There are more than 5,300 stock brokers in India, which helps investors place their orders with stock exchanges – NSE and BSE. Stock brokers can be defined into two categories: full-service brokers and discount brokers. If we look at the top 10 stock brokers in India in terms of active clients then the first four brokers fall under the segment of discount broker. They collectively have roughly 2.8 crore active users on their platforms.

Here’s a list of five stock brokers including both full-service and discount brokers with whom you can open a D-mat account with: 

  1. Groww: The discount broker has the highest number of active users on its platform. It is the most famous discount broker among retail investors as it offers flat fee services for equity, IPO, and Mutual funds. Groww charges its users Rs 20 or 0.05% per executed trade (whichever is lower). So, an investor has to pay the highest of Rs 20 as a brokerage irrespective of trade quantity. Also, it doesn’t charge brokerage fees for investing or redeeming mutual funds.
  1. Zerodha: The very famous Kamath brothers-led brokerage firm has the second biggest active use base of over 75 lakh. It is also a discount broker. The brokerage house allows users to invest in equity, currency, commodities, IPO, F&O, G-Secs, mutual funds, and Bonds. The company is famous for its Rs 0 brokerage for equity delivery trades and mutual funds service. Zerodha charges Rs 20 or 0.03% per trade, whichever is lower, for intraday and Futures. While for the options segment it charges flat Rs 20 per trade executed.  
  1. Angel One:  The broker incorporated in 1987 is a full-service retail brokerage firm. It is one of the largest brokers offering online discount brokerage services. It offers a lot of investment and trading services. It has a client base of over 60 lakh users. The brokerage doesn’t have any brokerage charge for equity delivery while the intraday and F&O charges are the same, which are flat Rs 20 or 0.25% (whichever is lower).
  1. Upstox: The discount broker has an online presence, giving customers low-cost brokerage prices. The broker provides trading platforms for categories like equities, commodities, currency, etc. India’s one of the biggest philanthropists Ratan Tata has invested in this platform along with Kalaari Capital and many others. It also provides trading, analysis, Charting, and many other services on its platform. 
  1.  Lemonn: An investing app recently launched by PeepalCo, the parent firm of Coinswitch. The broker offers investors to invest money in equities, F&O, IPOs, and Mutual Funds. To lure investors, it has kept zero maintenance fees and zero brokerage fees for one month. 

That apart several banks also offer demat services to their account holders. There are many boutique broker firms too that you could opt for.