List of stock brokers in India: brokers and sub-brokers

The official broker registers, what a contact list adds, and who sells to brokers.

Updated 12 October 2026 · 4 min read

Who makes up the broking trade

A list of stock brokers in India covers far more than the big trading apps. Behind them sits a long chain of firms and individuals, and each link buys different things:

Trading members of the stock exchanges: full-service brokers with branches and research desks, and discount brokers that work mostly online. Many are also depository participants, opening demat accounts with NSDL or CDSL.
Authorised persons, the local partners who bring clients to a broker and service them. SEBI no longer registers sub-brokers; most people once called sub-brokers now work as authorised persons, approved through the exchanges.
Commodity brokers, who deal on exchanges such as MCX, often with evening desks.
Investment advisers, research analysts and mutual fund distributors. They are not brokers, but they work alongside them and often share an office or a client base.

Many head offices are in Mumbai, home of both BSE and NSE, but branches and authorised persons are spread across smaller cities and towns wherever people trade.

Where to get a list of stock brokers in India

SEBI's list of registered intermediaries. Choose stock brokers (or investment advisers, research analysts, depository participants) and you get registered names with registration numbers and office details. This is the place to confirm that a broker is registered.
The exchanges' member directories. NSE, BSE and MCX publish searchable lists of their members, with the segments each one may deal in and registered office details. Some also let you look up the authorised persons of a broker.
Brokers' associations keep member lists, mostly for their own members.

All of these are free, but they are built for investor protection, one search at a time. They rarely give a direct mobile number, and the email shown is often a compliance or grievance desk, which does not buy software or services. A stock brokers list for sales needs the owner's or branch head's number, by city.

Our stock brokers database

Our Stock Brokers & Broking Firms list holds 1,87,757 contacts in the broking trade, spread over 328 cities. 95% have a mobile number, 97% have an email address and 72% give a person's name. Most rows sit in Mumbai, Delhi, Bengaluru, Hyderabad and Pune. Few rows say whether a contact deals in equity, commodities or mutual funds, so keep one qualifying question ready for the first call. You can read 60 sample contacts on the All-India page or on any of its 37 city lists before you pay.

Stock brokers by city

Stock brokers by state

Advisors and agents

If you are recruiting authorised persons or distributors, insurance and financial advisors are a natural pool, since they already have clients who invest:

What sellers offer broking firms

Technology: trading terminals, back-office and risk systems, mobile app development, market data and charting feeds, and API platforms for algorithmic trading.
Onboarding: e-KYC, video KYC, e-sign and bank account verification for opening accounts.
Compliance: cyber security and system audits under SEBI's rules for regulated entities, internal audits by CA firms, and call recording for orders taken by phone.
People: NISM certification coaching for dealers and authorised persons, and hiring of relationship managers.
Brokers themselves, looking for authorised persons and franchise partners in new towns.
Office services: leased lines and backup internet, power backup, and office space close to the client base.

Pitching a broker outside market hours

The equity market's normal session runs from 9:15 am to 3:30 pm on weekdays, and a dealing room will not take a sales call while it is open. Commodity desks stay busy late into the evening. Plan around that:

Call between 3:45 and 6:30 pm, after the close, when the owner or branch head is going over the day. Avoid derivative expiry days, Budget day and days of heavy market news.
Talk about their clients. For example: "Good evening, sir. I am calling from a Bengaluru firm that runs video KYC for brokers. Your partners in Gujarat open new accounts every week; how long does one take you today?"
Expect compliance questions: where client data is stored, whether your process meets SEBI and exchange rules, and which audit reports you can share. Have the answers in writing.
Price for their size. A one-branch broker with a handful of authorised persons buys differently from a firm with hundreds. Per-account or per-user pricing works for both.
Follow up by email with a short note and a demo link. Our cold email templates have examples, and the DND rules apply to every call.

Questions people ask about broker lists

How do I check whether a broker is registered with SEBI?

Search the broker's name or registration number in SEBI's list of registered intermediaries, then on the exchange's member directory. The registration number also appears on contract notes and account opening papers.

Do sub-brokers still exist?

Not as a SEBI category. Former sub-brokers have mostly become authorised persons of a broker, though the old word survives in everyday speech. A list that mentions sub-brokers is usually describing authorised persons.

Can I send stock tips to a list of brokers or investors?

Giving buy or sell recommendations as a business needs SEBI registration as a research analyst or investment adviser, and unregistered tip messages are a common fraud. A broker list is for selling products and services to the trade. For the insurance side of the market, see our guide to LIC and insurance agents lists.