Top 10 Share Brokers in India : List of Full Service Brokers


  Top 10 Stock Brokers of India

In the previous article we had listed down the Best 10 stock Brokers of India known as Discount Brokers who provide rock bottom brokerage charges. But even with this heavy competition, other set of brokers known as Full Service Brokers could retain their customers and even managed to grow at steady rate by adding new clients.

These Brokers started their operation way before the Zerodha introduced discount brokerage concept to India for the first time in year 2010.


In following section we will discuss about the 10 Major Full Service brokers of India who are doing well and providing outstanding customer service.

  1) Angel Broking

Angel Broking is in the industry from the year 1987.  They are offering retail trading, investment and insurance services to over 10 lakhs customer around India though a network of over 8500 offices in over 900 cities.

They have various brokerage schemes which changes as per the initial margin amount one deposits to his/her demat account.

Now they are offering 20% discount on the trades done through online platform. Also their premium SMS advisory service is provided free for first three months

Angel Broking Brokerage Charges:

The brokerage charges you pay with them depends upon the initial margin amount you provide to them. Higher the amount, lower will be the brokerage. This initial deposit you provide is credited to your ledger and can be used for your investment/trading purpose.

Benefits with Angelbroking:

  • One stop solution for all type of investments like Equity Trading, F&O, Commodities, PMS, Mutual Funds, Life Insurance, Personal Loans, IPO
  • Personalized support from Centralized Help Desk and through Phone, E-mail, Live Chat and SMS

Drawbacks of Angel Broking:

  • Minimum brokerage per transaction is Rs 30. Hence who trades very small volumes should check the calculations carefully

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  2) Sharekhan


Sharekhan is widely recognized for their education initiative for new entrants to the share market. They started their operation in year 2000 and now have more than 14 lakh investors in just 17 years.

They conduct many online training session for both beginners and experienced traders. Their desktop trading platform is called “Trade Tiger” and it is their flagship product. Without any doubt it is one of the top trading platform in India available as on date

They have waived off the account opening fee and also Annual Maintenance Charges of Rs 400 for the first year.

They publish various research reports and recommendation for short and long term and it has helped many investor during their initial phase in Stock market

Sharekhan Brokerage Charges:

The Default brokerage structure of Sharekhan is as shown below.

Equity (Delivery) : 0.5%
Equity (Intraday) : 0.1% on both buy and sell (min 5 paisa/share)
Futures : 0.5%
Options : Rs 100/lot or 2.5% on premium (Whichever is higher)

Dont Miss : See how the ‘minimum brokerage per share’ policy of brokers like Sharekhan and ICICIdirect can kill you!

At the outset, the above is charges are exorbitant in comparison to other competitors. Sharekhan also has prepaid plans, wherein you can pay the brokerage charges upfront and avail the reduced brokerage slabs.

But keep in mind that the amount is non refundable and have the validity of 12 months. It will expire if you don’t utilize it.

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  3) Motilal Oswal



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Motilal Oswal is another full service broker who publishes extensive research reports on various companies. They are head quartered at Mumbai.

Motilal Oswal provides a huge number of services such as private wealth management, retail broking and distribution, institutional broking, asset management, investment banking, private equity, commodity broking, currency broking, principal strategies & home finance.

Their client base is around 8.5 Lakhs and have presence over 2200 locations.

Motilal Oswal Brokerage Charges:

The Default brokerage structure of Motilal is as shown below.

Equity (Delivery) : 0.5%
Equity (Intraday) : 0.05%
Futures : 0.05%
Options : Rs 75/lot

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  4) ICICIDirect

icicidirect logo

ICICIDirect is the largest share broker of India. Their parent company is ICICI Bank and it was easy for them to find the clients.

ICICIDirect is pioneer in introduction of Online share trading in India when most of the retail pubic used to call their brokers though phone to place the order.

Being a bank they provide 3-in-1 demat account where transfer of funds between the trading account and bank account is seamless.

But the brokerage charges of them is on higher side and because of the minimum brokerage charge of Rs 35 it is not very well suited for the order of smaller quantum

The Default brokerage structure of ICICIDirect is as shown below.

Equity (Delivery) : 0.55%
Equity (Intraday) : 0.275%
Futures : 0.05%
Options : Rs 95/lot

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  5) SBICap Securities


SBICap Securities is the brokerage arm of India biggest public sector bank, State Bank of India (SBI).

The Company currently has in its fold a wide segment of clients including Banks, Financial Institutions, FIIs, Mutual Funds, Corporate, High Networth Individuals, Non-Resident Indians and Retail domestic investors. Its broking product range covers Institutional and Retail Equity, Derivatives, Depository Participant services.

But their services are expensive on all the fronts. They charge account opening fee of Rs 1000 when most of the brokers have waived it off. Also the AMC charge would be Rs 800.

The Default brokerage structure of SBICap Securities is as shown below.

Equity (Delivery) : 0.5%
Equity (Intraday) : 0.05%
Futures : 0.05%
Options : Rs 30/lot

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  6) HDFC Securities


HDFC Securities Limited is a subsidiary of HDFC Bank which is one of the largest private sector banks in India. HDFC Securities is around us for more than a decade and service diverse customer base including retail and Institutional Investors. HDFC Securities falls under 3 in 1 brokerage category as your savings, demat and trading account are liked together. Through HDFC Online Trading, one can trade in NSE and BSE, Trade on Futures & Options on the NSE and Online IPO Investment.

The Default brokerage structure of HDFC Securities is as shown below.

Equity (Delivery) : 0.50%
Equity (Intraday) : 0.1%
Futures : 0.05%
Options : Rs 100/lot

Advantages of HDFC Securities:

  • Because of the 3-in-1 demat account, funds can easily transfer from one account to another. 

Disadvantages of HDFC Securities:

  • It does not offers trading in commodities segment.
  • High brokerage rate when compared to discount brokers.
  • It is mandatory to open a bank account with the first.

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  7) Religare Securities


Religare Securities Ltd. (RSL) is a wholly owned subsidiary of Religare Enterprises Limited (REL), a leading diversified financial services group from India. RSL is one of the market leading securities firms in India serving over 8 lakh clients across both Offline and Robust Online platforms. Through its extensive footprint extending to over 500 cities, the company offers broking services in Equity, Currency and Commodity (through its subsidiary Religare Commodities Limited) as well as depository participant services.


  • Religare provides facility of investing in equities, derivatives, currency, futures, commodities, mutual funds and IPOs through a single account.
  • Provides intraday reporting and historical charting.
  • Religare securities provide superior mobile trading platform to place order anytime from anywhere.


  • They charge Rs 10 per offline order with a maximum limit of Rs 50 per day.

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 8) Reliance Money


Reliance Securities is the broking arm of Reliance Capital is the one of the India’s leading and popular retail broking houses in India. Reliance Money provides its customers with access to equities, equity options and commodities futures, wealth management, wealth management services, mutual funds, IPOs and investment banking. Reliance Securities has over 7.5 lac retail broking accounts through its pan India presence with over 170 branches. Reliance Money is the third party distribution business of reliance Capital which provides comprehensive financial services and solutions like general Insurance products and loans


  • Availability of prepaid brokerage schemes


  • Prepaid schemes are of maximum 12 months and if not used, they will lapse
  • High account opening charges (Rs 950)

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  9) Ventura Securities

Ventura securities logo


Ventura Securities Ltd. (Ventura) started it’s operations in 1994 as a Stock Broking house. Eventually it started offering wide variety of services to its customers related to various investment vehicles. Financial Instruments one can use with Ventura Securities are equity, equity derivatives, commodities, mutual funds, fixed income products and currency futures.


  • The Annual Maintenance Charges (AMC) for the first year is waived off
  • The mobile app provided for trading has good customer rating


  • They demand a fixed amount in advance which has to be deposited with them.
  • No 3-in-1 demat account

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  10) Kotak Securities


Kotak Securities is brokerage arm of Kotak Mahindra Bank. It was incorporated in 1994 and has more than 1100 branches spread across the globe. Kotak Securities has presence in 350+ cities not only in India, but also at London, New York, Dubai, Abu dhabi, Singapore and Mauritius. Kotak Securities is member of NSE and BSE

Advantages of Kotak Securities:

  • Online Chat facility is available on their website.
  • There are more then 1400+ branches to help customer on investment and issue resolution.
  • Kotak Securities provide daily SMS alerts, market pointers, periodical research reports, stock recommendations

Disadvantages of Kotak Securities:

  • Brokerage and account opening charges are on higher side compared to other brokers

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  Final Thoughts about the top 10 Indian Stock Brokers

Offcourse these major 10 stock brokers operating in India have their own pros and cons. But most of them have withstood the bleak periods of markets. The investors should exercise due diligence and should never open account with the share brokers who are not registered with SEBI and Stock Exchanges.

Finally it is your hard earned money and you are in stock market to grow it and the least wanted reason to loose it should never be stock broker. All the Best!


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