Top 10 Stock Brokers in India
What is a broker?
Brokers are market makers, which means they function as a middleman between buyers and sellers. Depending on the sort of order, they either make or take liquidity. Brokers are generally entire organizations rather than a single individual. These organizations frequently provide various services, such as money management, investment advice, and even creating financial products, such as ETFs or mutual funds to their consumers. As account custodians, brokers earn commissions on each transaction and collect interest. Brokerage firms frequently provide signing bonuses to new clients to help them grow their assets under management.
What exactly does the term stockbroker mean?
A stockbroker is a professionally trained individual who buys and sells the stock for a commission or other fee on behalf of their clients. These sales are often conducted on the stock market via various securities exchanges. The broker is normally associated with one or more brokerage firms, but they can also be an independent agent. A stockbroker may also be called a registered representative (RR) or a financial advisor. Most of the stockbrokers work for brokerage firms and handle transactions for various individual and institutional clients. Stockbrokers are mostly compensated on a commission basis, though this varies by job.
Brokerage firms and broker-dealer companies are also informally known as stockbrokers. These include full-service brokers and cheap brokers who execute trades but do not provide personalized investment advice.
Most internet brokers, at least at their most basic service levels, are discount brokers, meaning that trades are handled for free or a tiny set-price commission. Many online brokers now charge greater fees for premium-level services
What do Stock Brokers Do?
Client funds are handled by stockbrokers, who also execute buy and sell transactions on their behalf. Few brokers work on the trading floor of a stock exchange, such as the New York Stock Exchange. Many transactions on the floor used to take place when buy and sell orders were manually matched with other brokers. Because transactions on the modern exchange are initially matched electronically, mostly brokers now work at the desk in their employer's offices hours.
Types of Stock Brokers
In India, there are two categories of stockbrokers: Full-service brokers and Discount brokers.
1. Traditional or full-service broker
Along with the purchase and sale of shares, full-service brokers provide traders with various services such as guidance, research, retirement, and tax preparation. In addition to full-service brokers, bank subsidiaries provide 3 in 1 account, such as a savings bank account, an online trading facility, and a Demat account. Examples are HDFC securities, Kotak securities, and ICICI securities. Except for savings accounts, some full-service brokers provide these services.
2. Low-cost Broker or Discount Broker
Stockbroking accounts with no-frills are available from the budget broker. They also provide only the essential training facilities cheaply, allowing them to be classified as low-cost carriers. Trading using bargain brokers is the most current trend in India. Furthermore, the investor's money is highly safe with them because stock brokerages are thoroughly regulated. Discount brokers have much lower trade fees than full-service brokers. Zerodha, Upstox, Smart Trade Online, and others are some of India's most well-known discount brokers.
List of Top Stock Brokers in India
1. Motilal Oswal
Motilal Oswal Securities Limited (MOSL) was established in 1987 as a modest sub-broking firm with only two employees. As a result of its ambitious growth plans, it has risen to become one of India's top ten stock brokers. Motilal Oswal Securities, headquartered in Mumbai, has a network of 520 cities and towns, 1,743 Business Locations, and 7,40,000 registered customers as of March 2015. Motilal Oswal Securities' guidance is built on a solid foundation of research. Almost 10% of revenue is spent on stock research, and MOSL hires and trains the best people to be their advisors.
MOSL currently employs over 30 research analysts that do fundamental, technical, and derivatives research on over 250 companies across 20 industries. Motilal Oswal's research reports have extracted widespread media notice. MOSL won the Best Performing Equity Broker (National) title four years at the CNBC TV18 Financial Advisor Awards. Motilal Oswal is waiving the Rs 500 account opening charge. In addition, there are various attractive offers, such as one month of zero brokerage trading across all sectors and free trading mode use. Their frequently read study reports will likewise be beneficial to the buyer. Motilal Oswal has three separate trading platforms where users may readily get information about their trades. First, there is the Motilal Oswal Desktop Trading Platform, followed by the Motilal Oswal Web-Based Trading Platform, and finally, there is the Motilal Oswal Mobile Trading Platform.
2. ICICI Direct
ICICI Direct is an online trading and investment account given by ICICI Securities, India's largest retail stockbroker. It is a trading platform that links your banking, trading, and Demat accounts. ICICI Direct gives a wide range of investment options to retail and institutional customers, as well as a comprehensive suite of investment products such as Online Equity Trading, Derivatives Trading, Mutual Fund & IPO, Fixed Deposit, Bond, NCD, wealth products, Home Loans, Loan against Securities, and so on; all accessible through a single login.
ICICI Bank's primary website is "ICICIdirect.com." It gives a very simple and productive approach to investing in the stock market and other financial instruments. ICICI Direct Trades on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
ICICI Direct provides two kinds of accounts:
ICICI direct Advantages
The following are some of the benefits of ICICI direct.
ICICI Direct Drawbacks
The following are the disadvantages of ICICI Direct.
Sharekhan is an Indian full-service stockbroker that was founded in 2000. It provides stock market trading and investing opportunities to Indian investors. BNP Paribas purchased Sharekhan in 2016. It is operated as a completely owned subsidiary of BNP Paribas. BNP Paribas S.A. is a major European bank. It is traded on Euronext Paris, France's stock exchange. With 676631 customers, Sharekhan is the 5th largest retail brokerage full-service brokerage firm and the 8th largest stockbroker in India. Sharekhan was a forerunner in online trading in India. Securities brokerage, mutual fund distribution, loan against shares, ESOP financing, IPO financing, and wealth management are among the financial goods and services it provides.
Sharekhan provides retail brokerage services in the equities, commodities, currency markets, initial public offerings (IPOs), portfolio management services, and mutual funds. Customers can also get research and stock suggestions from the company. The internet trading services are provided through the platforms listed below:
Customers can also trade offline by visiting any of Share khan's locations which are spread across India. Sharekhan has over 4800 employees in India and is available in over 575 cities through 153 branches and over 2,500 business partners. The organization has 1.4 million customers and executes more than 4 lakh trades every day on average. It also provides Call & Trade services, which allow you to place orders over the phone.
4. HDFC Securities
HDFC Securities is one of India's largest trading platforms, providing users with rapid and reasonably priced trading options. Account administration can be done from a computer or a mobile phone. Alternatively, you can meet your investing needs by visiting one of the over 250 HDFC branches located throughout the country. HDFC Securities Ltd is a stockbroker and distribution branch of HDFC Bank, a prominent banking services provider to corporate and individual consumers in India.
When it comes to trading, HDFC Securities has over two million Demat accounts, which are required for holding shares and securities in an electronic format, and is backed by a nationwide distribution network of over 3,500 Demat centers. Having an account with HDFC Securities can let the customers make and track their investments in a secure and worry-free manner. Given that HDFC Bank was one of the first corporations to get approval from the Reserve Bank of India (RBI) to establish a private sector bank in 1994, this shouldn't come as a surprise. When it comes to client security, HDFC is still a name you can rely on today. Here are some noteworthy account features to highlight:
Three accounts in one: In HDFC Bank, you'll get a three-in-one account that comprises a bank account and a free Demat account, linked to the customer's online trading account with a unique login ID and password, which the customer provides.
Trading is quick and easy: Take advantage of personalized stock alerts, a sophisticated portfolio tracker, research reports, and much more.
Features for security: You can use your mobile device to track any possible unauthenticated transactions in your Demat account.
Customer care: HDFC Securities has different phone lines for its trading and customer service teams. Its Demat account services team is available Monday through Saturday from 8:30 a.m. to 5:30 p.m. (the service is unavailable on the second or fourth Saturday of the month).
5. Axis Direct
Axis Direct, Axis Bank's is the stockbroking arm, and it was founded in 2011 as a full-service stockbroker by Arun Thukral. Axis Direct is one of the emerging stockbrokers in the offline industry, with over 75 outlets across India. Furthermore, Axis Direct has one of the most active client bases in the Indian stock broking industry.
This supplier broker has subscriptions to the NSE, BSE, MSEI, and MCX - SX and allows users to trade in various financial segments, including equity, derivative trading, currency trading, IPO, NCDs, mutual funds, bonds, and ETFs. Axis Direct has a working client base of over 300,000 people. As an Axis Bank affiliate, Axis Direct enables users to open a Demat 3-in-1 account, eliminating fund transfer complications. With this option, your bank account is directly embedded with your business account, and you are not required to manage financial transfers manually as an initiator.
6. Karvy Online
Karvy Group is a well-diversified conglomerate with operations spanning the whole financial services spectrum and data processing and management. With over 30 years of experience and expertise, we have reinvented the financial domain via innovation, technology, and a customer-centric approach. The Group serves over 70 million retail investors in various roles and provides customer services to over 600 business entities, representing the finest of Corporate India.
KSBL assists investors in building a portfolio that takes into account their risk profile and future financial demands, ensuring that their investments achieve an optimal balance of risk and return. Karvy online has a joint account facility that caters to all investment opportunities such as equities, derivatives, currency, initial public offerings (IPOs), mutual funds, and non-convertible notes (NCDs). It is distributed around the country, offering you a diverse selection of financial assets as well as personalized investment planning and solutions to help you realize your dreams. Karvy Group, a steadfast player in the financial realm for three decades with extensive experience, offers a wide range of services. Karvy has carved out a position by focusing on integrity, superior service, and a customer-centric attitude. Among the services provided by the Group are stock brokerage, registrar and transfer services, data analytics, and data management. We are proud to be affiliated with you in all aspects of your life through our array of services. Karvy Stock Broking, Karvy Group's broking business, provides concrete and personalized solutions to corporate, institutional, and individual clients. We strive to be the finest in the market by utilizing cutting-edge technology and competent management. Our comprehensive trading account enables clients to approach multiple investment revenues in an integrated manner, allowing them to deal with simplicity.
7. Angel One Limited
It was one of India's largest retail brokerage firms in terms of active customers on the NSE as of June 30, 2020. It provides broking and consulting services, margin funding, loans against shares (via one of our subsidiaries, AFPL), and financial product distribution.
Its digital marketing efforts have helped it generate 398 million digital impressions on its different online and digital platforms by June 2020. As of June 30, 2020, its client reach in India was around 96.87 percent or 18,649 pin codes. As of June 30, 2020, it has managed 132,540 million client assets and over 2.15 million operational brokerage accounts.
The Bombay Stock Exchange (BSE), National Stock Exchange (NSE), Metropolitan Stock Exchange of India (MSEI), NCDEX, and MCX are all members of Angel One Limited (previously known as Angel Broking Limited). Angel One Limited (formerly known as Angel Broking Limited) is also a CDSL Depository Participant.