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India's capital markets have undergone a significant transformation, shaped by technological advancements, regulatory reforms, and evolving investor behaviour. Historically, brokers played a crucial role as intermediaries, facilitating transactions, providing market intelligence, and ensuring liquidity. However, the rise of electronic trading platforms, algorithmic trading, and fintech innovations has redefined their traditional functions. The historical evolution of India's stock market traces its origins to informal trading under a banyan tree in 1855, leading to the establishment of the Bombay Stock Exchange (BSE) in 1875. Until the 1990s, trading was largely manual, with brokers acting as essential conduits for investors. The introduction of electronic trading by the National Stock Exchange (NSE) in 1992 marked a turning point, enhancing efficiency and accessibility. The SEBI Act of 1992 played a pivotal role in regulating brokerage services, enforcing transparency, and protecting investor interests. SEBI's reforms led to the dematerialization of shares, faster trade settlements, and the rise of discount brokers offering low-cost trading solutions. The technological transformation of the brokerage industry further accelerated with the advent of mobile trading, algorithmic strategies, and AI-driven advisory services. As brokerage services evolved, traditional brokers faced challenges in adapting to digitalization, competing with tech-first entrants like Zerodha and Upstox, and complying with stringent regulatory requirements. The changing role of brokers saw a shift from advisory-based models to execution-focused services, with firms diversifying into research, financial education, and portfolio management. The impact on investors has been profound, with increased retail participation, democratization of market access, and enhanced trading efficiency. However, the rise of self-directed trading also introduced risks, requiring stronger investor education and regulatory safeguards. Looking ahead, the future of broking in India will likely be shaped by AI-driven advisory, blockchain-based settlements, and hybrid models combining technology with personalized financial guidance. Sustaining innovation with integrity will require policy support, ethical standards, and continuous adaptation to market dynamics. In conclusion, while the brokerage industry has transformed significantly, brokers remain integral to India's capital markets. Their evolving role underscores the need for strategic adaptation, balancing technological advancements with investor trust and regulatory compliance.