Anand Rathi vs ICICI Direct

A full side-by-side comparison of brokerage charges, demat AMC, margin, platforms, features and user ratings — updated for 2026.

Anand Rathi
Anand Rathi
Full-Service Broker · since 1994
VS
ICICI Direct
Full-Service Broker · since 1995
ICICI Direct

Anand Rathi vs ICICI Direct — quick verdict

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Company overview

Anand Rathi is a full-service broker incorporated in 1994; ICICI Direct is a full-service broker incorporated in 1995.

ParameterAnand RathiICICI Direct
Type of broker Full-Service Broker Full-Service Broker
Exchange membership NSE · BSE · MCX · NCDEX · MSEI NSE · BSE · MCX · NCDEX
Year of incorporation 1994 older 1995
Number of branches 1,200+ 3,000+ ICICI Bank Branches & Customer To wider
Active clients 6 Lakh+ ~19.80 Lakh+ larger

Charges & AMC

Account-opening and maintenance charges for Anand Rathi and ICICI Direct compared side by side.

ParameterAnand RathiICICI Direct
Trading a/c opening ₹0 (Online) ₹0 (Online)
Trading a/c AMC ₹0 ₹0
Demat a/c opening ₹0 ₹0
Demat a/c AMC ₹450 + GST per year ₹300 + GST per year lower
DP charges (per ISIN, sell) ₹15.93 per debit transaction (including GST) lower NSDL – ₹20 + GST (first debit), ₹4 + GST (subsequent same-day debit); CDSL – ₹20 + GST per scrip sold per day

Brokerage charges

How Anand Rathi and ICICI Direct price each trading segment, per executed order.

ParameterAnand RathiICICI Direct
Equity Delivery 0.30% ₹20 per order (or plan-specific rate)
Equity Intraday 0.03% ₹20 per order
Equity Futures 0.03% ₹20 per order
Equity Options ₹20 per executed order ₹20 per order
Currency F&O 0.03% ₹20 per order
Commodity F&O 0.03% ₹20 per order
Call & Trade ₹20 per executed order ₹50 per order

Transaction charges (exchange turnover)

Exchange turnover and clearing charges passed through by Anand Rathi and ICICI Direct, per segment.

ParameterAnand RathiICICI Direct
Equity Delivery NSE: 0.00297% • BSE: 0.00375% NSE: 0.00297% + IPFT 0.00010% • BSE: 0.00375%
Equity Intraday NSE: 0.00297% • BSE: 0.00375% NSE: 0.00297% + IPFT 0.00010% • BSE: 0.00375%
Equity Futures NSE: 0.00173% NSE: 0.00173% + IPFT 0.00010% • BSE: 0.00000%
Equity Options NSE: 0.03503% (on premium) NSE: 0.03503% (on Premium) + IPFT 0.00050% • BSE: 0.03250% (on Premium)
Currency Futures NSE: 0.00035% NSE: 0.00012% • BSE: 0.00005%
Currency Options NSE: 0.03110% (on premium) NSE: 0.03250% (on Premium) • BSE: 0.00100% (on Premium)
Commodity Futures MCX: 0.00210% —
Commodity Options MCX: 0.04180% (on premium) —
Commodity Futures (MCX) — 0.00210%
Commodity Options (MCX) — 0.04180% (on Premium)

Demat & DP charges

Depository (demat) charges for Anand Rathi and ICICI Direct — AMC, debit transactions, pledging and remat.

ParameterAnand RathiICICI Direct
Demat Account Opening ₹0 ₹0 (Online)
Annual Maintenance Charges (AMC) ₹450 + GST per year ₹300 + GST per year
Debit Transaction Charges ₹15.93 per debit transaction (including GST) —
Pledge / Unpledge Charges ₹25 + GST per request —
Dematerialisation (Demat) ₹150 per certificate + GST —
Rematerialisation (Remat) ₹150 per certificate + GST —
Failed Transactions Nil —
DP Charges (NSDL) — ₹20 + GST per scrip for the first debit instruction and ₹4 + GST for subsequent debit instructions in the same scrip on the same day
DP Charges (CDSL) — ₹20 + GST per scrip sold per day (includes depository charges)
Call & Trade (Equity & Derivatives) — ₹50 per order
Call & Trade (Commodity) — ₹50 per order
Pledge Charges (MTF) — ₹25 + GST per pledge instruction
Pledge Charges (Shares as Margin - SAM) — ₹29 + GST per pledge instruction
Pledge Charges (CUSPA) — ₹29 + GST per pledge instruction

Margin & leverage (MTF)

Intraday and delivery margin / leverage offered by Anand Rathi and ICICI Direct.

ParameterAnand RathiICICI Direct
Equity Delivery 100% of trade value (1x) Up to 100% of trade value (1x)
Equity Intraday VAR + ELM Margin (Up to 5x*) As per SEBI Peak Margin Rules (Up to 5x*)
Equity Futures SPAN + Exposure Margin (As per available margin) SPAN + Exposure Margin (As per Exchange)
Equity Options (Buy) Premium Value (Not Applicable) Premium + Applicable Margin (As per Exchange)
Equity Options (Sell) SPAN + Exposure Margin (As per available margin) Exchange Prescribed Margin (As per Exchange)
Currency Futures & Options SPAN + Exposure Margin (As per available margin) Exchange Prescribed Margin (As per Exchange)
Commodity Futures & Options SPAN + Exposure Margin (As per available margin) —

Features & account

Account type and feature availability across Anand Rathi and ICICI Direct.

ParameterAnand RathiICICI Direct
3-in-1 account ✕ No ✓ Yes better
Automated / API trading ✓ Yes ✓ Yes
Margin Trading (MTF) ✓ Yes ✓ Yes
Trading in SME shares ✓ Yes ✓ Yes
Trading platforms AR Invest Web, AR Invest Mobile App, Anand Rathi Trade Mobi / Desktop ICICIdirect Web, ICICIdirect Mobile App, Trade Racer, Breeze API
Intraday square-off 3:15 PM 3:15 PM
Other Research Reports, Trading Calls, Advanced Charting, Option Chain, Basket Orders, Price Alerts, eDIS, Margin Trading Facility (MTF), PMS, AIF, Wealth Management 3-in-1 Account, Research Reports, Stock SIP, Basket Orders, MTF, Loan Against Securities

Trading platforms & apps

Trading terminals, web platforms and mobile apps offered by Anand Rathi and ICICI Direct.

ParameterAnand RathiICICI Direct
Trading platforms offered AR Invest Web, AR Invest Mobile App, Anand Rathi Trade Mobi / Desktop ICICIdirect Web, ICICIdirect Mobile App, ICICI Direct Markets App, Trade Racer
Number of platforms 3 4 more choice
Platforms (summary) AR Invest Web, AR Invest Mobile App, Anand Rathi Trade Mobi / Desktop ICICIdirect Web, ICICIdirect Mobile App, Trade Racer, Breeze API
Mobile / desktop apps Web, Mobile, Desktop Web, Mobile, Desktop

User ratings

User ratings for Anand Rathi and ICICI Direct across the key parameters.

Rated onAnand RathiICICI Direct
Fees 4.1 4.1
Brokerage 4.2 4.2
Trading platform 4.5 4.8 better
Customer service 4.6 4.7 better
Research 4.8 4.9 better
Overall 4.4 4.6 better

Investment options

Which investment products Anand Rathi and ICICI Direct let you access.

ParameterAnand RathiICICI Direct
Stocks / Equity ✓ Yes ✓ Yes
Commodity ✓ Yes ✓ Yes
IPO ✓ Yes ✓ Yes
Mutual Funds ✓ Yes ✓ Yes
Bonds / NCD ✓ Yes ✓ Yes

Order types offered

Advanced order types supported by Anand Rathi and ICICI Direct.

ParameterAnand RathiICICI Direct
Bracket Order ✓ Yes better ✕ No
Cover Order ✓ Yes better ✕ No
BTST ✓ Yes ✓ Yes
After Market (AMO) ✓ Yes ✓ Yes
GTC / GTT ✕ No ✓ Yes better

Safety & credibility

SEBI registration, financial strength and complaint record for Anand Rathi and ICICI Direct.

ParameterAnand RathiICICI Direct
SEBI registration INZ000170832 INZ000183631
NSE member code 09280 07730
Year of incorporation 1994 longer track record 1995
Net worth ₹2,300+ Cr Not Separately Disclosed (Subsidiary of ICICI Bank Limited)
Exchange memberships NSE · BSE · MCX · NCDEX · MSEI NSE · BSE · MCX · NCDEX
Latest complaint ratio 0.003% fewer complaints 0.0031%

Complaints record

Exchange complaint data for Anand Rathi and ICICI Direct — the ratio matters more than the raw count.

ParameterAnand RathiICICI Direct
Latest financial year 2025–26 Latest Available
Exchange NSE NSE
Active clients 6,48,217 19,60,293 larger base
Complaints filed 22 61 (Pending SCORES 2.0)
Complaint ratio 0.003% fewer complaints 0.0031%

Pros & cons

The main advantages and drawbacks of each broker.

Anand Rathi

▲ Pros

  • ✓ Strong equity and commodity research with expert advisory.
  • ✓ Comprehensive wealth management and investment solutions.
  • ✓ Supports stocks, F&O, commodities, currencies, IPOs, mutual funds, bonds, PMS, AIFs, and insurance.
  • ✓ Large nationwide branch and relationship manager network.
  • ✓ Advanced web, mobile, and desktop trading platforms.
  • ✓ Personalized investment recommendations for retail and HNI clients.

▼ Cons

  • ✕ Brokerage charges are generally higher than discount brokers.
  • ✕ Annual Demat AMC is applicable.
  • ✕ Advanced wealth management services are primarily targeted at premium clients.
  • ✕ Call & Trade charges may apply.
  • ✕ Frequent traders may find discount brokers more economical.
ICICI Direct

▲ Pros

  • ✓ Integrated 3-in-1 Account with ICICI Bank.
  • ✓ Access to Equity, F&O, Currency and Commodity trading.
  • ✓ Strong in-house research and investment recommendations.
  • ✓ Multiple trading platforms for beginners and active traders.
  • ✓ Wide range of investment products under one account.
  • ✓ Backed by the trusted ICICI Group.
  • ✓ Digital account opening with online KYC.
  • ✓ Extensive customer support network across India.

▼ Cons

  • ✕ Brokerage charges may be higher than discount brokers.
  • ✕ Some advanced features are available only under specific brokerage plans.
  • ✕ Annual Demat AMC is applicable.
  • ✕ Certain services attract additional transaction charges.
  • ✕ Trading costs may vary depending on the selected brokerage plan.
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Compare Anand Rathi with

Anand Rathi vs Zerodha Anand Rathi vs Angel One Anand Rathi vs Upstox Anand Rathi vs Groww Anand Rathi vs Kotak Neo Anand Rathi vs HDFC Securities Anand Rathi vs SBI Securities Anand Rathi vs Motilal Oswal Anand Rathi vs Paytm Money Anand Rathi vs Mirae Asset Sharekhan Anand Rathi vs Axis Direct Anand Rathi vs 5paisa Anand Rathi vs Choice Broking Anand Rathi vs m.Stock Anand Rathi vs Sahi Anand Rathi vs FYERS Securities Anand Rathi vs SMC Global Anand Rathi vs Jainam Broking Limited

Compare ICICI Direct with

ICICI Direct vs Zerodha ICICI Direct vs Angel One ICICI Direct vs Upstox ICICI Direct vs Groww ICICI Direct vs Kotak Neo ICICI Direct vs HDFC Securities ICICI Direct vs SBI Securities ICICI Direct vs Motilal Oswal ICICI Direct vs Paytm Money ICICI Direct vs Mirae Asset Sharekhan ICICI Direct vs Axis Direct ICICI Direct vs 5paisa ICICI Direct vs Choice Broking ICICI Direct vs m.Stock ICICI Direct vs Sahi ICICI Direct vs FYERS Securities ICICI Direct vs SMC Global ICICI Direct vs Jainam Broking Limited
Disclaimer: Investments in the securities market are subject to market risks; read all related documents carefully before investing. This page is for information only and is not investment advice. Brokerage, AMC and other charges change frequently — always verify against the broker's official website before opening an account. Affiliate disclosure: "Open account" links are affiliate links and we may earn a commission at no extra cost to you; this does not influence our ratings.