How to Choose a Stock Broker in India: A Checklist
Eight things to check before opening a trading and demat account — from SEBI registration and total cost to platform, support and exit charges.
1. SEBI registration
Confirm the broker's SEBI registration number (it starts with INZ for stock brokers) and its depository participant ID on SEBI's website. Never open an account with an entity that cannot show one.
2. Total cost, not headline brokerage
Add up brokerage for your typical trades, AMC, DP charges, and fees like call & trade or auto square-off. A broker with ₹0 delivery brokerage but a high AMC may cost more for a small investor than one with a low AMC. Use our brokerage charges comparison.
3. Your style of investing
| You are | Prioritise |
|---|---|
| Long-term investor | Low/zero delivery brokerage, low AMC and DP charge |
| Active trader | Low per-order cap, fast platform, good charts |
| Options trader | Flat per-order (not per-lot) options brokerage |
| Beginner | Simple app, education, support |
| Needs advice | Full-service broker with research (higher fees) |
4. Platform and app
Try the app's demo or screenshots. Check order types (GTT, basket orders), charting, and stability during busy market hours.
5. Support
Look for phone support, email, ticketing and branch access if you need it. Check the broker's grievance redressal process.
6. Products
Do you need IPOs, mutual funds, ETFs, bonds, US stocks, or commodity trading? Not every broker offers all of them.
7. Account closure and transfer
Check whether there is a closure fee and how easily you can transfer holdings out (via a delivery instruction slip / online request).
8. Complaints
If something goes wrong, escalate to the broker, then the exchange and SEBI's SCORES portal, and the online dispute resolution (ODR) mechanism.
Frequently asked questions
Should I open accounts with more than one broker?
You can. Some investors use one broker for long-term holdings and another for trading. Remember that each demat account may carry its own AMC.
Is a discount broker safe?
Discount and full-service brokers are regulated by SEBI in the same way. Safety depends on the broker's compliance, not its pricing model.
Sources
- SEBI – list of registered stock brokers — accessed 30 September 2026
- SEBI SCORES – investor complaints — accessed 30 September 2026
- SEBI Investor website — accessed 30 September 2026