Zerodha
India's largest discount broker — Kite and Coin.
Rating
4.5/5
- Zero brokerage on equity delivery
- Flat ₹20 per order on intraday and F&O
- Kite trading platform (web + mobile)
- Console for taxes, holdings and P&L
- Users
- 1.6 crore+
- Founded
- 2010
Best Stock Brokers in India 2026
Compare India's top brokers for IPO applications — fees, features, pros and cons.
Upstox
Fast UPI IPO applications backed by Tiger Global.
Rating
4.2/5
- Flat ₹20 per order pricing
- Fast UPI IPO flow
- Upstox Pro web and mobile apps
- Free annual maintenance in the first year
- Users
- 1 crore+
- Founded
- 2012
Angel One
Full-service discount hybrid with the Angel One Super App.
Rating
4.1/5
- Free equity delivery trading
- Angel One Super App (stocks + MF + IPO in one)
- ARQ Prime AI-powered research and stock recommendations
- 1,800+ city offline branch network
- Users
- 2 crore+
- Founded
- 1987
Groww
Beginner-friendly discount broker with lifetime zero AMC.
Rating
4.3/5
- Zero annual maintenance charges (lifetime) — industry differentiator
- Stocks, MF, US stocks, ETFs, FDs and digital gold in one app
- 5,000+ direct mutual funds at zero commission
- Groww 915 advanced trading platform for power users
- Users
- 2 crore+
- Founded
- 2016
5paisa
IIFL-backed listed discount broker with flat ₹20 pricing.
Rating
3.8/5
- Flat ₹20 per order across all segments
- IIFL research heritage — institutional-grade research access
- Listed on BSE — added transparency
- 1-month brokerage-free trading on new accounts
- Users
- 3.85 lakh active
- Founded
- 2017
Kotak Securities
Kotak Mahindra Bank's full-service broker with 3-in-1 accounts.
Rating
3.9/5
- 3-in-1 account (bank + trading + demat) for Kotak Bank customers
- Strong in-house research and equity reports
- Trade Free plan available (₹0 brokerage option)
- 30 lakh+ clients — established full-service brand
- Users
- 30 lakh+
- Founded
- 1994
HDFC Securities
HDFC Bank's full-service broker with 3-in-1 ASBA and HDFC Sky app.
Rating
3.8/5
- 3-in-1 account for HDFC Bank customers
- HDFC brand trust — 35 lakh+ customers
- Research reports and investment advisory
- HDFC Sky — modern mobile trading platform
- Users
- 35 lakh+
- Founded
- 2000
Motilal Oswal
Research-driven full-service broker with in-house IPO analysis.
Rating
4.0/5
- 40 lakh+ clients — one of India's largest full-service brokers
- Best-in-class in-house research — equity and sector reports
- MO Investor and MO Trader apps
- Wealth management and PMS services
- Users
- 40 lakh+
- Founded
- 1987
Paytm Money
Lowest F&O brokerage with Paytm UPI integration.
Rating
3.7/5
- Lowest F&O brokerage (₹10/order) among major brokers
- Paytm ecosystem integration (wallet, payments, UPI)
- Stocks, MF, NPS and ETFs in one app
- 1 crore+ registered users
- Users
- 1 crore+
- Founded
- 2018
Frequently Asked Questions
Which is the best broker for IPO in India?+
Zerodha, Angel One, and Upstox are the top brokers for IPO applications in India. All three support UPI-based ASBA, have no extra charges for IPO applications, and offer seamless application through their apps.
Is there any charge for applying in IPO through a broker?+
No. SEBI has mandated that brokers cannot charge for IPO applications. The application process through ASBA/UPI is completely free. Only brokerage applies when you sell the shares after listing.
What is ASBA in IPO?+
ASBA (Application Supported by Blocked Amount) is the mandatory process for IPO applications. Your application amount stays in your bank account (blocked, not debited) until allotment. If you don’t get allotment, the block is released immediately.
Can I apply for IPO without a demat account?+
No. A demat account is mandatory to apply for IPOs in India. You need: 1) Demat account, 2) Trading account, 3) Bank account linked via ASBA. Opening a demat account is free with most brokers.
How long does it take to open a demat account?+
With Zerodha, Angel One, or Upstox, you can open a demat account online in 10-15 minutes using Aadhaar-based eKYC. The account is typically activated within 24 hours.