Choosing the right brokerage to partner with is the single most important decision you will make before starting a sub broker, or Authorised Person, business in India. The revenue-sharing percentage matters, but it is only one piece of the puzzle. Brand trust, technology, support quality, and the security deposit you must put down all shape how quickly your business grows and how comfortable your day-to-day work becomes. This guide compares the brokerages most commonly recommended for a sub broker franchise in India, so you can shortlist the right partner instead of chasing the highest number on a sales call.
What to Look for Before You Compare Brands
Before ranking any brokerage, it helps to fix the criteria you will judge them on. The factors that consistently separate a good partnership from a disappointing one include the revenue-sharing range on offer, the security deposit or investment required, the payout frequency, the quality of the trading platform and back-office systems, the training and marketing support provided, and the broker’s overall brand reputation with retail investors. A brokerage that scores well on most of these, rather than excelling at just one, tends to make a more dependable long-term partner.
Top Brokerages Compared
1. Angel One
Angel One is one of the largest and most recognised names in Indian retail broking, and its partner program is frequently cited as a strong all-round option. It is generally known for a wide revenue-sharing band, a relatively low entry deposit, an easy-to-use partner dashboard, and dedicated relationship-manager support. The strong brand recognition also makes client acquisition noticeably easier for new partners.
2. Motilal Oswal
Motilal Oswal runs one of the more established elite partner programs in the industry, built on decades of research-driven broking. Partners typically gain access to a wide product range, structured training, and strong back-office support, though the entry investment tends to sit on the higher side compared with discount brokers.
3. IIFL Securities
IIFL is often highlighted for offering one of the more attractive revenue-sharing ranges in the industry relative to its deposit requirement, along with solid research and advisory support for both partners and their clients. This combination makes it a popular pick among people looking for meaningful earning potential without an especially high upfront investment.
4. Sharekhan
With one of the largest sub broker networks in the country and a multi-decade track record, Sharekhan offers a full-service model that includes dealer training, product training, and advisory support. It suits partners who want a well-established brand and a franchise structure with a large existing base of peer partners to learn from.
5. Kotak Securities
Kotak Securities markets its offering under a Business Associate model rather than the traditional sub broker label, but the structure works similarly. Being backed by the Kotak Mahindra Group gives partners a strong sense of financial credibility, and the program is generally associated with solid revenue sharing along with dependable back-office and compliance support.
6. Upstox
Upstox has built its partner program around a low-cost, largely digital model, with a comparatively small entry investment and no mandatory office infrastructure. This makes it an appealing option for partners who prefer running a lean, online-first operation rather than a physical branch.
7. Zerodha
Zerodha operates differently from most full-service brokers on this list. Rather than a classic high-investment sub broker model, it runs a simpler partner and referral structure with little to no security deposit, appealing to individuals who want a low-commitment way to earn from client referrals rather than building a full-scale franchise business.
Quick Comparison at a Glance
| Brokerage | Known For | Investment Level |
| Angel One | Strong all-round support, wide brand reach | Low to moderate |
| Motilal Oswal | Research strength, established elite program | Moderate to high |
| IIFL Securities | High revenue-sharing potential | Low to moderate |
| Sharekhan | Large partner network, full-service support | Moderate |
| Kotak Securities | Institutional credibility, strong backing | Moderate to high |
| Upstox | Low-cost, digital-first model | Low |
| Zerodha | Simple referral-style structure | Very low |
Exact deposit amounts, revenue-sharing percentages, and scheme details change over time and vary by city, applicant profile, and current promotions. Always confirm current terms directly with the broker’s partner or franchise desk before signing anything.
How to Choose the Right Franchise for You
The “best” franchise is the one that matches your working style and goals, not simply the one advertising the highest revenue share. If you plan to run a physical office and want strong hand-holding, a full-service brand with structured training may suit you better. If you prefer working digitally with minimal overhead, a low-deposit, technology-led model will likely feel more comfortable. Weigh the payout cycle, the compliance support offered, and how the brand is perceived by the clients you intend to serve in your specific city or region.
Final Word
A sub broker or Authorised Person franchise can be a genuinely rewarding business, but the brokerage you attach your name to will shape almost every part of that journey, from how fast you onboard clients to how smoothly compliance issues get resolved. Compare offers carefully, ask current partners about their real experience, read the agreement line by line, and choose a broker whose brand, support, and revenue-sharing terms align with the kind of business you actually want to build.
