Top 10 Discount Stock Brokers in India


There are many stock brokers available, investors have to choose the right one based on their requirements.

Stock brokers are agents who are trained and certified to participate in the securities market. Stock brokers act as agents for the buyers and sellers of securities. They charge commission for this service. The stock broker does not own the securities but just does the service for the investor. The stock broker firms play a dual role of principal as well as an agent.

It is better that the investors keep the following points in mind before making a choice.

  • Full time stock broker or discount broker: Usually a full service broker will charge a percentage of the trade value. Most of the discount brokers charge a fixed amount irrespective of the number of trades the investor conducts. It is advisable for the investor to fix a discount broker if the trading volume is high.
  • Online vs. Offline trading: Depending on the comfort level of the investor, trading can be done offline or online. Stock brokers can provide service over a phone or a physical location. Major brokers are available online and they can be reached over the Internet using desktop/laptop. However, people who are tech-savvy may prefer to trade online and who aren’t would like to choose the local brokers.
  • Frequency of trading: People who trade frequently, say few times in a month, can make sure they have good returns if they engage a broker. Those who trade only few times in a year, may not benefit heavily from utilizing services of a stock broker.
  • Investment advice: To invest wisely, financial advice from a reliable stock broker is a must. It is better to do some research on the stock broker before engaging with them for their services.

Stock brokers charge a high premium for their services. Now, everyone can have access to the stock market, thanks to discount brokers. Discount brokers are agents who buy and sell stocks at a nominal fee. They perform similar services of a stock broker except that they will not provide any investment advice.

Discount brokers charge their investors as below:

  • Fixed price per trade – The charges are fixed for each trade irrespective of the size of it. These charges are usually low and vary from Rs. 9 to Rs. 20.
  • Monthly fees – Based on the services requested by the investor, a fixed monthly fee is charged. Depending on the service charge, unlimited trading plans are provided in selected segments. Discount brokers such as RKSV and SAS online have very competitive unlimited trading plans starting from Rs.999.

Below are some of the major discount brokers who show up in the top 10 list. It is better to research and read the reviews about these brokers before considering them for brokerage. Most of these discount brokers follow risk management practices and stringent SEBI rules, so it is safe to deal with them.

Discount brokers offer wide variety of brokerage plans to choose from. Based on the experts’ opinion in the market, listed below are the Top 10 discount stock brokers in India.

  • Zerodha: One of the largest and oldest discount brokers in India with more than 50,000 clients and a daily turnover that exceeds Rs. 5000 Crore. They serve for a minimal brokerage charge (Rs. 20 per trade).  Zerodha leads the list of Top 10 discount stock brokers in India. They offer their customers the convenience of doing all the paper work online. They are one of the few discount brokers who have their own proprietary software. It is called Pi and is an advanced charting software provided free of cost. They are also one of the first Discount Brokers who opened franchise offices in many cities of India.
  • RKSV: RKSV, broker based out of Mumbai provides NEST and ODIN platform for trading. They charge Rs.20 per trade irrespective of the size of the trade. Apart from that, they also offer their clients with 5 free trades per month for life. For traders preferring monthly plan, they offer unlimited monthly plan at Rs.1999 per month. Upstock, a new mobile app they have launched offers trading, analysis, charting and other important trading features. It also helps traders to place orders through mobile phones and web browser.
  • TradeJiNi: TradeJiNi who has entered the discount brokerage area recently, have made a mark because of their excellent customer service. Their founders, with three decades of knowledge in trading have imparted faith in the traders with their expert advice.
  • TradeSmartOnline: TradeSmartOnline is a subsidiary of VNS Finance Capital Services Ltd. VNS has good standing in the Indian share market and have trader friendly plans based on fixed charge and monthly based schemes.
  • SAS online: SAS Online, which started its discount brokerage operations in 2013, offers the cheapest brokerage service charges (Rs. 9 per executed order). It also provides its customers monthly unlimited plans at Rs. 499 and Rs. 699.
  • CompositEdge: CompositEdge has a large customer base in Karnataka and has unique brokerage plans. It supports automated trading.
  • RK Global: RK Global started its retail broking business for Capital Markets first. Initially they offered an attractive of Rs.9 per lot. Later due to competition they changed the fee structure to Rs. 9 per executed order.
  • My Value Trade: My Value Trade, a subsidiary of Master Trust Group, started its brokerage operations in 2014. Due of its large client base, the brokerage is able to achieve a turnover of Rs. 4500 Crore per day. It offers Rs.10 per executed order for BSE, NSE and MCX exchanges.
  • Achiievers Equities: Achiievers Equities who are the channel partners for the insurance segment of ICICI, Kotak life insurance and LIC India, entered the brokerage operations in the year 2010. They offer plans such as Rs.15 per executed order and a monthly unlimited plan for Rs.750.
  • TradePlusOnline: TradePlusOnline is the revamped name for Navia Markets Ltd which has been in the industry since 1983. The brokerage offers unlimited trading and zero brokerage schemes in commodities for Rs. 99 per month.