Sharekhan
Sharekhan Limited is an Indian full-service stockbroker founded in February 2000 by the promoters of SSKI Investor Services and wholly owned by BNP Paribas SA, the French multinational investment bank, since 2016. Headquartered in Mumbai, Maharashtra, Sharekhan provides retail equity trading, equity and currency derivatives, commodity derivatives, mutual fund distribution, portfolio management services, and equity research through a branch and franchisee network complemented by an online trading platform and a downloadable desktop application (TradeTiger). Sharekhan was one of the first internet-based stockbrokers in India and, alongside ICICI Direct, helped establish the online broking category in the early 2000s. It is not separately listed on any stock exchange; its parent BNP Paribas is listed on Euronext Paris (BNP.PA).
Founding and history
SSKI origins and sharekhan.com launch (2000-2005)
Sharekhan was established in February 2000 by the promoters of SSKI Investor Services, a Mumbai-based stockbroking firm with BSE and NSE memberships. The founders launched sharekhan.com as one of the earliest online equity trading platforms in India. At the time, internet penetration in India was limited to urban centres and to a small proportion of educated professionals, but the founders anticipated that internet-based broking would eventually reach a mass market. The platform provided a browser-based interface and, subsequently, a downloadable trading application called TradeTiger.
Sharekhan built a franchise network of branches and sub-brokers alongside its digital platform, expanding its geographic reach beyond Mumbai and other metros. This dual model, combining online accessibility with physical branch presence, was a strategic choice suited to the market of the early 2000s where many clients were not yet comfortable placing orders entirely through digital channels.
The company’s franchisee network became one of its defining competitive assets, reaching several thousand sub-broker and branch locations across India by the mid-2000s.
Private equity ownership (2003-2015)
Sharekhan attracted private equity investment through the 2000s. First Global Stockbroking and, subsequently, HSBC Private Equity (India) held stakes. The PE backing provided capital for technology investment, branch expansion, and the development of Sharekhan’s research operation. By the mid-2000s, Sharekhan was among the top five retail brokers in India by registered clients and was recognised as a pioneer in online retail broking.
The company expanded its product range to commodity derivatives (MCX and NCDEX), currency derivatives, portfolio management services, and mutual fund distribution through the 2000s and 2010s. Its equity research operation grew to cover several hundred companies, distributing daily and weekly research publications to retail clients.
BNP Paribas acquisition (2016)
BNP Paribas SA acquired Sharekhan Limited in 2016 for an undisclosed consideration, incorporating it into the French bank’s Asia-Pacific retail financial services activities. The acquisition gave BNP Paribas a direct retail broking and wealth management platform in India, complementing the bank’s existing institutional banking, corporate banking, and institutional equities businesses. BNP Paribas had previously operated in India primarily in wholesale financial services; the Sharekhan acquisition represented its entry into the Indian retail broker segment.
Post-acquisition, Sharekhan continued to operate under its existing brand and management structure rather than being rebranded to a BNP Paribas identity. The BNP Paribas parentage was referenced in some external communications under the “BNP Paribas Sharekhan” designation.
Singapore entity
Sharekhan operates Sharekhan BNP Paribas Financial Services Pte. Ltd. in Singapore. This entity facilitates the servicing of non-resident Indian (NRI) clients through a Singapore-based regulatory framework, routing international services and NRI portfolio investment scheme account management outside the India-registered SEBI entity. The Singapore base reflects the broader BNP Paribas group’s Asia-Pacific operational footprint.
Competitive pressure from discount brokers (2019-2025)
From 2019 onwards, the structural shift toward discount broking accelerated. The flat-fee Rs 20-per-order model of Zerodha, Upstox, Groww, and Angel One attracted the majority of new retail account openings, particularly among active equity and F&O traders. Sharekhan’s competitive response included introducing subscription-based competitive brokerage plans, investing in the Sharekhan Mobile and web platform’s user experience, and maintaining research output quality to justify its full-service premium for advisorysensitive clients.
Sharekhan’s existing client base, built over two decades, provided revenue continuity; the challenge was in new account acquisition, where discount brokers consistently dominated the NSE new-account statistics from 2019 onwards.
Ownership and corporate structure
Sharekhan Limited is a wholly owned subsidiary of BNP Paribas SA (France), via BNP Paribas’ Indian holding entities. BNP Paribas is listed on Euronext Paris. Sharekhan is incorporated as a private limited company in India (CIN available from MCA) and is not listed on NSE or BSE. Regulatory filings are made with SEBI as a registered stockbroker and with the Ministry of Corporate Affairs.
Products and services
Equity trading
NSE and BSE equity intraday and delivery trading. Sharekhan offers both standard percentage-based brokerage and competitive plan options for active traders. Branch-based dealer-assisted trading is available for clients who prefer human-assisted execution.
Equity and currency derivatives
NSE and BSE equity F&O and currency derivatives are supported. Option analytics, margin calculators, and research-based option trade recommendations are provided to clients.
Commodity derivatives
MCX and NCDEX commodity futures and options through Sharekhan’s commodity broking membership. Sharekhan’s NCDEX membership covering agricultural commodities is a differentiating feature relative to brokers (including Zerodha) that only support MCX.
Mutual funds
AMFI-registered direct and regular plan distribution covering all major AMCs. SIP and lump-sum investment modes are available.
Portfolio management services
SEBI-registered PMS for qualifying clients above the Rs 50 lakh minimum threshold. PMS strategies draw on Sharekhan’s research output.
Research
Sharekhan Research is among the more substantial retail equity research operations in the country. The team publishes daily equity recommendations, sector analysis, derivatives strategy notes, and quarterly earnings updates. Research distribution to retail clients is a key differentiator versus pure-technology discount brokers that produce no stock-specific advisory content.
NRI services
Sharekhan provides PIS-based NRI investing services, with the Singapore entity supporting international client requirements.
Charge structure
| Segment | Brokerage (standard, approximate) |
|---|---|
| Equity delivery | 0.50% of trade value |
| Equity intraday | 0.10% of trade value |
| Equity futures | 0.10% of contract value |
| Equity options | Rs 100 per lot |
| Commodity F&O | Competitive plan-based |
| Currency derivatives | 0.10% of trade value |
Subscription-based annual plans are available that provide lower intraday and F&O brokerage for frequent traders.
Account charges (approximate; verify at sharekhan.com):
- Demat account opening: Nominal fee or nil under promotion
- Demat annual maintenance charge (AMC): Rs 400-600 per annum
- Call-and-trade surcharges for telephone-placed orders
- STT, exchange transaction charges, SEBI fees, stamp duty, and GST at regulatory rates
SEBI’s September 2023 true-to-label fee disclosure circular was implemented by Sharekhan in its order confirmation flow.
Technology platforms
TradeTiger
TradeTiger is Sharekhan’s downloadable desktop trading application for Windows, one of the longest-running desktop trading terminals in the Indian retail broking sector, with continuous operation from the early 2000s. TradeTiger provides advanced charting with technical indicators, level-2 market depth, customisable workspace layouts, and direct order placement. It has historically been valued by active traders for its stability and feature set.
Sharekhan web platform
The browser-based trading platform at sharekhan.com provides the full product suite including equity, F&O, mutual fund, and IPO access with research report integration.
Sharekhan mobile app
The Sharekhan mobile application (Android and iOS) supports equity and F&O trading, portfolio tracking, mutual fund investment, and access to research notes. The app has been updated to include a cleaner consumer-friendly interface alongside advanced trader tools.
Regulatory registrations
- SEBI stockbroker: INZ000171631 (NSE, BSE, and derivatives segments)
- MCX member: for commodity derivatives broking
- NCDEX member: for agricultural commodity derivatives
- NSDL and CDSL depository participant: for demat account and custody services
- AMFI-registered mutual fund distributor
- SEBI-registered portfolio manager
Comparison with Zerodha
| Parameter | Sharekhan | Zerodha |
|---|---|---|
| Ownership | BNP Paribas (France) | Indian founder-owned (private) |
| Research | Substantial retail research team | No advisory; Varsity educational |
| Brokerage | 0.50% standard; plan-based competitive | Rs 20 flat F&O; nil delivery |
| PMS | Yes | No |
| NCDEX | Yes (agricultural commodities) | No |
| API | Limited | Kite Connect (full) |
| Branches | Nationwide franchise and branches | Digital only |
Sharekhan’s BNP Paribas parentage, established research operation, NCDEX membership, and nationwide branch network are competitive differentiators. Zerodha’s flat-fee brokerage, Kite Connect developer API, Varsity educational content, and higher active client count are competitive advantages for the self-directed trader segment.
For a detailed comparison, see Zerodha vs Sharekhan.
References
- SEBI SCORES broker registration, Sharekhan Limited (INZ000171631)
- NSE active client data, January 2026, National Stock Exchange of India
- Ministry of Corporate Affairs, Sharekhan Limited company filing
- BNP Paribas acquisition announcement, 2016, BNP Paribas investor relations, bnpparibas.com
- SEBI circular on true-to-label fee disclosure, September 2023
- MCX member directory, Sharekhan Limited
- NCDEX member directory, Sharekhan Limited
- AMFI distributor registration, Sharekhan Limited
- NSE broker statistics report, Q3 FY2025-26
- BNP Paribas Asia-Pacific annual review, 2022-23