In fiscal year 2022, the Indian financial services company Zerodha, had over six million active customers. This was a significant increase compared to the previous fiscal year. Zerodha was established in 2010 and offered a host of services including currencies and commodities trading, mutual funds and bonds. It was the leading equity brokerage firm in India in financial year 2021, in terms of active client numbers.

In 2024, Groww was the leading equity brokerage firm across India with over nine million active clients. Zerodha followed with 7.22 million active clients.

The Indian security brokerage market, valued at approximately ₹3940 million (assuming "Million" refers to Indian Rupees) in 2025, is experiencing robust growth, projected to expand at a Compound Annual Growth Rate (CAGR) of 7.89% from 2025 to 2033. This growth is fueled by several key factors. Increased internet and smartphone penetration, coupled with rising financial literacy and a young, digitally-savvy population, are driving greater participation in online trading platforms. Government initiatives promoting financial inclusion and deregulation are also contributing to market expansion. The market is segmented by security type (bonds, stocks, treasury notes, derivatives, others), brokerage service (stocks, insurance, mortgage, real estate, forex, leasing, others), and service model (full-service, discount, online, robo-advisor). The dominance of online and discount brokerage models reflects the cost-conscious nature of many Indian investors. Leading players such as Zerodha, Angel Broking, Upstox, and Groww are leveraging technology to enhance user experience and expand their market share, while established players like ICICI Direct are adapting to the changing landscape. Competition remains fierce, with firms continually innovating to attract and retain clients. The competitive landscape is characterized by a mix of established full-service brokers and rapidly growing online discount brokers. While established players leverage their brand recognition and comprehensive service offerings, the online discount brokers are attracting a significant share of the market through low-cost trading platforms and user-friendly interfaces. The increasing popularity of robo-advisors, which offer automated investment management, represents a significant emerging trend. However, regulatory challenges and concerns related to cybersecurity and investor protection remain potential restraints. The market’s future growth will depend on sustained economic growth, investor confidence, and the ongoing development of robust regulatory frameworks. Further expansion is expected in less-penetrated segments like insurance and real estate brokerage services, aligning with the broader financial needs of the growing middle class. This comprehensive report provides an in-depth analysis of the burgeoning India security brokerage market, projecting robust growth from 2025 to 2033. The study covers the historical period (2019-2024), with 2025 serving as the base year and estimated year. We delve into market size, segmentation, key players, and future trends, providing valuable insights for investors, businesses, and stakeholders. Search-optimized keywords include: India stock market, India brokerage firms, online trading India, security brokerage India, discount brokers India, financial markets India, Indian investment market, wealth management India, robo-advisors India. Recent developments include: May 2023: Fintech unicorn Groww acquired a 100 percent stake in the mutual fund business of Indiabulls Housing Finance for INR 175.62 crores (21.23 million USD). The acquisition was made to make mutual funds more accessible, simpler, and transparent, besides lowering the cost by Groww., March 2022: Axis Bank consolidated its position amongst the large private lenders by agreeing to acquire Citibank's consumer businesses covering loans, credit cards, wealth management, and retail banking operations in India, in line with its growth ambitions.. Key drivers for this market are: High Retail Participation, Favorable systematic liquidity in domestic and international market. Potential restraints include: High Retail Participation, Favorable systematic liquidity in domestic and international market. Notable trends are: Increasing Demat account and brokerage business affecting Indian Security Brokerage Market.

The global e-brokerage market, valued at $12.51 billion in 2025, is projected to experience robust growth, driven by the increasing adoption of online trading platforms and the rise of mobile investing. A Compound Annual Growth Rate (CAGR) of 6.55% from 2025 to 2033 indicates a significant expansion of this market. Several factors contribute to this growth: the convenience and accessibility of online trading, lower commission fees compared to traditional brokerage firms, and the growing popularity of investment among individual investors, particularly millennials and Gen Z who are digitally native. The market segmentation reveals a strong demand across both full-time and discounted brokerage services, catering to both individual and institutional investors. Technological advancements, such as AI-powered trading tools and enhanced mobile applications, further fuel market expansion. Geographic variations exist, with North America and Europe currently holding significant market share, though the Asia-Pacific region, particularly India and China, shows immense potential for future growth due to rising internet penetration and a burgeoning middle class actively engaging in financial markets. Competitive pressures among established players like Charles Schwab, Interactive Brokers, and Zerodha, alongside the emergence of fintech startups, necessitate innovative strategies focusing on technological advancements, customer experience enhancements, and diverse product offerings. Regulatory landscapes and cybersecurity concerns pose significant challenges. Stricter regulations regarding data privacy and investor protection require significant investment in compliance. The increasing sophistication of cyber threats necessitates robust security measures to protect sensitive financial data and maintain investor trust. Future growth will depend on adapting to evolving regulatory frameworks, fostering a secure trading environment, and continuously innovating to provide user-friendly and value-added services that cater to the needs of both seasoned and novice investors. Expanding into underserved markets and leveraging emerging technologies like blockchain and cryptocurrency trading could present additional avenues for growth.

The global stockbroking market, valued at $1275.18 billion in 2025, is projected to experience robust growth, driven by several key factors. Increased retail investor participation, fueled by technological advancements like mobile trading apps and online brokerage platforms, is a significant driver. The democratization of investing, coupled with rising financial literacy and awareness, particularly among younger demographics, is further expanding the market's reach. Moreover, favorable regulatory environments in many regions are encouraging more individuals to enter the stock market, contributing to the market's expansion. The shift towards online and mobile trading continues to be a prominent trend, significantly impacting the industry's operational model and accessibility. Competition among established players and the emergence of new fintech companies are also shaping the landscape, pushing for innovation in trading platforms, investment tools, and customer service. While challenges remain, such as market volatility and cybersecurity threats, the overall outlook for the stockbroking market remains positive. The market's segmentation into online and offline booking modes reveals a strong preference for online channels, reflecting the broader digital transformation trend. Geographic variations exist, with North America and Europe currently holding substantial market shares due to established financial markets and high investor participation. However, the Asia-Pacific region, particularly India and China, is expected to witness significant growth in the coming years, driven by a rapidly expanding middle class and increasing investment opportunities. The competitive landscape is diverse, encompassing both large multinational corporations and agile fintech startups, leading to a dynamic and innovative marketplace. This competition is likely to drive further advancements in technology and service offerings, benefiting investors through improved trading tools, lower costs, and enhanced accessibility. The long-term forecast, spanning until 2033, anticipates sustained growth, though the rate may fluctuate based on macroeconomic conditions and global market dynamics.

Kotak Securities recorded a revenue from operations of over 17 billion Indian rupees in financial year 2019. This figure put the company first among a list of other brokerage firms that year in India. Motilal Oswal followed, with Zerodha ranking third that year.