Overview:

Herein we will be discussing the top ten full service brokers in India and their online presence. The leaders have been ranked based on the number of active clients based on the NSE reports.  We have gone deeper to analyze how actively they are propagating and using their online presence to be able to rope in and retain clients. By the end of the article, you will be able to make an informed choice as to where to park your trust. 

Full-Service Broker:

To begin with let us first understand what identifies a full-service broker. A full-service broker is a licensed stockbroker or a firm that gives investment advice to the clients, helps them manage their wealth and portfolio and finally facilitate transactions towards the desired goals. They assign each of the clients a dedicated portfolio manager to advice and help them in investment related services. Full-service brokers are known for their intensive market research that is shared by the clients at a cost. They offer a wide range of services under their umbrella like research and advice, retirement planning, tax tips, portfolio management, wealth, management and trade facilitation. All these services come with a cost, some more, some less. To conclude, a full-service broker will research, advise and service all your financial needs, but at a Price.

Let us now move on to discuss each of the Full-Service Brokers that have made to our list of top ten!

10. Nuvama – (Edelweiss)

Based on the active clients in April 2023 we have Nuvama at no. 10. Edelweiss Wealth Management rebranded as Nuvama and is currently servicing over 1 million HNIs in India. It had over 2.25 lakh crore client assets as on December 2022. It offers multiple trading tools to enrich the clients trading experience. Nuvama offers trading on BSE and NSE across Mutual Fund, Equity, Derivatives, Commodity and Currency Derivatives segments. 

The firm has a global partnership with PAG, an alternative investment firm focused on the APAC region. With an active client base of 218K, Nuvama has over 1557 followers on LinkedIn. Its website is visited by approximately 17.2K people who scroll through an average of 2.47 pages and stay on for 23 seconds per visit. Its App has been downloaded over a million times on the Google play store. 

Nuvama is set to demerge from Edelweiss Financial. In the last five years the company’s client assets have grown at a compounded annual growth rate of 27%. It aims to triple the same by the end of 2028. It is already catering to the key offshore markets like US, Europe, APAC regions and Middle East. Nuvama boasts to service 3000 of India’s wealthiest families and is all set to be a leader in its field with the current expansion plans. 

9. Geogit Financial Services Ltd.

At number 9 we have Geojit, it was founded in 1987 by CJ George and is headquartered in Kerala. It has over Rs. 64,500 crore Assets Under Management and Custody as on 31 March 2023.  Along with strong presence in Gulf Corporation Council (GCC) countries. It was the first broking firm in India to offer online trading facility in 2000. It has ever since been using cutting edge technology at various platforms for its customers. It has been pioneers in online futures trading of cardamom and coffee. In the last 5 years the company has seen 11% compounded growth in sales and 22% compounded growth in profits. The company presently has 465 offices in 19 states. It has opened an all women office in Cochin which is one of its kind in the industry. 

With an active client base of 235K, Geojit has over 1557 followers on LinkedIn. Its website is visited by approximately 248.5K people who scroll through an average of 4.18 pages and stay on for 3 minutes 25 seconds per visit. Its App has been downloaded over 500K + times on the Google play store. The company has a bright future and with the addition of new products it will be able to expand its services and clients even better.

8. Axis Direct

At number 8 we have the trading arm of the Axis Bank – Axis Securities. Axis direct is its online wing.  It was established in the year 2011 by its founder Arun Thukral. It is present in more than 1500 locations across India. Its heavy offline presence makes it easier for people to visit the branches for human touch, direct queries and complaints if any. Being an Axis Bank affiliate, Asix Direct customers benefit from the choice of the 3-in-one account option. Here they can link all bank, trading, and Demat accounts in one single account. It offers various financial services for its clients like IPO, equity trading, currency, cash, derivatives, MCX among others. You can also invest in the US market through your Axis direct account. It also offers one of the highest marginal amounts of 5 times for trading.

With an active client base of 333K. It has a strong presence both offline and online through its branches. With a follower base of 75,831 on linked in and active presence in FB and twitter the company has a healthy online social presence. Its website is visited by approximately 838.5K people who scroll through an average of 7.15 pages and stay on for 9 minutes per visit. Its App has been downloaded over a million times on the Google play store.

7. IIFL

At no. 8 we have the firm that was founded in the year 1995 by Nirmal Jain and R. Venkatarama. It is popularly known as India Infoline. 5paisa is the other arm of IIFL and serves the discount brokers category in the financial services domain. It has over 10,000 employees, over 4500 branch offices, 8+million happy customers and manages 1,10,000+ Cr Assets.

Among other broking services it also has housing loan facilities for its clients. It has roped in Indian Actor, Tamannah Bhatia, as its brand ambassador. 

With an active client base of 480K. and a follower base of 199,988 on linked in the company has been able to cater to the growing online customers. Its website is visited by approximately 1.1M people who scroll through an average of 3.62 pages and stay on for over 2 minutes per visit. Its App has been downloaded over 5 million times on the Google play store. As per 2023 consolidated financial report of the company, IIFL Finance’s net profit was at Rs. 458 crore against Rs. 321 crore. The consolidated result includes earnings of its subsidiaries as well.

6. SBI Securities

At the 6th position we have SBI securities. The name itself garners clients’ trust and support. The firm was established in the year 2006 and is a wholly owned subsidiary of SBI capital Ltd. It is equally trusted by NRIs and Domestic clients. Today, it services more than 25 lacs+ customers across 122+ locations in India. It offers services across multiple categories, like, equity, derivatives, mutual funds, fixed income, insurance and loans. As its commitment towards a sustainable future, it is involved in various CSR activities. 

With an active client base of 516K and a follower base of 44,697on linked in the company has been able to cater to the growing online and offline customers. Its website is visited by approximately 624.7K people who scroll through an average of 3.79 pages and stay on for over 8 minutes per visit. Its App has been downloaded over one million times on the Google play store. SBICap Securities is backed by SBI, one of India’s largest and most trusted banks. This greatly adds to its credibility.

5.  ShareKhan

The 5th rank holder, ShareKhan was established in the year 2000 by its founder Shripal Morakhia and is primarily attributed to spreading the whole concept of online trading in the country. It was acquired by BNP Paribas in 2016. BNP has over 160 years of experience and presence across 75 countries. This gave Sharekhan huge benefit in becoming one of the leading share brokers in India. It has over 4000 employees, 3200 Shareshops and presence in 541 cities.

It was recognised as the most trusted brand in India in the BSFI category for the year on 24th March, 2023. This surely talks volumes about the brand and its offerings as a full service broker. 

With an active client base of 694K, Sharekhan has over 56211 followers on LinkedIn. Its website is visited by approximately 1.5M people who scroll through an average of 10.68 pages and stay on for 14 minutes per visit. Its App has been downloaded over 5 million times on the Google play store. This clearly indicates a very strong online engagement through its website and app.

4. Motilal Oswal

At no. 4 we have Motilal Oswal Financial Services Ltd. (MOFSL) was founded in 1987 and is presently employing over 10500 + people. Headquartered in Mumbai, it has a network spread in 550 cities comprising 2500 + business locations through its far-reaching partner base. 

It boasts of one of the best researches in the industry, has 25+ research analysts researching 250+ companies in 20+ sectors. It has also launched a new app called Research 360 which is a first-of-its-kind financial market research & analysis platform.  Motilal Oswal has bagged many awards and accolades a few of them from 2022 are: 

1. “Leading member of the exchange at 2022” – at MCX award 2022
2. “Outstanding Private Bank for Growth Strategy – Highly Commended” at Private Banker International Global Wealth Awards 2022.
3. “Best Wealth Manager – India” at The Asset Triple a Private Capital Awards 2022.

With an active client base of 805K, Motilal Oswal has over 225,202 followers on LinkedIn. Its website is visited by approximately 1.5M people who scroll through an average of 2.97 pages and stay on for 4 minutes 15 seconds per visit. Its App has been downloaded 5 million times on the Google play store so far. 

3. Kotak Securities Limited

At the 3rd position we have Kotak securities limited (KSL). It is a subsidiary of Kotak Mahindra Bank.  It serves its customer accounts through 183 branches and 1265 franchisees across 378 cities. Through a tie up with partner brokers, it allows direct access to US markets to its clientele. 

It has taken lots of initiative towards better and easy servicing to its clients through Mobile app, IPO investments over phone, SMS alerts before depository transactions and others. It has targeted youth through its “Trade Free Youth” for traders of less than 30 years. They save brokerage across all trading segments. 

With an active client base of 923K, Kotak securities has over 149,060 followers on LinkedIn. Its website is visited by approximately 3.3M people who scroll through an average of 7.47 pages and stay on for 7:55 minutes per visit. Its App has been downloaded over 1 million times on the Google play store. It is a clear picture of highly engaging web presence.

2. HDFC Securities

The second position was secured by HDFC securities that commenced business in the year 2000. It 

also offers 3 in 1 account to the clients for demat account, trading account and banking account in one place. HDFC securities offers a lot of digital platforms like Desktop based online trading facility, Mobile Trading App, ProTerminal- an advanced trading platform and Arya- a voice enabled investing assistant and also call and trade facility. It services the clients with 250 branches across 190 cities. 

With an active client base of 1.06M, HDFC securities has over 164,810 followers on LinkedIn. Its website is visited by approximately 2.8M people who scroll through an average of 4.90 pages and stay on for 8 minutes 17 seconds per visit as per the similar web data. Its App has been downloaded over 1 million times on the Google play store. With a strong backing of HDFC bank, it has a bright future.

1. ICICI Direct

ICICI Securities Ltd is a subsidiary of ICICI Bank Ltd. The company began its operation in May 1995. It presently has 140+ branches and 33000+ business partners. It offers 50 + products and services. They claim to have a 75% strike rate in the research. They have various trading innovations in their kitty, like, Price improvement, Cloud and Valid till cancel. Their dedicated service managers are available online, on-call and in person visits for solving any query and all-round assistance.

With an active client base of 2.33M, HDFC securities has over 107,986 followers on LinkedIn. Its website is visited by approximately 9.7M people who scroll through an average of 9.18 pages and stay on for 12 minutes 26 seconds per visit as per the similar web data. Its App has been downloaded over 1 million times on the Google play store. All these are indicators of strong engagement online with visitors on the web and the app of the firm. A visitor spends over 12 minutes in a single visit is a clear indicator of the content and offers that keep them busy when they land on ICICI direct’s portal.

Conclusion:

An investor today has various options to choose from when they decide to enter trading. 

There are various advantages attached to choosing a full service broker. Some of them are enlisted below: 

1. They will get 3 in 1 or 2 in 1 accounts.
2. Access to research reports and tips for beginners
3. Dedicated account manager to help you perform your trades and make informed decisions
4. Portfolio diversification at one place – as full service brokers offer a plethora of products and services under their wings
5. On call trading

It is crucial for an investor to know what all they can expect from a full-service broker and their charges before they choose to invest in any of the leading brokers of their choice. The charges can be easily compared online or through discussions before making the final decision. Our Top Ten Full-Service Brokers have been ranked based on the number of active clients as on April 2023 list by the NSE of India. We can easily see that the highest-ranking broker has the maximum engagement online. This is new age India and anyone who wants to be at the Top has to not just diversify the offerings but make it readily and easily accessible on the go to all its clients. The apps and the websites should be easy to navigate with comprehensible content and varied offers for the ‘Digitally Informed India’.