Top brokers in India as of May 2018

Here is the latest list of active users as per National stock exchange data.  An active client is considered as someone who has traded at least once a year. Total active clients are 8460885.

ICICI SECURITIES LIMITED 807897 INTIME EQUITIES LIMITED 8011
HDFC SECURITIES LTD. 617771 VRISE SECURITIES PRIVATE LIMITED 7878
ZERODHA 610555 NAVIA MARKETS LTD. 7810
SHAREKHAN LTD. 544856 PROFITMART SECURITIES PRIVATE LIMITED 7703
AXIS SECURITIES LIMITED 397177 SUNIDHI SECURITIES & FINANCE LIMITED 7279
KOTAK SECURITIES LTD. 377507 MPSE SECURITIES LIMITED 7241
ANGEL BROKING PRIVATE LIMITED 376754 INDIRA SECURITIES PRIVATE LIMITED 7206
MOTILAL OSWAL SECURITIES LTD. 313889 PACE STOCK BROKING SERVICES PRIVATE LIMITED 7120
KARVY STOCK BROKING LTD. 254490 ARHAM SHARE CONSULTANTS PRIVATE LIMITED 6888
INDIA INFOLINE LTD. 225541 IFCI FINANCIAL SERVICES LIMITED 6598
SBICAP SECURITIES LIMITED 212456 GOODWILL WEALTH MANAGEMENT PVT LTD 5988
GEOJIT FINANCIAL SERVICES LIMITED 183016 LAKSHMISHREE INVESTMENT & SECURITIES PVT. LTD. 5868
RELIGARE SECURITIES LTD. 143717 SYSTEMATIX SHARES & STOCKS (INDIA) LTD. 5598
RELIANCE SECURITIES LIMITED 124301 ALICE BLUE SECURITIES PVT. LTD. 5336
EDELWEISS BROKING LIMITED 106950 CONSORTIUM SECURITIES PRIVATE LTD. 5274
SMC GLOBAL SECURITIES LTD. 105208 TRADEJINI FINANCIAL SERVICES PVT LTD 4606
NIRMAL BANG SECURITIES PVT. LTD. 96990 MANUBHAI MANGALDAS SECURITIES PVT. LTD. 4051
MARWADI SHARES AND FINANCE LIMITED 92203 ASHLAR SECURITIES PRIVATE LIMITED 3948
VENTURA SECURITIES LTD. 83052 AMRAPALI AADYA TRADING & INVESTMENT PRIVATE LIMITED 3913
ANAND RATHI SHARE AND STOCK BROKERS LIMITED 78012 KAYNET FINANCE LIMITED 3527
TRADEBULLS SECURITIES (P) LTD. 73233 FRR SHARES AND SECURITIES LIMITED 3414
JAINAM SHARE CONSULTANTS PRIVATE LIMITED 55241 C.D. EQUISEARCH PVT. LTD 3353
ADITYA BIRLA MONEY LIMITED 54829 VCK SHARE & STOCK BROKING SERVICES LTD. 2906
MONARCH NETWORTH CAPITAL LIMITED 54733 KANTILAL CHHAGANLAL SECURITIES PRIVATE LIMITED 2872
RKSV SECURITIES INDIA PRIVATE LIMITED 50217 BASAN EQUITY BROKING LIMITED 2663
INDIABULLS VENTURES LTD. 48998 WEALTH MANTRA LIMITED 2500
MASTER CAPITAL SERVICES LIMITED 45868 ALMONDZ GLOBAL SECURITIES LTD. 2423
5PAISA CAPITAL LIMITED 45342 AMBALAL SHARES & STOCKS PRIVATE LIMITED 2392
BONANZA PORTFOLIO LTD. 44893 MODEX INTERNATIONAL SECURITIES LTD. 2286
JM FINANCIAL SERVICES LIMITED 38762 FINVASIA SECURITIES PRIVATE LIMITED 2231
SHRI PARASRAM HOLDINGS PVT. LTD. 37050 FYERS SECURITIES 2160
IDBI CAPITAL MARKETS & SECURITIES LTD. 36326 CIL SECURITIES LTD. 1999
ARIHANT CAPITAL MARKETS LIMITED 32873 AASMAA SECURITIES PRIVATE LIMITED 1944
SAMCO SECURITIES LIMITED 31604 COMFORT SECURITIES LIMITED 1821
SHRIRAM INSIGHT SHARE BROKERS LIMITED 31058 FINDOC INVESTMART PVT. LTD. 1686
LKP SECURITIES LTD. 29300 COMPOSITE INVESTMENTS PRIVATE LIMITED 1634
WAY2WEALTH BROKERS PRIVATE LIMITED 29217 QUANTUM GLOBAL SECURITIES LIMITED 1475
BMA WEALTH CREATORS LIMITED 28549 ACHIIEVERS EQUITIES LIMITED 1429
GLOBE CAPITAL MARKET LIMITED 26410 F6 FINSERVE PRIVATE LIMITED 1419
SWASTIKA INVESTMART LIMITED 26398 ALICE BLUE FINANCIAL SERVICES 1405
ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD. 26220 FAST CAPITAL MARKETS LTD. 1401
KIFS TRADE CAPITAL PRIVATE LIMITED 24713 KARUNA FINANCIAL SERVICES PVT. LTD 1279
SHCIL SERVICES LIMITED 20769 R.K. STOCKHOLDING (P) LTD. 1268
PRABHUDAS LILLADHER PVT. LTD. 20451 SKUNG TRADELINK LIMITED 1182
VNS FINANCE & CAPITAL SERVICES LTD. 20287 SAAKETA CONSULTANTS LTD. 1126
PRUDENT BROKING SERVICES PRIVATE LIMITED 19374 IIFL WEALTH MANAGEMENT LTD 1108
EMKAY GLOBAL FINANCIAL SERVICES LIMITED 17221 C. M. GOENKA STOCK BROKERS PVT. LTD. 1098
ASHIKA STOCK BROKING LTD. 17162 UNLOCK WEALTH SECURITIES LIMITED 1004
ZEN SECURITIES LTD. 17061 BEZEL STOCK BROKERS PRIVATE LIMITED 998
GOLDMINE STOCKS PRIVATE LIMITED 16945 KSBL SECURITIES LIMITED 910
CHOICE EQUITY BROKING PRIVATE LIMITED 15661 WELLINDIA SECURITIES LIMITED 870
ISE SECURITIES & SERVICES LIMITED 15189 MAXGROWTH CAPITAL PRIVATE LIMITED 867
INDIANIVESH SECURITIES LTD. 15032 LFS BROKING PRIVATE LIMITED 801
NJ INDIA INVEST PRIVATE LIMITED 14234 EDELWEISS SECURITIES LIMITED 697
INDITRADE CAPITAL LIMITED 14013 DHWAJA SHARES & SECURITIES PRIVATE LIMITED 600
PHILLIPCAPITAL (INDIA) PVT. LTD 13482 FICUS SECURITIES PRIVATE LIMITED 527
PRAVIN RATILAL SHARE AND STOCK BROKERS LTD 13401 J G SHAH FINANCIAL CONSULTANTS PVT. LTD. 488
TRUSTLINE SECURITIES LIMITED 12934 PREM SOMANI SHARE BROKERS PVT. LTD. 342
RATNAKAR SECURITIES PVT LTD 12624 FIRST GLOBAL STOCKBROKING PVT.LTD. 336
SOUTH ASIAN STOCKS LTD. 12077 ISHTA SECURITIES 266
KUNVARJI FINSTOCK PVT. LTD. 11625 DESTINY SECURITIES LTD. 135
FAIRWEALTH SECURITIES LIMITED 11349 MONEYLICIOUS SECURITIES PRIVATE LIMITED 133
DBFS SECURITIES LIMITED 11319 KRISHA INCAP SERVICES PVT.LTD. 89
MICROSEC CAPITAL LIMITED 10366 PUG SECURITIES PRIVATE LIMITED 83
R K GLOBAL SHARES & SECURITIES LIMITED 9905 ANGEL SECURITIES LTD 14
SHREE BAHUBALI INTERNATIONAL LTD. 9638 RKG SHARE BROKERS PVT. LTD. 6
MANGAL KESHAV FINANCIAL SERVICES LIMITED 9628 ZERODHA SECURITIES PRIVATE LIMITED 1
KISAN RATILAL CHOKSEY SHARES AND SECURITIES PRIVATE LIMTIED 8867 ICICI SECURITIES PRIMARY DEALERSHIP LIMITED 1
STANDARD CHARTERED SECURITIES (INDIA) LIMITED 8512 ADVENT STOCK BROKING PRIVATE LIMITED 1
DEALMONEY SECURITIES PRIVATE LIMITED 8231 AMU SHARES & SECURITIES LTD. 1

F6 Finserve – another cautionary tale

Kwality Limited one of the largest players in the dairy products segment submitted a letter of communication from one of its investors which stated that F6 Finserve, a Gurugram based broker has fraudulently offloaded shares of the company belonging to its clients.

Here’s an excerpt from the letter the company received

We have been informed by the Investor that the above mentioned broker is not traceable and absconding. Investor is in the process of initiating legal proceedings and police complaint against them, it added.

Link to the letter of communication.

Top brokers in India as of October 2017

Fellow traders and investors,

Here is the latest list of active users as per National stock exchange data.  An active client is considered as someone who has traded at least once a year. Total active clients as per is 71,44,965, that is how many people have traded at least once a year on NSE. I am guessing the unique number of people will be much lesser than that (if I have traded with 2 brokers, it will show me as active with both brokers).

Make sure to check out the financial health of broking firm you are trading with on our website.

ICICI SECURITIES LIMITED 713017 ASTHA CREDIT & SECURITIES (P) LTD 4512
HDFC SECURITIES LTD. 516545 DALAL & BROACHA STOCK BROKING PVT. LTD 4333
SHAREKHAN LTD. 454167 PROFITMART SECURITIES PRIVATE LIMITED 4208
ZERODHA 332190 PEERLESS SECURITIES LIMITED 4157
AXIS SECURITIES LIMITED 330923 ARHAM SHARE CONSULTANTS PRIVATE LIMITED 4063
KOTAK SECURITIES LTD. 321496 TRADESWIFT BROKING PRIVATE LIMITED 3978
ANGEL BROKING PRIVATE LIMITED 306541 C.D. EQUISEARCH PVT. LTD 3939
MOTILAL OSWAL SECURITIES LTD. 262486 ZUARI INVESTMENTS LTD. 3592
KARVY STOCK BROKING LTD. 211679 C D INTEGRATED SERVICES LTD. 3585
INDIA INFOLINE LTD. 204437 FORTUNE CAPITAL SERVICES PRIVATE LIMITED 3418
SBICAP SECURITIES LIMITED 198556 KAYNET FINANCE LIMITED 3287
GEOJIT FINANCIAL SERVICES LIMITED 171016 SATCO CAPITAL MARKETS LIMITED 3212
RELIGARE SECURITIES LTD. 133846 DAYCO SECURITIES PVT. LTD. 3193
RELIANCE SECURITIES LIMITED 95928 VIKSON SECURITIES PRIVATE LIMITED 3123
EDELWEISS BROKING LIMITED 91171 INTEGRATED MASTER SECURITIES PVT. LTD. 2992
SMC GLOBAL SECURITIES LTD. 90951 ASHLAR SECURITIES PRIVATE LIMITED 2936
NIRMAL BANG SECURITIES PVT. LTD. 85809 ABHIPRA CAPITAL LTD. 2898
VENTURA SECURITIES LTD. 76161 JYOTI PORTFOLIO PRIVATE LIMITED 2897
ANAND RATHI SHARE AND STOCK BROKERS LIMITED 72343 WEALTH MANTRA LIMITED 2841
TRADEBULLS SECURITIES (P) LTD. 58512 ATS SHARE BROKERS PRIVATE LIMITED 2840
MONARCH NETWORTH CAPITAL LIMITED 52923 NG RATHI INVESTRADES PRIVATED LIMITED 2804
JAINAM SHARE CONSULTANTS PRIVATE LIMITED 46071 MONEYCARE SECURITIES & FINANCIAL SERVICES LTD. 2770
INDIABULLS VENTURES LTD. 45996 SHILPA STOCK BROKER PRIVATE LIMITED 2747
BONANZA PORTFOLIO LTD. 43089 A C AGARWAL SHARE BROKERS PVT LTD 2711
ADITYA BIRLA MONEY LIMITED 42387 KANTILAL CHHAGANLAL SECURITIES PRIVATE LIMITED 2637
MASTER CAPITAL SERVICES LIMITED 40556 JUST TRADE SECURITIES LIMITED 2619
INTEGRATED ENTERPRISES (INDIA) PRIVATE LIMITED 37675 MULTIPLEX CAPITAL LTD. 2420
JM FINANCIAL SERVICES LIMITED 35586 AMBALAL SHARES & STOCKS PRIVATE LIMITED 2375
SUSHIL FINANCIAL SERVICES PRIVATE LIMITED 34903 NDA SECURITIES LTD. 2280
SHRI PARASRAM HOLDINGS PVT. LTD. 33998 ALMONDZ GLOBAL SECURITIES LTD. 2089
JHAVERI SECURITIES LIMITED 33637 BHARAT BHUSHAN EQUITY TRADERS LTD. 2004
SHRIRAM INSIGHT SHARE BROKERS LIMITED 30935 MOTISONS SHARES PRIVATE LIMITED 1886
IDBI CAPITAL MARKETS & SECURITIES LTD. 30053 RAGHUNANDAN CAPITAL PRIVATE LIMITED 1833
RKSV SECURITIES INDIA PRIVATE LIMITED 29035 F6 FINSERVE PRIVATE LIMITED 1789
ARIHANT CAPITAL MARKETS LIMITED 28844 CIL SECURITIES LTD. 1764
BMA WEALTH CREATORS LIMITED 28537 SUNLIGHT BROKING LLP 1751
WAY2WEALTH BROKERS PRIVATE LIMITED 26900 TR CAPITAL LIMITED 1714
LKP SECURITIES LTD. 25866 MLB CAPITAL PRIVATE LIMITED 1651
GLOBE CAPITAL MARKET LIMITED 24272 SW CAPITAL PRIVATE LIMITED 1650
ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD. 24084 ESCORTS SECURITIES LTD. 1634
SAMCO SECURITIES LIMITED 23762 AJMERA ASSOCIATES LTD. 1496
SWASTIKA INVESTMART LIMITED 22333 FINVASIA SECURITIES PRIVATE LIMITED 1396
KIFS TRADE CAPITAL PRIVATE LIMITED 20891 NAKAMICHI SECURITIES LTD 1384
ASE CAPITAL MARKETS LTD. 20017 AASMAA SECURITIES PRIVATE LIMITED 1369
ALANKIT ASSIGNMENTS LTD. 19722 NARAYAN SECURITIES LIMITED 1328
PRABHUDAS LILLADHER PVT. LTD. 17400 BADJATE STOCK AND SHARES PRIVATE LIMITED 1324
PRUDENT BROKING SERVICES PRIVATE LIMITED 16668 J M GLOBAL EQUITIES PRIVATE LIMITED 1323
SHCIL SERVICES LIMITED 16622 EAST INDIA SECURITIES LTD. 1285
ASHIKA STOCK BROKING LTD. 16348 VERACITY FINANCIAL SERVICES PVT LTD 1248
VNS FINANCE & CAPITAL SERVICES LTD. 16000 COMPOSITE SECURITIES LTD. 1227
INDITRADE CAPITAL LIMITED 15943 ANMOL SHARE BROKING LTD 1222
ARCADIA SHARE & STOCK BROKERS PRIVATE LIMITED 15772 FYERS SECURITIES 1211
ISE SECURITIES & SERVICES LIMITED 14533 TIPSONS STOCK BROKERS PRIVATE LIMITED 1185
5PAISA CAPITAL LIMITED 14271 GROVALUE SECURITIES PVT LTD 1160
STEEL CITY SECURITIES LTD. 14224 SKUNG TRADELINK LIMITED 1132
INDIANIVESH SECURITIES LTD. 12733 BERKELEY SECURITIES LIMITED 1132
PHILLIPCAPITAL (INDIA) PVT. LTD 12438 MAX STOCK BROKING PRIVATE LIMITED 1117
TRUSTLINE SECURITIES LIMITED 12220 ARHAM WEALTH MANAGEMENT PVT LTD 1113
BGSE FINANCIALS LIMITED 11833 LFS BROKING PRIVATE LIMITED 1031
BANSAL FINSTOCK PRIVATE LIMITED 11565 C. M. GOENKA STOCK BROKERS PVT. LTD. 1022
CHOICE EQUITY BROKING PRIVATE LIMITED 10929 KUMAR SHARE BROKERS LTD. 943
FAIRWEALTH SECURITIES LIMITED 10746 GREENBUCKS SECURITIES PRIVATE LIMITED 914
DBFS SECURITIES LIMITED 10684 VARDHAMAN CAPITAL PVT. LTD 899
SOUTH ASIAN STOCKS LTD. 10639 BCB BROKERAGE PRIVATE LIMITED 876
SSJ FINANCE & SECURITIES PVT. LTD. 10623 JALAN & CO 868
ADROIT FINANCIAL SERVICES PRIVATE LIMITED 10421 EDELWEISS SECURITIES LIMITED 778
KUNVARJI FINSTOCK PVT. LTD. 10223 FICUS SECURITIES PRIVATE LIMITED 675
NJ INDIA INVEST PRIVATE LIMITED 9978 CREDENTIAL STOCK BROKERS LIMITED 601
R K GLOBAL SHARES & SECURITIES LIMITED 9901 RR EQUITY BROKERS PVT. LTD. 533
MANGAL KESHAV SECURITIES LTD. 9421 ACTION FINANCIAL SERVICES (INDIA) LIMITED 528
LSC Securities Limited 8868 DSE FINANCIAL SERVICES LTD. 525
GUINESS SECURITIES LIMITED 8770 CPR CAPITAL SERVICES LTD. 516
CANARA BANK SECURITIES LIMITED 8745 MSE FINANCIAL SERVICES LTD. 502
BP EQUITIES PRIVATE LIMITED 8694 QUANTUM SECURITIES PVT. LTD. 491
STANDARD CHARTERED SECURITIES (INDIA) LIMITED 8374 ACHINTYA SECURITIES PRIVATE LIMITED 487
INTIME EQUITIES LIMITED 8223 BEST BULL STOCK TRADING 426
KISAN RATILAL CHOKSEY SHARES AND SECURITIES PRIVATE LIMTIED 8186 SHIVMANGAL SECURITIES PRIVATE LIMITED 410
MICROSEC CAPITAL LIMITED 8057 INDO JATALIA SECURITIES PRIVATE LIMITED 394
CAPSTOCKS & SECURITIES (INDIA) PRIVATE LIMITED 7829 PRRSAAR 382
MANSUKH SECURITIES & FINANCE LIMITED 7725 PREM SOMANI SHARE BROKERS PVT. LTD. 359
B N RATHI SECURITIES LIMITED 7585 RAHUL SINGHAL PORTFOLIO 302
ANUGRAH STOCK & BROKING PVT. LTD. 7514 ALTINA SECURITIES PVT. LTD 300
RUDRA SHARES & STOCK BROKERS LIMITED 7238 PROFICIENT EQUITIES PRIVATE LIMITED 300
JOINDRE CAPITAL SERVICES LTD 7067 INVESTSMART STOCK BROKERS PVT. LTD. 296
DESTIMONEY SECURITIES PRIVATE LIMITED 7061 QUANTUM GLOBAL SECURITIES LIMITED 280
PACE STOCK BROKING SERVICES PRIVATE LIMITED 6944 I VENTURES CAPITAL PRIVATE LIMITED 279
JK SECURITIES PVT. LTD. 6879 AMRUTLEELA EQUITIES PRIVATE LIMITED 215
INDBANK MERCHANT BANKING SERVICES LTD. 6737 STOCKS & SECURITIES (BANGALORE) PVT. LTD. 196
NAVIA MARKETS LTD. 6672 4A SECURITIES LIMITED 191
COIMBATORE CAPITAL LIMITED 6642 ALLIED FINANCIAL SERVICES PVT LTD 174
SUNIDHI SECURITIES & FINANCE LIMITED 6625 SODHANI SECURITIES LTD. 164
AMRAPALI AADYA TRADING & INVESTMENT PRIVATE LIMITED 6603 REFLECTION INVESTMENTS 147
IFCI FINANCIAL SERVICES LIMITED 6513 TRADE CITY SECURITIES PRIVATE LIMITED 129
RAJVI STOCK BROKING PRIVATE LIMITED 6377 TRADENEXT SECURITIES LTD 108
SPFL SECURITIES LIMITED 6224 CROWN MONEY 73
VRISE SECURITIES PRIVATE LIMITED 6219 MUNOTH CAPITAL MARKET LTD 59
INVENTURE GROWTH & SECURITIES LIMITED 6178 SHAREWAY SECURITIES LTD. 50
INDIRA SECURITIES PRIVATE LIMITED 6022 GOLDEN STOCK BROKERS PRIVATE LIMITED 36
MPSE SECURITIES LIMITED 6018 SURYA SHAKTI INDIA FINANCIAL PVT. LTD. 36
ELITE WEALTH ADVISORS LIMITED 5669 KORP SECURITIES LTD 34
SKSE SECURITIES LTD. 5534 TRADEHIFI STOCK BROKING PRIVATE LIMITED 31
WELLWORTH SHARE & STOCK BROKING LIMITED 5378 K DAMANI SECURITIES PRIVATE LIMITED 17
CELEBRUS CAPITAL LIMITED 5328 ANGEL SECURITIES LTD 16
SYSTEMATIX SHARES & STOCKS (INDIA) LTD. 5242 PRB SECURITIES PRIVATE LTD. 13
ACUMEN CAPITAL MARKET (INDIA) LTD 5082 ICICI SECURITIES PRIMARY DEALERSHIP LIMITED 1
ALICE BLUE SECURITIES PVT. LTD. 4810 WADHWA SECURITIES LIMITED 1
INDUS PORTFOLIO (P) LTD 4795 AXIS BANK LTD. 1
PROGRESSIVE SHARE BROKERS PRIVATE LIMITED 4521 KOTAK MAHINDRA BANK LTD. 1

Comparebrokerages interaction with Interactive Brokers

About Interactive Brokers.

Interactive Brokers conducts its broker/dealer and proprietary trading businesses on over 100 market destinations worldwide. In its broker dealer agency business, IB provides online trade execution and clearing services to institutional and professional traders for a wide variety of electronically traded products including stocks, options, futures, forex, bonds, CFDs and funds worldwide

IB recently slashed the brokerage charges in India and the new pricing is in line with other leading discount brokers of the country.

Compare Brokerages had an interaction with IB and were able to ask pertinent questions on behalf of the Indian Investor. Hope you find the Q&A helpful in choosing your next broker.

1. How does an Indian citizen open an account with you?

An Indian citizen can open an account with Interactive Brokers for trading on
Indian and overseas markets (120 markets across 24 countries). One account is
opened with Interactive Brokers LLC that provides them access to a cash account
and allows them to purchase equities and Exchange Traded Funds around the
world. The other account is opened with Interactive Brokers (India) Pvt Ltd and
allows them to have access to the National Stock Exchange of India (NSE) to trade
stocks, options, futures and currency futures. The process to open the global
markets account is 100% online. You need to complete an online application and

submit scans of your pan card and address proof. The local markets application is
also filled out online. In addition, clients sign some physical documents.

2. What are all the exchanges/ segments one can trade on your platform?
Global – 120 markets across 24 countries for stocks and ETFs.
See the exchange list here.
India – NSE for trading on stocks, futures, options, currency futures.
See the product list here.

3. Is there any charge to open an account with Interactive Brokers?
No

4. What is usually the time taken to open an account?
For global markets anywhere between 1-3 business days. For local Indian
markets, anywhere between 5-8 days.

5. Is there any Annual Maintenance Charge?
Monthly minimum activity fee of US$ 10 for global markets, waived for those
whose account sizes are more than US$ 100K and waived for all clients for the
first three months.

Monthly minimum activity fee of INR 200 for Indian markets, waived for those
whose account sizes are more than INR 10 lakhs and waived for all clients for the
first three months.
6. Do you provide margin funding? Can one pledge shares for margin?
Yes, on NSE we do provide margin funding for stocks as per SEBI regulations.

7. How does Fund transfer/ Withdrawal work? What is the time taken for the
same?
Global – International Wire Transfer under the Reserve Bank of India’s liberalised
remittance scheme, which allows every Indian resident to wire up to US$ 250,000
per financial year (This is subject to change by the RBI).
India – Cheque / NEFT / RTGS – Time to arrive is from 1 – 4 business days.

8. How big is your team in India? 
Interactive Brokers has more than 65 employees based in India. Interactive
Brokers Group employs more than 1,000 people globally.

9. What channels of are available?
Our customer support number and details of support services are available here.

Interactive Brokers offers 24-hour weekday customer service via regional Client
Services located around the world. In addition to a wide range of answers
available online, we offer client services via phone, chat, email, fax, mail.

10. What platform and tools will be available for our Indian users? Is there a demo

available?
Our platform and tools are available here.
Interactive Brokers offers the web trader, mobile trader and Trader Workstation
(TWS), a global trading system which let you use a suite of online trading tools.
A free trial is available here.
There is no commitment and you can use the free trial for as long as you want.

11. Is there any charge for data on your platform or any charge associated with
technology/tools.

One of the things that sets Interactive Brokers apart is the broad range of
technology and tools the company provides for free. IB also offers information
from numerous research and news services at no cost.
A list of free research and news services can be viewed here
IB also provides other information sources via subscriptions.
Those can be viewed here.

For those that trade the NSE, there is currently no charge for NSE data.

 
12. Since your primary market has been institutional sales, how does IB plan to
pivot towards attracting retail participants?
We have been building online trading technology for more than 40 years and
provide competitive pricing, a broad global product line, and advanced trading
tools for our clients. Our new, lost cost pricing for the Indian markets world class
technology and breadth of products, is attractive to retail participants. As we do
globally, we believe that our customers will bring in more customers in India as
well.

13. At comparebrokerages we publish the financials of brokers so that our
customers are aware of the financial health of a broker –  IB financials show that
they have a very active prop trading, with over 100 crores in profits. Curious to know who is trading, are these through traders in India or abroad? and finally,
does this put risk to retail clients?

Interactive Brokers June 2016 metrics and other financial information can be
viewed here

We do not comment specifically on our proprietary trading business.
As you are aware, most brokers in India have their proprietary trading along with
client trading. SEBI has already set regulations protecting the clients’ interest and
we respectfully comply with them. We can say that is there is a clear segregation
of proprietary and client trading activities.

Top brokers in India as of May 2017

Fellow traders and investors,

Find the latest list of active users as per National stock exchange data.  Active client is considered as someone who  has traded atleast once a year. Total active clients as per is 59,51,301, that is how many people have traded atleast once a year on NSE. I am guessing the unique number of people will be much lesser than that (if I have traded with 2 brokers, it will show me as active with both brokers).

Make sure to check out the financial health of broking firm you are trading with on our website.

Top 20 brokers in India
ICICI SECURITIES LIMITED 631388 Top 3 full service brokers
HDFC SECURITIES LTD. 487418
SHAREKHAN LTD. 375394 ICICI SECURITIES LIMITED 631388
KOTAK SECURITIES LTD. 279305 HDFC SECURITIES LTD. 487418
AXIS SECURITIES LIMITED 269133 SHAREKHAN LTD. 375394
ANGEL BROKING PRIVATE LIMITED 238998
MOTILAL OSWAL SECURITIES LTD. 212617
INDIA INFOLINE LTD. 196904
KARVY STOCK BROKING LTD. 184349 Top 3 discount brokers
ZERODHA 182379
SBICAP SECURITIES LIMITED 172763 Zerodha 182379
GEOJIT BNP PARIBAS FINANCIAL SERVICES LIMITED 160732 SAMCO SECURITIES LIMITED 18986
RELIGARE SECURITIES LTD. 122568 RKSV SECURITIES INDIA PRIVATE LIMITED 18577
RELIANCE SECURITIES LIMITED 81505
EDELWEISS BROKING LIMITED 76387
SMC GLOBAL SECURITIES LTD. 75787
NIRMAL BANG SECURITIES PVT. LTD. 74004
VENTURA SECURITIES LTD. 69587
A detailed review of 5 paisa

5 paisa Review

5 Paisa

5 Paisa, part of the IIFL group is an online financial services provider. It offers broking services, mutual funds, and insurance on its platform. It offers trading in equities and derivatives, it doesn’t offer commodities.

The main selling point of 5 Paisa is that they offer all financial products on their platform.

Margins

Check out the detailed margins here. Almost all the established discount brokers provide margin and brokerage calculator tools but 5 paisa does not. This is negative a because the problem of transparency that plagues traditional brokers remains.

  1.  Up to 15 Times margin for Intraday & 5 Times for Delivery(Interest charged)
  2.  Up to 2 Times for Intraday in Futures
  3.  Up to 2 Times for Intraday in option (Only on selling side)

Platforms

5 Paisa provides a platform named Trade Station for the Web and desktop. It provides a mobile application for Android.

Web Platform.

5 Paisa Trade Station is the flagship platform that it offers. To sum it up this is an extremely disappointing platform considering the fact that 5 Paisa is part of the IIFL group which has been the broking business for decades.

Describing this platform as rudimentary at best would be an overstatement. All it does is offer a set of basic functionalities with nothing in particular worth highlighting.

Charting

Charting is pretty much a non-existent feature in 5 Paisa except for a basic line chart. There are not candle charts or indicators. So if you are a trader who got interested because of 5 Paisa’s brokerage, that is the only highlight of it.

Desktop

The desktop offering of 5 paisa is similar to NEST and offers the basic functionalities. There are no particular highlights as such.  The tools seem sluggish and takes a good bit of time to startup. Discovering the functionalities can be irritating. The user experience is terribly unintuitive. If you are a regular trader and depend on using candle charts this is the only platform which offers it along with the mobile app. The charting experience in the desktop tools leaves a lot to be desired.

Mobile App

The mobile application looks decent and provides one-stop access to trading, mutual funds and insurance.

You can create 3 watch lists with 50 stocks each.  The application offers basic charting functionality with 4 indicators. The only advantage we could see is that you can access MF’s, insurance and stocks from one place. Although they say that there are no charges for their MF platform, we haven’t explored the hidden side and same goes for insurance.

Where 5 Paisa falls short

5 Paisa tries to offer a whole lot on its platforms with nothing, in particular, being a highlight. The trading platform does not offer any of the things that a regular trader would need.

Bottomline

5 Paisa is suited to the investing and saving crowd who wish to manage all their investments and personal finance obligations from a single login. We wouldn’t recommend 5 Paisa to traders or even investors for that matter because it really doesn’t offer even the basic tools that traders and investors have come to rely on.

Pros

  • A single dashboard to manage investments and insurance.
  • Low brokerage.

Cons

  • Poor trading platforms
  • Charting is extremely poor
  • The mobile app has a lot of redirect links, that end up ruining the experience.

Here is how 5 paisa stacks up against Zerodha and Upstox.

Review Of Upstox

Upstox Review

Profile

Upstox formerly RKSV Securities is India’s second largest discount broker with over 13,000 active clients.  Started in 2012 this discount broker is funded by marquee names such as Ratan Tata, Kalaari Capital, and others. It currently contributes to over Rs. 7,000 crores in daily turnover on NSE.

This is an in-depth review of Upstox and its trading platforms. Click Here for the Upstox profile.

Pricing

Upstox follows has a simple pricing structure. It offers free equity delivery trades and charges a maximum for Rs.20 for equity intraday, F&O, and commodities. Upstox offers a brokerage calculator which makes it easier to calculate the charges.

Pricing Verdict: Upstox much like its bigger peers offers a good deal. Free equity trading will be a good draw for beginners.

Upstox is best suited for:

  • Beginners
  • Frequent traders
  • Mobile users

Margins

For equity intraday, Upstox provides margins up to 20x on F&O stocks and up to 2x on other stocks.

It provides margins up to 6X for Intraday futures. It provides up to 4x for selling options and 1X for buying using MIS, bracket and cover orders in intraday.

It provides margins of up to 3X for all commodities.

Upstox provides margins across segments only for intraday and does not provide leverage for equity delivery and overnight positions similar to other discount brokers. There is no indication yet if Upstox will come out with margin funding, but this is the margin policy at present.

Upstox provides a margin calculator to make it easy for traders to calculate their margin requirements.

Trading platforms

Upstox provides trading platforms for desktop, web, and mobile.

Upstox Pro Web

Upstox Pro is a web trading platform which was custom developed in-house. It is a lightweight platform with unique widgetized workspaces and advanced charting.

With their latest update, Upstox has introduced workspaces which can customize to users linking with widgets. Sections such a watchlist, charts, books have been made into widgets, which can be placed anywhere in the workspace.

The charting is a breeze in Upstox Pro. There are over 100+ technical indicators and 10 drawing tools. One good feature if you are a regular trader is that you can watch multiple charts side by side.

 Since watching charts in a different workspace and switching to another workspace to place an order is not optimal they will soon be launching a feature to place orders from charts.

Our verdict

Upstox Pro is a beautifully designed web platform; largely unimposing for beginners and resourceful for regular traders. It might take a bit of getting used to for beginners, it is not as easy as Zerodha Kite, the most significant competition for Upstox. One potential downside to this widgetized workspace style is that the experience on small screens won’t be the best.

Mobile

The mobile application follows a similar design scheme as the web version.

But there were some quirky things we noticed in the mobile app. Historical charts are available only in the landscape mode and not In the portrait mode. Constantly switching between two views can ruin the user experience here. Charting is easy and fast on the app and its easy see the amount of work put in by the developers.

Bracket order or OCO (One Cancel The Other) is not available. This can be a deal breaker for people who trade on the go.  If you are a mobile user then you will love the app minus the quirks. It also has a tab which shows corporate actions related to the stock and a fundamental tab data with some basic parameters. Apart from these kinks, the mobile app is a decent platform from Upstox compared to clunky, cluttered and outdated apps of other brokers.

 

Desktop

Upstox offers NEST desktop tool. NEST can best be described as a reliable workhorse which gets the job done. NEST just provides basic charting, you get 22 days of intraday charts and 1 year of historic charts. On this count, it is a disappointment.

Platforms verdict: While the web and mobile platforms are beautifully designed the desktop tool is a bit of a letdown for hardcore traders.

Mutual Funds

Upstox recently launched its own MF platform, but disappointingly it is a regular Mutual Funds platform. In the long-run direct mutual funds always give higher returns because of the absence of any intermediaries and the ensuing savings because of that.

Where Upstox falls short

A underwhelming desktop offering is a negative for a brokerage that has built such amazing web platforms.

Upstox still offers regular mutual funds and not direct mutual funds. By investing in regular mutual funds investors pay up to 1.5% upfront and 1% every year for as long as they remain invested which in the long run makes a huge difference.

Bottomline

Upstox is a solid choice with its great suite of platforms and tools. If you are a first-time trader you will most likely be drawn to the beautiful platforms at zero brokerage. Although the web platform is well crafted it takes a bit of getting used to and does not look the best on smaller screens. Overall it doesn’t matter if you are a beginner or an experienced trader if you are looking for a broker Upstox should be in your shortlist.

Pros

  • Great pricing
  • Well crafted platforms
  • Tools such a margin and brokerage calculator
  • Responsive support and learning resources
  • Easy to get started with Aadhar based signup.

Cons

  • No mutual fund platform yet
  • Turnover charges on futures and options is higher than competitors
  • The online trading platform doesn’t suit small screens.

Here is a comparison of India’s 3 biggest discount brokers. Compare pricing, active clients, financials and more.

Upstox Vs SAMCO Vs Zerodha

 

Review of Zerodha

Zerodha Review

Zerodha is the pioneer of the discount broking concept in India and is the largest discount broker in terms of active clients. It is well known for creative advanced and intuitive platforms and it’s transparency.

Pricing

Zerodha has very a simple pricing structure. They offer free equity delivery trades and charge a maximum for Rs.20 for intraday equity, F&O, and commodity trades. Their brokerage calculator makes it quite easy to calculate charges; again a concept introduced in the country by Zerodha.

Pricing Verdict: The Zerodha pricing suits everyone; be it a beginner, or a hardcore trader. Free equity trading will be a good draw for beginners.

Zerodha is best suited for:

  • Beginners
  • Frequent traders
  • Mobile users

Margins

For equity intraday, Zerodha provides margins up to 20X on F&O stocks and up to 2X on other stocks.

They provide margins up to 2X for intraday futures and shorting options and 1X for buying using MIS, bracket and cover orders in intraday. They provide margins of up to 2X for all commodities.

Zerodha provides margins only for intraday across all segments; none for equity delivery and overnight positions similar to other discount brokers. They’re expected to come out with margin funding soon.

Zerodha also provides a margin calculator to make it easy for traders to calculate their margin requirements. You can use this tool to calculate your comprehensive margin requirements for intraday and delivery/overnight positions.

Platforms

Zerodha is best known for its intuitive platforms. They offer Kite and online trading platforms, Kite Mobile for Android, Kite Lite for IOS and Pi for the desktop.

Kite

Kite is a minimal online trading platform which is easy to use and easy on the eye.

Kite dashboard

Kite charting

The charting experince in Kite.

Whether you’re a beginner or a seasoned trader, Kite is the platform for you. It is a pleasure to use it since it is polished and has no clutter whatsoever. You can create multiple watchlists, analyze and compare charts, share them and more. Kite allows you to create 5 market watches and has over 100+ technical indicators. It offers bracket and cover orders which have become common these days but the limit cover order which is available on Pi, the desktop tool, is not available on Kite and the Kite mobile app yet.

Mobile App

Zerodha offers Kite on mobile and it pretty much resembles the web version. Although the app looks beautiful, you get a feeling that it’s still a work in progress. The user experience is a pleasure, no complaints on that front.

Charting is as good as it can be on a mobile device but one feature that regular traders would immediately notice is the absence of charting tools on the app. Lack of push notifications is also a downside because some people tend to get confused with the order status. The app doesn’t allow you to withdraw funds which is a disappointment.

Desktop

Zerodha offers a desktop tool called Zerodha Pi. Essentially built on top of tried and tested Nest. Pi has an impressive array of features. It offers advanced charting with over 80+ indicators.

Pi marketwatch

Pi charting

Pi Highlights

Expert advisors: You can code your own strategies in Tradescript and save them in the platform to generate buy and sell signals.

Backtesting: Pi also has a backtesting module to test your strategies.

Pi Bride: You can connect platforms such as Ami Broker, Ninja Trader, Meta Trader etc.

Scanner: Pi also has this handy feature that allows you scan for trading opportunities.

With such unique feature Pi is definitely one of the best desktop platforms in India.

Cons: The biggest drawback we see in Pi is the lack of stability. Users seem to experience niggling issues with the application. This aside Pi is one of the best platforms if you are a hardcore technical trader.

Zerodha Quant

As the saying goes “Know yourself to improve yourself”.

Quant is one of the best platform Zerodha has ever created. It is your personal trading analytics tool which essentially plots all your trades and so that you can learn by analyzing your good and bad trades.

Mutual Funds

Zerodha recently launched their direct mutual fund’s platforms called Coin. You can now invest in the mutual funds without paying any commissions. The expense ratio is a percentage of the total assets used for managing a fund’s expenses, such as advertising, operational expenses etc. The expense ratios in regular funds will be higher because of the commissions paid t0 the distributors by the AMCs. In the case of a direct fund, you will be dealing directly with the AMC and there won’t be any intermediary involved, so the expense ratios will be lower. In the long run, this translates to higher returns with direct funds.

With Zerodha Coin you can customize your SIP’s, compare funds, do historical analysis etc. You can also have a flexible SIPs wherein you can play pause your periodic investments whenever you want without any hassle.

Zerodha Coin direct mutual funds

Where Zerodha falls short

Overall Zerodha is undoubtedly one of the best brokers in India. They seem to have hit a sweet spot in terms the cost and the benefits they offer. Having said there are a few thing missing.

  • It is not possible to apply for an IPO directly. Clients have to visit a bank or apply via Applications Supported By Blocked Amount (ASBA).
  • Zerodha Q their current back office is a pain to use, it keeps crashing constantly. The good thing is that their CEO has committed to replacing the old system in a couple of months.
  • Margin funding is a sorely missed product at present.

The final word

Zerodha being the original pioneer of the discount broking model in India is definitely the real deal. They have hit a sweet spot in terms the cost and the benefits they offer. No other broker is even comparably close when it comes to innovating. It doesn’t matter if you are a beginner or an experienced trader, Zerodha should be at the very top of your shortlist. Their learning initiatives such as Varsity, TradingQnA, and Educate are the only comprehensive initiatives towards investor education in India.

Pros

  • Great pricing
  • Well crafted platforms
  • Tools such a margin and brokerage calculator
  • Unparalleled learning resources

Cons

  • No margin funding
  • Not possible to apply for an IPO directly

Zerodha vs Samco and Upstox

 

SEBI against Indian Trading league (SAMCO)

Fellow traders and investors,

Check the recent advise from SEBI to the exchanges, circular from BSE:

As per the communication received from SEBI, regarding leagues/schemes/competitions etc offered by third party or Group Company/associate of stock broker, which may involve distribution of prize monies and advertisements issued in this regard by Stock Brokers, Trading Members are hereby advised to ensure that they shall not carry out advertisements in which celebrities form part of the advertisement.

SEBI has now also put a caution note to all investors, check this release

A. LEAGUES / SCHEMES / COMPETITIONS WHICH MAY INVOLVE DISTRIBUTION OF PRIZE MONIES

It has come to the notice of SEBI that various entities are soliciting investors by offering leagues/schemes/competitions etc. related to securities markets. Some of the schemes may involve distribution of prize monies. Participation in such schemes including sharing of confidential and personal trading data is at investors’ own risk, cost and consequences as such schemes are neither approved nor endorsed by SEBI / SEBI recognized Exchange(s).

SEBI is issuing this caution to investors to warn about such schemes offered by third party or group company/associate of stock broker(s) etc. The investors may note that for any kind of disputes relating to such schemes or enforcement of any agreement / MoU, etc., none of the following recourses will be available to investors of such schemes:

  1. Benefits of investor protection under SEBI/ Exchange(s) Jurisdiction
  2. Exchange dispute resolution mechanism
  3. Investor grievance redressal mechanism administered by Exchange(s)

It is quite clear that these  circulars are intended against Indian Trading league (Samco). It is important that all of us investors/traders are aware of the above. 

fist

 

Empowering Indian retail investors/traders,

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