Top Full-Service Brokers in India

Investing in the Indian stock market can be a great way to grow your wealth over time. However, it can be quite challenging and intimidating for beginners to navigate. Fortunately, full-service brokers can be a valuable resource in helping you make informed investment decisions. These brokers have a market presence of over 35% and offer a wide range of services, including personalised investment advice, research reports, and access to a variety of investment products. 

Let's take a closer look at the top full-service brokers in India and the specific services and features they offer. From brokerage fees to investment tools and research resources, we'll cover everything you need to know to help you choose the right broker for your specific investment needs and goals.

Top Full-Service Brokers in India

• Angel One
• ICICI Direct
• HDFC Securities
• Kotak Securities
• Motilal Oswal
• Sharekhan
• Axis Direct

1. Angel One

Angel One is a leading stockbroking firm in India that offers a wide range of investment products and services. The company is known for its flat brokerage policy of ₹20, and it also offers competitive rates for other trading segments. Angel One has a strong track record of customer service and is committed to providing its clients with the best possible experience.

Key highlights of Angel One:

• Users can sign up for free and then pay for each trade made through their account.
• Angel One also includes access to market news and research reports from Morningstar, which is known for its independent analyses of stocks and ETFs.
• It offers a number of investment tools, including an investment calculator that can help you determine how much money you need to reach your financial goals.
• The company also offers a premium service, which includes access to a team of investment advisors who can provide personalised guidance.

Angel One Pricing:

Particulars	Charge
Account Opening Charges	₹0
Account Maintenance Charges	₹240
Equity Futures	₹20
Equity Options	₹20
Equity Intraday	₹20 or 0.03%
Equity Delivery	₹20 or 0.1%
Currency Futures	₹20
Currency Options	₹20
Commodity Futures	₹20
Commodity Options	₹20

Angel One Pros & Cons:

Pros	Cons
No account opening fee	High brokerage fee compared to discount brokers
Free equity delivery trading	Past technology issues causing disruptions
Flat ₹20 brokerage per trade	Customer service can be hard to reach
User-friendly trading platforms	AMC, after the first year

2. ICICI Direct

ICICI Direct is one of the most popular full-service brokers in India. It was established in the year 2000 and has since then been providing its customers with various financial products and services. The company offers services such as wealth management, investment advisory services, portfolio management, etc.

The advantages of using ICICI Direct include:

• Low costs - You will be able to invest in mutual funds at low costs through this broker because it provides online access to all your transactions at any time of day or night from anywhere in India. This means that you do not have to worry about paying high fees for trades done during market hours (9 am - 5 pm).
• Mutual Funds - You can also invest in mutual funds indirectly through this portal. This means that you won’t have to worry about paying high brokerage fees or commissions when you make transactions with ICICI Direct.
• Reliable and safe - You can rely on this broker to provide you with a secure platform for making your investments, as it is regulated by SEBI. Furthermore, ICICI Direct offers secure online transactions through secured socket layer (SSL) encryption technology.

ICICI Direct Pricing:

Particulars	Charge
Account Opening Charges	₹0
Account Maintenance Charges*	₹299
Equity Futures	0.025%
Equity Options	₹35
Equity Intraday	0.25%
Equity Delivery	0.25%
Currency Futures	₹20
Currency Options	₹20
Commodity Futures	₹20
Commodity Options	₹20

*Prices apply to ICICI Direct's Prime Brokerage Plan. Several other plans under Prime brokerage range from ₹999 to ₹9,999.

ICICI Direct Pros & Cons:

Pros	Cons
Backed by the well-established ICICI Group, ensuring stability	Charges are higher compared to discount brokers
3-in-1 account for seamless trading	High AMC charges
A wide range of investment options is available	Call & trade charges after free calls limit
Free research and advisory services	Monthly fee for advanced trading terminal software

3. HDFC Securities

HDFC Securities is one of the leading full-service brokerage firms in India. The company was founded in 1996 and has since grown to become one of the most trusted names in the industry.

The services offered by HDFC Securities include:

• Equity Broking Services
• Mutual Fund Services
• Commodity Derivative Trading (Futures & Options)

The advantages of using HDFC Securities are:

• HDFC Securities also works with a large number of financial advisors and independent dealers to provide clients with the best possible advice on their investments
• At HDFC Securities, you can trade in stocks, commodities and currencies at very low fees.

HDFC Securities Pricing:

Particulars	Charge
Account Opening Charges	₹0
Account Maintenance Charges	₹750
Equity Futures	₹20
Equity Options	₹20
Equity Intraday	0.02%
Equity Delivery	0.20%
Currency Futures	₹20
Currency Options	₹20
Commodity Futures	₹20
Commodity Options	₹20

HDFC Securities Pros & Cons:

Pros	Cons
Offers instant online, paperless account opening	High brokerage, but you can negotiate if you trade big
Integrated 3-in-1 account for convenience	HDFC Blink trading platform requires a paid subscription
Automated chat support with a virtual assistant	SMS tips and research services are not free
Option to buy Indian as well as US stocks	Requires HDFC bank account for full-service

4. Kotak Securities

Kotak Securities is a full-service broker that offers trading services in equities, derivatives and commodities. The company also provides research services to institutional clients. Kotak Securities was founded in 1994 by Uday Kotak and has offices across India as well as overseas markets such as Singapore and Dubai.

The company offers a wide range of products, including equity shares, index futures contracts, options contracts (puts & calls), currency futures contracts and commodity futures contracts through its online trading platform called KOTAK Direct Plus+. This enables investors to trade online with ease while enjoying the benefits associated with being part of one of India's largest financial institutions - Kotak Mahindra Bank Limited (KMB).

The advantages of Kotak Securities are:

• Kotak Securities has a strong presence in the capital markets space, with its business segments covering debt securities, equity derivatives, commodities and currencies. 
• The company provides research coverage for over 400 companies listed on Indian stock exchanges. This includes both large-cap and small-cap firms across various sectors, including banking & financial services, IT/ITES, healthcare and pharmaceuticals.

Kotak Securities Pricing:

Particulars	Charge
Account Opening Charges	₹0
Account Maintenance Charges	Upto ₹100
Equity Futures	₹10
Equity Options	₹10
Equity Intraday	₹10
Equity Delivery	₹0
Currency Futures	₹10
Currency Options	₹10
Commodity Futures	₹10
Commodity Options	₹10

Kotak Securities Pros & Cons:

Pros	Cons
Personalised relationship manager support	Outdated and confusing user interfaces
Competitive brokerage rates	Complicated account opening process
Strong research and advisory services	Limited mobile app functionality
Zero brokerage on equity delivery trades	Frequent service outages

5. Motilal Oswal

Motilal Oswal is a full-service brokerage firm that offers services in equity, debt and currency markets. The company was founded in 1993 by Motilal Oswal, and it has more than 2200 employees working across its offices in India and abroad.

The advantages of Motilal Oswal are:

• They have a wide network of branches across India with over 150 branches spread across all major cities, including Mumbai, Delhi NCR, Kolkata etc., which makes it easier for you to get your investments done without any hassle or delay. 
• They provide 24/7 customer support via phone calls or emails, so if there's anything wrong with your account, you can always contact them anytime during the day without worrying about getting any response from them.

Motilal Oswal Pricing:

Particulars	Charge
Account Opening Charges	₹0
Account Maintenance Charges	₹0
Equity Futures	0.02%
Equity Options	₹20
Equity Intraday	0.02%
Equity Delivery	0.20%
Currency Futures	0.02%
Currency Options	₹20
Commodity Futures	0.02%
Commodity Options	₹50

Motilal Oswal Pros & Cons:

Pros	Cons
Robust trading platforms accessible on all devices	High commodity options brokerage
Strong reputation in the Indian market	Complicated offline account opening process
Comprehensive customer support and education	Limited options for Mutual Fund investments
In-depth research and advisory services	No 3-in-1 account option (trading, Demat, banking)

6. Sharekhan

Sharekhan is a full-service broker that offers trading services in equities, derivatives, mutual funds and commodities. The company was established in 1999 as a subsidiary of the National Stock Exchange (NSE). Sharekhan has offices in Mumbai, Kolkata and Delhi, with over 300 employees who work closely with their clients to provide them with personalised service.

The services offered by Sharekhan include:

• Trading on NSE's SME platform;
• Online trading through their website or mobile app;
• Brokerage services for individual investors through NSE's SME platform;
• Research reports on various stocks & sectors are regularly published online.

The advantages of Sharekhan are:

• Sharekhan has also launched a mutual fund platform that enables investors to invest in mutual funds online
• Advisory services for investors, including portfolio management and mutual fund advisory; OTC trading through their subsidiary company Sharekhan OTC Limited.

Sharekhan Pricing:

Particulars	Charge
Account Opening Charges	₹0
Account Maintenance Charges	₹400
Equity Futures	₹20 or 0.03%
Equity Options	₹20
Equity Intraday	₹20 or 0.03%
Equity Delivery	₹0
Currency Futures	₹20 or 0.03%
Currency Options	₹20
Commodity Futures	₹20 or 0.03%
Commodity Options	₹20

Sharekhan Pros & Cons:

Pros	Cons
User-friendly mobile trading platform	AMC charges can be considered high
Zero brokerage on equity delivery	No 3-in-1 account option
₹0 brokerage on loss-making trades	₹50 + GST per order through the dealing desk, plus ₹20 brokerage
Educational articles and blogs	Users have claimed the app is slow and missing important features

7. Axis Direct

Axis Direct is one of the leading full-service brokers in India. It offers a wide range of financial services, including insurance and investments. The company has been around since 1988 and has more than 1,200 employees working across its branches in India and abroad.

Axis Direct provides its customers access to a wide range of products from different companies through a single platform. This means that you can find everything you need in one place without having to go through multiple websites or applications for each product or service that interests you.

The advantages of Axis Direct are:

• The company has partnered with leading insurers like Bajaj Allianz General Insurance Company Limited, HDFC Life Insurance Company Limited and ICICI Lombard General Insurance Co. Ltd to provide its customers with a host of options.
• You can find a variety of insurance policies, investment products and loans on the Axis Direct website. The company offers different types of home and car insurance policies, as well as health covers that can be customised to suit your needs.

Axis Direct Pricing:

Particulars	Charge
Account Opening Charges	₹0
Account Maintenance Charges	Upto ₹350
Equity Futures	0.05%
Equity Options	₹20
Equity Intraday	0.05%
Equity Delivery	0.50%
Currency Futures	0.05%
Currency Options	₹20
Commodity Futures	0.05%
Commodity Options	₹20

Axis Direct Pros & Cons:

Pros	Cons
3-in-1 account for seamless transactions	Monthly fee for trading terminal
Wide range of investment products	Less competitive compared to discount brokers
Comprehensive research and reports	High AMC
User-friendly mobile and web platforms	Customer service ratings are average

Pros and Cons of Full-Service Brokers

Full-service brokers offer a lot of help with managing investments, but they have both good and bad points that you should think about before deciding.

Pros of Full-Service Brokers

1. They offer many services like advice on investments, managing your portfolio, planning for retirement, and even tax help. They also give access to special investment opportunities like IPOs and unique products.
2. You get advice from a dedicated financial expert who understands your goals. If you like having someone to guide you personally, this can be really helpful.
3. These brokers often have teams that do deep research and provide detailed reports to help you make smart investment choices.
4. You can handle all your financial needs in one place, saving you time and making things simpler for you.

Cons of Full-Service Brokers

• They usually charge higher fees or take a percentage of what you invest. Over time, these fees can eat into your returns.
• Sometimes, brokers may push products that earn them more money, even if there are better choices for you. 
• If you're comfortable making your own investment choices and doing your own research, you might only need some of the extra services. 

Deciding whether to use a full-service broker depends on your personal needs and goals. If you want expert help and are okay with paying higher fees, they can be a good choice. But if you prefer to handle things on your own or want to keep costs low, there might be better options for you.

Conclusion

With a plethora of full-service brokers vying for your attention, choosing the right one can be an overwhelming task. But fear not, for you are not alone in this endeavour. Finology Select is here to guide you through the maze of options and help you make an informed decision. It is a comprehensive platform that empowers you to compare various stock brokers based on a range of crucial factors, including brokerage charges, trading platforms, research reports, and customer support. Visit today!

Frequently Asked Questions (FAQ)

1. Who's the top full-service broker in India?

There isn't one single top broker for everyone. It depends on what you need. Angel One, ICICI Direct, and HDFC Securities are popular because they offer a wide range of services. If you want help with research, advice, or managing your portfolio, these brokers are good options.

2. Is Zerodha a full-service broker?

No, Zerodha is a discount broker. It's great if you want low-cost trading. But it doesn't give you personal advice, research reports, or portfolio management services like full-service brokers do. 

3. Are full-service brokers worth it?

Yes, they are worth it if you want extra help with your investments. Full-service brokers offer advice, research, and support, which can be useful if you're new to investing or want someone to guide you. They do charge higher fees, so it's best if you're okay with paying more for these extra benefits.

4. Which full-service broker is best for beginners?

Angel One and Sharekhan are good for beginners. These platforms are easy to use and offer resources to help you learn about investing. If you're just starting out, these brokers make investing less overwhelming.

5. How do I pick the right full-service broker?

Look at how much they charge in fees, how good the advice and research are, and how easy the platform is to use. Check if they offer extra features like portfolio management or SIPs. Pick a broker that fits your needs and helps you reach your investment goals.