If you search for the “best sub broker in India”, most results still use the old market language.
The exchange-facing role is Authorised Person (AP). An AP is appointed by a stockbroker, approved through the relevant exchange process and paid by the broker under a written agreement for acquiring and servicing clients.
There is no single AP program that wins for every type of partner. A full-service broker may be a better fit for someone building a local, relationship-led business; a technology-led broker may suit an online audience or active-trader community.
Even revenue share needs context, because the shareable brokerage base, slabs, product mix, incentives and deductions can change the actual payout.
Our short take
Angel One is our strongest all-round AP option on the public information checked for this article, with IIFL Capital close behind on commercial transparency.
Mirae Asset Sharekhan, SMC and Motilal Oswal make more sense for partners who value a full-service ecosystem, while Upstox, Zerodha and Dhan are better viewed through a digital-first lens.
Top 10 Sub Broker / Authorised Person Programs in India — 2026
| Rank | Program | Finobizz Score* | Best For | Current Public Signal |
| 1 | Angel One | 95/100 | Best overall full-stack AP program | 10,000+ APs; up to 70% brokerage share; NXT tools, RM, marketing and multi-product access |
| 2 | IIFL Capital | 93/100 | Best for commercial transparency | 3,100+ APs; up to 70%; ₹1 lakh refundable security deposit; published exchange/maintenance charges |
| 3 | Mirae Asset Sharekhan | 90/100 | Best full-service franchise ecosystem | ~4,000+ outlets / 4,100+ franchisees; OneView BI; 10+ income streams; strong RM/training support |
| 4 | SMC | 89/100 | Best current public revenue-share offer | Up to 75% lifetime revenue share; ₹1 lakh refundable deposit; training, BDM and technology support |
| 5 | Motilal Oswal | 87/100 | Best for large established partner ecosystem | 8,000+ partners; 94 lakh+ clients; 2,500+ business locations; MO First business platform |
| 6 | Upstox | 82/100 | Best digital partner workflow | Digital registration, partner dashboard, account-opening incentives, customer-team support and published AP charges |
| 7 | Choice | 79/100 | Best for field support + broad product access | Local RM + central team, timely payouts, business software, training and multi-product offering |
| 8 | Zerodha | 75/100 | Best for experienced organic lead generators | Highly transparent AP eligibility; graduate + NISM VIII + organic lead source required by Zerodha |
| 9 | Dhan | 74/100 | Best for trader-tech focused partners | 500+ partners, partner dashboard, marketing support, monthly payout and relationship managers |
| 10 | HDFC Securities | 71/100 | Best for bank-backed brand familiarity | Public AP eligibility/documents/fees available; commercial partner terms need direct confirmation |
*Finobizz editorial score, not a regulatory rating. Scores use the published methodology below and only publicly verifiable information available on 8 October 2026.
Commercial terms can change and should be confirmed in the final written agreement.
How Finobizz ranked these programs
| Criterion | Weight | How We Assess It |
| Regulatory & commercial transparency | 20 | Are eligibility, fees, revenue-share structure or key commercial terms publicly documented? |
| Partner ecosystem / scale signal | 15 | Does the broker show a meaningful partner network, client scale or physical support footprint? |
| Technology & partner dashboard | 20 | Are lead, client, payout, reporting and digital onboarding tools clearly available? |
| Product breadth | 15 | Can the partner serve clients across a broad permitted investment/product ecosystem? |
| Training & business support | 15 | RM, operations, account opening, marketing, training, and local support. |
| Commercial attractiveness / clarity | 15 | Public brokerage-share signals, payout visibility, deposit transparency and multiple revenue streams. |
This scoring method deliberately does not use unsupported “monthly profit” figures. Income depends on active clients, client trading behaviour, the brokerage plan, the shareable revenue base, product mix and your own operating costs.
A provider’s marketing claim is treated as provider-stated information, not as a guaranteed Finobizz forecast.
A quick regulatory check before the ranking
NSE defines an Authorised Person as an individual, partnership firm, LLP or body corporate appointed by a stockbroker to provide access to the exchange’s trading platform as the broker’s agent.
For an individual, NSE’s current minimum criteria include Indian citizenship, age 18+, a clean record for fraud/dishonesty, good reputation, at least 10th standard or equivalent and adequate infrastructure.
| Regulatory Question | Current NSE Position |
| Who appoints the AP? | A stockbroker / Trading Member |
| SEBI registration directly by AP? | No separate SEBI stock-broker registration for the AP; exchange approval is routed through the broker |
| NSE AP registration fee | ₹5,000 per segment for CM/F&O/CD/Debt; ₹500 per segment for Commodity Derivatives/EGR + GST |
| NSE annual maintenance | ₹5,000 for all segments + GST |
| Can AP charge clients directly? | No. AP remuneration must come from the Trading Member |
| Can one AP work for multiple Trading Members on the same exchange? | No, subject to the exchange appointment conditions |
| Agreement required? | Yes. Scope, responsibilities, confidentiality, commission sharing and termination should be covered in writing |
For the complete process, read Finobizz’s Sub Broker registration process guide.
1. Angel One — Best Overall Sub Broker / AP Program
Angel One takes the top position in this comparison because its official partner page combines a large published AP network with a clear commercial offer and a broad support stack.
Angel One currently states it has 10,000+ Authorised Partners and says APs can earn up to 70% of brokerage generated by their clients, plus campaign-based incentives.
- Partner technology: Angel One NXT, real-time portfolio/business tools and client-support workflows.
- Business support: relationship manager, client acquisition/activation guidance, marketing material and product training.
- Product breadth: equities/F&O plus mutual funds, fixed deposits, insurance, ETFs, NPS and other permitted products.
- Who it suits: a partner who wants a large ecosystem and more hand-holding than a pure self-service discount-broker model.
- Before you sign: actual starting slab, shareable brokerage definition, any security deposit, monthly targets, campaign conditions, payout timing and post-exit treatment.
Provider-stated commercial signal
Angel One’s current partner page says “up to 70% of the brokerage generated by your clients.” Treat “up to” as a ceiling, not an automatic starting payout.
IIFL Capital — Best for Commercial Transparency
IIFL Capital earns the second position because its current AP page is unusually specific.
It publishes a 3,100+ Authorised Person network, an up-to-70% revenue-sharing model, an indicative revenue calculator, current exchange/maintenance charges and a ₹1,00,000 refundable security deposit for its AP program.
- Tech and workflow: IIFL’s AAA platform and real-time business-monitoring dashboard.
- Product range: equities, derivatives, mutual funds, insurance and other financial products.
- Support setup: training, marketing tools and dedicated relationship management.
- Good fit for: entrepreneurs who want commercial terms and joining costs to be easier to diligence before speaking with sales.
- Check in writing: which revenue-share slab applies to your expected client activity, deposit refund conditions, office requirements, targets, and whether product income is governed by separate contracts.
Mirae Asset Sharekhan — Best Full-Service Franchise Ecosystem
Mirae Asset Sharekhan remains one of the strongest traditional franchise-style ecosystems.
Its current business-partner pages highlight 4,000+ outlets/4,100+ franchisees, a large customer base, OneView business intelligence, prompt monthly payments, regional-language support, dedicated RM help, technology training, and more than ten potential income streams across products.
- Commercial structure: the current site says exact brokerage/revenue sharing depends on client volume, product mix and franchise model; it should not be presented as one fixed percentage.
- Partner support: strong RM, account opening, risk, operations, training, and research ecosystem.
- Digital setup: OneView shows revenue, AUM, client portfolio, account-opening status and tasks.
- Most useful for: a full-service entrepreneur who values physical/network support and a broad product suite.
- Ask the onboarding team: refundable security deposit for your city/model, written revenue-sharing slab, eligibility/certification requirements, and termination/refund terms.
SMC — Best Current Public Revenue-Share Offer
SMC scores highly because its current Authorised Person page publishes both commercial and infrastructure details.
It advertises up to 75% lifetime revenue share, a dedicated business development manager, account-opening support, ongoing training, technology, branding and marketing support.
- Public setup signal: current SMC FAQ states a ₹1,00,000 refundable security deposit, basic office infrastructure of around 250 sq. ft., two computers and internet.
- Product breadth: stocks, derivatives, mutual funds, ETFs, gold, commodities and other financial products.
- Works well for: a full-service AP who prioritises a high publicly stated revenue-share ceiling and structured support.
- Confirm before joining: whether the 75% ceiling applies to your expected brokerage slab, exact deposit refund terms, FD-interest conditions, segment-wise share and deductions.
Motilal Oswal — Best for a Large Established Partner Ecosystem
Motilal Oswal’s current partner page highlights 8,000+ partners, 94 lakh+ clients and 2,500+ business locations.
Its MO First business intelligence platform supports product subscriptions, client portfolio/reporting and partner operations across a broad financial-product ecosystem.
- Strength: long-standing full-service distribution model and large partner footprint.
- Product breadth: trading plus mutual funds, insurance, FDs, bonds, PMS, IPOs and additional investment products.
- Technology: MO First partner business platform.
- A sensible fit for: partners who want an established full-service brand with a wide financial-product menu.
- Get clarity on: security deposit, revenue-share slab, client-acquisition incentive, office/infrastructure requirement and all monthly operating charges. Do not rely on old Finobizz cost/profit numbers without written confirmation.
Upstox — Best Digital Partner Workflow
Upstox is one of the clearest digital-first partner programs.
The current partner page highlights fully digital registration, an all-in-one partner dashboard, brokerage sharing, account-opening incentives and customer-team support.
- Published AP charges: Upstox currently shows NSE registration of ₹5,900 (including GST) for Equity/F&O, BSE ₹4,720, and MCX ₹2,360; maintenance charges are published separately.
- Payout operations: the page says brokerage-income payout is on or after the 7th of every month.
- Dashboard: earnings, leads and client tracking.
- Who it suits: digitally comfortable partners who want a paper-light acquisition and monitoring workflow.
- Before you sign: current brokerage-sharing slab, eligibility for account-opening incentives, campaign rules and whether marketing/lead-generation methods are restricted.
Choice — Best for Field Support + Broad Product Access
Choice’s current AP page emphasises local relationship-manager assistance plus central support, visible commissions in the partner portal, 
business-management software, marketing collaterals and regular online/offline training.
- Product breadth: stock market, mutual funds, insurance, retail loans, bonds and corporate FDs across the wider Choice ecosystem.
- Field support: on-ground help for meetings and documentation.
- Good fit for: a local relationship-led partner who values field assistance and cross-product opportunities.
- Check in writing: the exact AP revenue-share schedule, any deposit, local office expectation, product-specific authorisations and payout cycle.
Zerodha — Best for Experienced Organic Lead Generators
Zerodha deserves a place in the Top 10 because its AP requirements are unusually transparent, but it is not the easiest program for every beginner.
Beyond exchange minimums, Zerodha currently requires applicants to be existing clients, have an organic lead source, hold a graduate degree, clear NISM Series VIII, and pass its compliance review.
- Major differentiator: Zerodha explicitly requires organic lead generation and says leads should not come from paid advertising or trade inducement.
- Regulatory transparency: its support page clearly explains AP restrictions, exchange approval, fees, client-fund handling and one-broker rules.
- Most useful for: finance professionals, educators or communities with a genuine organic client-acquisition engine.
- Ask the onboarding team: brokerage-sharing terms, partner-service model, permissible marketing channels and ongoing certification obligations.
Dhan — Best for Trader-Tech Focused Partners
Dhan’s AP page currently states 500+ partners and highlights a dedicated partner dashboard, marketing support, monthly payout, 
relationship managers and a feature-heavy trading ecosystem.
- Technology positioning: Dhan is especially relevant if your prospective clients are active traders who value modern trading features.
- Support: marketing materials, a dashboard, and relationship-manager support.
- Works well for: an existing sub-broker, trader community or market participant that values a modern tech stack.
- Confirm before joining: exact brokerage share, registration/deposit cost, minimum activity expectations, payout statement logic and permitted lead channels.
HDFC Securities — Best for Bank-Backed Brand Familiarity
HDFC Securities publishes current AP eligibility, documentation and exchange-fee information on its partner terms page, making the regulatory side relatively easy to verify.
However, detailed AP commercial terms such as a standard public revenue-share percentage are not clearly published on the page reviewed, so a written commercial quote is essential.
- Strength: strong bank-linked brand familiarity and formal eligibility/document disclosure.
- Current public AP eligibility broadly mirrors exchange criteria: Indian citizen, 18+, clean record, 10th standard and adequate infrastructure.
- A sensible fit for: partners who prioritise established brand familiarity and are comfortable obtaining commercial terms directly.
- Get clarity on: whether the offer is AP or referral-partner model, brokerage share, deposit, targets, support model and product scope.
Which Sub Broker offers the highest commission?
There is no reliable industry-wide table of actual AP payouts because many brokers quote commercial terms privately, and slabs can change with brokerage generation, segment, campaign and partner tier.
The safest comparison is to publish only current public maximums and mark everything else as ‘quote required’.
| Program | Current Public Signal | Evidence Type | How to Use It |
| SMC | Up to 75% lifetime revenue share | Official AP page | Maximum/marketing ceiling; verify slab and segment terms |
| Angel One | Up to 70% of brokerage generated by clients | Official AP page | Maximum; campaign incentives separate |
| IIFL Capital | Up to 70% revenue-sharing model | Official AP page | Maximum; indicative calculator uses 70% |
| Mirae Asset Sharekhan | Exact ratio varies; current site says it depends on client volume/product mix/model | Official business-partner page | Get written quote |
| Motilal Oswal | No current fixed percentage relied on in this ranking | Official partner page reviewed | Get written quote |
| Upstox | Brokerage sharing available; no single current fixed % used here | Official partner page | Get written quote |
| Zerodha | No fixed public % used here | Official support/AP page | Get written quote |
| Choice | No fixed public % used here | Official AP page | Get written quote |
| Dhan | No fixed public % used here | Official AP page | Get written quote |
| HDFC Securities | No fixed public % used here | Official AP/partner terms | Get written quote |
Why this is better than the old ‘highest commission’ table
A 75% share of a narrowly defined brokerage base can produce less cash than a 60% share of a broader base with fewer deductions.
Always ask for the written formula: shareable brokerage, segment-wise rate, slab trigger, incentives, reversals, taxes and any excluded revenue.
Finobizz explains this calculation in detail in the Sub Broker franchise agreement guide.
How much investment is needed to become a Sub Broker / AP?
There is no one standard investment amount. Separate the regulatory fee from the broker’s commercial deposit and from your own business operating cost.
| Cost Component | 2026 Position | Type |
| Exchange registration | NSE currently ₹5,000 per relevant major segment + GST; Commodity/EGR lower as specified | Official exchange cost |
| Annual AP maintenance | NSE currently ₹5,000 for all segments + GST | Official exchange cost |
| Security deposit | Can be nil, private-quote or explicitly published; e.g. IIFL and SMC currently publish ₹1 lakh refundable deposits | Broker-specific |
| Office/infrastructure | Depends on broker/program and how you service clients | Business cost |
| Computers/internet/CRM | Depends on existing setup and broker tools | Business cost |
| Staff / dealer | Optional or broker-specific depending on model | Business cost |
| Marketing | Must follow broker/exchange/SEBI advertising and lead-generation rules | Business cost + compliance |
How much can a Sub Broker earn?
Model your income from client-generated brokerage, not from a broker-name table. A simple AP model is:
Illustrative formula
AP gross payout = Shareable brokerage base × agreed revenue share + eligible incentives − clawbacks/reversals.
| Scenario | Shareable Brokerage* | Illustrative Share* | Gross AP Payout* | Operating Cost* | Illustrative Contribution* |
| Lean | ₹50,000 | 50% | ₹25,000 | ₹10,000 | ₹15,000 |
| Base | ₹1,50,000 | 60% | ₹90,000 | ₹30,000 | ₹60,000 |
| Growth | ₹3,00,000 | 70% | ₹2,10,000 | ₹70,000 | ₹1,40,000 |
| Scale | ₹5,00,000 | 75% | ₹3,75,000 | ₹1,25,000 | ₹2,50,000 |
*Illustrative assumptions only. These are not broker quotations, forecasts or guaranteed earnings.
The actual brokerage base and revenue share come from your agreement.
For a more complete cost-and-income framework, see how much a Sub Broker can earn in India.
How to choose the best Sub Broker franchise for you
- Get the revenue-share formula in writing, not only the maximum percentage.
- Ask whether the quoted percentage applies to equity, F&O, currency, commodity and other segments equally.
- Separate refundable security deposit from exchange fee and non-refundable setup charges.
- Check monthly targets: new clients, activated clients, brokerage, AUM or cross-sell.
- Review the partner dashboard: leads, client status, brokerage calculations, payout statements, and the dispute workflow.
- Understand client ownership and what happens to clients if you exit or change broker.
- Check whether you can advertise using Google, Meta, WhatsApp, YouTube or paid lead sources; broker policies can be stricter than generic market rules.
- Confirm the process for pending payouts, deposit refunds, cancellation and post-termination restrictions.
- Assess whether product breadth matches your audience. A trader-heavy client base and a wealth-focused client base need different ecosystems.
- If possible, speak to existing partners and compare the written agreement with the sales pitch.
Authorised Person registration: basic eligibility and documents
| Area | Current Position |
| Age / nationality | Individual should be an Indian citizen and at least 18 years old under NSE’s current AP criteria |
| Education | At least 10th standard or equivalent at exchange minimum; brokers may impose higher qualification |
| Integrity | No conviction involving fraud/dishonesty; good reputation and character |
| Infrastructure | Adequate office space, equipment and manpower for the activity |
| Certification | Relevant certification may be required for approved users/sales personnel, and brokers can impose additional certification requirements |
| Entity applicants | Partnership/LLP/body corporate partners/directors must satisfy criteria; object clause should permit securities business |
Typical documents include:
- PAN card
- Date-of-birth proof
- Residential address proof
- Office address proof
- Education qualification proof
- Photograph and KYC documents
- Entity documents for partnership/LLP/company applicants
- AP agreement / undertakings
- Relevant certification proof where applicable
- Bank details and broker-specific commercial documents
See the complete documents and eligibility checklist for Sub Broker business.
Red flags before joining any AP program
- A salesperson promises a fixed monthly income irrespective of client trading activity.
- The quoted revenue share is not written into the agreement or commercial annexure.
- The broker/agent cannot explain whether the percentage is calculated on gross brokerage or a net/shareable base.
- A large non-refundable ‘franchise fee’ is requested without a clear invoice and contractual purpose.
- Targets, clawbacks or deposit-refund conditions are explained verbally but omitted from the agreement.
- You are encouraged to handle client money/securities in your own account or charge clients directly.
- You are asked to market investment advice or research under your own name without the relevant regulatory permission.
- There is no clear cancellation, client communication or pending-payout process.
Best Sub Broker by type of entrepreneur
| Profile | Programs to Evaluate First | Why |
| New entrepreneur wanting full support | Angel One / Sharekhan / SMC | Strong RM, training, marketing and operational support signals |
| Existing finance professional wanting transparent economics | IIFL Capital | Public deposit, fees, revenue-share ceiling and calculator |
| Large local full-service business | Motilal Oswal / Sharekhan | Large partner ecosystems and broad product menus |
| Digital-first operator | Upstox / Dhan | Partner dashboards and digital workflows |
| Organic finance community / educator | Zerodha | Strict organic-lead requirement and transparent compliance criteria |
| Local relationship-led cross-product practice | Choice | Field RM, training and broad financial-product ecosystem |
| Bank-brand preference | HDFC Securities | Formal AP eligibility and bank-linked brand familiarity |
Frequently Asked Questions
Is ‘sub broker’ still the official term?
The commonly searched term remains sub broker, but stock exchanges use Authorised Person (AP) for the current partner role.
Which is the best Sub Broker in India in 2026?
In this Finobizz methodology, Angel One ranks first overall, followed closely by IIFL Capital. That does not mean either is automatically best for every entrepreneur.
Which AP currently publishes the highest revenue-share ceiling?
Among the programs reviewed here, SMC currently publishes up to 75% lifetime revenue share. Angel One and IIFL Capital publish up to 70% lifetime revenue share. Confirm actual eligibility for the maximum.
Which broker is best for low investment?
A reliable cross-broker ‘lowest investment’ ranking is difficult because many brokers do not publish current deposit terms. Compare exchange fees, refundable deposit, office cost and working capital separately.
Can I become AP for two brokers?
NSE’s current appointment conditions restrict a person/entity from being appointed as AP on the same exchange by more than one Trading Member.
Can an AP charge clients a fee?
No. Under NSE’s AP conditions, remuneration such as fees/commission/salary must be received from the Trading Member, not charged directly to clients.
Do I need NISM certification?
Exchange/broker requirements depend on the activity and segment. Some brokers impose additional certification. For example, Zerodha currently requires NISM Series VIII for its AP applicants.
Is a security deposit mandatory?
Not universally at one fixed level. It is broker/program-specific. Some brokers publish deposits, while others quote them during onboarding.
How should I compare revenue share?
Ask for the shareable brokerage base, segment-wise share, slab triggers, incentives, deductions, clawbacks, GST/TDS treatment and payout cycle.
Can an AP also run MFD, insurance or DSA businesses?
Potentially, but each activity keeps its own authorisation, contractual and compliance requirements. We must also check broker exclusivity and client-data clauses.
Our final take
Commission alone would not decide our 2026 shortlist.
Angel One comes out strongest overall in the public-data methodology, IIFL Capital is particularly transparent on commercial terms, Mirae Asset Sharekhan and Motilal Oswal remain substantial full-service ecosystems, and SMC publishes the highest clear revenue-share ceiling among the programs reviewed.
Upstox, Zerodha, and Dhan stand out for their digital operating models.
Your business model should drive the final decision: who your clients are, how you acquire them, how much brokerage they are likely to generate, how much support you need, and how much capital you are willing to lock up.
Get every financial term in writing and run the numbers on realistic client activity before paying a deposit or taking on office costs.