Top Sub brokers in India

More on Sub-brokership

If you are looking for the Top Sub brokers in India, well in this detailed review we will have a look at the stockbrokers who top the list.

We will also mention some of the benefits and concerns that these top sub-brokers bring along with themselves so that you get a complete 360-degree idea before you partner the broker.

Top Sub brokers in India Review

Stock Broking space in India is going through a very interesting phase right now. With multiple discount broker options, Full-service brokers are playing pretty hard on other value additions they bring to the table.

Apart from a lot of important unique selling points such as Research, Customer service and so on, geographical presence across the country is one of the top aspects a potential client looks into.

Although the article is titled ‘Top 10 Stock Brokers with Largest Sub broker network in India’, we will go beyond 10 and list all the prominent full-service broking houses. 

A major chunk of traders are gradually moving to the online versions of trading, there is still a reasonable size of traders – who still prefer the offline way. They prefer stockbrokers with a presence in and around their region.

This helps them to stay connected with the stockbroker through whom they are putting in their hard-earned money for trading.

At the same time, the sub-broker and franchise network helps stock broking houses to increase their visibility and access across multiple regions of the country without them having their own offices.

So, let’s check out the list of stockbrokers with the largest sub-broker network in India:


As you can see, Angel Broking tops the list with the second-best has not even half of Angel Broking’s coverage across the country. And that is what a major chunk of Angel Broking’s revenue comes through offline channels.

Having said that, since the consumer is slowly moving online and is getting tech-savvy – there is a huge possibility that in a few years from now, the industry might see a complete turnaround from its current state.

And that is when having a large sub-broker network might not be a selling point anymore.

Till those years though, this remains as one of the top contentions for consumers looking to open a Demat account with a stockbroker.

Top Sub brokers in India List

Let’s have a quick glance at these top sub-brokers along with their benefits and concerns you must be aware of:

1. Angel Broking Franchise

Angel Broking is one of the oldest stockbroking houses in the country with its inception going back to the year 1987. As far as it is a top sub-broker oriented stockbroker is concerned, Angel Broking offers multiple business models to its partners such as franchise, master franchise, sub brokership and remisier.

Therefore, it is good to know the Angel Broking Franchise Cost, if you want to get associated as a partner with Angel Broking. Apart from this have a quick glance on the Angel Broking Franchise details to pick the right business model for you.

The broker offers different revenue models and awards its top partners with international and domestic offsite travels at PAN India and regional levels.

Angel Broking provides benefits such as high brand equity, technology and marketing support, client acquisition offers and of course a consistent career growth.

2. IIFL Partner

IIFL is a large financial house and has decent expertise in the stockbroking business. IIFL is easily one of those stockbrokers that can be seen as a top sub-broker partner. The broker has a physical presence in more than 900 cities and towns of the country.

The broker has a major brand recall value especially in the northern states of India such as Punjab, Haryana, Delhi, Himachal, UP etc.

As far as the business partnership models are concerns, IIFL allows you to partner at levels such as sub-broker, franchise, marketing associate, Entrepreneur, Remisier Direct Sales Agent.

Want to become IIFL FAN Partner? Then know about How to Become IIFL FAN Partner? and reap its benefits.

The revenue sharing stands at 50% to 80% depending on the scale and volume of business you bring to the table.

Some of the other benefits include minimum monthly payouts, easy onboarding process, high-tech trading platforms for an easier sales pitch.

Also, it gives you the access of IIFL AAA.

3. Sharekhan Franchise

Sharekhan Franchise Details are given here. It also comes out well with a reasonable offline presence across big and small cities of India, thus you can find the Sharekhan franchise near me easily. At the same time, the brand ‘Sharekhan’ has a fairly decent recall value among the potential client base.

The different business models available with Sharekhan are Power Broker, Independent Finance Advisor, Remiser.

Some of the obvious advantages of becoming a Sharekhan partner at any level are brand leverage, high-quality research, marketing support, regular training for partner employees, a wide range of trading products etc.

They launch different training to their Associates like a referral program, affiliated program, and many more. so that they can increase their sales and come under Sharekhan Partner Program.

Also, know about Sharekhan Franchise Benefits.

4. Motilal Oswal Franchise

Motilal Oswal is again one of the veteran full-service stockbrokers in the country. When it comes to their hold on the offline presence, the broker is available in 500+ cities through around 2200 branches and franchise offices.

The broker offers partnership models such as Channel Partner, Franchise, Remisier, Employee to Entrepreneur Program enabling different interest levels for potential businesses. All of these models have different initial costings, revenue sharing percentages and sets of eligibility criteria.

The full-service broker provides regular seminars and workshops for its partners and their employees across different parts of the country. The training includes sales and client acquisition strategies, selling techniques, usage of digitization and technology.

5. Nirmal Bang Franchise

This stockbroker has relatively decent brand equity and offline presence but pays lesser in revenue sharing comparatively.

Nirmal bang offers a single partnership model of a franchise with a standard process in place.

Although it is among the top sub-brokers in India as of now, however, due to its stringent and age-old business methodology, it won’t be a surprise if it gets walked over by other stockbrokers soon. Thus, the broker needs to be wary of these industry challenges and set it up accordingly in the industry space.

6. Bonanza Online Franchise

Bonanza Online initiated the sub-broker business since 2006. Prior to that, the broker stayed on its own since its inception from 1994.

The broker offers a wide range of trading and investment products that you can offer to your clients. This works as a unique selling proposition for investors who want to put their money across different investment products.

The broker requires you to put in a relatively lower initial deposit but when it comes to revenue sharing, there is a wide range. There are a few partners who may get as low as 40% and then there are ones getting in the range of 80%. Thus, you are suggested to negotiate as much as you can when dealing with this broker.

Some of the benefits you may get include research quality, marketing assistance and training.

7. Reliance Securities Franchise

Reliance is definitely a big brand, in general. However, when it comes to the securities and investment business, Reliance Securities has been adjusting with a mediocre growth over the last few years.

The broker launched in the year 2005, although provides a reasonable revenue sharing till 70%, it requires a mammoth initial deposit as well (in the range of INR 1 Lakh).

Offering both the sub-broker and franchise business models, Reliance securities is among the top sub-brokers in India for its risk management processes, high brand equity, well- designed trading platforms etc.

The broker provides training on sales, financial products, system management, back-office operations and other related areas so that the partner businesses feel confident and comfortable while dealing with the clients.

8. ICICI Direct Franchise

When you put a banking brand in any financial business, there is a direct correlation potential investors draw, as far as the trust factor is concerned. There is very limited effort ICICI Direct has done towards building its own brand for the hard word ICICI banking business has done for it.

Stakeholders at any capacity would want to be associated with this broker as one feels comfortable with the money he/she has to put to work.

However, there are a few grey areas the broker needs to work on including high initial deposit, low revenue sharing (especially for smaller sub-brokers) etc. The broker offers a couple of partnership models including the franchise model and investment associate (also called Remisier).

9. Anand Rathi Franchise

Anand Rathi is another prominent name in the stockbroking space in India. If you are looking to set-up a business in this industry, then this broker definitely can be seen as one of the top options.

There are a couple of business models offered and depending on your business objectives and scale, you may choose to become a sub-broker or a remisier. Both these models have a varied range of initial costs one needs to incur.

The broker offers multiple investment products including Equity, Commodity, Currency, Mutual funds, NRI trading, Insurance, corporate fixed deposits, NCDs, forex advisory etc.

10. Kotak Securities Franchise

Last but not the least in this list of top sub-brokers, Kotak Securities is again a brand that brings the already-built trust factor that it has leverage upon. The broker allows its clients to open a 3 in 1 Demat account making the investment life for an investor much easier.

The broker has a positive brand outlook, good revenue sharing models to offer but at the same time, a few of these business models are relatively new and not yet proven.

Overall, the broker has a presence in more than 450 cities and towns with its 2000+ branches giving a decent exposure to the brand physically.

As far as the talked business models are concerned, those are namely – Sub Broker, Net Invest Ace, Net Invest Direct with a revenue-sharing range of 50% to 70%.

Would like to know which stockbroker will work the best for your needs?

Just drop in your details and we will arrange a Free call back to help you in stockbroker selection:

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