mStock
Mirae Asset's broker. Zero delivery, ₹5 intraday — among the lowest fees. Watch the AMC.
About mStock
mStock is the brokerage arm of Mirae Asset Capital Markets (India), launched in 2022. It offers genuinely competitive pricing — zero delivery brokerage and the lowest intraday fee at ₹5/order. The caveat: the AMC at ₹219 + GST per quarter (or one-time ₹1,299 + GST) is high for light traders but the all-in pricing for heavy traders is excellent.
Who is mStock right for?
Zero delivery brokerage is great, but ₹259/quarter AMC adds up for passive investors doing few trades.
₹5/order is the lowest intraday brokerage in the market. Ideal for high-frequency traders.
₹5/order for options and ₹0 for futures. Extremely competitive.
AMC structure can be confusing. Better once you're trading regularly.
Every mStock charge, listed
All charges mStock can collect — grouped by type. Regulatory charges (STT, exchange fees, SEBI fee, stamp duty) are fixed by law and identical at every broker; they're listed separately below.
| Charge | Rate / Amount | What it means |
|---|---|---|
| Trading charges | ||
| Delivery Brokerage | ₹0 (zero brokerage) | Per order, charged on both buy and sell legs. The most-advertised number. |
| Intraday Brokerage | ₹5/order flat | MIS orders — buy and sell same day. Per order. |
| F&O Futures Brokerage | ₹0 (zero brokerage) | Per futures order/lot. |
| F&O Options Brokerage | ₹5/order flat | Per options order/lot. |
| MTF Brokerage | ₹5/order | Brokerage on Margin Trading Facility orders. MTF lets you buy more than your balance and hold overnight. |
| Demat charges | ||
| DP Charge (per sell) | ₹18 + 18% GST = ₹21.24/scrip | Once per company (ISIN), per sell day. Not charged on intraday or F&O. |
| AMC (annual) | ₹219 + GST/quarter or ₹1,299 + GST one-time | Charged yearly to maintain your demat account, regardless of activity. |
| Other fees | ||
| MTF Interest Rate | 15.00% p.a. (~0.041%/day, tiered) | Daily interest on borrowed margin. Rate shown is p.a. — confirm before using. |
| Call & Trade | Free | Extra fee per order placed by phone instead of app. |
| Auto Square-off | ₹100 + GST/order = ₹118 | Charged if broker closes your open intraday position at market end. |
| Payment Gateway | ₹7–₹11 + GST depending on bank | Per fund transfer. UPI is usually free — use it. |
| DDPI (one-time) | ₹99 | Demat Debit & Pledge Instruction — avoids TPIN entry on every sell. |
| Account Opening | Free | One-time cost to open demat + trading account. |
| Settlement & custody | ||
| Physical Settlement | No charges for physical delivery of derivatives | Brokerage when an F&O contract results in physical delivery of shares instead of cash settlement. |
| Pledge / Unpledge | Unpledge only: ₹32/PSN (Pledge Sequence Number) per day | Fee to pledge shares as margin collateral. Charged per ISIN per request. |
| Delayed Payment | 0.049%/day on outstanding debit | Daily interest on your debit balance when you owe money to the broker (e.g., after a loss or pending funds transfer). |
| Off-Market Transfer | N/A | Fee to transfer shares to another demat account outside of exchange settlement. |
| Currency & Commodity | ||
| CDS Futures | ₹0 (zero brokerage) | Brokerage on currency derivative futures (USDINR, EURINR, etc.). |
| CDS Options | ₹5/order flat | Brokerage on currency derivative options. |
| Commodity Futures | ₹0 (zero brokerage) | Brokerage on MCX commodity futures (Gold, Silver, Crude Oil, etc.). |
| Commodity Options | ₹5/order flat | Brokerage on MCX commodity options. |
| Demat services | ||
| MF DP Charges | N/A | DP charges on mutual fund redemptions from demat. |
| Corporate Action | Free | Processing fee for bonus, split, dividend, rights issue, etc. |
| Dematerialisation | ₹200 + GST/certificate | Fee to convert physical share certificates to electronic demat form. |
| Rematerialisation | ₹300 + GST/certificate | Fee to convert demat shares back to physical certificates. |
| Failed Demat | ₹50 + GST per failed instruction | Penalty when a demat transfer instruction fails. |
| Account & documents | ||
| API Access | Not offered | Monthly or annual fee for trading API access. |
| API Brokerage | Not offered | Brokerage rate when trading via API. |
| Account Reactivation | ₹100 + GST = ₹118 | Fee to reactivate a dormant or frozen account. |
| Instant Withdrawal | Free via UPI | Fee for instant fund withdrawal to bank account. |
| DIS Slip | ₹100 + GST/booklet | Physical Delivery Instruction Slip booklet. |
| Physical CMR | ₹50 + GST | Physical copy of Client Master Report. |
| Physical Contract Note | Not available | Physical copy of daily contract note. |
| Account modifications | ||
| Name Change | Free ~7 working days | Fee and processing time to change your name on demat records. |
| Mobile & Email | Free | Fee to update your registered mobile number or email address. |
| Address Change | Free | Fee to update your registered address. |
| Nominee Change | Free | Fee to add, remove, or modify nominee details. |
| DOB Correction | Free ~7 working days | Fee to correct date of birth on demat records. |
| Bank Account Change | Free | Fee to change your primary linked bank account. |
| KYC Update | Free | Fee for re-KYC or KYC detail modification. |
| Cheque Bounce Penalty | N/A | Penalty when a cheque deposited with the broker bounces. |
What you'd actually pay
All-in cost per trade — brokerage + GST + DP charge + every regulatory charge.
Govt/exchange charges (₹111.51 on ₹50K) are identical at every broker — only the broker portion differs.
Regulatory charges — the ones no broker can change
These charges are fixed by law and collected by exchanges / the government. Every broker charges them identically. They add up to ₹111.51 on a ₹50,000 delivery trade.
| Charge | Rate | Amount on ₹50K trade | Who collects | Learn more |
|---|---|---|---|---|
| STT (Securities Transaction Tax) | 0.1% on turnover (delivery) | ₹100.00 | Government of India | STT explained → |
| Exchange Transaction Charge | 0.00297% of turnover (NSE) | ₹2.97 | NSE / BSE | Exchange fee → |
| GST on Exchange Charge | 18% on exchange charge | ₹0.53 | Government of India | GST explained → |
| SEBI Regulatory Fee | ₹10 per crore turnover | ₹0.51 | SEBI | SEBI fee → |
| Stamp Duty | 0.015% on buy value | ₹7.50 | State governments | Stamp duty → |
| Total regulatory charges | ₹111.51 | Cannot be reduced by choosing any broker | ||
How does mStock compare?
See how mStock stacks up against all 16 brokers on any trade value and type.