Methodology
Every number here should be checkable. This page states where each figure comes from, how derived metrics are calculated, and what we deliberately do not do.
Where the data comes from
- Legal entity names and SEBI registration numbers (SEBI recognised-intermediary register)
- Exchange memberships and registration validity (same register)
- Depository-participant licences (SEBI CDSL and NSDL registers)
- Defaulter / expelled status (SEBI defaulter list)
- Circulars naming a member (NSE circular feed)
- Index levels and market breadth (NSE)
- Institutional flows (NSE FII/DII report)
- Cash-market turnover (NSE bhavcopy)
- Delivery percentage (BSE scrip-wise gross delivery archive)
- Corporate actions (BSE)
Derived metrics
Market share
A broker's active clients divided by the total across all tracked brokers, for the same month. It is share of the tracked set, not of every broker in India: smaller firms outside the tracked set are not in the denominator.
Complaints per 10,000 clients
Complaints received over 12 months ÷ active clients × 10,000. Normalising matters: a large broker will always show more raw complaints than a small one, which tells you nothing on its own.
Reliability score (0 to 100)
A weighted composite, disclosed in full: complaint rate percentile against peers (40%), resolution rate (20%), regulatory flags (20%), complaint backlog in months of current inflow (10%), and years since founding (10%). Missing components are dropped and remaining weights renormalised, so a broker is not penalised for a dataset we have not ingested: instead the profile shows lower confidence. It is arithmetic over public disclosures, not an opinion, and it is not a recommendation.
Cost of a standard month
Brokerage on a fixed basket (₹50,000 of delivery across 4 orders, ₹1,00,000 of intraday turnover across 10 orders, ₹2,00,000 of F&O premium turnover across 10 orders) plus demat AMC divided by twelve. Statutory charges (STT, stamp duty, exchange transaction charges, SEBI turnover fees, GST) are excluded because they are identical at every broker for an identical trade; including them would compress the differences that actually depend on your choice of broker. Use the calculator to price your own pattern instead.
What we do not do
- We do not name a single "best broker". It depends entirely on what and how much you trade.
- We do not give investment advice, and we are not a SEBI-registered adviser or research analyst.
- We do not scrape competitor comparison sites. Every figure traces to a primary exchange or regulator source.
- We do not let paid placement move a broker up a factual ranking.
- We do not invent a number to fill a gap. Missing data shows as "-" or "unverified".
Advertising disclosure
Some pages carry a clearly marked "Sponsored" banner linking to a broker's own signup page; BrokerLens may earn a commission if you open an account through one of those links. This is separate from every ranking, score and comparison on this site, which are built only from the regulator and exchange data described above and are never affected by who does or doesn't have an affiliate relationship with us.