Broker costs and features

Stock broker comparison in India: six dated data pages on F&O charges, broker fees and trading tools, built on one method

This stock broker comparison for India is a set of six data pages, each built from brokers' own charges and help pages opened on 13 October 2026, with the same NSE and tax rates applied to every broker. On our F&O test month of 200 orders, statutory charges came to ₹11,086.44 at all 16 brokers priced, and broker-side fees added between ₹0 and ₹5,285.69. We rank no broker, earn nothing from any broker, and label anything we could not confirm as not verified.

Facts checked 13 Oct 2026 against 30 sources. No affiliate links. Not investment advice.

How this stock broker comparison works

Many broker comparisons put two brand names side by side and score them. Our pages work the other way round: each takes one cost or feature, such as F&O brokerage, the auto square-off fee or the kill switch, and checks it at every broker we could verify on the same day, from that broker's own pages. You get a dated grid with numbered sources, and no winner.

One finding runs through all six pages: which charge matters most depends on what you trade. In the benchmark's test month, which has 10 index futures round trips among its 100, statutory lines make up 70.1% of the charges at a ₹20-per-order broker, and they do not change when you switch broker. For someone buying one or two option lots at a time, brokerage per order is the bigger line.

We do not compare app speed, charts, research, support or the account-opening process. A price list cannot show those, which is one reason we publish no overall ranking.

The method every page here follows

Dated, from the source. Every price, time and rule comes from the broker's own pages or from a regulator, exchange or government text (SEBI, NSE, BSE, MCX, the Finance Act and Budget papers), opened on 13 October 2026.
One set of statutory rates. STT, NSE charges, SEBI's fee, stamp duty and GST are applied at the same rates everywhere, from the exchange circulars.
Labelled examples. Trade mixes are illustrative assumptions; each page uses its own and says how it rounds.
No scores. No broker is named as a winner.
Gaps shown. "Not stated" means the broker's page does not say; "not verified" means we could not find or open one. Where a broker's pages disagree, we show both.
No money from brokers. No affiliate links, and no broker paid for or reviewed a page. Not investment advice.

Which page answers your question

What will a month of F&O trading cost me at different brokers?
F&O charges benchmark: one 200-order month at 16 brokers, plus a small option-only account.
What does one option buy and sell cost, and how far must the premium move to break even?
Charges on option buying: one Nifty lot line by line, and break-even points at ₹0, ₹10 and ₹20 per order.
How much more do I pay since the April 2026 STT rise?
STT hike impact: old and new rates, and the extra yearly cost at 20, 100 and 400 trades a month.
My contract note looks different from last year. What changed?
Charges changelog: exchange fee, STT and broker price changes since October 2024, with circular numbers.
Why did my broker close my intraday position, and what did that cost?
Auto square-off times and charges: cut-offs and fees at 13 brokers.
Can I lock myself out of trading after a bad day?
Kill switch comparison: what the lock covers at 14 brokers, for how long, and whether you can undo it.
What will my own trades cost?
Price one trade in the F&O trading cost calculator, or a year in the annual trading cost estimator.

What drives your trading cost, in plain numbers

An F&O contract note has two kinds of lines, and only one kind changes when you change broker.

Lines set by law and the exchange. SEBI's true to label circular (SEBI/HO/MRD/TPD-1/P/CIR/2024/92, dated 1 July 2024) has made exchanges charge every broker one uniform rate since 1 October 2024. NSE's equity options charge is ₹3,553 per crore of premium on each side (NSE/FA/73061). Since 1 April 2026, STT is 0.15% of the premium when an option is sold and 0.05% of the value when a future is sold (NSE/FATAX/73524). SEBI's fee, stamp duty and GST complete the list.

Lines your broker sets. Brokerage is usually a flat amount per order: nil at Flattrade, ₹5 at Shoonya, ₹10 at Kotak Neo Trade Free, mStock and Sahi (each after a free first 30 days), and ₹20 at 11 of the 16 brokers in our benchmark. Fyers also sells a Prime plan at ₹15 an order plus a monthly fee. On top of brokerage, Fyers lists clearing charges and SAMCO lists what it calls CM charges.

Why your mix decides which is bigger. Futures STT is charged on the full contract value, so one ₹15 lakh futures round trip carries ₹750 of STT against ₹47.20 of brokerage (two ₹20 orders plus GST). On a single Nifty option lot, the flat brokerage dominates instead. Moving from ₹20 to ₹10 an order trims about 15% off our test month (90 option and 10 futures round trips) and about 42% off the small option-only account.

Fees outside the brokerage table. Auto square-off and dealer orders repeat each time they are triggered, which is how a ₹59 fee becomes a monthly cost.

One headline number from each page

Statutory charges on the benchmark's test month: ₹11,086.44; At all 16 brokers priced. Broker-side fees added ₹0 to ₹5,285.69.; Source: [3]
STT on selling a ₹15 lakh index futures lot: ₹750; 0.05% since 1 Apr 2026; was ₹300.; Source: [3]
NSE options charge, IPFT included: ₹3,553 per crore; Of premium, each side. Total unchanged on 1 Mar 2026.; Source: [2]
Break-even move on 1 Nifty lot bought at ₹120: 1.01 points; At ₹20 per order; 0.65 at ₹10, 0.29 at zero.; Source: [5]
Most common auto square-off fee: ₹59; ₹50 + 18% GST, at 6 of the 13 brokers checked (SAMCO writes "+ taxes").; Source: [6]
Brokers whose pages describe a client kill switch: 7 of 14; Locks run for the rest of the trading day, until 11:59 PM, or at least 12 hours.; Source: [18]

The benchmark's test month at four per-order rates

The 200-order test month from the F&O charges benchmark, rates checked 13 Oct 2026. ₹0 = Flattrade; ₹5 = Shoonya; ₹10 = Kotak Neo Trade Free, mStock, Sahi; ₹20 = 11 of the 16 brokers. Fyers clearing charges, SAMCO CM charges and Fyers Prime left out.

Statutory and exchange incl. GSTBrokerage incl. GST

₹0 per order₹11,086.44
₹5 per order₹12,266.44
₹10 per order₹13,446.44
₹20 per order₹15,806.44

Sources: [3], [2], [5], [7], [8], [9], [10], [11]

Broker charges compared at a glance

This table gathers the fees that differ from broker to broker, taken from the brokers' own pricing pages and listed from the lowest options brokerage per order to the highest. It covers 16 brokers. The order is only there to make the table easy to scan, and it is not a ranking. Brokerage is one part of the bill, so the table also shows the square-off fee, the annual maintenance charge (AMC, the yearly fee for holding a demat account) and any joining fee or offer.

Two points to keep in mind. A low brokerage can come with higher fees elsewhere: the broker that charges nothing per order lists a ₹50 + GST square-off fee, and one of the ₹10 brokers lists ₹100 + GST. Also, "Not stated" means we found no figure on the pages we opened, which does not mean the fee is zero. Our F&O charges benchmark adds up a full test month for each broker, and the auto square-off page covers timings.

Broker fees side by side, 16 brokers

Figures from each broker's own pricing or charges page, checked 13 Oct 2026. Zerodha's row was opened again on 28 Oct 2026 and still matches. Sorted by options brokerage per order.

Broker	Options brokerage	Auto square-off fee	AMC	Joining fee or offer	Source and date checked
Flattrade	Nil	₹50 + GST per executed order	₹0	₹200 + GST account opening, collected at first pay-in	Flattrade charges page, 13 Oct 2026
Shoonya (Finvasia)	Flat ₹5 + GST per executed order	Not stated	₹0 (₹900 for corporate, trust and LLP accounts)	None stated	Shoonya pricing page, 13 Oct 2026
Kotak Neo (Trade Free, after 30 days)	₹10 per executed order	Dealer fee of up to ₹49 per executed order also applies; the ₹100 RMS fee is waived from 1 Apr 2025	Not stated on the plan page	₹0 brokerage for the first 30 days; existing clients pay ₹499 + GST to switch to the plan	Kotak Neo Trade Free plan page, 13 Oct 2026
mStock (after 30 days)	₹10 per order	₹100 + GST per executed order	₹0	₹0 brokerage for the first 30 days (terms not stated)	mStock pricing page, 13 Oct 2026
Sahi (after 30 days)	₹10 per order	₹10 per executed order, same as brokerage	Free	₹0 brokerage for 30 days from when the account is ready to trade	Sahi pricing page, 13 Oct 2026
5paisa	Flat ₹20 per order	₹20 + 18% GST	Page lists ₹25 a month + GST only for some BSDA cases	None stated	5paisa charges page, 13 Oct 2026
Alice Blue	Flat ₹20 per executed order	Not stated	₹0	None stated	Alice Blue pricing page, 13 Oct 2026
Angel One (after 30 days)	₹20 per executed order	Same as brokerage, no extra penalty	Free first year, then ₹60 + GST a quarter (non-BSDA)	₹0 brokerage up to ₹500 in the first 30 days	Angel One charges page, 13 Oct 2026
Dhan	₹20 per executed order	₹20 + GST per order	₹0 for individuals and HUFs	None stated	Dhan pricing page, 13 Oct 2026
Fyers	Flat ₹20 per executed order	₹50 + GST per executed order (admin square-off)	₹0	Prime: ₹499 + GST a month, offered through a waitlist	FYERS pricing and charges pages, 13 Oct 2026
Groww	₹20 per executed order	₹50 per position + GST	₹0	None stated	Groww pricing, F&O tab, 13 Oct 2026
HDFC Sky	₹20 per order	₹50 + 18% GST per position	₹0 for the first year	None stated	HDFC Sky pricing page, 13 Oct 2026
ICICI Direct (iValue plan)	Flat ₹20 per order	Not stated for F&O	₹300 + GST for iValue subscribers	₹299 one-time iValue fee	ICICI Direct iValue plan page, 13 Oct 2026
SAMCO	₹20 per executed order	₹50 + taxes per executed order	Free first year, then ₹400 + taxes (individuals)	None stated	SAMCO pricing page, 13 Oct 2026
Upstox (Standard)	Flat ₹20 per executed order	₹75 + GST (Plus plan: ₹50 + GST)	Free first year, then ₹300 + GST (non-BSDA)	Plus plan brokerage up to ₹30 per order	Upstox pricing page, 13 Oct 2026
Zerodha	Flat ₹20 per executed order	₹50 per order, counted as a dealer order	Free first year, then ₹300 a year + GST (non-BSDA)	None stated	Zerodha charges page, 28 Oct 2026

Plans shown are the standard plan unless the Broker column names another. Fyers Prime (₹499 + GST a month) has different rates, which the benchmark page lists.

Sources: [15], [19], [20], [14], [7], [21], [13], [22], [23], [24], [25], [26], [9], [10], [11], [12], [8], [27], [5], [3], [2], [28], [29]

Charges that are the same at every broker

A comparison can change only some of the lines on your contract note. These do not change when you switch broker, because the exchange or the government sets them:

Securities transaction tax (STT). From 1 April 2026, STT is 0.15% of the premium on options sold, 0.15% on exercised options (paid by the buyer) and 0.05% on futures sold (NSE/FATAX/73524). Before that date the rates were 0.1% and 0.02%. Option buyers can pay STT too: the exercised-option rate applies when an in-the-money option is exercised at expiry.
Exchange transaction charges. NSE charges ₹3,553 per crore of premium on equity options and ₹183 per crore on futures (NSE/FA/73061, from 1 March 2026). Since SEBI's true to label circular (1 October 2024), your broker has to pass on the same amount the exchange receives.
SEBI turnover fee. ₹10 per crore of turnover, as listed on Zerodha's charges page.
Stamp duty. 0.003% of the premium on options bought and 0.002% of the value on futures bought, as listed on Zerodha's charges page.
GST. 18% on brokerage, SEBI fees and exchange transaction charges, as Zerodha's page lists it. Some brokers also add GST on other fees, so read each page.

The practical meaning: when two brokers are compared, only brokerage, DP, square-off and similar fees can differ. In the benchmark's test month of 200 orders, the statutory lines came to ₹11,086.44 at every one of the 16 broker plans priced. Our charges log records each rate change with its date, and the STT calculator lets you run your own numbers.

Broker features that are not about price

When your intraday trade gets closed for you. NSE's closing auction, live since 3 August 2026 (NSE/CMTR/74466), ends continuous trading at 3:15 PM in shares that have F&O contracts. Several brokers now close intraday positions in those shares earlier than in other shares or F&O, so one broker can have three cut-offs. Listed fees for being closed out ran from ₹20 + GST at Dhan and 5paisa to ₹100 + GST at mStock. Angel One says it charges only its normal brokerage, and Sahi's FAQ (₹50 + taxes) and pricing page (its ₹10 order charge) disagree.

Whether you can lock yourself out. Zerodha and Upstox let you re-enable a segment only after 12 hours. Groww's Lock F&O Trading lasts until 11:59 PM and, in Groww's words, cannot be reversed by the user. Seven of the 14 brokers we checked describe a client kill switch. For 5paisa, Shoonya and mStock we found no page describing one, which does not prove they lack it. The pages of Angel One, ICICI Direct and HDFC Sky describe only related tools (a segment deactivation or a freeze of online access), and Alice Blue's switch stops only its algo strategies.

Hidden charges to compare

Brokerage gets the attention, but these lines are easy to miss until they appear on a statement.

Auto square-off charge. If your broker closes an intraday position for you, most list a separate fee for each order or position. In our table it runs from ₹20 + GST (Dhan, 5paisa) to ₹100 + GST (mStock), with Upstox at ₹75 + GST on the standard plan. Angel One and Sahi list it at the same amount as normal brokerage, though Sahi's own FAQ and pricing page disagree. A fee of ₹59 (the ₹50 + 18% GST that Zerodha lists) looks small, but if it is triggered several times a month it adds up.

Call and trade or dealer-assisted orders. Placing an order by phone costs extra at many brokers. Zerodha lists ₹50 per order for orders placed through a dealer, including auto square-off orders. Dhan lists ₹50 + GST and Upstox ₹75 + GST. Orders you place yourself on the app do not carry this fee at Zerodha.

DP charges. A depository participant (DP) charge is taken each time you sell shares from your demat account. In our fifteen-broker comparison, the per-sale figure runs from ₹9 + GST (Shoonya) to ₹20 + GST (for example Angel One, Flattrade and Upstox). It matters for share trades more than for F&O.

Pledge fees. Pledging shares to get margin carries a separate fee per request at some brokers, and un-pledging may cost another fee. See non-brokerage charges.

Annual maintenance charge. Some brokers list ₹0, others charge after a free first year. Zerodha lists ₹300 a year + GST for ordinary accounts after year one.

Extra brokerage for a margin shortfall. Since 1 April 2026 Zerodha adds ₹20 per F&O order when the 50:50 cash ratio is not kept and the cash shortfall is over ₹5 lakh (Zerodha's clarification page). Other brokers have their own rules, so ask.

We did not price payment gateway or fund transfer fees, so check those with your broker.

Discount brokers and full-service brokers

Fee model. A discount broker usually sells execution only: you place the order, and the platform charges a flat amount. Traditional full-service brokers have often bundled research, a relationship manager and phone dealing, and charged for it through higher or percentage-based brokerage. Check each broker's current tariff, because the old label no longer predicts the price.

Our table shows why. ICICI Direct's iValue plan (₹299 one-time) and HDFC Sky both list ₹20 per order on options, the same as many app-first brokers. At the other end, Flattrade lists nil brokerage and Shoonya ₹5 + GST.

Who each suits. If you place your own orders and need only an app and a chart, a flat-fee broker costs least. If you want to speak to someone, get research or keep savings and trading with a bank, a bank-backed broker may suit you, and you should price it with the same test month. Support, app speed and research are not in a price list, so we do not rate them. Read the guide to choosing a broker for options for more.

How to choose a broker if you trade F&O

Count your orders first. Brokerage is charged per order, so the number of orders you place decides how much a ₹10 or ₹20 flat fee matters. Use the option buying cost per trade page for a single-lot example.
Check margin rules. How much margin is needed for selling options, what counts as cash and what counts as pledged shares can differ by broker. Our option selling margin page compares them, and your broker's margin calculator is the figure that counts.
Look at the fees you may trigger. Square-off, dealer-order and pledge fees only show up if you trigger them. If you often hold to the last minutes of the day, a high square-off fee matters more than a lower brokerage.
Know the safety tools. See the kill switch comparison for which brokers let you lock yourself out of F&O, and for how long.
API access. If you plan to automate, read choosing a broker API. A broker with an API may charge for it, and SEBI's retail algo rules apply.
Try the platform. App stability and option chain tools cannot be read from a fee table. Use the app for a few weeks before moving a large balance.

Whichever broker you choose, record each trade and its costs in your journal. OneTradeJournal estimates charges per trade, and you enter the trades yourself.

All broker comparison pages

Each card shows the date its facts were last checked against the brokers' and regulators' own pages.

Questions about comparing Indian brokers

Which is the best stock broker in India?+

We do not name one. It depends on what you trade, how many orders you place, and things a charges page cannot show, such as app reliability and support. On our 13 October 2026 checks, statutory charges were identical everywhere, F&O brokerage on the plans priced ran from nil to ₹20 per order, and listed auto square-off fees from ₹20 + GST to ₹100 + GST, while Angel One says it charges only normal brokerage.

Are STT and exchange charges the same at every broker?+

Yes, for the same contract on the same exchange. STT rates are set by the Finance Act, and SEBI's true to label circular has made exchanges charge every broker one uniform rate since 1 October 2024. Charges pages may lay the lines out differently, so compare totals.

How should I compare brokers before opening an account?+

Count the orders you place in a month and multiply by each broker's per-order brokerage plus 18% GST. Add fees you are likely to trigger, such as auto square-off, and check for tools you want, like a kill switch. Judge the platform and support yourself; our pages do not cover them.

Does zero brokerage mean free F&O trading?+

No. Flattrade's charges page listed F&O brokerage as nil on 13 October 2026, but STT, exchange charges, SEBI's fee, stamp duty and GST still apply. On the benchmark's test month they came to ₹11,086.44, the same as at a ₹20-per-order broker.

Which broker has the lowest brokerage in India?+

Among the 16 brokers in our table, Flattrade lists nil brokerage on F&O and Shoonya lists ₹5 + GST per executed options order (checked 13 Oct 2026). Both also list other fees, for example a ₹50 + GST square-off fee at Flattrade. We rank no broker, so compare the total for your own mix of trades.

What charges does a broker charge apart from brokerage?+

Besides brokerage, your bill includes STT, exchange transaction charges, the SEBI fee, stamp duty and GST, which are the same at every broker. Brokers may add auto square-off, dealer-order, DP, pledge and account maintenance fees. See the hidden charges section above.

Discount broker vs full-service broker: which is better?+

Neither is better in general. A discount broker mainly sells execution at a flat fee, and a full-service broker may bundle research or a dealer. Price both on your own order count. In our table, ICICI Direct iValue and HDFC Sky list ₹20 per options order, the same as several app-first brokers.

Which charges are the same at every broker?+

STT, the exchange's transaction charge, the SEBI fee, stamp duty and the GST rate. Since SEBI's true to label circular took effect on 1 October 2024, exchanges charge every broker the same flat rate.

What is the auto square-off charge?+

It is a fee some brokers charge when they close your intraday position for you near the end of the day. In our table it runs from ₹20 + GST to ₹100 + GST per order or position, and a few brokers charge only their normal brokerage.

Your real cost per trade is in your own journal

Every figure here belongs to a stated example. Your own cost depends on your orders, premiums, lot sizes and the fees you trigger by accident, and a month of contract notes shows whether a cheaper broker would change anything for you.

OneTradeJournal is a manual trading journal for Indian F&O traders. You log each trade by hand; it never connects to your broker. It estimates brokerage (₹20 per order unless you enter your own) and statutory charges at the post-1 April 2026 rates, so P&L shows after costs. These are estimates, so you can type your contract note's total into the Charges field instead.

Sources

Every figure on this page comes from one of these. Each was checked on the date shown.

[1]SEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2024/92, Charges levied by Market Infrastructure Institutions - True to Label, 1 Jul 2024 (full text as enclosed with MSE circular MSE/COMP/15693/2024) · checked 13 Oct 2026
[2]NSE circular NSE/FA/73061, Revision in Transaction Charges, 27 Feb 2026 · checked 13 Oct 2026
[3]NSE circular NSE/FATAX/73524, Changes in relation to rates of Securities Transaction Tax, 31 Mar 2026 · checked 13 Oct 2026
[4]NSE circular NSE/CMTR/74466, Introduction of Closing Auction Session (CAS) in the Equity Cash segment - Trading Modalities, 29 May 2026 · checked 13 Oct 2026
[5]Zerodha charges page · checked 13 Oct 2026
[6]Zerodha support: What are the auto square-off timings for open intraday positions? · checked 13 Oct 2026
[7]Flattrade charges page · checked 13 Oct 2026
[8]Shoonya by Finvasia pricing page · checked 13 Oct 2026
[9]Kotak Neo Trade Free plan page · checked 13 Oct 2026
[10]mStock pricing page · checked 13 Oct 2026
[11]Sahi pricing page · checked 13 Oct 2026
[12]SAMCO pricing page · checked 13 Oct 2026
[13]FYERS charges list (regulatory and clearing charges) · checked 13 Oct 2026
[14]Dhan pricing page · checked 13 Oct 2026
[15]5paisa brokerage charges page · checked 13 Oct 2026
[16]Zerodha support: What is Kill switch? · checked 13 Oct 2026
[17]Upstox help: How to disable a segment from the Upstox App using Kill Switch · checked 13 Oct 2026
[18]Groww product update: Lock F&O Trading, a Kill Switch, 21 Jul 2026 · checked 13 Oct 2026
[19]Alice Blue pricing page · checked 13 Oct 2026
[20]Angel One brokerage and exchange transaction charges page · checked 13 Oct 2026
[21]FYERS pricing page (Standard and Prime brokerage) · checked 13 Oct 2026
[22]FYERS support: brokerage, statutory and other applicable charges (updated 1 Apr 2026) · checked 13 Oct 2026
[23]FYERS Prime subscription page · checked 13 Oct 2026
[24]Groww pricing: Futures & Options tab · checked 13 Oct 2026
[25]HDFC Sky pricing page · checked 13 Oct 2026
[26]ICICI Direct iValue plan page · checked 13 Oct 2026
[27]Upstox pricing page · checked 13 Oct 2026
[28]Flattrade pricing page · checked 13 Oct 2026
[29]ICICI Direct brokerage plans overview · checked 13 Oct 2026
[30]Zerodha Z-Connect: Clarification on additional brokerage on F&O trades, 27 Mar 2026 · checked 13 Oct 2026