Anand Rathi vs m.Stock
A full side-by-side comparison of brokerage charges, demat AMC, margin, platforms, features and user ratings — updated for 2026.
Anand Rathi
VS
m.Stock
Anand Rathi vs m.Stock — quick verdict
Choose Anand Rathi if
You want research and offline support
Powered by Trust. Driven by Research.
Choose m.Stock if
You want low-cost, self-directed trading
One Account. Zero Brokerage. Lifetime Investing.
Company overview
Anand Rathi is a full-service broker incorporated in 1994; m.Stock is a discount broker incorporated in 1985*.
| Parameter | Anand Rathi | m.Stock |
|---|---|---|
| Type of broker | Full-Service Broker | Discount Broker |
| Exchange membership | NSE · BSE · MCX · NCDEX · MSEI | NSE · BSE · MCX |
| Year of incorporation | 1994 | 1985* older |
| Number of branches | 1,200+ wider | 196+ |
| Active clients | 6 Lakh+ | 12 Lakh+ larger |
Charges & AMC
Account-opening and maintenance charges for Anand Rathi and m.Stock compared side by side.
| Parameter | Anand Rathi | m.Stock |
|---|---|---|
| Trading a/c opening | ₹0 (Online) | ₹0 |
| Trading a/c AMC | ₹0 | ₹0 |
| Demat a/c opening | ₹0 | ₹0 |
| Demat a/c AMC | ₹450 + GST per year lower | ₹999 + GST (One-time Lifetime AMC Plan)* |
| DP charges (per ISIN, sell) | ₹15.93 per debit transaction (including GST) | ₹13.5 + GST per debit transaction lower |
Brokerage charges
How Anand Rathi and m.Stock price each trading segment, per executed order.
| Parameter | Anand Rathi | m.Stock |
|---|---|---|
| Equity Delivery | 0.30% | ₹0 (Zero Brokerage Plan) |
| Equity Intraday | 0.03% | ₹5 per executed order* |
| Equity Futures | 0.03% | ₹5 per executed order* |
| Equity Options | ₹20 per executed order | ₹5 per executed order* |
| Currency F&O | 0.03% | ₹5 per executed order* |
| Commodity F&O | 0.03% | ₹5 per executed order* |
| Call & Trade | ₹20 per executed order | ₹20 per executed order |
Transaction charges (exchange turnover)
Exchange turnover and clearing charges passed through by Anand Rathi and m.Stock, per segment.
| Parameter | Anand Rathi | m.Stock |
|---|---|---|
| Equity Delivery | NSE: 0.00297% • BSE: 0.00375% | NSE: 0.00297% • BSE: 0.00375% |
| Equity Intraday | NSE: 0.00297% • BSE: 0.00375% | NSE: 0.00297% • BSE: 0.00375% |
| Equity Futures | NSE: 0.00173% | NSE: 0.00173% |
| Equity Options | NSE: 0.03503% (on premium) | NSE: 0.03503% (on premium) |
| Currency Futures | NSE: 0.00035% | NSE: 0.00035% |
| Currency Options | NSE: 0.03110% (on premium) | NSE: 0.03110% (on premium) |
| Commodity Futures | MCX: 0.00210% | MCX: 0.00210% |
| Commodity Options | MCX: 0.04180% (on premium) | MCX: 0.04180% (on premium) |
Demat & DP charges
Depository (demat) charges for Anand Rathi and m.Stock — AMC, debit transactions, pledging and remat.
| Parameter | Anand Rathi | m.Stock |
|---|---|---|
| Demat Account Opening | ₹0 | ₹0 |
| Annual Maintenance Charges (AMC) | ₹450 + GST per year | ₹999 + GST (One-time Lifetime AMC Plan) |
| Debit Transaction Charges | ₹15.93 per debit transaction (including GST) | ₹13.5 + GST per debit transaction |
| Pledge / Unpledge Charges | ₹25 + GST per request | ₹20 + GST per request |
| Dematerialisation (Demat) | ₹150 per certificate + GST | ₹150 per certificate + GST |
| Rematerialisation (Remat) | ₹150 per certificate + GST | ₹150 per certificate + GST |
| Failed Transactions | Nil | Nil |
Margin & leverage (MTF)
Intraday and delivery margin / leverage offered by Anand Rathi and m.Stock.
| Parameter | Anand Rathi | m.Stock |
|---|---|---|
| Equity Delivery | 100% of trade value (1x) | 100% of trade value (1x) |
| Equity Intraday | VAR + ELM Margin (Up to 5x*) | VAR + ELM Margin (Up to 5x*) |
| Equity Futures | SPAN + Exposure Margin (As per available margin) | SPAN + Exposure Margin (As per available margin) |
| Equity Options (Buy) | Premium Value (Not Applicable) | Premium Value (Not Applicable) |
| Equity Options (Sell) | SPAN + Exposure Margin (As per available margin) | SPAN + Exposure Margin (As per available margin) |
| Currency Futures & Options | SPAN + Exposure Margin (As per available margin) | SPAN + Exposure Margin (As per available margin) |
| Commodity Futures & Options | SPAN + Exposure Margin (As per available margin) | SPAN + Exposure Margin (As per available margin) |
Features & account
Account type and feature availability across Anand Rathi and m.Stock.
| Parameter | Anand Rathi | m.Stock |
|---|---|---|
| 3-in-1 account | ✕ No | ✕ No |
| 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 | m.Stock Web, m.Stock Mobile App, m.Stock Desktop |
| 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 | Option Chain, Advanced Charting, Basket Orders, API Trading, Algo Trading Support, Price Alerts, eDIS, Margin Trading Facility (MTF), Smart Watchlists |
Trading platforms & apps
Trading terminals, web platforms and mobile apps offered by Anand Rathi and m.Stock.
| Parameter | Anand Rathi | m.Stock |
|---|---|---|
| Trading platforms offered | AR Invest Web, AR Invest Mobile App, Anand Rathi Trade Mobi / Desktop | m.Stock Web, m.Stock Mobile App, m.Stock Desktop |
| Number of platforms | 3 | 3 |
| Platforms (summary) | AR Invest Web, AR Invest Mobile App, Anand Rathi Trade Mobi / Desktop | m.Stock Web, m.Stock Mobile App, m.Stock Desktop |
| Mobile / desktop apps | Web, Mobile, Desktop | Web, Mobile, Desktop |
User ratings
User ratings for Anand Rathi and m.Stock across the key parameters.
| Rated on | Anand Rathi | m.Stock |
|---|---|---|
| Fees | 4.1 | 4.9 better |
| Brokerage | 4.2 | 5 better |
| Trading platform | 4.5 | 4.5 |
| Customer service | 4.6 better | 4.3 |
| Research | 4.8 better | 4.1 |
| Overall | 4.4 | 4.6 better |
Investment options
Which investment products Anand Rathi and m.Stock let you access.
| Parameter | Anand Rathi | m.Stock |
|---|---|---|
| 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 m.Stock.
| Parameter | Anand Rathi | m.Stock |
|---|---|---|
| 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 m.Stock.
| Parameter | Anand Rathi | m.Stock |
|---|---|---|
| SEBI registration | INZ000170832 | INZ000163138 |
| NSE member code | 09280 | 13198 |
| Year of incorporation | 1994 | 1985* longer track record |
| Net worth | ₹2,300+ Cr | ₹2,611.66 Cr stronger |
| Exchange memberships | NSE · BSE · MCX · NCDEX · MSEI | NSE · BSE · MCX |
| Latest complaint ratio | 0.003% | 0.002% fewer complaints |
Complaints record
Exchange complaint data for Anand Rathi and m.Stock — the ratio matters more than the raw count.
| Parameter | Anand Rathi | m.Stock |
|---|---|---|
| Latest financial year | 2025–26 | 2025–26 |
| Exchange | NSE | NSE |
| Active clients | 6,48,217 | 12,18,457 larger base |
| Complaints filed | 22 | 19 |
| Complaint ratio | 0.003% | 0.002% fewer complaints |
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.
m.Stock
▲ Pros
- ✓ Zero brokerage plans available for eligible customers.
- ✓ Low-cost trading across multiple segments.
- ✓ Backed by the globally recognized Mirae Asset Financial Group.
- ✓ Supports stocks, F&O, commodities, IPOs, mutual funds, ETFs, and bonds.
- ✓ Margin Trading Facility (MTF) and advanced trading platforms available.
- ✓ Fully digital and paperless account opening.
▼ Cons
- ✕ Research offerings are comparatively limited versus full-service brokers.
- ✕ Call & Trade service is chargeable.
- ✕ Some pricing benefits are available only under specific subscription plans.
- ✕ Physical branch presence is smaller than traditional full-service brokers.
- ✕ Advanced advisory services are limited compared to research-focused brokers.
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