Groww (6.56 lakh clients) and Motilal Oswal Group (5.43 lakh clients). Together these 15 biggest stockbrokers constitute over 70.19% 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 28th Feb, 2021.

S.No	Name of Stockbroker	# of Active Clients	Market Share (%)
16	SMC GLOBAL SECURITIES LTD.	135715	0.75%
17	RELIGARE BROKING LIMITED	129855	0.72%
18	NIRMAL BANG SECURITIES PVT. LTD.	123768	0.69%
19	ALICE BLUE FIN SVCS P LTD	119106	0.66%
20	RELIANCE SECURITIES LIMITED	117799	0.65%
21	MARWADI SHARES AND FINANCE LIMITED	109049	0.61%
22	VENTURA SECURITIES LTD.	95070	0.53%
23	ANAND RATHI SHARE AND STOCK BROKERS LIMITED	84795	0.47%
24	SAMCO SECURITIES LIMITED	76436	0.42%
25	JAINAM SHARE CONSULTANTS PRIVATE LIMITED	74348	0.41%
26	ASTHA CREDIT & SECURITIES (P) LTD	69993	0.39%
27	PAYTM MONEY LTD.	69879	0.39%
28	TRADEBULLS SECURITIES (P) LTD.	66866	0.37%
29	CHOICE EQUITY BROKING PRIVATE LIMITED	60671	0.34%
30	ADITYA BIRLA MONEY LIMITED	55042	0.31%

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!