True to label SEBI circular and the Indian trading charge changes since October 2024

Rates in force on 13 October 2026

STT on options sold

0.15%

Of premium, seller pays. Since 1 Apr 2026 (was 0.1%).

Source: [11]

STT on futures sold

0.05%

Of traded price, seller pays. Since 1 Apr 2026 (was 0.02%).

Source: [11]

NSE options exchange charge

0.03553%

Of premium, each side, IPFT included (₹3,553 per crore). Total unchanged since 1 Oct 2024; the split changed on 1 Mar 2026.

Source: [10]

NSE futures exchange charge

0.00183%

Each side, IPFT included (₹183 per crore). Total unchanged since 1 Oct 2024; the split changed on 1 Mar 2026.

Source: [10]

BSE Sensex and Bankex options

0.0325%

Of premium (₹3,250 per crore), all expiries. Since 1 Oct 2024. Sensex 50 and stock options stay at ₹500 per crore.

Source: [16]

SEBI turnover fee

₹10 per crore

Plus 18% GST, as shown on Zerodha's charges page. No change found since Oct 2024.

Source: [15]

Indian trading charges changelog, newest first

1. 12 Aug 2026

   NSE waives transaction charges on Nifty India FPI 150 F&O

   NSE circular NSE/FA/75961 (25 Aug 2026): no transaction charges on futures and options on the Nifty India FPI 150 index from its launch on 12 Aug 2026 until 28 Feb 2027. Who: only traders of this new index. Example month: not affected (it trades other NSE index contracts at standard rates).

   Source: [14]

2. 1 Apr 2026

   Zerodha: extra ₹20 per F&O order when cash collateral falls short

   Zerodha's post of 27 Mar 2026: orders placed while the 50:50 cash-to-collateral ratio is not kept "will attract an additional ₹20 per order", but only if the cash shortfall exceeds ₹5 lakh. That makes ₹40 per executed F&O order for those accounts. Base brokerage "remains at ₹20 per order", and Zerodha says fewer than 10,000 of its active F&O traders are affected. Example month: ₹0 for most traders. If every order were affected, +₹4,720.00 for the options month (200 orders × ₹20, plus 18% GST) and +₹944.00 for the futures month.

   Source: [12]

3. 1 Apr 2026

   STT on F&O rises again (Finance Act 2026)

   Options sold: 0.1% → 0.15% of premium. Options exercised: 0.125% → 0.15% of intrinsic value (buyer pays). Futures sold: 0.02% → 0.05%. The Finance Act 2026 received assent on 30 Mar 2026 (NSE circular NSE/FATAX/73524). Equity delivery (0.1%) and intraday (0.025%) STT did not change. Who: every F&O trader. Example month: +₹500.00 options, +₹9,000.00 futures. More detail in the STT hike impact guide.

   Source: [11]

4. 1 Mar 2026

   NSE folds the IPFT contribution into transaction charges

   NSE circular NSE/FA/73061 (27 Feb 2026) rolled the investor protection fund (IPFT) contribution back to its pre-April 2023 level of ₹0.01 per crore and raised transaction charges by the same amount. Per crore, each side: options ₹3,503 + ₹50 → ₹3,552.99 + ₹0.01; futures ₹173 + ₹10 → ₹182.99 + ₹0.01; cash ₹297 + ₹10 → ₹306.99 + ₹0.01. NSE says this ensures "no impact in the overall outflow". Example month: ₹0.00. Your contract note splits the same total differently.

   Source: [10]

5. 17 Nov 2025

   Angel One raises cash-segment brokerage

   Angel One's notice: equity intraday goes from the lower of ₹20 or 0.03% to the lower of ₹20 or 0.1%, minimum ₹5. Equity delivery stays at the lower of ₹20 or 0.1%, with the minimum raised from ₹2 to ₹5. F&O is not covered in this notice. Example month: not affected (F&O only).

   Source: [8]

6. 4 Nov 2024

   Angel One sets delivery brokerage, AMC and a shortfall interest charge

   Angel One's notice of 30 Sep 2024: equity delivery brokerage of the lower of ₹20 or 0.1% plus GST per executed order, minimum ₹2, from 4 Nov 2024. From 1 Nov 2024, an account maintenance charge (AMC) of ₹60 a quarter for non-BSDA accounts from the second year. From 15 Nov 2024, interest of 0.0342% a day (12.5% a year) on a cash collateral margin shortfall above ₹50,000. The notice does not state the earlier rates. Example month: not priced (no delivery trades, no shortfall assumed).

   Source: [7]

7. 1 Oct 2024

   STT on F&O rises (Finance (No. 2) Act 2024)

   Options sold: 0.0625% → 0.1% of premium. Futures sold: 0.0125% → 0.02%. The Act received assent on 16 Aug 2024 (NSE circular NSE/FATAX/63809). Who: every F&O trader. Example month: +₹375.00 options, +₹2,250.00 futures.

   Source: [4]

8. 1 Oct 2024

   Exchanges switch to flat transaction charges

   NSE circular NSE/FA/64232 (27 Sep 2024) set flat rates per lakh, each side: options ₹35.03 of premium, futures ₹1.73, cash ₹2.97. BSE notice 20240927-37 set ₹3,250 per crore of premium on Sensex and Bankex options and left other equity derivatives unchanged (futures nil, Sensex 50 and stock options ₹500 per crore). MCX circular MCX/F&A/631/2024 set ₹2.10 per lakh on futures and ₹41.80 per lakh of premium on options. As passed on by Zerodha: NSE options 0.0495% → 0.03503%, futures 0.00188% → 0.00173%, cash 0.00322% → 0.00297%; BSE Sensex and Bankex options 0.0495% → 0.0325%. Example month: −₹341.49 options, −₹106.20 futures (exchange charge plus GST on it).

   Source: [2]

9. 1 Jul 2024

   SEBI issues the true to label circular

   SEBI/HO/MRD/TPD-1/P/CIR/2024/92 told exchanges, clearing corporations and depositories to drop volume slabs and charge every member the same rate, effective 1 Oct 2024. It sets no rate itself. The 1 Oct 2024 exchange charge entry above follows from it.

   Source: [1]

Every rate change in one table

One row per rate. Dates are effective dates. Exchange rates are each side; STT is on the sell side unless stated.

Old and new client rates for 1 Oct 2024 come from Zerodha's bulletin; the exchanges' own notices (NSE/FA/64232, BSE 20240927-37, MCX/F&A/631/2024) give the new rates. The old rates are what Zerodha charged clients under the slab system, not a single exchange rate. BSE left futures (nil) and Sensex 50 and stock options (₹500 per crore) unchanged. NSE's 2026 circular cites the September 2024 circular as NSE/FA/64323; the circular itself is numbered NSE/FA/64232. Angel One rows are from Angel One's own notices.

F&O rule changes that left charge rates alone

SEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2024/132 of 1 Oct 2024. None of these sets a fee or tax rate, so none is priced in the example month.

How to check your own contract note against this log

1. 1

   Pick a trade from before and after a date on the log

   For example, an option trade in September 2024 and one in April 2026. Open both contract notes from your broker's back office.

2. 2

   Find the turnover each charge is based on

   Options STT and exchange charges use premium turnover. Futures use contract value. STT applies only to the sell leg; stamp duty only to the buy leg.

3. 3

   Multiply by the rate in the table above

   Use the rate in force on the trade date. A small gap is usually rounding or GST on the exchange charge.

4. 4

   Note what is left

   Anything the log does not explain is your broker's own charge: brokerage, DP charges, interest on shortfall or a platform fee. Ask your broker to explain it in writing.

Questions about these changes