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15 Stock Exchanges are designated as Qualified Stock Brokers by NSE & BSE

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HDFC Sec, ICICI Sec, Zerodha

The National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) have designated 15 trading platforms as Qualified Stock Brokers (QSBs) w.e.f. July 1, 2023 following a direction by the Securities and Exchange Board of India (SEBI) in February 2023. These are as follows:

S. No.Name of the Stock Brokers
15 Paisa Capital Limited
2Anand Rathi Share and Stock Brokers Limited
3Angel One Limited
4Globe Capital Market Limited
5Hdfc Securities Ltd
6ICICI Securities Limited
7IIFL Securities Limited
8Jainam Broking Limited
9Kotak Securities Ltd.
10Motilal Oswal Financial Services Limited
11Nextbillion Technology Private Limited
12Nuvama Wealth and Investment Limited
13RKSV Securities India Private Limited
14Sharekhan Ltd.
15Zerodha Broking Limited

Reason behind this designation:

It is on the lines of SEBI guidelines in January 2023 stating to designate certain stock brokers as QSBs based on their size and scale of operations, potential impact on investors and the securities market, trading volume, amount of clients’ funds handled by them, and adherence to governance and service standards.

  • This designation will ensure the orderly functioning of the securities market and to protect the interest of investors in the securities market.

What are QSBs?

QSBs are shortlisted stock brokers, because of their size and scale of operations, which cater to the needs of a large number of investors. They are identified as QSBs on four parameters viz.

  1. Total number of active clients of the stock broker
  2. Available total assets of clients
  3. Trading volumes excluding the proprietary trading volume
  4. End-of-day margin obligations of all clients excluding proprietary margin obligation of the stockbroker in all segments

Stock brokers with a total score greater than or equal to 5 based on the above parameters are identified as QSBs.


QSBs are required to meet enhanced obligations and discharge additional responsibilities to ensure appropriate governance structure, appropriate risk management policy, scalable infrastructure , appropriate technical capacity, framework for orderly winding down, robust cyber security framework, and investor services including online complaint redressal mechanism.

Recent Related News:

i.SEBI has granted a debt broker license to GoldenPi Technologies, a Bengaluru (Karnataka)-based fintech company backed by Indian financial services provider Zerodha.

ii.SEBI allowed stock exchanges to launch future contracts on corporate bond indices of corporate debt securities rated AA+ and above to enhance liquidity in the bond market and to provide an opportunity to the investors to hedge their positions.

About Securities and Exchange Board of India (SEBI):

Chairperson– Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra
Establishment– 1992