The opening bell rings at 9:15 a.m. Within seconds, millions of orders begin racing through India’s stock exchanges. A salaried investor buys two shares for the long term, an options trader watches a rapidly changing chart, while another person applies for an IPO from a mobile phone. Behind each transaction is a stockbroker connecting the investor with the market.
India’s stockbroking industry has changed dramatically. Branch visits, paper forms and telephone orders have largely given way to instant digital accounts and app-based investing. By June 2026, India had around 4.42 crore active NSE clients. The latest figures also show that Groww, Zerodha and Angel One together controlled nearly 58% of the active-client market.
The following companies are ranked primarily according to their number of active NSE clients in June 2026. Active-client count indicates scale and popularity, but it does not mean that the highest-ranked broker is automatically the best choice for every investor.
1. Groww
Groww is the largest stockbroker in India in 2026, with approximately 1.30 crore active NSE clients and a market share of around 28.72%.
Its biggest attraction is its simple, beginner-friendly platform. Users can invest in stocks, mutual funds, exchange-traded funds and IPOs through a single app. The uncluttered design makes it suitable for people entering the stock market for the first time.
Groww is particularly popular among young and mobile-first investors. However, active traders should compare its charting tools, order types, brokerage charges and customer support with specialist trading platforms before choosing it.
2. Zerodha
Zerodha holds the second position with approximately 68.01 lakh active clients. It played a major role in popularising discount broking and low-cost online trading in India.
Its trading ecosystem includes Kite for trading, Console for reports, Coin for direct mutual funds and Varsity for investor education. The platform is appreciated for its clean interface, reliable charting features and transparent approach to charges.
Zerodha can suit self-directed investors and traders who do not require frequent dealer assistance or personalised stock recommendations.
3. Angel One
Angel One has around 66.33 lakh active NSE clients, placing it close behind Zerodha. Originally established as a traditional brokerage, it has successfully transformed itself into a digital-first financial services company.
The Angel One platform provides stock investing, derivatives, commodities, mutual funds, IPO access, research reports and trading tools. It also offers SmartAPI for traders and developers interested in building rule-based or automated trading systems.
The broker combines digital convenience with research and advisory support, making it relevant to both investors and regular traders.
4. ICICI Securities
ICICI Securities, widely known through the ICICIdirect platform, ranks fourth with approximately 21.21 lakh active clients. It is among India’s most established full-service stockbroking companies.
Its major advantage is the three-in-one account that connects an ICICI Bank account, trading account and demat account. This allows money and securities to move smoothly without separate manual transfers.
ICICIdirect offers equities, derivatives, commodities, mutual funds, bonds, IPOs and other investment products. Its detailed research can help investors, although its applicable charges may be higher than those of some discount brokers.
5. Upstox
Upstox has approximately 18.87 lakh active clients. Backed by prominent investors, the company has grown into one of India’s best-known technology-driven discount brokers.
Its platform offers stocks, futures and options, commodities, mutual funds and IPO investments. Advanced charts, option-chain data, ready-made strategies and quick order placement are useful for active traders.
Upstox may appeal to investors who want a modern mobile interface with trading-focused features. Users should carefully check charges for their preferred segment because equity delivery, intraday and derivatives transactions may follow different pricing rules.
6. Kotak Securities
Kotak Securities ranks sixth with around 13.79 lakh active NSE clients. It combines the services of a traditional brokerage with digital trading plans.
The company offers investments in shares, derivatives, commodities, currencies, mutual funds, bonds and IPOs. Customers of Kotak Mahindra Bank can benefit from convenient integration between their banking, demat and trading services.
Research reports, investment ideas and relationship support are important strengths. The platform is suitable for people who value the backing of an established financial group and want more than basic order execution.
7. HDFC Securities
HDFC Securities has approximately 13.44 lakh active clients. It is a well-established full-service broker supported by the HDFC financial services ecosystem.
Its three-in-one account integrates banking, trading and demat facilities. Investors can access equities, derivatives, mutual funds, ETFs, IPOs, bonds and other products. The company also provides market reports and investment research.
HDFC Securities may be convenient for existing HDFC Bank customers and long-term investors seeking research support. Cost-conscious traders should compare the available subscription plans and transaction charges before opening an account.
8. SBI Securities
SBI Securities, also called SBICAP Securities, serves approximately 11.17 lakh active NSE clients. Its association with the State Bank of India gives it strong brand recognition and access to a nationwide customer base.
The broker provides equity and derivative trading, mutual funds, IPOs, bonds, insurance and other investment services. Integration with SBI banking facilities makes fund transfers easier for existing bank customers.
It can be considered by beginners and traditional investors who prefer a familiar banking-linked platform. The quality of the app, applicable charges and service experience should still be evaluated independently.
9. Dhan
Dhan has emerged as one of India’s fastest-growing brokers and entered the top ten with approximately 10.73 lakh active clients in June 2026.
Unlike platforms designed mainly for occasional investors, Dhan places considerable emphasis on active trading. It offers advanced charts, option-trading tools, basket orders, APIs and integration with popular charting platforms.
Dhan can be particularly useful for experienced equity and derivatives traders. Beginners may need time to understand its more advanced functions and should avoid using complex products without proper knowledge of the risks.
10. Motilal Oswal Financial Services
Motilal Oswal completes the top ten with approximately 8.98 lakh active clients. It is an established financial services company with experience in broking, research, wealth management and portfolio services.
The company provides equity and derivatives trading along with mutual funds, IPOs, commodities and investment advisory services. Its research reports and model portfolios distinguish it from execution-only discount brokers.
Motilal Oswal is suitable for investors who value detailed research and professional support. However, investors should understand the difference between general research, personalised advice and assured-return claims, which should never be trusted.
How to Select the Right Stockbroker
Do not choose a broker only because it has the highest number of users or the lowest advertised brokerage. Examine the complete cost, including account maintenance charges, transaction fees, call-and-trade charges, payment-gateway fees and margin-related costs.
The trading platform should be stable during busy market periods and provide the order types you actually need. Customer support, complaint-resolution record, research quality, cybersecurity, ease of withdrawing funds and access to different investment products are equally important.
Investors should also verify the broker’s registration through official exchange or SEBI records. India’s largest brokers may be designated Qualified Stock Brokers and are subject to enhanced responsibilities because of their scale and potential impact on investors.
Frequently Asked Questions
Q: Which is the largest stockbroker in India in 2026?
A: Groww is the largest by active NSE clients. It had approximately 1.30 crore active clients in June 2026.
Q: What is an active client?
A: An active client is generally an investor who has completed at least one transaction through the broker during the period specified by the exchange. It is different from the total number of accounts ever opened.
Q: What is the difference between a discount broker and a full-service broker?
A: A discount broker primarily provides low-cost online order execution. A full-service broker may additionally offer research, advisory assistance, dealer support and wealth-management products, usually at a higher cost.
Q: Can one person open accounts with more than one broker?
A: Yes. An investor can legally maintain multiple trading and demat accounts. However, each account may involve separate maintenance charges, records and nominee requirements.
Q: Are shares safe if a stockbroker shuts down?
A: Shares held in dematerialised form remain recorded with the depository through the investor’s demat account. They do not become the broker’s property. Nevertheless, investors should regularly verify holdings, keep contact details updated and avoid leaving unnecessary funds with a broker.
Stock-market investments involve the risk of financial loss. This article is meant for general information and should not be treated as a recommendation to open an account with any particular broker.
