Investing in securities is always a daunting prospect, especially for individuals who are new entrants in the market. However, choosing the right stockbroker when considering how to open stock broker account can alleviate that concern to a significant extent.
According to the latest reports, there are over 300 stockbrokers in India, as of April 2020. These institutions boast more than 1 crore clients, as per the National Stock Exchange (NSE).
Nevertheless, it is essential to opt for a reliable and prominent stockbroker, since smaller institutions pose several risks for investors. Here’s a quick look at the list of the top stockbrokers in India as of 2020.
1. Zerodha
Zerodha is one of India’s largest stockbrokers, hosting a significant share of active and unique clients. It was the first institution to introduce discount brokerage in India, which propelled it to prominence within just a decade.
With Zerodha, individuals can invest in a range of securities, including –
- Equity.
- Mutual funds.
- Derivatives.
- Sovereign gold bonds.
- Government securities.
Alongside SEBI, this institution is registered with BSE, NSE, MCX-SX, and MCX. The maximum brokerage investors need to pay on orders with this stockbroker is Rs.20.
2. Bajaj Financial Securities Ltd. (BFSL)
Although new, BFSL has already developed a significant reputation amongst Indian investors. Bajaj Financial Securities Ltd. provides a host of solutions to investors both online – via app and website – as well as offline, including assistance with how to open DEMAT account.
It is registered with NSE and BSE, and features the following market instruments –
- Equity.
- Mutual funds.
- IPO.
- Bonds.
- Corporate deposits.
- Loan & Distribution offerings.
- Insurance.
To begin investing, individuals can subscribe to any of its subscription packages. stock broker through BFSL usually involves different brokerage charges depending on the package an investor has subscribed to. Traders can avail one of the lowest brokerage rates at Rs.5/order for F&O and Rs.0.99/order for Intraday through the Professional Subscription Pack.
3. Upstox
Previously known as RKSV Securities Ltd, Upstox is one of the leading discount brokers in India, closely following Zerodha. While earlier it featured trading through third-party platforms, Upstox currently hosts its own trading portal. Investors can open a Demat account with Upstox; whereby Demat meaning holding securities in the dematerialised form.
It is registered with BSE and MCX-SX. Upstox provides trading services for the following instruments –
- Equity.
- Mutual funds.
- Currencies.
- Derivatives.
- Commodities.
Upstox facilitates trading via its in-house app called Upstox Pro. Investors and traders can subscribe to its priority pack to trade at a higher margin. Brokerage charges vary across different segments, but are capped at Rs.20.
4. ICICI Securities Ltd.
ICICI Securities Ltd. has been operational for more than two decades and boasts above 170 branches across the country. As far as investor queries regarding how to open Demat account with the stockbroker are concerned, they can approach one of such branches or do so online.
It is registered as a stock broker, merchant broker, investment advisor & research analyst, and portfolio manager with SEBI. Also, with IRDAI, it is registered as a corporate agent. ICICI Securities Ltd. provides the following services –
- Equity.
- F&O.
- Mutual funds.
- Commodities.
- Currencies.
- Bonds.
- ETF.
- Loans.
- Insurance.
Investors and traders can invest in international exchanges via this institution. Also, both residential Indians and NRIs can open an account with ICICI Direct. It charges 0.15% – 0.25% on equity delivery, whereas intraday trading starts from Rs.15 and the charges are Rs.20/order for options trading.
6. Angel Broking
Angel Broking is one of the oldest stockbrokers in India, with presence in more than 900 cities. It is also possible to invest and trade with them online via different platforms.
The stockbroking firm is registered with BSE, NSE, MSEI, MCX, and NCDEX. It provides services across the following segments –
- Equity.
- Currency.
- F&O.
- Commodities.
- Corporate bonds.
- 54EC bonds.
- Tax-savings bonds.
Angel Broking levies brokerage fees at a flat rate of Rs.20/order across all its services virtually, except for equity delivery, which is free of cost.
Apart from these, some other prominent stock broker include Motilal Oswal Financial Services Ltd., Sharekhan Ltd., Kotak Securities Ltd., etc. Investors and traders can consider one based on factors like brokerage fee, the volume of trading, and quality of research and advisory.