What does discount brokerage exactly mean?is there any such broker in india?

Discount broker is a term any stock broker can use to promote their business. It implies they charge less than their competition for trades. The best way to determine value is to compare the useful services you are getting to what you are paying for them.

I have no information on brokers in India but I suspect looking at a google search for, "Discount Stock Brokers India" would produce a sizable list for you to compare.

The term 'Discount Broker' generally refers to brokerage firms who are able to offer trading at discounted rates on the basis of an 'execution-only' model. This is in contrast to the older 'full-service' model, where the broker provided analysis and advice in order to aid trading decisions. Due to the proliferation of online electronic trading, 'discount brokerage' is now by far the most widespread model. Here's a bit more information on the types of broker service available and how they differ from one another: http://bestbrokerdeals.com/choosing-a-broker/ Firms in India are the same as elsewhere in the world and operate under these same models - if your broker in India offers and execution only account then this is a discount broker.