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    Broker costs and features

    Charges on option buying: one Nifty round trip, line by line, and the points you need to break even

    Charges on option buying for one Nifty round trip (buy 1 lot of 65 at ₹120, sell at ₹132) come to ₹67.19 at a broker that charges ₹20 per order, and ₹40 of that is brokerage. Just to cover all charges, the premium has to rise about 1.01 points from ₹120, which is ₹65.82 on the lot. At ₹10 per order the break-even move falls to 0.65 points, and at zero brokerage to 0.29 points.

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

    Option buying charges per trade: one Nifty lot at ₹120

    When you buy an option and later sell it, you place two orders. Each order carries brokerage, and the two together carry five statutory and exchange charges. Only one of them, STT (securities transaction tax), is a big number, and an option buyer pays it on the sale (or on exercise at expiry, covered below), never on the purchase.

    The example below is one Nifty call or put, 1 lot, bought at ₹120 and sold at ₹132. The lot of 65 units is the size NSE set for Nifty contracts expiring from 6 January 2026 (weekly) and 27 January 2026 (monthly), in circular NSE/FAOP/70616 of 3 October 2025. NSE's circular list up to 13 October 2026 shows no later change for index contracts. The premiums are illustrative round numbers, not market prices, and 1 lot is an example, not a suggested quantity.

    Brokerage is ₹20 per executed order, the rate on Zerodha's, Groww's and Dhan's pricing pages. Every other rate is the same at any broker on NSE.

    Buy 1 Nifty lot at ₹120, sell at ₹132: every charge

    ₹7,800 of premium bought (65 × ₹120) and ₹8,580 sold (65 × ₹132). Each line is rounded to the nearest paisa; the total adds the unrounded values and matches the sum of the lines.

    Brokerage, 2 orders × ₹20One on the buy, one on the sell
    ₹40.00
    STT, 0.15% of ₹8,580 soldSell side only. Nothing on the buy
    ₹12.87
    NSE transaction charges, 0.03553% of ₹16,380 (both sides)₹5.8198. Includes the IPFT contribution of ₹0.01 per crore
    ₹5.82
    SEBI fee, ₹10 per crore of ₹16,380₹0.0164
    ₹0.02
    Stamp duty, 0.003% of ₹7,800 boughtBuy side only. ₹0.234
    ₹0.23
    GST, 18% of ₹45.84 (brokerage + NSE + SEBI)₹8.2505. No GST on STT or stamp duty
    ₹8.25
    Charges for the round trip
    ₹67.19

    Sources: [6], [4], [5], [1]

    Option brokerage models and who charges them

    Option brokerage as printed on each broker's official pricing page, opened 13 Oct 2026. Brokerage + GST is for one round trip (2 orders). Brokers are examples of each model, not a ranking.

    ModelBrokers we checked on this modelBrokerage + GST per round tripWhat else their page says
    Flat ₹20 per executed orderZerodha, Groww, Dhan₹47.20Zerodha and Dhan also charge brokerage on expired, exercised and assigned option contracts. Groww's F&O page does not mention exercise.
    Flat ₹10 per ordermStock, Sahi₹23.60Both advertise ₹0 brokerage for the first 30 days. mStock's page does not say how that offer applies to F&O.
    ₹0 (Nil)Flattrade₹0.00Orders placed through its dealing desk cost ₹50 + GST each.
    Percentage of premium with a ₹ capNone of the six aboveNot pricedAll six charge options per order. The 'whichever is lower' rules on these pages apply to futures or equity, not options.

    Rates from zerodha.com/charges, groww.in/pricing/futures-and-options, dhan.co/pricing, mstock.com/pricing, sahi.com/pricing and flattrade.in/charges, all opened 13 Oct 2026. GST at 18% on brokerage per Zerodha's charges page.

    Sources: [6], [9], [10], [11], [12], [13]

    How the break-even exit is worked out

    The break-even exit is the sale price at which the gain on 65 units exactly pays for every charge. It is a little more than "entry plus charges ÷ 65", because STT and the exchange fee grow as the exit price grows. So it is solved in one step:

    Break-even exit = (entry × 1.00045043 + brokerage with GST per unit) ÷ 0.99807957

    • 1.00045043 is 1 plus the charges that scale with what you buy: NSE and SEBI fees with GST (0.0420434%) and stamp duty (0.003%).
    • 0.99807957 is 1 minus the charges that scale with what you sell: NSE and SEBI fees with GST (0.0420434%) and STT (0.15%).
    • Brokerage with GST per unit is ₹47.20 ÷ 65 = ₹0.7262 at ₹20 an order, ₹0.3631 at ₹10, and ₹0 at zero brokerage. With more lots, the same ₹47.20 is spread over more units.

    For the ₹120 entry at ₹20 an order: (120 × 1.00045043 + 0.7262) ÷ 0.99807957 = ₹121.0126. The premium must rise 1.01 points (₹1.01 per unit), and the trade must make ₹65.82 on the lot before any of it is profit. A glossary note on option buying covers the basics of premium and lots, and the options break-even calculator runs the same kind of sum for your own entry.

    Points needed on a ₹120 entry, by brokerage model

    ₹20 per order, 1 lot
    1.01 points
    Exit at ₹121.01. ₹65.82 of charges to cover, 0.84% of the premium paid.

    Source: [6]

    ₹10 per order, 1 lot
    0.65 points
    Exit at ₹120.65. ₹42.17 of charges, 0.54% of the premium.

    Source: [11]

    ₹0 brokerage, 1 lot
    0.29 points
    Exit at ₹120.29. ₹18.53 of statutory and exchange charges only.

    Source: [13]

    STT inside the ₹20 case
    ₹11.80
    0.15% of the ₹7,865.82 sold at break-even. About 18% of the ₹65.82.

    Source: [4]

    Break-even points by premium, lots and brokerage

    Points = how far the premium must rise from the entry price to cover all charges on one round trip. ₹ = the charges at that break-even exit, which is also the gain needed on the whole position. 1 lot = 65 units. Entry prices are illustrative. Points and rupees rounded once at the end, to 2 decimals.

    Entry premiumLots₹20/order: points₹20/order: ₹ to cover₹10/order: points₹10/order: ₹ to cover₹0: points₹0: ₹ to coverRise needed at ₹20/order
    ₹201 (65 units)0.78₹50.380.41₹26.730.05₹3.093.88%
    ₹202 (130 units)0.41₹53.470.23₹29.820.05₹6.182.06%
    ₹205 (325 units)0.19₹62.730.12₹39.090.05₹15.440.97%
    ₹2010 (650 units)0.12₹78.170.08₹54.530.05₹30.880.60%
    ₹1201 (65 units)1.01₹65.820.65₹42.170.29₹18.530.84%
    ₹1202 (130 units)0.65₹84.350.47₹60.700.29₹37.060.54%
    ₹1205 (325 units)0.43₹139.930.36₹116.290.29₹92.640.36%
    ₹12010 (650 units)0.36₹232.570.32₹208.930.29₹185.280.30%
    ₹2501 (65 units)1.32₹85.890.96₹62.250.59₹38.600.53%
    ₹2502 (130 units)0.96₹124.490.78₹100.850.59₹77.200.38%
    ₹2505 (325 units)0.74₹240.290.67₹216.650.59₹193.000.30%
    ₹25010 (650 units)0.67₹433.300.63₹409.650.59₹386.010.27%

    Statutory and exchange rates: STT 0.15% of premium sold (NSE/FATAX/73524); NSE ₹3,553 per crore of premium each side including IPFT (NSE/FA/73061); SEBI ₹10 per crore, stamp duty 0.003% of premium bought, GST 18% on brokerage, NSE and SEBI fees (Zerodha charges page). Lot size 65 from NSE/FAOP/70616. Each side priced as one order: 10 lots (650 units) is below NSE's Nifty quantity freeze limit of 3,510 units in force from 5 Oct 2026 (NSE/FAOP/76693). Brokerage models from the brokers' own pages, 13 Oct 2026.

    Sources: [4], [5], [1], [3], [6], [11], [13]

    Download this table (CSV)

    Reading the break-even table

    Cheap options carry the heaviest cost in percentage terms. One lot bought at ₹20 has to rise 3.88% at ₹20 an order before it breaks even, because ₹47.20 of brokerage sits on only ₹1,300 of premium. The same lot at ₹250 needs 0.53%. In points the cheap option needs fewer (0.78 against 1.32), which is why a small-looking gain on a cheap option can still be a loss after charges.

    At zero brokerage the break-even is a fixed share of the entry price. With no per-order fee, every remaining charge is a percentage, so the premium must rise about 0.24% (0.2375%) at any lot count: 0.05 points on ₹20, 0.29 points on ₹120, 0.59 points on ₹250.

    Doubling the lots halves the brokerage per unit. Two lots at ₹20 an order need exactly the same move as one lot at ₹10 an order (0.41 points on a ₹20 entry, 0.65 on ₹120), because the brokerage per unit is the same ₹0.36.

    These are option points, not Nifty points. How far Nifty itself must move depends on how much the premium changes per Nifty point (the option's delta). As an illustration only: at a delta of 0.5, the 1.01-point premium move on the ₹120 lot needs about 2 Nifty points in your favour, before time decay and the bid-ask spread, which this table does not include.

    Held to expiry: STT on an exercised option

    Option buyers do pay STT if they hold an in-the-money Nifty option to expiry. Nifty options are settled in cash and the option is exercised. NSE circular NSE/FATAX/73524 sets STT on an exercised option at 0.15%, payable by the purchaser, and Zerodha's charges page and support article give the base as the option's intrinsic value (the amount by which it finished in the money). Since 1 April 2026 that is the same rate as STT on selling the option, so the STT line is the same whichever way you exit at a given value.

    What can differ is brokerage. Zerodha's charges page says brokerage is also charged on expired, exercised and assigned contracts, and Dhan's says ₹20 per executed order applies to them. Groww's F&O page says nothing about exercise. The pages we read list no exchange fee or stamp duty on the exercise itself, so the example below leaves those out; your contract note will show if any apply.

    The ₹120 lot held to expiry, 150 points in the money

    Same buy as before (1 lot at ₹120; buy-side charges ₹27.11 either way). At expiry the option is worth its intrinsic value of 150 points. Compare letting it be exercised with selling it at ₹150 just before the close. Hypothetical figures, ₹20 brokerage assumed on the exercise as Dhan's page states.

    Intrinsic value paid to you, 150 × 65
    ₹9,750.00
    Exercised: STT, 0.15% of ₹9,750
    ₹14.625
    Exercised: brokerage ₹20 + 18% GST₹0 at a broker that does not charge on exercise
    ₹23.60
    Exercised: exit charges₹38.225
    ₹38.23
    Sold at ₹150: STT, 0.15% of ₹9,750Same as on exercise since 1 April 2026
    ₹14.625
    Sold at ₹150: brokerage ₹20 + 18% GST
    ₹23.60
    Sold at ₹150: NSE and SEBI fees with GST on ₹9,750₹4.0992
    ₹4.10
    Sold at ₹150: exit charges₹42.3242
    ₹42.32
    Gap between the two exits (the NSE and SEBI line)
    ₹4.10

    Sources: [4], [7], [6], [10], [5]

    Two edge cases follow from the same pages. If the option finishes only a few paise in the money, a ₹23.60 exercise brokerage can be larger than the payout: at 0.36 points in the money, 65 units pay ₹23.40 while brokerage and STT come to ₹23.64. And an option that expires worthless still cost its buy-side charges (₹27.11 in this example); at brokers whose pages say brokerage applies to expired contracts, check whether a further ₹20 + GST appears on your contract note.

    Why ten small trades cost more than one larger one

    Brokerage is charged per order. STT, exchange fees, SEBI's fee and stamp duty are charged on the value traded. So the same total premium costs more when it is split into more orders, and each extra round trip brings its own break-even to clear.

    Take 10 lots bought at ₹120 and sold at ₹120 (exit equal to entry, so the cost is not mixed with profit), at ₹20 an order:

    • 10 round trips of 1 lot: 20 orders, ₹656.93 of charges. Each trade needs 1.01 points to break even.
    • 5 round trips of 2 lots: 10 orders, ₹420.93. Each needs 0.65 points.
    • 1 round trip of 10 lots: 2 orders, ₹232.13. It needs 0.36 points.

    STT is ₹117.00 in all three, and the other statutory charges are ₹67.93 in all three. Only brokerage changes: ₹472.00, ₹236.00 and ₹47.20. This is how the charges are built, not a suggestion to trade more, less, or larger. A 10-lot order also loses ten times as much per point if the premium falls, and the overtrading guide covers the behaviour side. For a whole month of mixed trades across brokers, see the F&O charges benchmark; for what changed in STT this year, see the STT hike page.

    The same 10 lots at ₹120, traded three ways

    Charges at ₹20 per order, exit equal to entry. Other statutory = NSE and SEBI fees, GST on them, and stamp duty. Rounded to the nearest paisa.

    Brokerage incl. GSTSTTOther statutory incl. GST
    • 10 trades × 1 lot₹656.93
    • 5 trades × 2 lots₹420.93
    • 1 trade × 10 lots₹232.13

    Sources: [6], [4], [5], [1]

    Charges on option buying: questions people search

    What are the charges on option buying?+

    Brokerage on each order, plus STT of 0.15% of the premium when you sell, NSE transaction charges of 0.03553% of premium on both sides, SEBI's fee of ₹10 per crore, stamp duty of 0.003% of the premium you buy, and 18% GST on brokerage, NSE and SEBI fees. On 1 Nifty lot bought at ₹120 and sold at ₹132, that is ₹67.19 at ₹20 per order.

    Is STT charged on option buying?+

    Not on the purchase. You pay STT of 0.15% of the premium when you sell the option, or 0.15% of its intrinsic value if you hold an in-the-money option to expiry and it is exercised. An option that expires worthless has no intrinsic value, so no exercise STT.

    What are option trading charges in Zerodha vs Groww?+

    On 13 Oct 2026 both list a flat ₹20 per executed order for options, and the statutory charges are the same at both. Groww shows the NSE fee as 0.03503% plus 0.0005% IPFT; Zerodha shows 0.03553% including IPFT; the totals are equal. Zerodha's page also says brokerage applies to expired and exercised contracts; Groww's F&O page does not mention exercise.

    How many points does an option need to move to break even after charges?+

    On 1 Nifty lot at ₹20 per order: about 0.78 points on a ₹20 entry, 1.01 on ₹120 and 1.32 on ₹250. At zero brokerage it is about 0.24% of the entry price at any size. The table above gives 1, 2, 5 and 10 lots.

    Sources

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

    1. [1]NSE circular NSE/FAOP/70616, Revision in Market Lot of Derivative Contracts on Indices, 3 Oct 2025 · checked 13 Oct 2026
    2. [2]NSE exchange communication circulars archive (listing 1 Oct 2025 to 13 Oct 2026) · checked 13 Oct 2026
    3. [3]NSE circular NSE/FAOP/76693, Quantity Freeze Limits for Indices, 1 Oct 2026 · checked 13 Oct 2026
    4. [4]NSE circular NSE/FATAX/73524, Changes in relation to rates of Securities Transaction Tax, 31 Mar 2026 · checked 13 Oct 2026
    5. [5]NSE circular NSE/FA/73061, Revision in Transaction Charges, 27 Feb 2026 · checked 13 Oct 2026
    6. [6]Zerodha charges page · checked 13 Oct 2026
    7. [7]Zerodha Support: Are there any other charges if option positions get exercised? · checked 13 Oct 2026
    8. [8]Zerodha Support: How is the Securities Transaction Tax (STT) calculated? · checked 13 Oct 2026
    9. [9]Groww pricing: Futures and Options · checked 13 Oct 2026
    10. [10]Dhan pricing page · checked 13 Oct 2026
    11. [11]mStock pricing page · checked 13 Oct 2026
    12. [12]Sahi pricing page · checked 13 Oct 2026
    13. [13]Flattrade charges page · checked 13 Oct 2026