Top 8 Stock Brokers in India: Charges and Features Compared

Note (September 2026): Several charges in the original version were out of date, including Shoonya’s zero-brokerage model (it has charged up to Rs 5 per order on intraday and F&O since December 2024), Groww’s delivery rate and the claim that HDFC Securities offers no commodity trading; corrected figures are shown in the text and in the comparison table below.

The top stock brokers in India include five discount brokers – Zerodha, Groww, Upstox, Angel One and Shoonya by Finvasia – that charge Rs 20 or less per order, and three full-service brokers – HDFC Securities, ICICI Direct and Motilal Oswal – that charge percentage-based fees but add research and banking links. As of September 2026, all eight are SEBI-registered stock brokers.

Key Takeaways

Delivery is free at Zerodha and Shoonya; Groww and Angel One charge Rs 20 or 0.1% per order (whichever is lower, minimum Rs 5); Upstox charges Rs 20 per order (broker pricing pages, September 2026).
F&O brokerage is a flat Rs 20 per executed options order at most discount brokers; Shoonya charges Rs 5 plus GST.
Full-service brokers such as HDFC Securities (0.50% on delivery on its standard plan) cost more per trade, but offer research and 3-in-1 bank-linked accounts; cheaper subscription plans exist.
Rules changed: SEBI’s true-to-label circular (1 October 2024), new index-derivative limits (from November 2024) and a higher securities transaction tax on F&O (from 1 April 2026) raised the real cost of trading.
Check the total cost, not just brokerage: AMC, DP charges, STT, exchange fees, stamp duty and 18% GST all add up.

Trading isn’t just about earning profits. It is a mental game that requires a lot of patience and a smart strategy. To support this, choosing the right broker is essential. You must select an online trading platform that can significantly influence your trading experience.

Here’s a look at the top 8 share brokers in India, each offering unique features and pricing structures.

Explore the list of the top 8 brokers in India, with charges checked against each broker’s official pricing page in September 2026.

Groww
Zerodha
Shoonya by Finvasia
HDFC Securities
Upstox
ICICI Direct
Angel One
Motilal Oswal

Groww

Groww, a SEBI-registered share broker and a member of NSE and BSE, tops our list of top 8 brokers in India. Groww offers stocks, F&O, commodity futures and options (MCX and NSE contracts), ETFs, IPOs, mutual funds and a margin trading facility; other products such as FDs, digital gold or US stocks have changed over time, so check the app for what is currently available. As of September 2026, Groww’s official pricing page lists equity delivery and intraday brokerage at Rs 20 or 0.1% per executed order (whichever is lower, minimum Rs 5) – not the 0.05% shown in the list below – and F&O at a flat Rs 20 per executed order, with Rs 0 account opening and Rs 0 AMC.

Brokerage Charges:

Equity Delivery: Rs 20 per trade (or 0.05%, whichever is lower).
Equity Intraday: Rs 20 per trade (or 0.05%, whichever is lower).
Equity F&O: Rs 20 per trade.

Pros:

Simple, flat-fee structure of Rs 20 per trade.
Free mutual fund investments.
Educational resources like blogs and eBooks.

Cons:

Narrower product range than full-service brokers (commodity trading on MCX and NSE has since been added, so the earlier ‘no commodities’ point no longer applies).
GTT orders and a margin trading facility (0.1% brokerage per order plus 14.95% a year interest on the funded amount, per Groww’s pricing page in September 2026) are now available, so check the app for any other order types you need.

Zerodha

Zerodha currently stands 2nd on our list of top 8 share brokers in India. Zerodha Broking Ltd (SEBI registration INZ000031633, member of NSE, BSE and MCX) offers equities, currencies, commodities and mutual funds. On F&O, Zerodha’s charges page lists futures at 0.03% or Rs 20 per executed order (whichever is lower) and options at a flat Rs 20 per executed order (September 2026).

Brokerage Charges:

Equity Delivery: Free
Equity Intraday: Flat Rs 20 or 0.03% (whichever is lower).
Equity F&O: Flat Rs 20 or 0.03% (whichever is lower).
Mutual Funds: Free.

Pros:

No brokerage for equity delivery and mutual funds.
Advanced trading tools and platforms.
Low maximum brokerage of Rs 20
Margin trading facility (MTF) is now available, with interest of 0.04% per day (Rs 40 per lakh) according to Zerodha’s charges page in September 2026.

Cons:

No stock tips, research reports, or recommendations.
No monthly unlimited trading plans.
Additional charges for non-squared-off positions and call & trade.
No 3-in-1 trading account.

Shoonya by Finvasia

Shoonya by Finvasia (Finvasia Securities Pvt Ltd) ran a zero-commission model for all trading segments until December 2024, when it introduced a small per-order fee on intraday, F&O and commodity derivative trades. Leading with 3rd position among top 8 share brokers in India, it also offers a free demat account. Statutory charges (STT, exchange fees, SEBI fees, stamp duty and GST) and a DP charge of Rs 9 plus GST per scrip on sells still apply, according to Shoonya’s pricing page in September 2026.

Brokerage Charges:

As of September 2026: zero brokerage on equity delivery and commission-free mutual funds; intraday and futures cost 0.03% or Rs 5 per executed order (whichever is lower); options cost a flat Rs 5 plus GST per executed order (Shoonya pricing page).

Pros:

Very low brokerage: zero on equity delivery and a maximum of Rs 5 per order on intraday and F&O.
Free demat account with zero AMC for individual accounts.
User-friendly platform suitable for all traders.
Charting and trading tools on its web and mobile platforms; check the current feature list before relying on any specific tool.

Cons:

No margin funding.
Limited physical branch support.

HDFC Securities

HDFC Securities has been a significant name among the best share brokers in India. It offers access to multiple trading services with an integrated 3-in-1 account. HDFC Securities (SEBI registration INZ000186937) is a member of NSE, BSE and MCX, and it also runs HDFC Sky, a separate app that charges Rs 20 per order (HDFC Sky pricing page, September 2026).

Brokerage Charges:

Equity Delivery: 0.50% or min Rs 25 per executed order on the standard plan for residents (NRI rates differ; check the current tariff).
Derivatives (Futures): 0.05% or min Rs 25 per executed order on the standard plan.
Derivatives (Options): Higher of 1% of premium or Rs 100 per lot.

Pros:

Integrated 3-in-1 account with HDFC Bank.
Optional prepaid value plans that lower delivery brokerage to as little as 0.10% and F&O to Rs 20 per order.

Cons:

Higher brokerage charges compared to discount brokers.
Commodity and currency trading are available, but standard-plan charges are higher than on discount platforms.
Minimum brokerage charges and additional costs for low-value trades.

Upstox

One of the leading platforms among the best brokers in India is Upstox. It charges Rs 20 per executed order on equity delivery; intraday is Rs 20 or 0.1% (whichever is lower), futures Rs 20 or 0.05%, and options a flat Rs 20 per executed order, as of September 2026 (Upstox brokerage page). Upstox is operated by RKSV Securities India Pvt Ltd, SEBI registration INZ000185137.

Brokerage Charges:

Equity Delivery: Rs 20 per executed order.
Equity Intraday: Rs 20 per executed order or 0.05% (whichever is lower).
Equity F&O: Rs 20 per executed order or 0.05% (whichever is lower).

Pros:

Brokerage capped at Rs 20 per executed order across trading segments.
No commission on mutual funds.
Advanced trading platforms like Upstox Pro Web.

Cons:

Higher brokerage for equity delivery compared to some discount brokers.
Additional charges for non-squared-off positions and call & trade.
Limited research and advisory services.

ICICI Direct

ICICI Direct is a full-service broker in India. It offers integrated banking and trading solutions through ICICI Securities Ltd (SEBI registration INZ000183631). Its brokerage depends on the plan you choose: the iValue add-on (Rs 299 one-time, per ICICI Direct in September 2026) charges Rs 20 per order for intraday, futures, options and commodities, while delivery stays at your base plan rate.

Brokerage Charges:

Equity Delivery: Depends on the plan; ICICI Direct’s Prime plans (Rs 999 to Rs 9,999 one-time) cut delivery brokerage to between 0.22% and 0.07%, as of September 2026.
Equity Intraday:05% or min Rs 25 per trade.
Equity F&O:05% or min Rs 25 per trade.

Pros:

Integrated 3-in-1 account with ICICI Bank.
Wide range of investment products.
Multiple trading platforms.

Cons:

Higher brokerage fees compared to discount brokers.
Higher account maintenance charges.
Complex fee structure.

Angel One

You can invest in equities, commodities, and mutual funds with Angel One online share broker in India. As of September 2026, Angel One’s charges page lists the lower of Rs 20 or 0.1% per executed order (minimum Rs 5) on equity delivery and intraday, and a flat Rs 20 per executed order on F&O, currency and commodity trades, with an introductory offer of zero brokerage up to Rs 500 in the first 30 days. Angel One Ltd holds SEBI stock broker registration INZ000161534.

Brokerage Charges:

Equity Delivery: Rs 20 per trade.
Equity Intraday: Rs 20 per trade.
Equity F&O: Rs 20 per trade.

Pros:

Low brokerage fees across all segments.
Robust trading platforms and research tools.
Comprehensive customer support.

Cons:

Higher brokerage fees compared to some discount brokers.
Limited advanced trading features.

Motilal Oswal

Motilal Oswal is a prominent full-service broker . It is known for its research and advisory services. You can invest in equities, commodities, and mutual funds with this share broker. Motilal Oswal Financial Services Ltd (SEBI registration INZ000158836) publishes default brokerage of 0.20% on equity delivery, 0.02% on intraday and futures, and Rs 20 per lot on equity options in its own charges guide (last updated December 2024), which differs from the figures listed below; confirm the current tariff before opening an account.

Brokerage Charges:

Equity Delivery: 0.20% (default rate in Motilal Oswal’s charges guide; confirm the current tariff).
Equity Intraday:05% or min Rs 25 per trade.
Equity F&O:05% or min Rs 25 per trade.

Pros:

Extensive research services.
Wide range of investment options.
Comprehensive trading platforms.

Cons:

Account maintenance charges after the first year: Motilal Oswal says AMC is free for the first year, and an annual demat charge applies after that (comparison sites listed Rs 199 a year in 2024), so confirm the current figure in its tariff sheet.

Conclusion

The choice completely depends on your trading style, the type of investments you’re interested in, and the costs you’re willing to incur. Each of these brokers offers distinct advantages.

So, consider your priorities and trading needs when making a decision.

Bonds route differently — buying through brokers or new-age platforms compares them, and neither piece is financial advice.

How Do the Top 8 Stock Brokers Compare on Charges?

The table below compares the eight stock brokers on brokerage and account costs, as published on each broker’s official pricing page and checked in September 2026. Brokers change their tariffs often, so confirm the current rates before you open an account. GST at 18% is added to brokerage.

Broker (SEBI reg. no.)	Type	Equity delivery	Equity intraday	F&O	Account opening / AMC
Groww (INZ000301838)	Discount	Rs 20 or 0.1%, lower; min Rs 5	Rs 20 or 0.1%, lower; min Rs 5	Flat Rs 20 per order	Rs 0 / Rs 0
Zerodha (INZ000031633)	Discount	Rs 0	Rs 20 or 0.03%, lower	Futures Rs 20 or 0.03%; options flat Rs 20	Free / first year free, then Rs 300 a year + GST (non-BSDA)
Shoonya by Finvasia (INZ000176037)	Discount	Rs 0	Rs 5 or 0.03%, lower	Futures Rs 5 or 0.03%; options flat Rs 5 + GST	Rs 0 / Rs 0 (individuals)
HDFC Securities (INZ000186937)	Full-service	0.50%, min Rs 25 (standard plan)	0.05%, min Rs 25	Futures 0.05%, min Rs 25; options Rs 100 per lot or 1% of premium, higher	Free / demat AMC applies from year two (check tariff)
Upstox (INZ000185137)	Discount	Rs 20 per order	Rs 20 or 0.1%, lower	Futures Rs 20 or 0.05%; options flat Rs 20	Free / first year free, then Rs 300 + GST (non-BSDA)
ICICI Direct (INZ000183631)	Full-service	Plan-based; 0.22% to 0.07% on Prime plans	Rs 20 per order on iValue plan	Rs 20 per order on iValue plan	Free / demat AMC applies (check tariff)
Angel One (INZ000161534)	Discount	Rs 20 or 0.1%, lower; min Rs 5	Rs 20 or 0.1%, lower; min Rs 5	Flat Rs 20 per order	Rs 0 / first year free, then Rs 60 + GST a quarter (non-BSDA)
Motilal Oswal (INZ000158836)	Full-service	0.20%	0.02%	Futures 0.02%; options Rs 20 per lot	Free / first year free, then an annual charge

SEBI registration numbers are as published by each broker and in public broker directories; you can confirm any broker’s status in the registered intermediaries list on SEBI’s website. Motilal Oswal’s rates are from its charges guide last updated in December 2024.

What Does a ₹50,000 Delivery Trade Cost at Each Broker?

A simple example shows how much the fee model matters. For a single equity delivery purchase of Rs 50,000, brokerage alone (before GST and statutory charges) works out as follows at the published default rates:

Zerodha and Shoonya: Rs 0.
Groww, Angel One and Upstox: Rs 20 (0.1% would be Rs 50, so the Rs 20 cap applies at Groww and Angel One).
Motilal Oswal: Rs 100 at 0.20%.
HDFC Securities standard plan: Rs 250 at 0.50%.

The same sale later costs the same brokerage again, plus a DP charge. For active traders, a subscription plan at a full-service broker can narrow this gap. A stock brokerage calculator helps you work out the total cost for your own trade sizes.

What Is the Difference Between a Discount Broker and a Full-Service Broker?

A discount broker is a stock broker that executes trades online for a flat, low fee per order and offers little or no personal advice. Zerodha, Groww, Upstox, Angel One and Shoonya follow this model.

A full-service broker is a stock broker that charges a percentage of each trade but bundles research reports, relationship managers, branch support and, often, a 3-in-1 account linking a bank account, trading account and demat account. HDFC Securities, ICICI Direct and Motilal Oswal are full-service brokers, although each now also sells cheaper flat-fee plans or apps.

Choose on cost if you place many trades and do your own research.
Choose on service if you want research, advice channels or a bank-linked account and trade less often.

Before opening either kind of account, read these things to know before opening a demat account.

What Costs Do You Pay Besides Brokerage?

Brokerage is only one part of the bill. Every trade in India also carries statutory and exchange charges that no broker can waive:

Securities transaction tax (STT): set by the government; on equity delivery it is 0.1% on both buy and sell (as listed on broker pricing pages in September 2026).
Exchange transaction charges and SEBI turnover fees: charged by NSE, BSE and SEBI on turnover.
Stamp duty: charged on the buy side.
GST: 18% on brokerage and exchange charges.
DP charges: charged per scrip when you sell shares from your demat account – for example Rs 15.34 at Zerodha (including GST), Rs 20 at Upstox, Rs 20 plus GST at Angel One and Rs 9 plus GST at Shoonya, per their pricing pages in September 2026.
AMC: the annual maintenance charge on a demat account. Under Basic Services Demat Account (BSDA) rules, brokers such as Zerodha and Angel One charge no AMC on holdings up to Rs 4 lakh and Rs 100 a year plus GST for Rs 4 lakh to Rs 10 lakh.
Other fees: call-and-trade orders (Rs 50 per order at Zerodha, Rs 75 plus GST at Upstox) and interest on margin trading funding.

Which SEBI and Tax Changes Have Raised Trading Costs?

Several regulatory and tax changes since October 2024 have raised the true cost of trading in India, especially in futures and options (F&O):

True-to-label charges (1 October 2024): SEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2024/92, dated 1 July 2024, required exchanges and depositories to charge every broker the same flat rate from 1 October 2024. Brokers could no longer earn volume rebates on exchange fees, which had helped fund free or near-free trading.
Higher STT on F&O (1 October 2024): after the July 2024 Union Budget, STT on options rose from 0.0625% to 0.1% of premium and on futures from 0.0125% to 0.02%.
SEBI index-derivative measures (circular of 1 October 2024): only one weekly-expiry benchmark index per exchange and a 2% extra margin on short options on expiry day from 20 November 2024; minimum contract value raised to Rs 15 lakh to Rs 20 lakh for new contracts from late November 2024; upfront collection of option premium and removal of calendar-spread margin benefit on expiry day from February 2025; intraday monitoring of position limits from 1 April 2025.
End of Shoonya’s zero-brokerage model (December 2024): Shoonya began charging up to Rs 5 per order on intraday, F&O and commodity trades.
Higher STT on F&O again (1 April 2026): the Union Budget 2026-27 raised STT on futures from 0.02% to 0.05%, on options premium from 0.1% to 0.15%, and on exercised options from 0.125% to 0.15%.

These changes matter because F&O is where most retail money is lost. According to a SEBI study released in July 2025, more than 91% of individual traders in equity derivatives made losses in 2024-25, with net losses of about Rs 1.06 lakh crore, up 41% from the previous year. If you are new to derivatives, read this introduction to online stock and option trading first.

How Do You Choose the Right Stock Broker in India?

The right stock broker is the one whose costs, products and service fit how you actually invest. These steps help you compare brokers fairly:

Confirm SEBI registration. Check the broker’s registration number (it starts with INZ) against the registered intermediaries list on SEBI’s website, and check that it is a member of the exchange you want to trade on.
Check the regulator record. SEBI publishes enforcement and adjudication orders on its website; for example, it published an adjudication order in the matter of Finvasia Securities on 20 February 2025. Reading any orders against a broker helps you judge how it treats compliance.
Match the fees to your trading pattern. Long-term investors pay mostly delivery brokerage, DP charges and AMC; intraday and F&O traders pay per-order fees many times a month.
Check the products you need. Not every broker offers commodities, currency derivatives, margin trading, bonds or IPO applications in the same way. See how to choose a trading platform for IPO investment if IPOs matter to you.
Test the platform and support. Uptime during market hours, order types and grievance handling matter as much as price.
Read the tariff sheet. Look for charges on call-and-trade orders, auto square-off, payment gateways and physical contract notes.

Common Mistakes When Picking a Stock Broker

Comparing only headline brokerage: a “zero brokerage” label says nothing about DP charges, AMC or margin interest.
Ignoring percentage fees on large orders: 0.50% on a Rs 5 lakh delivery order is Rs 2,500 in brokerage, before GST.
Trading F&O without a plan: SEBI’s own data shows most individual derivative traders lose money. Decide how much money to put into intraday trading before you start.
Following tips from unregistered sources: only SEBI-registered investment advisers and research analysts may give paid stock recommendations.
Keeping unused accounts open: a dormant demat account can still attract AMC.

If you are just starting out, this guide to essential stock market knowledge for new investors covers the basics.

This article is for general information only and is not investment advice. Charges are as published by each broker in September 2026 and can change; confirm the current tariff with the broker before you trade.

Frequently Asked Questions

Which stock broker has the lowest charges in India?

Shoonya by Finvasia and Zerodha have the lowest published brokerage among the eight brokers here as of September 2026. Both charge zero brokerage on equity delivery; Shoonya charges up to Rs 5 per intraday or F&O order and Zerodha up to Rs 20. Total cost also depends on DP charges, AMC and statutory charges.

Is Shoonya still zero brokerage?

No. Shoonya ended fully free trading in December 2024. As of September 2026, equity delivery and mutual funds are still brokerage-free, but intraday and futures cost 0.03% or Rs 5 per order (whichever is lower) and options a flat Rs 5 plus GST per order.

Is Zerodha better than Groww?

Neither is better for everyone. Zerodha charges no brokerage on equity delivery but has a Rs 300 a year plus GST AMC for regular demat accounts after the first year; Groww charges up to Rs 20 per delivery order but has Rs 0 AMC. Frequent long-term buyers may pay less at Zerodha, while occasional investors may pay less at Groww.

How do I check if a stock broker is registered with SEBI?

Search for the broker’s name or its INZ registration number in the registered intermediaries section of SEBI’s website. Registered brokers also print their SEBI registration number and exchange member codes on their website footer and contract notes.

What is AMC on a demat account?

AMC (annual maintenance charge) is a yearly fee for keeping a demat account open. It ranges from Rs 0 at Groww and Shoonya to several hundred rupees a year at full-service brokers, and Basic Services Demat Accounts with small holdings pay little or nothing.

Do discount brokers give stock tips?

Most discount brokers, such as Zerodha, do not give stock tips or advisory calls. Full-service brokers such as Motilal Oswal and ICICI Direct publish research through their SEBI-registered research arms. Research is not a guarantee of returns.

Top 8 Stock Brokers in India: Features and Pricing