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SEBI-Registered Stock Brokers in India Compared (October 2026)

3 days ago
8 min read

Updated: 1 day ago

Education only. Not investment advice. No one paid to be included.

Last updated: October 2026

By MonuKeer News Desk

Picking a stock broker is mostly about three things you can check yourself: what you pay, how well the app works for other users, and how many investors complain about the broker. This page compares 10 large SEBI-registered brokers on exactly those three things, using only official pricing pages, the Google Play Store and stock exchange complaint data. We opened every source on 24 October 2026.

This is not a recommendation to open an account with any broker. No broker paid to be listed. For full transparency: MonuKeer has a separate, clearly labelled referral page for one broker (Dhan), and the Dhan entry below links to it. That broker was scored with the same rules as everyone else.

Referral: monukeer.com may earn a referral fee if you open an account through our Dhan link. This does not change Dhan's score or ranking.

How we compared them

Each broker can score up to 14 points. Where a broker offers several price plans, we scored the default or free plan shown on its own pricing page.

  • Delivery brokerage – 2 points: ₹0. 1 point: capped at ₹20 or less per order. 0 points: a percentage with no rupee cap.

  • Intraday and F&O brokerage – 2 points: every intraday, futures and options order costs ₹20 or less. 1 point: some do, some do not. 0 points: a percentage with no cap, or a fee per lot.

  • Account opening and yearly maintenance (AMC) – 2 points: free opening and ₹0 AMC with no time limit. 1 point: free opening, but AMC after the first year, or AMC not clearly stated for a regular account. 0 points: an opening fee may be charged, or it is not stated.

  • Google Play rating – 2 points: 4.5 or higher. 1 point: 4.0 to 4.4. 0 points: below 4.0. (As shown on 24 October 2026.)

  • Number of Google Play ratings – 2 points: 10 lakh or more. 1 point: 1 lakh to under 10 lakh. 0 points: under 1 lakh.

  • Investor complaints – 4 points: under 15 complaints per 1 lakh active clients. 3 points: 15 to under 30. 2 points: 30 to under 50. 1 point: 50 to under 100. 0 points: 100 or more.

Complaint numbers come from NSE's member-wise investor complaints report for April 2025 to March 2026 (NSE file for FY 2025-26, last updated 31 August 2026). We divided each broker's complaints by the number of its active clients shown in the same NSE file, so big and small brokers can be compared fairly. Across all NSE brokers, the figure was 15,770 complaints for 4,57,12,778 active clients, or about 34.5 per 1 lakh.

Score table

Rank

Broker

Score

1

Groww

13 of 14

2

Zerodha

11 of 14

2

Dhan

11 of 14

4

Angel One

10 of 14

5

HDFC Securities

8 of 14

6

5paisa

7 of 14

6

Upstox

7 of 14

6

Kotak Securities

7 of 14

9

ICICI Securities

5 of 14

10

Motilal Oswal

2 of 14

Scores are out of 14. Brokers with the same score share a rank (for example, Zerodha and Dhan are joint 2nd).

All facts checked on 24 October 2026. Charges change often, and statutory charges such as STT, stamp duty, exchange fees and GST are extra at every broker. Check the broker's own pricing page before you decide.

The 10 brokers, one by one

1. Groww — 13 out of 14

Score: charges 5 out of 6, app 4 out of 4, complaints 4 out of 4.

  • SEBI registration: INZ000301838 (Groww Invest Tech Private Limited), as shown on its pricing page.

  • Charges: account opening ₹0 and maintenance charges ₹0; equity brokerage ₹20 or 0.1% per executed order, whichever is lower, minimum ₹5 (Groww pricing); F&O ₹20 per executed order (Groww F&O pricing).

  • App: rated 4.8 with 25.2 lakh reviews on Google Play.

  • Complaints: 1,612 complaints for 1,29,39,127 active clients in FY 2025-26, about 12.5 per 1 lakh (NSE).

2 (joint). Zerodha — 11 out of 14

Score: charges 5 out of 6, app 2 out of 4, complaints 4 out of 4.

  • SEBI registration: INZ000031633 (Zerodha Broking Limited), as shown on its charges page.

  • Charges: equity delivery ₹0; intraday and futures 0.03% or ₹20 per executed order, whichever is lower; options flat ₹20 per order; individual account opening free; AMC free for the first year, then ₹300 a year plus GST for a non-BSDA account (Zerodha charges).

  • App: Zerodha Kite rated 4.4 with 3.94 lakh reviews on Google Play.

  • Complaints: 886 complaints for 68,93,753 active clients, about 12.9 per 1 lakh (NSE).

2 (joint). Dhan — 11 out of 14

Score: charges 6 out of 6, app 2 out of 4, complaints 3 out of 4.

  • SEBI registration: INZ000006031 (Raise Securities Private Limited), as shown on its pricing page.

  • Charges: free account with zero AMC or platform fees; equity delivery ₹0; intraday ₹20 or 0.03% per executed order, whichever is lower; F&O ₹20 per executed order (Dhan pricing).

  • App: rated 4.8 with 66.7 thousand reviews on Google Play.

  • Complaints: 179 complaints for 10,37,032 active clients, about 17.3 per 1 lakh (NSE).

  • Referral link: MonuKeer's Dhan referral page.

Referral: monukeer.com may earn a referral fee if you open an account through our Dhan link. This does not change Dhan's score or ranking.

4. Angel One — 10 out of 14

Score: charges 4 out of 6, app 3 out of 4, complaints 3 out of 4.

  • SEBI registration: INZ000161534 (Angel One Limited), as shown on its charges page.

  • Charges: delivery and intraday lower of ₹20 or 0.1% per executed order, minimum ₹5; futures and options ₹20 per executed order; no AMC for the first year, then ₹20 plus GST a month if you have holdings or a debit balance (Angel One charges). New users get up to ₹500 of brokerage free in the first 30 days.

  • App: rated 4.4 with 19.3 lakh reviews on Google Play.

  • Complaints: 1,381 complaints for 67,62,906 active clients, about 20.4 per 1 lakh (NSE).

5. HDFC Securities — 8 out of 14

Score: charges 4 out of 6, app 2 out of 4, complaints 2 out of 4.

  • SEBI registration: INZ000186937 (HDFC Securities), as shown on its HDFC Sky pricing page.

  • Charges (HDFC Sky): account opening free; AMC ₹0 for one year; delivery and intraday ₹20 or 2.5%, whichever is lower; futures ₹20 or 2.5%, whichever is lower; options ₹20 per order (HDFC Sky pricing).

  • App: HDFC Sky rated 4.5 with 45.2 thousand reviews on Google Play.

  • Complaints: 418 complaints for 13,91,568 active clients, about 30.0 per 1 lakh (NSE).

6 (joint). 5paisa — 7 out of 14

Score: charges 4 out of 6, app 2 out of 4, complaints 1 out of 4.

  • SEBI registration: INZ000010231 (5paisa Capital Ltd.), as shown on its charges page.

  • Charges: account opening ₹0; flat ₹20 per order for equity delivery, intraday and F&O, according to the FAQ on its charges page. We could not find a clear yearly AMC for a regular account on that page.

  • App: rated 4.3 with 6.64 lakh reviews on Google Play.

  • Complaints: 174 complaints for 3,34,970 active clients, about 51.9 per 1 lakh (NSE).

6 (joint). Upstox — 7 out of 14

Score: charges 4 out of 6, app 2 out of 4, complaints 1 out of 4.

  • SEBI registration: INZ000315837 (Upstox Securities Pvt. Ltd.), as shown on its charges page.

  • Charges: equity delivery ₹20 per executed order; intraday ₹20 or 0.1%, whichever is lower; futures ₹20 or 0.05%, whichever is lower; options flat ₹20; account opening free, though "an account processing fee may be charged"; zero AMC in the first year for new customers, then ₹300 plus GST for non-BSDA users (Upstox charges).

  • App: rated 4.3 with 4.98 lakh reviews on Google Play.

  • Complaints: 1,055 complaints for 19,87,928 active clients, about 53.1 per 1 lakh (NSE).

6 (joint). Kotak Securities — 7 out of 14

Score: charges 3 out of 6, app 3 out of 4, complaints 1 out of 4.

  • SEBI registration: INZ000200137 (Kotak Securities), as shown on its pricing page.

  • Charges (free Trade Free Plan): ₹0 account opening; 0.20% delivery brokerage; ₹10 or 0.05% intraday, whichever is lower; ₹10 for F&O; ₹0 AMC is shown only for a BSDA account with holdings up to ₹4 lakh (Kotak Neo pricing). Paid plans with lower delivery brokerage are also listed.

  • App: Kotak Neo rated 4.5 with 2.17 lakh reviews on Google Play.

  • Complaints: 734 complaints for 13,82,817 active clients, about 53.1 per 1 lakh (NSE).

9. ICICI Securities — 5 out of 14

Score: charges 0 out of 6, app 3 out of 4, complaints 2 out of 4.

  • SEBI registration: INZ000183631 (ICICI Securities Limited), as shown on its website.

  • Charges (default MoneySaver plan): delivery 0.29%; intraday and futures 0.029%; options ₹49 per lot (ICICI Direct brokerage). Its separate NEO plan lists ₹0 futures and ₹20 for intraday and options; account opening is ₹0 to ₹975 depending on scheme, and AMC is ₹700 from the second year (ICICI Direct NEO).

  • App: ICICI Direct rated 4.6 with 1.99 lakh reviews on Google Play.

  • Complaints: 715 complaints for 20,87,410 active clients, about 34.3 per 1 lakh (NSE).

10. Motilal Oswal — 2 out of 14

Score: charges 0 out of 6, app 2 out of 4, complaints 0 out of 4.

  • SEBI registration: INZ000158836 (Motilal Oswal Financial Services Limited), as shown on its disclaimer page.

  • Charges (default plan): delivery 0.50%; intraday and futures 0.05%; equity options ₹100 per lot; AMC free in the first year, then ₹299 plus GST; admin charges ₹199 plus GST (Motilal Oswal "Value Pack" tariff sheet, a PDF on Motilal's ekyc website, opened on 24 October 2026; that PDF link no longer opens securely in browsers, so we have not linked it). Paid "Value Pack" plans with lower rates are also listed.

  • App: RIISE rated 4.0 with 1.45 lakh reviews on Google Play.

  • Complaints: 937 complaints for 9,01,790 active clients, about 103.9 per 1 lakh (NSE).

What to check before you open an account

  1. Confirm the broker's SEBI registration number on the SEBI website and make sure it matches the number on the broker's own site.

  2. Read the full pricing page, including AMC, DP charges on selling shares, and charges after any free first month or first year.

  3. Check which plan you are being put on. Several brokers have paid plans with different rates.

  4. Look at complaint data on the NSE complaints page, not just app ratings.

  5. Never share your login, OTP or PIN with anyone, and never trade on "tips" from strangers.

FAQs

1. Is the cheapest broker always the best choice?

No. Low brokerage helps, but how the app works for you, how complaints are handled and the charges you pay after any free period matter too. This page shows all three so you can weigh them yourself.

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

Look for the broker's SEBI registration number (it starts with INZ) on its website, then search for the broker on SEBI's list of registered stock brokers on sebi.gov.in.

3. What does "complaints per 1 lakh active clients" mean?

It is the number of investor complaints NSE received against a broker in a year, divided by the broker's active clients in the same NSE report, then multiplied by 1 lakh. It lets you compare big and small brokers fairly.

4. Did any broker pay to be on this list?

No. No broker paid to be included. MonuKeer has a separate, labelled referral page for one broker (Dhan), and the Dhan entry on this page links to it. Dhan was scored with the same rules as every other broker.

Sources

Reported by the MonuKeer News Desk. Edited by Monu Keer, Founder & Editor.

Education only. Not investment advice.

What changed this month

First edition.

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