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Angel One, Groww, ICICI Direct, Upstox and Zerodha are five stock brokers readers can compare in India: all appear in the National Stock Exchange of India’s first Qualified Stock Broker (QSB) list, issued April 1, 2025. NSE says the list is alphabetical and “not indicative of ranking,” so it does not establish a top-to-bottom order or identify the safest broker. Use QSB inclusion as one piece of regulatory context—not as a guarantee against losses or service problems.
What “safe” means when choosing a stock broker
No stock broker can make investing or trading safe from market losses. Checking that a broker is registered and using sound account practices can help you avoid unregistered intermediaries and reduce preventable account risks, but it cannot guarantee profits, uninterrupted service, effective support or protection from loss. Registration is not an endorsement of a broker’s performance.
QSB status is also not a consumer safety ranking. NSE’s April 1, 2025 joint notice says its list is alphabetical, not ranked. The notice describes selection factors that include active-client count, client assets, trading volumes, end-of-day client margin obligations, proprietary trading volume for brokers engaged in client trading, compliance score (including penalties), and grievance redressal score. These factors provide oversight context; they do not mean that a broker cannot fail or that trading is free of risk. Read NSE’s notice.
Verify the broker’s registration before opening an account
Check the exact legal entity—not just the app or brand name—on SEBI’s and the relevant exchange’s websites. SEBI’s broker FAQ says investors can verify stock broker registration details on SEBI and respective stock exchange websites. See SEBI investor resources.
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The SEBI directory search surfaced Angel One Limited (registration INZ000161534) and Zerodha Broking Limited (INZ000031633). Verify these details live before relying on them, and independently check the current records for Groww, ICICI Securities and Upstox. A broker’s legal name may differ from its familiar consumer brand.
Five brokers on NSE’s April 2025 QSB list
The five candidates below are presented alphabetically, following the order in NSE’s first QSB notice. This is a shortlist based on inclusion in that notice, not an independent assessment of service quality, suitability or safety.
| Broker brand | Legal entity named by NSE | What to verify |
|---|---|---|
| Angel One | Angel One Limited | Confirm current SEBI registration and exchange membership for the exact entity. |
| Groww | Groww Invest Tech Private Limited | Confirm current SEBI registration and exchange membership for the exact entity. |
| ICICI Direct | ICICI Securities Limited | Confirm current SEBI registration and exchange membership for the exact entity. |
| Upstox | Upstox Securities Private Limited | Confirm current SEBI registration and exchange membership for the exact entity. |
| Zerodha | Zerodha Broking Limited | Confirm current SEBI registration and exchange membership for the exact entity. |
NSE’s notice is dated April 1, 2025. A later NSE circular search result indicates that a 2026 QSB list under revised regulations includes all five names, but the updated obligations are not established here. Check the current exchange and regulator records rather than treating the 2025 list as a complete statement of present requirements. NSE resources.
Compare total trading costs, not just brokerage
A low or zero brokerage headline does not tell you the full cost of trading. Depending on the trade and account, total charges can include brokerage, securities transaction tax (STT), exchange transaction fees, SEBI fees, goods and services tax (GST), stamp duty, delivery or depository charges, and account maintenance charges. Which charges apply—and how much—can vary by product, trade type and current tariff.
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Compare delivery, intraday and derivatives separately, and use each broker’s current official tariff before placing a trade. Zerodha’s charges page explains that STT can exceed brokerage in some cases and lists statutory taxes and charges separately. Check Zerodha’s charges breakdown.
As an illustration rather than a universal quote, IndianStockBrokers.com estimated total costs for a ₹1 lakh delivery buy-and-sell example at ₹412 for Zerodha, ₹452 for Groww and ₹1,720 for ICICI Direct. Those figures were its estimates using 2026–27 rates, updated July 2026; the result depends on the example’s assumptions and may differ from your actual costs. Confirm with the broker’s current official tariff and calculator. See the comparison site.
Choose according to how you plan to invest or trade
The available evidence does not establish a reliable comparison of platform stability, ease of use, support quality, research or advice across these five brokers. Rather than assume one is best, decide what you need and verify the relevant features and terms directly before opening an account.
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- Long-term delivery investing: Check delivery-related charges, demat and account-maintenance terms, and how statements and holdings are presented.
- Frequent intraday trading: Compare the current intraday brokerage schedule and applicable statutory and exchange charges; also assess platform needs for yourself.
- Derivatives: Review the brokerage and applicable charges for each product, along with the risks and margin requirements. Do not infer that a low fee makes derivatives suitable.
- Research, advice or bank integration: Confirm what is actually included, who provides it, and whether there are separate terms or fees. Do not treat a broker’s registration or QSB status as evidence of investment advice quality.
- Support preference: Check available support channels and complaint escalation routes directly. Comparable support-response or complaint-rate data for these five brokers is not established here.
Account-opening and account-safety checklist
- Match the legal entity: Verify the broker’s current SEBI registration and exchange membership for the exact entity you will contract with.
- Read the account documents: Understand the services, risks, fees and terms before accepting them; ask the broker to clarify anything you do not understand.
- Confirm the full tariff: Review charges for your intended trade types, including statutory levies and any applicable depository or account fees.
- Keep credentials private: Never share passwords, one-time passwords (OTPs) or other critical account credentials. Be wary of assured-return pitches.
- Review records: Check account statements and transaction alerts, and retain contract notes and other relevant records.
- Know how to complain: Locate the broker’s grievance channel and understand how to use the relevant exchange and regulator mechanisms if an issue is not resolved.
These practices follow SEBI investor guidance, which encourages dealing only with registered intermediaries, understanding charges and risks, reviewing statements, preserving records and using grievance redressal mechanisms. Read SEBI investor guidance.
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How to make the final choice
Start with registration verification, then narrow the list by the products you intend to use and the broker’s current total charges for those transactions. Check the account terms and complaint route before depositing funds. The QSB list can help identify firms included in NSE’s oversight framework, but it cannot tell you which broker best fits your circumstances or shield you from market losses.
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