Multi-Broker Comparison Matrix
Compare real trading costs, statutory tax pass-throughs, ancillary fees, trading APIs, and Model Context Protocol (MCP) integrations across Indian stock brokers with full provenance for every numeric fee.
Side-by-side audited fee & feature matrix (min 2, max 6)
SEBI BSDA Tier 1: ₹0 Annual Maintenance Charge
| Feature / Parameter | Z Zerodha discount | G Groww discount | A Angel One discount |
|---|---|---|---|
Brokerage & Trading Charges | |||
Equity Delivery Long-term holding brokerage per executed order | ₹0 (Free) | ₹20 or 0.05% (whichever lower) | ₹0 (Free) |
Equity Intraday Day trading cash brokerage rate | ₹20 or 0.03% (whichever lower) | ₹20 or 0.05% (whichever lower) | ₹20 or 0.25% (whichever lower) |
Futures (Equity & Index) Derivatives futures contract brokerage | ₹20 or 0.03% (whichever lower) | ₹20 / order | ₹20 or 0.25% (whichever lower) |
Equity Options Derivatives options contract rate | ₹20 / order | ₹20 / order | ₹20 / order |
Margin Trading Facility (MTF) Leverage & Pay Later interest rate on funded margin balance | 0.04% per day (~14.6% p.a.) | 14.95% p.a. (~0.041% per day) | 14.99% p.a. (0.041% per day) |
Statutory Taxes & Pass-Throughs | |||
STT / CTT Pass-Through CBDT Securities Transaction Tax passed through at exact statutory rate | 100% Pass-through | 100% Pass-through | 100% Pass-through |
Exchange Turnover Fee NSE/BSE transaction fee billed at actual exchange rates | 100% Pass-through | 100% Pass-through | 100% Pass-through |
GST on Charges 18% Goods & Services Tax on (Brokerage + Exchange Fee + SEBI Fee) | 18% GST | 18% GST | 18% GST |
Demat & Recurring Charges | |||
Account Opening Fee One-time trading and demat opening charge | ₹0 (Free) | ₹0 (Free) | ₹0 (Free) |
Regular Demat AMC Standard Annual Maintenance Charge (Portfolios > ₹10 Lakhs or multiple accounts) | ₹300INR | ₹0 (Free) | ₹240INR |
BSDA Demat AMC SEBI Basic Services Demat Account (Portfolios ≤ ₹4L are ₹0; ₹4L–₹10L max ₹100/yr) | ₹0 (Free) | ₹0 (Free) | ₹0 (Free) |
DP Charge (Sell Leg) CDSL/NSDL debit charge per ISIN when selling | ₹19.00 + GST per scrip | ₹20.00 + GST per company | ₹20.00 + GST per debit transaction |
Auto Square-Off (RMS) Dealer charge when risk team squares off open intraday positions | ₹50 + GST per order | ₹50 + GST per order | ₹20 + GST per order |
Call & Trade Desk Fee Charge per order placed via telephonic dealer desk | ₹50 + GST per executed order | ₹50 + GST per executed order | ₹20 + GST per executed order |
Physical Contract Note Dispatched via postal courier upon client request | ₹20 + ₹50 courier charge per contract | ₹10 + courier charges | ₹50 + GST per contract note |
Trading Platform & Technology | |||
TradingView Charts Native TradingView charting integration | TradingView Embedded v2 | TradingView Embedded | Smart TradingView Embedded |
Mobile App (iOS / Android) Dedicated mobile application with biometric login | Supported | Supported | Supported |
Web Trading Platform Browser-based institutional terminal with keyboard shortcuts | Supported | Supported | Supported |
GTT (Good Till Triggered) Orders Server-side persistent conditional stop-loss orders | Supported | Supported | Supported |
Global & US Stocks Investing | |||
US Stocks Purchase Support for buying and selling US-listed equities and ETFs | Not supported | Discontinued | Not supported |
US Clearing Custodian SEC & FINRA registered US carrying/clearing broker partner | ? | ? | ? |
US Stocks Brokerage Commission/brokerage charged per executed US trade | ? | ? | ? |
SIPC Investor Protection Securities Investor Protection Corporation insurance coverage | ? | ? | ? |
Regulatory Framework Cross-border route: IFSCA / GIFT City framework or RBI LRS route | ? | ? | ? |
Minimum Initial Deposit Minimum wallet funding required to begin US investing | ? | ? | ? |
Fractional Shares Ability to purchase fractional shares from $1 | ? | ? | ? |
Developer & Algo Capabilities | |||
Trading API (REST & WebSocket) Official automated order placement and live tick feed | Supported | Supported | Supported |
API Subscription Pricing Monthly charge for developer API access | ₹500 / month | ₹499 / month | ₹0 (Free) |
Rate Limits Requests per second / minute on official endpoints | 3 req/s (General), 10 orders/s | Categorized (150 auth req/day) | 10 req/s |
WebSocket Live Data Streaming real-time market depth and quotes | Supported | Supported | Supported |
Model Context Protocol (MCP) & AI Integration | |||
Model Context Protocol (MCP) Audited Model Context Protocol server for AI agent trading | API_USABLE_BY_AI_AGENT | OFFICIAL_MCP | API_USABLE_BY_AI_AGENT |
Regulatory Identity & Custody | |||
SEBI Registration Official SEBI stock broker certificate ID | INZ000031633 | INZ000301838 | INZ000161534 |
Primary Depository Depository participant custody clearing (CDSL / NSDL) | CDSL | CDSL | CDSL, NSDL |
Exchange Memberships Direct cleared trading memberships | NSE, BSE, MCX | NSE, BSE | NSE, BSE, MCX |
Headquarters Registered corporate domicile in India | Bengaluru, Karnataka | Bengaluru, Karnataka | Mumbai, Maharashtra |
Brokerage & Trading Charges
Long-term holding brokerage per executed order
Day trading cash brokerage rate
Derivatives futures contract brokerage
Derivatives options contract rate
Statutory Taxes & Pass-Throughs
CBDT Securities Transaction Tax passed through at exact statutory rate
NSE/BSE transaction fee billed at actual exchange rates
Demat & Recurring Charges
One-time trading and demat opening charge
Standard Annual Maintenance Charge (Portfolios > ₹10 Lakhs or multiple accounts)
SEBI Basic Services Demat Account (Portfolios ≤ ₹4L are ₹0; ₹4L–₹10L max ₹100/yr)
CDSL/NSDL debit charge per ISIN when selling
Dealer charge when risk team squares off open intraday positions
Charge per order placed via telephonic dealer desk
Trading Platform & Technology
Native TradingView charting integration
Dedicated mobile application with biometric login
Browser-based institutional terminal with keyboard shortcuts
Global & US Stocks Investing
Support for buying and selling US-listed equities and ETFs
SEC & FINRA registered US carrying/clearing broker partner
Commission/brokerage charged per executed US trade
Securities Investor Protection Corporation insurance coverage
Cross-border route: IFSCA / GIFT City framework or RBI LRS route
Minimum wallet funding required to begin US investing
Developer & Algo Capabilities
Official automated order placement and live tick feed
Monthly charge for developer API access
Requests per second / minute on official endpoints
Model Context Protocol (MCP) & AI Integration
Regulatory Identity & Custody
Official SEBI stock broker certificate ID
Depository participant custody clearing (CDSL / NSDL)
Direct cleared trading memberships