In this article, I am providing the list of Best stock Brokers in Mumbai. Maharashtra.
Mumbai which was known as Bombay until 1995, is a great port city situated on the west coast of the Indian peninsula. It is one of India’s dominant urban centers and one of the largest and most densely populated cities in the world.
Almost all top stock brokers are based out of Mumbai. They have head office and registered office at Mumbai.
More over the two biggest stock exchanges NSE and BSE are also located in Mumbai.
So let us understand about few well established stock brokers of Mumbai.
But, Before you decide to open your account with any stock brokers, I strongly suggest you to go through some of the below articles to understand various types of stock brokers operating in our country.
Best Stock Brokers in Mumbai 2024
There are many share brokers based out of your city. Here we are I am discussing only top brokers.
Here is the list of 9 Best stock brokers in Mumbai,
- 1. Zerodha Stock Broker
- 2. Upstox Stock Broker
- 3. Angel Broking Stock Broker
- 4. Motilal Oswal Stock Broker
- 5. 5Paisa Sock Broker
- 6. Trade SMart Online Stock Broker
- 7. India Infoline (IIFL) Stock Broker
- 8. ICICI Direct Stock Broker
- 9. HDFC Securities Stock Broker
#1 Zerodha
Zerodha is No.1 stock broker of India. They have highest number of active customers who are more than that of ICICI Direct and Sharekhan.
While ICICI Direct charges are based on percentage of traded value, Zerodha charges flat fee of Rs20/trade irrespective of traded value.
And the delivery based trades are charged Zero. Read the detailed review about Zerodha here.
Zerodha Mumbai Branch Address
3rd Floor B Wing, Vasudev Chambers, Opp. Wilson Pen Company
Old Nagardas Road,Andheri East Mumbai 400069
Website : Zerodha Website
Account can be opened completely online in 15 min. Infact, no need to visit any branch and it is completely online.
Also there is a discount of Rs 200 for those accounts opened online. ( Offline account opening fee: Rs 400, Online account opening fee : Rs 200)
Please read this article on how to open Zerodha account explained step by step. You can use below button to open the account instantly.
Save200 : You can save Rs200 if you open account online. Use below button to go directly to Zerodha account opening page.
#2 Upstox
Upstox was previously known as RKSV Securities. They have their head office at Mumbai.
They are the second largest discount broker of India after Zerodha. Read more about Upstox in this review.
The brokerage charges of Upstox is almost same as that of Zerodha.
Read the comparison of Upstox and Zerodha.
Upstox address at Mumbai
3oth Floor, Sunshine Tower, Senapati Bapat marg, Dadar (w). Mumbai 400013
#3 Angel Broking
Angel Broking is in brokerage industry since 1987. They have their head office in Mumbai.
To know more about Angel Broking, read this detailed review.
They were levying brokerage in percentage of traded value previously (Full service broker model). But now they have adopted the discount broker model similar to Zerodha.
Checkout difference between Angel Broking and Zerodha.
Below table has the details of brokerage structure of Angel Broking for each segments:
Angel Broking Office address at Mumbai
Ackruti Trade Center, MIDC, Andheri (E), Mumbai 400093
Currently Account opening charges are waived off and also AMC charges for first year is also made zero.
Use below button to go directly to Angel Broking account opening page.
#4 Motilal Oswal
Motilal Oswal is a famous stock broker in Bangalore since 1987. They are full service brokers who levy higher brokerage charges but provide personalized service.
If you are new to stock market and OK to pay more charges, the may be good for you.
Their research papers considered to be of good quality. Read more about Motilal Oswal in this review article.
Motilal Oswal Brokerage charges:
Motilal Oswal Office address at Mumbai
Motilal Oswal Tower, Rahimtullah Sayani Road, Prabhadevi, Mumbai. 400025
Website : Motilal Oswal website
OFFER : Currently, account opening fee is waived off for accounts opened in online mode. Also, first year Annual Maintenance Charge (AMC) for first year also waived off.
#5 5Paisa
5Paisa is online discount brokerage arm of India Infoline (IIFL).
IIFL is famous stock broker of Mumbai. It belongs to full service stock broker.
Earlier 5Paisa was charging Rs10/trade making it cheaper than Zerodha. But now they have revised it to Rs 20/trade. Also delivery brokerage is also not free. Check comparison of 5Paisa with Zerodha
5Paisa has their head office at Mumbai.
For more information about 5Paisa, read this review.
Below is the brokerage charges of 5Paisa.
5Paisa Office address at Mumbai
Sun Infotech Park, Road No.16V, Plot No.B-23 Thane Industrial Area, Wagle Estate, Thane – 400604
#6 TradeSmartOnline
TradeSmartOnline is discount brokerage arm of VNS Finance limited.
VNS finance is a reputed stock broker in Mumbai . There are into the brokerage business for more than 30 years. Know more about TradeSmartOnline at this review.
Read comparison between TradeSmartOnline vs Zerodha
TradeSmartOnline Brokerage charges. They have two different type of plans to suit different traders/investors
TradeSmartOnline Mumbai Address
A-401, Mangalya, Marol Maroshi Road, Andheri East, Mumbai, Maharashtra 400059
#7. India Infoline (IIFL)
India Infoline is one of the reputed full service broker of India. IIFL was established in year 1995.
They command huge respect for more than 2 decades. They spend considerable amount of their profit on research and hence their research reports are good.
Apart from equities, they provide investment/trading in derivatives, commodities. currencies. They also provide advisory services.
To know more about them and India Infoline (IIFL) offerrings, read this review.
Also read : IIFL Vs Zerodha
Brokerage charges of IIFL are resonable when compared to other full service brokers.
Below table has the details of brokerage charges of IIFL.
IIFL Office Address in Mumbai:
MMGS Marg,
Dadar East,
Mumbai – 400014
Website: IIFL Website
OFFER : Currently, account opening fee is waived off for accounts opened in online mode. Also, first year Annual Maintenance Charge (AMC) for first year also waived off.
To avail this offer, use below button to open account.
#8 ICICI Direct
ICICI Direct is from one of the largest private sector bank ICICI Bank.
They provide 3-in-1 demat account , that means trading account, demat account and Savings bank account all are integrated.
To know more read this review about ICICI Direct.
But the brokerage charges are high. They charge based on percentage. Read how the brokerage charges differ in ICICI Direct Vs Zerodha.
ICICI Direct Mumbai Branch address
Shop No. 1 & 2, Dilkush Bungalow J. P. Road, Andheri West
Mumbai,,Pin Code: 400058
#9 HDFC Securities
HDFC is from India’s biggest bank HDFC Bank. They have their head office at Mumbai.
To know more information about HDFC Securities, read this review.
Also read compassion of HDFC Securities vs Zerodha
HDFC Securities Mumbai Branch address
Think Techno Campus Building-B Alpha”,Office Floor 8 ,Opp. Crompton Greaves Near, Kanjurmarg Station Rd, Kanjurmarg East, Mumbai, Maharashtra 400042
Best Stock Broker in Mumbai : Conclusion
Mumbai houses head offices of almost all top stock brokers. Major financial decisions are taken here. Branches all over India report to the head office located at Mumbai.
But if you prefer to open account anywhere, it is better to prefer one out of these 7 best stock brokers of Mumbai.
But you have to understand the offering of each stock broker. For example, Zerodha does not offer any PMS Service. Similarly Sharekhan charges are way more than that of Zerodha.
I switched to Zerodha from Sharekhan as I was not expecting any tips and recommendations.
What I like is the simple and clutter free user interface of the Zerodha’s trading platform (KITE).
I can recommend Zerodha to any one and pretty satisfied with their product and service since 2012.
Best Stock Brokers in Other Major Cities of India :