Discount Brokers

Discount brokers are stockbroking firms that offer execution-only trading services at significantly lower brokerage fees than traditional full-service brokers — typically charging a flat fee per trade (such as ₹20 per executed order) regardless of the transaction size, rather than a percentage of turnover. Discount brokers do not provide personalised investment advice, dedicated relationship managers, research reports, or offline branch services — instead offering fast, low-cost, technology-driven platforms for self-directed investors. In India, the rise of discount brokers — led by Zerodha (India's largest by active clients), followed by Upstox, Groww, Angel One, and Ventura — has democratised stock market participation by dramatically lowering the cost of investing for retail investors. The flat-fee model particularly benefits large traders and investors who execute high-value transactions, for whom percentage-based brokerage would be prohibitively expensive. Discount brokers have collectively contributed to a significant increase in India's Demat account base, which crossed 15 crore accounts in 2024.