The LSE Directory / Retail brokers
Angel One Limited, formerly Angel Broking, is a Mumbai-headquartered, publicly listed Indian financial services company built around retail stockbroking. Its core product is a mobile and web trading platform, the Angel One app, through which retail customers open trading and demat accounts and trade equities, futures and options, commodities and currencies. The company also distributes mutual funds and IPOs, offers margin trading facilities and depository services, runs a wealth management arm, and provides NBFC based lending and insurance distribution as a corporate agent. A companion Smart API product exposes Angel One's order and market data infrastructure to third party developers and algorithmic traders. The firm markets itself as a technology-first, self-directed discount broker, having converted from a traditional advisor-led, full-service brokerage model into a low-cost digital one around 2019. It competes chiefly on price, flat or zero brokerage on delivery trades, against other Indian discount brokers such as Zerodha, Groww and Upstox. Distribution runs on two tracks: a direct digital channel and a network of authorised persons and sub-brokers the company has disclosed as over 11,000 strong, which extends its reach into tier-2 and tier-3 Indian cities, a segment it specifically targets for account growth. Angel One was incorporated on 8 August 1996 by Dinesh D. Thakkar, who remains Chairman and Managing Director. It operated as Angel Broking for 25 years before rebranding to Angel One in 2021 following its digital transition, and it listed on the BSE and NSE on 5 October 2020 after a September 2020 initial public offering. It is registered with SEBI and holds trading memberships on the NSE, BSE, MCX and NCDEX, and is a depository participant with CDSL. For the fiscal year ended March 2026 it reported consolidated revenue of about 5,138 crore rupees and net profit of about 915 crore rupees, down from 1,172 crore rupees net profit in FY25; its market capitalisation stood at roughly 31,612 crore rupees in mid-2026. By June 2026 the company's total registered client base reached 38.59 million, up 18.8 percent year on year, though on NSE's narrower monthly measure of clients who actually traded, Angel One's active client count, about 6.8 million most recently, ranked third nationally, behind Groww and Zerodha. In 2026 Angel One settled two separate SEBI proceedings. One, effective March 2026, concerned its API remaining integrated with algorithmic trading platforms whose marketing had promised guaranteed or consistent returns, a violation SEBI found across 122 brokers industry wide under a 2022 circular; Angel One resolved it under SEBI's algo platform settlement scheme for a nominal fee, with no penalty or business restriction. A second, settled in May 2026 for a payment of 4.28 crore rupees, concerned alleged supervisory lapses over two of the firm's authorised persons.
