Angel One

Is Angel One safe?

Your investments are protected by the same rules as at any SEBI broker, and the company is listed and profitable. What sets Angel One apart is its record. SEBI has issued nine orders against it since 2023, most about weak control of the sub-brokers who sign up many of its clients, and client data leaked in two separate incidents. We score Angel One 70/100.

None of the cases we read found that client securities or funds were lost by Angel One itself. The risk for a typical client is fraud by a sub-broker or a phishing attack using leaked data, not the firm failing.

Who holds my account?

You sign up with Angel One Ltd (formerly Angel Broking), a SEBI-registered stock broker (INZ000161534) and member of NSE, BSE, MCX, NCDEX and MSEI. It is also the depository participant (IN-DP-384-2018) that opens your demat account at CDSL. The company is listed on NSE and BSE.

Angel One had 37.4 million clients in March 2026 and about 40 million in September 2026, and held ₹1.4 lakh crore of client equity and fund holdings in March 2026. It serves Indian residents only.

How is my money protected?

Shares bought through Angel One go into your own demat account at CDSL. Since September 2020 a broker can only use them as margin through a pledge you confirm with an OTP from the depository. Since July 2023 SEBI has required brokers to pass all client cash to the clearing corporations at the end of every day, so there should be no client money left at Angel One overnight.

If an exchange declares a broker a defaulter, its investor protection fund pays legitimate client claims up to a per-investor limit; at NSE that is ₹35 lakh, raised from ₹25 lakh for brokers declared defaulter or expelled after 13 August 2024. There is no excess insurance, and nothing covers market losses. The structure is the same at Zerodha and Groww.

What has SEBI found?

The settlements were made without admitting or denying the findings. The exchanges have acted too. In July 2023 NSE fined Angel One ₹1.67 crore and barred it from onboarding new authorised persons for six months over its alleged failure to monitor them; Angel One said it was considering an appeal. In 2025-26 NSE also fined Angel One ₹5.74 lakh for errors in reporting margin collected from clients, according to its annual report. BSE fined it ₹3 lakh on 15 May 2023 after inspecting its cash segment for April 2020 to March 2021: ₹2 lakh for not settling inactive clients' accounts on the 30- or 90-day cycle they had chosen, and ₹1 lakh for uploading materially incorrect data for enhanced supervision. Its other BSE inspection penalties were between ₹2,000 and ₹50,000. NSE's file of actions taken after inspecting trading members, linked from its regulatory-actions page, lists 190 rows for Angel One (including as Angel Broking) for inspection years 2017-18 to 2026-27: 67 fines netting ₹68.8 lakh after refunds, the largest ₹17.5 lakh after a regular inspection in 2021-22, plus advice, warnings and cautions. Most rows come from offsite inspections; the file gives no dates or reasons, and NSE notes that the amounts may vary pending appeals. These are exchange inspection actions, not SEBI orders. The amounts are small next to its profit, but the pattern of repeated supervision failures is why conduct scores 45.

What happened with client data?

On 28 February 2025 Angel One told the exchanges that its dark-web monitoring partner had found clients' data posted online, and that some of its Amazon Web Services resources had been compromised. It changed all related credentials, hired a forensic firm, and said client securities, funds and credentials were not affected. In July 2024 The Economic Times reported that personal data of about 7.9 million clients was circulating; Angel One said it dated from an incident in 2023. Its 2025-26 annual report lists no data breaches in that year.

Leaked names, phone numbers and emails make Angel One clients a target for fake "support" calls and investment-tip groups.

How to keep your Angel One account safe

1. Pay money only into Angel One's own bank accounts through the app, never to a sub-broker or employee.
2. Treat any call or WhatsApp message about your account as suspect, and never share an OTP or password with the caller.
3. Read the end-of-day trade SMS and email from the exchange, and the monthly CDSL statement, and report anything you did not place.
4. Approve pledges and sales only after reading the depository OTP message.

How we scored it

Regulation (82), financial strength (80) and investor protection (76) are solid, as for any large listed SEBI broker. Conduct (45) is the weakest factor because of repeated SEBI findings on sub-broker supervision and client-account handling. Account security (55) is held down by two data incidents in two years.