Top 10 Full-Service Brokers in India

Top 10 Full-Service Brokers in India

A list of full-service brokers in India by the number of their active clients. ICICI Direct is the top stock broker among all the brokers. ICICI Bank is followed by discount brokers like HDFC Securities, Sharekhan and Kotak Securities.

There are over 15 top full-service brokerage firms who have over 1 lakh active customers.

There are two types of brokers in India based on the services and fees:

  1. Full-service Broker
  2. Discount Broker

A full-service broker offers a range of add-on services includes equity research, advisory and a relationship manager and dealer. They also offer a wide range of products including Mutual Fund, IPO, Debt, Insurance and Loans.

Discount Broker leverages technology to reduce the operation cost and offer low-cost brokerage services. Discount brokers do not offer add-ons.

A full-service broker is good for following investors:

  1. A beginner investor needs to have their hand held by some in initial days of trading.
  2. Traders who are looking for higher margin or margin funding. A trader can get significantly higher margin based on his personal relationship with the broker or sub-broker.
  3. Full-service not charge call and trade charge, Trader can place trade by calling local branch.
  4. Investors looking for a variety of financial product for investment by the broker i.e. MF, IPO, Debt, Insurance, FD, Health Insurance and Loans etc.

The most popular full-service brokers are ICICI, HDFC, Sharekhan and Angel Broking.

The 3-in-1 account (a combination of bank saving account, a trading account and a demat account) is one the best service by the top full service brokerage firms. The 3-in-1 account helps in the seamless transaction between these 3 accounts. It is the most convenient way to trade online. Upstox also offer 3-in-1 account with Indisind bank.

Apart from the standard % brokerage on turnover structure, most traditional brokerages also offer volume based plan where the brokerage varies according to the size(turn over) of transactions on a periodic basis. At higher turnovers, the brokerage can come down to as low as 0.05-0.15%.

ICICI is the 1st largest and most famous full-service broker.