SEBI Registered Brokers in India

India’s stock-market participation has surged sharply as of mid-2025; there are around 192.4 million (≈ 19.24 crore) active demat accounts in India. Over the financial year 2024-25 alone, brokerages added a record 41.1 million new accounts, reflecting the strongest yearly gain yet. This boom underscores growing retail interest in equity investing. At the same time, rising retail participation also increases the risk of encountering scams or unregulated intermediaries — so exercising caution and choosing only SEBI-registered brokers remains more important than ever.

To navigate this safely, it is crucial to understand SEBI-registered brokers. These brokers operate under the supervision of the Securities and Exchange Board of India (SEBI), ensuring transparency, compliance, and investor protection. This guide dives deep into SEBI registration, why it matters, how to verify brokers, red flags to watch for, and a detailed 2025 brokers list — helping you make informed choices for your investment journey. Let's get started. ⤵️ 

Table of Contents

• What Are Stock Brokers and Why Do You Need One?
• Why Choose a SEBI-Registered Stock Broker?
• Benefits of Using a SEBI-Registered Stock Broker
• Updated SEBI Registered Brokers List (Top 20, 2025 Data)
• Quick Summary of Top SEBI-Registered Brokers
• How to Verify Whether a Broker Is SEBI Registered
• Types of Brokers Registered with SEBI
• SEBI-Registered Forex Brokers in India
• SEBI Regulations Every Investor Should Know
• Challenges Investors Face with Unregistered Brokers
• How to Choose the Right SEBI-Registered Broker
• Conclusion
• FAQs

What Are Stock Brokers and Why Do You Need One?

A stock broker is an intermediary who facilitates trading in equities, derivatives, commodities, and other financial instruments on stock exchanges. Simply put, they act as a bridge between you and the market.

Key functions of a stock broker:

1. Executing Trades: Placing buy and sell orders for stocks, bonds, ETFs, and mutual funds.
2. Investment Advice: Offering insights based on market research, technical charts, and economic trends.
3. Portfolio Management: Helping investors diversify and manage risk according to financial goals.
4. Access to Exchanges: Providing trading access to NSE, BSE, MCX, and other platforms.
5. Research & Analysis Tools: Offering platforms, reports, and calculators to support decision-making.

Types of Brokers:

• Full-Service Brokers: Full-service Brokers offers end-to-end services including personalised advisory, retirement planning, and extensive research. Example: ICICI Direct, HDFC Securities. They charge higher fees.
• Discount Brokers: Discount Brokers focuses primarily on trade execution at low costs. Limited advisory and research services. Example: Zerodha, Upstox, Groww. Ideal for tech-savvy traders or DIY investors.

Looking for a safe, regulated broker? Compare India’s top SEBI-registered brokers here →

Why You Need a Broker

A stock broker is essential for anyone who wants to buy or sell securities in India. They offer the platform, tools, and regulatory protection needed to trade safely and efficiently. Here’s why you need one:

• Market Access: Individuals cannot trade directly on stock exchanges. Brokers act as the mandatory gateway to the markets.
• Regulated & Secure Trading: SEBI-registered brokers ensure your trades happen in a safe, compliant, and transparent environment.
• Convenience: Brokers simplify the entire trading process i.e order execution, settlements, reporting, and compliance.
• Research & Tools: Most brokers provide market research, charts, screeners, and analysis tools to help you make informed decisions.
• Expert Guidance (Optional): Full-service brokers offer advisory and personalised recommendations for investors who prefer professional support.
• Grievance Redressal: Being SEBI-regulated, they provide a formal mechanism to resolve disputes and protect investor interests.

Now the question is, why is being SEBI-registered better for stock brokers? Here's all you need to know: ⤵️

Why Choose a SEBI-Registered Stock Broker?

Not all brokers are equal. Choosing a SEBI-registered broker ensures you deal with a firm that adheres to strict regulatory norms.

Advantages include:

• Regulation and Compliance: Brokers must follow SEBI guidelines, preventing manipulative trading and fraudulent schemes.
• Investor Protection: Provides a formal grievance mechanism and recourse in case of malpractice.
• Transparency: Disclosure of fees, brokerage charges, conflicts of interest, and risk factors is mandatory.
• Financial Security: Brokers maintain client fund segregation, sufficient capital reserves, and proper risk management.
• Professional Standards: Employees are bound by ethical practices, licensing, and mandatory qualifications.
• Educational Resources: SEBI-registered brokers often provide tutorials, calculators, and research tools.
• Trust and Reliability: SEBI registration adds credibility, giving you confidence in your broker's reliability and market integrity.

In short, SEBI registration is a credibility stamp, giving investors confidence that their funds and trades are secure.

Benefits of Using a SEBI-Registered Stock Broker

There are several benefits to using a SEBI-registered stockbroker in India. Here are some of the key advantages:

1. Increased Trust and Credibility: SEBI registration acts as a stamp of approval. It signifies that the broker has met specific criteria and regulations set by the Securities and Exchange Board of India, India's market regulator. This assures you of a certain level of legitimacy and reduces the risk of dealing with a fraudulent entity.
2. Protection Through Regulation: SEBI has strict guidelines that SEBI-registered stock brokers must adhere to. These regulations are designed to protect investors from unfair practices and ensure the smooth functioning of the stock market. This translates to a safer trading environment for you.
3. Unbiased Advice: SEBI regulations promote a fiduciary duty on SEBI registered stock brokers. This means they are obligated to act in your best interests and provide unbiased financial advice. They are discouraged from recommending investment products based on commissions they might earn but rather focus on what suits their financial goals.
4. Expertise and Knowledge: SEBI may have qualification requirements for registered stock brokers. This ensures that you are dealing with someone who has a basic understanding of the financial markets and investment products. This expertise can be valuable when making investment decisions.
5. Transparency and Accountability: SEBI-registered stock brokers are required to be transparent in their dealings with clients. This includes providing clear information about fees, commissions, and any potential conflicts of interest. They are also accountable to SEBI for their actions.
6. Legal Recourse: SEBI registration allows investors to file complaints if malpractices occur, unlike unregistered brokers, where recovery is nearly impossible.

In short, using a SEBI-registered broker not only provides access to financial markets but also offers peace of mind, regulatory protection, and professional guidance.

Updated SEBI Registered Brokers List (Top 20, 2025 Data)

Here’s a table of the Top 20 SEBI-registered brokers in India with SEBI registration numbers, active clients, and complaints data as on Feb 2025. This is essential for quick comparison before choosing a broker.

Sr. No.	Stock Broker	SEBI Reg. No.	Active Clients (2024–25)	Complaints Filed	Complaints Resolved
1	Groww	INZ000208032	1,10,25,000	170	110
2	Zerodha	INZ000031633	77,50,000	185	105
3	Angel One	INZ000161534	68,25,000	270	150
4	Upstox	INZ000161533	27,00,000	85	73
5	ICICI Direct	INZ000158836	19,00,000	320	180
6	Kotak Securities	INZ000164353	13,20,000	180	110
7	HDFC Securities	INZ000170737	11,60,000	75	42
8	SBICAP Securities	INZ000172963	9,25,000	28	17
9	Motilal Oswal	INZ000158836	9,20,000	155	95
10	Paytm Money	INZ000184035	7,80,000	65	46
11	Sharekhan	INZ000153636	6,80,000	52	32
12	Dhan	INZ000206657	6,20,000	25	18
13	5paisa	INZ000161638	5,45,000	74	50
14	INDMoney	INZ000205618	4,52,000	17	11
15	IIFL Securities	INZ000158836	4,50,000	88	46
16	m.Stock	INZ000185627	4,50,000	228	135
17	Axis Direct	INZ000174834	3,90,000	40	21
18	Geojit	INZ000158962	2,55,000	23	15
19	FYERS	INZ000199936	2,42,000	44	26
20	Choice	INZ000201228	2,07,000	30	18

 

Quick Summary of Top SEBI-Registered Brokers

1. Groww: Beginner-friendly, low charges, equities, mutual funds, and ETFs with a clean UI.
2. Zerodha: Discount broker with robust Kite and Console platforms, ideal for transparency-focused investors.
3. Angel One: Combines full-service features with discount pricing, research, and advisory tools.
4. Upstox: Fast execution, modern UX, suitable for active traders.
5. ICICI Direct: 3-in-1 account integration with secure banking and research tools.
6. Kotak Securities: Zero brokerage plan for intraday trading, backed by a strong brand.
7. HDFC Securities: Reliable, premium services, ideal for long-term investors.
8. SBICAP Securities: Secure, conservative, backed by SBI.

How to Verify Whether a Broker Is SEBI Registered

Investors must confirm SEBI registration to avoid scams:

1. Visit the SEBI Intermediaries Portal: https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes
2. Navigate: Market Intermediaries → Registered Stock Brokers
3. Enter the broker’s name or registration number.
4. Check activation status and NSE/BSE membership.
5. Review any pending penalties or suspensions.

Pro Tip: If a broker is missing from SEBI’s database or registration is inactive, do not invest.

Watch for warning signs:

• Promises of guaranteed returns.
• No SEBI registration number displayed.
• Foreign domain extensions like .biz, .live, .online.
• Forced deposits via UPI or crypto.
• No Indian physical office or address.
• Aggressive cold calls or Ponzi-like schemes.
• High or blocked withdrawal charges.
• Absent from NSE/BSE membership lists.

Rule of thumb: If 2–3 red flags exist, avoid the broker.

Types of Brokers Registered with SEBI

SEBI regulates several types of financial intermediaries:

• Stock Brokers: Trade equities and derivatives on NSE, BSE, MSE.
• Commodity Brokers: Registered for trading on MCX and NCDEX.
• Forex Brokers: Only allowed for NSE/BSE currency derivatives; offshore brokers are illegal.

SEBI-Registered Forex Brokers in India

India does not permit offshore forex brokers. Only SEBI-regulated currency derivatives trading on NSE/BSE is legal. Examples include:

• Zerodha
• ICICI Direct
• Upstox
• Angel One
• Kotak Securities
• HDFC Securities

Any international forex broker claiming “SEBI approved” is illegal.

SEBI Regulations Every Investor Should Know

Brokers must follow these rules:

• Segregation of Client Funds
• Mandatory Risk Statements
• No Unauthorised Trading
• No Guaranteed Returns
• Timely Complaint Reporting
• Minimum Net Worth Maintenance
• Daily Margin Reporting
• Cybersecurity Compliance

These rules maintain safe and regulated trading for all investors.

Challenges Investors Face with Unregistered Brokers

Dealing with unregistered brokers can be dangerous:

• No grievance redressal system
• No legal protection under SEBI
• Risk of fund disappearance
• Manipulated prices and illegal platforms
• Low recovery chances for losses

Most scams in India come from non-SEBI online forex apps.

How to Choose the Right SEBI-Registered Broker

Check the following before opening an account:

• SEBI registration number verification
• Brokerage and fee structure
• Trading platform usability
• Customer complaints and grievance ratio
• Research and advisory tools
• Customer support responsiveness
• Margin policies and limits
• Product availability (equities, mutual funds, derivatives)
• Security features (2FA, fund segregation)

Match the broker to your trading style: long-term investor, active trader, or beginner.

Still unsure which SEBI-approved broker is best for you? Use comparison tool.to compare brokers and choose thhe best one for you.

Conclusion

Selecting an SEBI-registered broker is essential in today’s booming Indian stock market. They provide security, transparency, and professional guidance, ensuring investors can trade confidently. With the right broker, your investment journey is safer, more informed, and better protected against fraud. Start your trading journey with SEBI-registered brokers today — it’s a smart first step toward long-term financial growth.

For anyone attempting to manage the complexity of the stock market, the many advantages—from increased trust and trustworthiness to access to unbiased advice and professional expertise—form a persuasive case. A smart first step toward a safe and profitable investment journey is choosing a SEBI-registered broker in an environment where investor protection is crucial. Recall that the appropriate collaboration can make all the difference in your pursuit of financial prosperity.

Want to explore and compare these brokers side by side? Check out the full list of the best stock brokers in India.

FAQs

Q1. How do I check if a broker is SEBI registered?
A: Visit the SEBI Intermediaries Portal and search for the broker’s name or registration number.

Q2. Are international forex brokers legal in India?
A: No. Only SEBI-registered brokers offering NSE/BSE currency derivatives are legal.

Q3. What happens if I trade with an unregistered broker?
A: You risk losing funds with no legal recourse, complaint rights, or regulatory protection.

Q4. How many SEBI-registered stock brokers are there in India?
A: Over 4,900 across categories, with ~350 active on NSE as of 2025.

Q5. Which broker is safest in India?
A: Brokers with strong compliance records like Zerodha, ICICI Direct, Kotak, and HDFC Securities.

Q6. Can a broker be SEBI-registered but still risky?
A: Yes, check their complaint ratio, margin policies, and platform security before investing.

Q7. Are all online trading apps SEBI-approved?
A: No, verify the registration number on the SEBI portal before using any app.

Q8. What types of brokers are registered with SEBI?
A: Stock, commodity, forex (exchange-traded), portfolio managers, investment advisors, and research analysts.

Q9. How often does SEBI update its registered brokers list?
A: SEBI updates its list periodically; always verify the latest details on the official portal.

Q10. Is SEBI registration enough to choose a broker?
A: It’s essential, but also consider platform usability, fees, products, and customer support.