Stock brokers in India: SEBI, exchanges and what you actually pay
India has more than 150 SEBI-registered stock brokers competing for over 150 million demat accounts. Discount brokers such as Zerodha, Groww, Upstox and Angel One dominate new account openings with flat fees, while full-service houses like ICICI Direct, HDFC Securities and Kotak Securities bundle research, advisory and banking. Choosing between them comes down to how you invest, not just headline brokerage.
Who regulates Indian stock brokers
Every broker must be registered with the Securities and Exchange Board of India (SEBI) and be a trading member of NSE, BSE or both. Your shares sit in a demat account with one of two depositories, NSDL or CDSL, through a depository participant that is usually the broker itself. Since 2023 brokers must upstream client funds to clearing corporations daily, which materially reduces the risk of misuse of client money. The Investor Protection Fund at each exchange offers limited compensation if a member defaults.
Always verify the SEBI registration number and exchange membership before opening an account. Our SEBI regulation page links to the official registers.
Brokerage, charges and the real cost per trade
Discount brokers typically charge zero for equity delivery and a flat ₹20 or 0.03% (whichever is lower) per executed intraday or F&O order. Full-service brokers charge percentage brokerage that can reach 0.5% on delivery unless you negotiate a plan. On top of brokerage every trade attracts STT, exchange transaction charges, SEBI turnover fees, GST, stamp duty and DP charges on sells. For a ₹1 lakh delivery trade these statutory charges add roughly ₹120 to ₹150 regardless of broker.
Also compare annual maintenance charges on the demat account, call-and-trade fees, auto-square-off charges, pledge and unpledge fees for margin, and interest on margin trading facilities. Our brokerage comparison table on this page shows the effective cost side by side.
Discount vs full-service: which suits you
If you make your own decisions and value a fast app, a discount broker will almost always be cheaper. If you want a relationship manager, research calls, IPO advisory or a three-in-one account linked to your bank, a full-service broker earns its fee. Many investors hold both: a discount account for trading and a bank-backed account for long-term holdings and mutual funds.
Platform stability during market-open peaks, order execution speed, the quality of option chains and charting, and how quickly withdrawals reach your bank are the issues verified BrokerBazaar reviewers raise most often.
How BrokerBazaar rates Indian stock brokers
Profiles on BrokerBazaar India are scored on SEBI compliance history, effective cost across delivery, intraday and F&O, platform quality, fund settlement, customer support and verified reviews. Scores are editorial assessments by our research team, not user ratings, and not investment advice. Sponsored listings are labelled and do not alter scores. Read our methodology and how we make money via the links below.
Frequently asked questions
Risk warning. Trading and investing involve risk and you may lose money. Nothing on this page is personal financial advice. Investments in securities markets are subject to market risk. Read all scheme and broker documents carefully before investing.
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