Role: Directly interacts with stock exchanges, executes trades, manages client funds/accounts, offers full investment services, and is fully regulated.

Responsibility: Holds direct membership with exchanges and is accountable for all client transactions and compliance.

Function: The primary gateway for investors to the market, often through a network of sub-brokers.

Role: An agent for the main broker, responsible for sourcing clients, facilitating paperwork, providing basic support, and guiding investments.

Responsibility: Acts as a liaison, bringing clients to the broker and earning a share of the brokerage generated.

Function: Expands the broker's reach into different regions, offering personalized, local service while adhering to the main broker's framework and SEBI regulations.