Comparison of Brokers in India

Last updated: Saturday, Jul 30, 2011

A comprehensive report on major brokers (BSE and NSE) comparing details such as demat account opening fees, brokerage charges, annual maintenance charges, supported browsers, features etc. Subscribing to a broker requires a PAN number. Details of how to acquire your PAN number are listed at the end of this report.

Support for browsers other than Internet Explorer 6.0 is gradually improving. Since the time this article was first written, a few brokerage houses have added support for other browsers, such as, Netscape, Firefox and Opera.

Need inspiration? Take a look at our list of top investment pioneers. There is a lot to be learnt from their life and their investment philosophies.

note Had a good/bad experience with a broker? Please share your views and raise awareness amongst fellow investors with your ratings and comments. Move mouse over 'Your view' bars, choose your rating and click to vote.

note Try the brokerage calculator to quickly check fees charged by each broker.
When opening a new demat account with a broker negotiate and try to get some of the charges waived off.

Angel Broking

Your view:
loading
  • Account Opening Charge (AOC): Rs. 491
  • Annual Maintenance Charge (AMC): 1st year free. Rs. 300 2nd year on.
  • Brokerage: 40p (delivery), 8p (intra-day).
  • Browsers: IE 6.0+
  • Enquiry: No toll-free number
  • Access: online branch

AOCrank 3
AMCrank 2
Brokeragerank 2
Browsersrank 1
Enquiryrank 0
Accessrank 2

Bonanza

Your view:
loading
  • Account Opening Charge (AOC): Rs. 600
  • Annual Maintenance Charge (AMC): Rs. 275
  • Brokerage: 50p (delivery), 5p (intra-day).
  • Browsers: IE 6.0+
  • Enquiry: No toll-free number
  • Access: online phone branch

AOCrank 2
AMCrank 3
Brokeragerank 2
Browsersrank 1
Enquiryrank 0
Accessrank 3

Canmoney

Your view:
loading
  • Account Opening Charge (AOC): Rs. 500
  • Annual Maintenance Charge (AMC): Rs. 200
  • Brokerage: 0.25% - 0.5% (delivery). Buy - Nil, Sell - 0.2% - 0.35% (intra-day).
  • Browsers: IE 5.5+
  • Enquiry: 1-800-220-369
  • Access: online branch

AOCrank 3
AMCrank 3
Brokeragerank 3
Browsersrank 2
Enquiryrank 5
Accessrank 2

Geojit BNP Paribas

Your view:
loading
  • Account Opening Charge (AOC): Rs. 800
  • Annual Maintenance Charge (AMC): 1st year free. Rs. 400 2nd year on.
  • Brokerage: Online - 30p (delivery). 3p (intra-day), Offline - 50p (delivery). 15p (intra-day)
  • Browsers: IE 6.0+
  • Enquiry: 1-800-425-5501
  • Access: online branch

AOCrank 2
AMCrank 2
Brokeragerank 3
Browsersrank 2
Enquiryrank 5
Accessrank 2

HDFC Securities

Your view:
loading
  • Account Opening Charge (AOC): Rs. 799
  • Annual Maintenance Charge (AMC): Rs. 750 (upto 10 transactions), Rs. 550 (from 11-25 transactions), Rs. 300 (over 25 transactions)
  • Brokerage: Higher of Rs. 25 or 0.5% of transaction value (delivery).
    Higher of Rs. 25 or 0.1% of transaction value (intra-day).
  • Browsers: IE 5.0+, NN 8.1+ and FF 1.5+
  • Enquiry: 1-800-209-9700
  • Access: online phone branch

AOCrank 2
AMCrank 1
Brokeragerank 1
Browsersrank 4
Enquiryrank 5
Accessrank 3

ICICI Direct

Your view:
loading
  • Account Opening Charge (AOC): Rs. 975
  • Annual Maintenance Charge (AMC): Rs. 500 (paper statements), Rs. 450 (email statements)
  • Brokerage: 0.55% (delivery). 0.05% of transaction value (intra-day).
  • Browsers: IE 5.5+ , NN 4.7 and FF 2.0+
  • Enquiry: No toll-free number
  • Access: online phone branch

AOCrank 1
AMCrank 1
Brokeragerank 1
Browsersrank 4
Enquiryrank 0
Accessrank 3

IDBI Paisabuilder

Your view:
loading
  • Account Opening Charge (AOC): Rs. 700
  • Annual Maintenance Charge (AMC): Rs. 350
  • Brokerage: 0.5% (delivery), 0.05% (intra-day).
  • Browsers: IE 6.0+
  • Enquiry: 1-800-223-366
  • Access: online phone branch

AOCrank 2
AMCrank 2
Brokeragerank 1
Browsersrank 2
Enquiryrank 5
Accessrank 3

Indiabulls

Your view:
loading
  • Account Opening Charge (AOC): Rs. 900
  • Annual Maintenance Charge (AMC): Nil (lifetime free)
  • Brokerage: 0.25% (delivery). 0.03% (intra-day).
  • Browsers: IE 4.0+
  • Enquiry: No toll-free number
  • Access: online branch

AOCrank 1
AMCrank 5
Brokeragerank 3
Browsersrank 2
Enquiryrank 0
Accessrank 2

India Infoline

Your view:
loading
  • Account Opening Charge (AOC): Rs. 750
  • Annual Maintenance Charge (AMC): 1st year free. Rs. 249 2nd year on.
  • Brokerage: 50p (delivery). 5p (intra-day).
  • Browsers: IE 4.0+
  • Enquiry: No toll-free number
  • Access: online branch

AOCrank 2
AMCrank 3
Brokeragerank 2
Browsersrank 2
Enquiryrank 0
Accessrank 2

Kotak Securities

Your view:
loading
  • Account Opening Charge (AOC): Rs. 750
  • Annual Maintenance Charge (AMC): 1st year free. Rs. 360 2nd year on.
  • Brokerage: 59p (delivery). 6p (intra-day).
  • Browsers: IE 6.0+
  • Enquiry: 1-800-209-9191, 1-800-222-299
  • Access: online branch

AOCrank 2
AMCrank 2
Brokeragerank 2
Browsersrank 1
Enquiryrank 5
Accessrank 2

Motilal Oswal

Your view:
loading
  • Account Opening Charge (AOC): Rs. 400
  • Annual Maintenance Charge (AMC): Rs. 100
  • Brokerage: 0.5% (delivery). Buy - Nil, Sell - 0.1% (intra-day).
  • Browsers: IE 5.5+
  • Enquiry: No toll-free number
  • Access: online phone branch

AOCrank 3
AMCrank 4
Brokeragerank 3
Browsersrank 1
Enquiryrank 0
Accessrank 3

Networth Direct

Your view:
loading
  • Account Opening Charge (AOC): Rs. 750
  • Annual Maintenance Charge (AMC): Rs. 440
  • Brokerage: 0.5% (delivery). 0.05% (intra-day).
  • Browsers: IE 6.0+
  • Enquiry: 1-800-220-223
  • Access: online phone branch

AOCrank 2
AMCrank 2
Brokeragerank 3
Browsersrank 1
Enquiryrank 5
Accessrank 3

Reliance Money

Your view:
loading
  • Account Opening Charge (AOC): Rs. 750
  • Annual Maintenance Charge (AMC): 1st year free. Rs. 200 2nd year on.
  • Brokerage: Offline - 35p (delivery). 5p (intra-day)
  • Browsers: IE 6.0+
  • Enquiry: No toll-free number
  • Access: online phone branch

AOCrank 2
AMCrank 3
Brokeragerank 3
Browsersrank 1
Enquiryrank 0
Accessrank 3

Religare

Your view:
loading
  • Account Opening Charge (AOC): Rs. 2500
  • Annual Maintenance Charge (AMC): 1st year free. Rs. 360 (email statements), Rs. 480 (paper statements)
  • Brokerage: 25p (delivery) 2.5p (intra-day) 0.06% (futures).
  • Browsers: IE 5.5+
  • Enquiry: 1-860-258-8888
  • Access: online branch

AOCrank 1
AMCrank 2
Brokeragerank 3
Browsersrank 2
Enquiryrank 5
Accessrank 2

SBI

Your view:
loading
  • Account Opening Charge (AOC): Rs. 500
  • Annual Maintenance Charge (AMC): Rs. 386
  • Brokerage: 50p (delivery). 15p (intra-day).
  • Browsers: IE 6.0+ and FF 1.5+
  • Enquiry: 1-800-223-345
  • Access: online branch

AOCrank 3
AMCrank 2
Brokeragerank 2
Browsersrank 2
Enquiryrank 5
Accessrank 2

Sharekhan

Your view:
loading
  • Account Opening Charge (AOC): Rs. 750 Online, (Rs. 500 Offline, plus Rs. 160 franking charge)
  • Annual Maintenance Charge (AMC): 1st year free. Rs. 400 2nd year on.
  • Brokerage: Higher of 0.5% or 10p (delivery). 0.1% or 5p (intra-day).
  • Browsers: IE 6.0+ and Opera 7.0+
  • Enquiry: 1-800-227-500
  • Access: online branch

AOCrank 2
AMCrank 2
Brokeragerank 2
Browsersrank 3
Enquiryrank 5
Accessrank 2

SMC India

Your view:
loading
  • Account Opening Charge (AOC): Rs. 499.
  • Annual Maintenance Charge (AMC): Free for lifetime.
  • Brokerage: 30p (delivery). 3p (intra-day).
  • Browsers: IE 6.0+
  • Enquiry: No toll-free number
  • Access: online

AOCrank 3
AMCrank 5
Brokeragerank 3
Browsersrank 1
Enquiryrank 0
Accessrank 1

Ventura

Your view:
loading
  • Account Opening Charge (AOC): Rs. 1000
  • Annual Maintenance Charge (AMC): 1st year free; 2nd year on Rs. 400
  • Brokerage: 45p (delivery). 5p (intra-day).
  • Browsers: IE 6.0+
  • Enquiry: No toll-free number
  • Access: online

AOCrank 1
AMCrank 2
Brokeragerank 2
Browsersrank 1
Enquiryrank 0
Accessrank 1

Way2Wealth

Your view:
loading
  • Account Opening Charge (AOC): Rs. 350.
  • Annual Maintenance Charge (AMC): Rs. 332.
  • Brokerage: 0.5% (delivery). 0.05% (intra-day).
  • Browsers: IE 6.0+
  • Enquiry: 1-800-425-3690
  • Access: online phone branch

AOCrank 3
AMCrank 2
Brokeragerank 2
Browsersrank 1
Enquiryrank 5
Accessrank 3

online Online   phone Phone   branch Branch  
Per transaction (buy/sell).
Refunded when brokerage worth the same amount is generated.

Brokerage Calculator

Broker charges
Find out how much brokers charge for delivery and intra-day trades. The brokerage calculator allows you to assess cost of trade involved with each broker compared above. Remember, trades may incur additional charges such as 'securities transaction tax', 'educational cess' etc.

While making a decision some consideration must also be given to the payment gateways used by brokers. A payment gateway is (in most cases) a bank that allows its account holders to transfer funds to their brokers for investing/trading. So, before you make a decision check whether your bank is the authorised gateway for the broker.

Documents needed to open a brokerage account

To open a brokerage (demat) account you will need to furnish copies of the following documents.

1. PAN card - this is a mandatory requirement. (Here is NSDL's official site to apply for a PAN card.)
2. address proof - you may submit a copy of one of the following to fulfill this requirement
       passport
       voter id card
       ration card
       driving license
       telephone or electricity bill

Feedback, suggestions, comments....


Make your MS Excel (or OO Calc) based portfolio tracker.

formula