1. Zerodha

Founded: Aug 2010 by Nithin & Nikhil Kamath in Bengaluru
Position: Pioneer of India’s discount brokerage market—zero delivery charges and ₹20 per trade Financial Times+6Medium+6Reddit+6Trendy Traders
Active Clients: ~7.5 million by mid‑2024, rapidly growing 
Platform Highlights: Kite (web/mobile), Coin (direct MF), Console, Varsity (learning), Streak (algo trading)
2025 Updates: Expanded API capabilities, new GTT enhancements, Coin upgrades, smallcase integration
Why It Works: Transparent pricing, powerful tools, financial education—ideal for DIY traders
Challenges: Occasional system outages during volatile markets; no personal advisory support

🥈 2. Upstox

Founded: 2011 as RKSV Securities, later rebranded 
Backing: Tiger Global & Ratan Tata
Active Clients: ~2.4 million as of 2025 
Pricing: ₹0 for equity delivery, ₹20 or 0.25% per order—flat charges for F&O and intraday
Platform: Upstox Pro Web & Mobile with TradingView charts, GTT, bracket orders, developer APIs 
2025 Launches: 3‑in‑1 account with IndusInd Bank, UpLearn educational platform, enhanced UI
Strengths: Mobile-first, responsive app, fast onboarding, ideal for active traders
Weaknesses: Customer support experiences vary; fewer educational tools than Zerodha

🥉 3. Angel One (Angel Broking)

Founded: 1996; Rebranded as Angel One in 2021 
Active Clients: ~24.7 million as of June 2024 
Pricing Model: Free delivery trades; flat ₹20 for intraday & F&O
Platforms: Angel One Super App, ARQ Prime (AI-based advisory), SmartAPI for algo trading
2025 Moves: AUM +34% QoQ, institutional stake by Bank of America, expanded F&O tools, breach resolution underway 
Advantages: Hybrid offering—discount pricing plus research and recommendations
Drawbacks: Call & trade charges apply; lacks 3‑in‑1 account feature

🌱 4. Groww

Founded: 2016; Started as mutual fund platform, mid‑2020 added stock trading 
Active Clients: ~13 million by April 2025, India’s largest broker by NSE client share 
Pricing: ₹0 delivery, ₹20 per intraday & F&O order
Products: Stocks, mutual funds, ETFs, IPOs, digital gold, FDs, SGBs, NPS
2025 Highlights: Acquired IndMoney MF arm, introduced new gold & NPS products, preparing for IPO valued at ~$6.8B 
Advantages: Clean UI, ideal for SIP/goals-based investors, rich educational content
Drawbacks: Limited analytical tools; not designed for advanced traders

💰 5. 5Paisa

Launched: Part of IIFL in 2016 
Active Clients: ~544K as of mid-2024 
Pricing Plans: ₹10 or ₹20 flat per order depending on plan, ₹0 delivery in some plans
Platforms: Mobile app, web terminal, Smart Investor tools, algo trading portal
2025 Enhancements: Launched subscription-based pricing, new MF baskets, algo module, revamped UI 
Ideal For: Cost-sensitive traders wanting more than just equity trades
Weaknesses: AMC and platform ads can reduce appeal; support less robust than top-tier

📉 6. Paytm Money

Founded: As digital wallet spin-off by Paytm; equity broking from 2020
Active Clients: ~0.8 million retail traders 
Brokerage: ₹0 delivery, low flat charges for intraday and F&O
Platform: Integrated with Paytm app ecosystem; mobile-friendly
Strengths: Seamless experience, especially for Paytm users; simple onboarding
Limitations: Limited advanced charting features; lacks 3‑in‑1 banking tie-up like full-service brokers

🎯 7. Fyers

Founded: 2015 in Bengaluru by focus on active traders 
Clients: ~214K active users
Brokerage: ₹0 delivery; ₹20 or 0.03% for intraday/F&O
Offerings: Fyers One desktop, Fyers App, thematic investments, API Bridge for TradingView integration
2025 Updates: Lifetime free AMC, added thematic investing options, enhanced trading execution 
Strength: Technical traders love the charting and thematic idea-based investing
Weaknesses: Smaller user base; fewer ecosystem expansions than peers

🧪 8. Alice Blue

Founded: 2006 in Chennai; now Bengaluru-based, ~160K clients 
Brokerage Plan: Freedom 15—₹15 or 0.05% per trade; free delivery
Platforms: ANT Mobi, ANT Plus, ANT IQ; F&O and currency trading available
Features: Paperless accounts, low brokerage, research support
Drawbacks: Monthly AMC; call‑trade charges; lag behind top discount brokers in scale

📈 9. Dhan

Founded: 2021 by fintech veterans 
Clients: ~310K active users
Brokerage: ₹0 delivery; ₹20 or 0.03% for intraday (lower of two)
Unique Features: Fractional share investing, US stocks access, advanced charting, educational content
Strengths: Young platform with modern features
Weaknesses: Smaller client base; still scaling operations

🧾 10. Stocko (Finvasia / InCred Money)

Background: Fastest-growing discount broker under Finvasia group (Shoonya brand)
2025 News: InCred Money acquiring SASL (Stocko) for ₹300 crore to expand retail broking business 
Brokerage: Zero-commission listings; high daily notional turnover (~₹1L crore); reputed for zero fees & AI signals
Potential: Acquisition may bring Stocko tech and clients into InCred ecosystem; watch for new fintech bundle offerings

🧩 Bonus Mentions

• Kotak Securities Trade Free Plan: Part of Kotak bank—a hybrid offering with zero intraday brokerage but delivery fees apply 
• Shoonya by Finvasia: Zero-commission model with AI predictions, but had a notorious glitch in April 2023 compensated ₹2.7–3 Cr

Sharekhan / Mirae Asset Sharekhan: Legacy full-service broker transitioning into discount through rebranding with Mirae Asset in 2024.