Anand Rathi vs Motilal Oswal

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
Motilal Oswal
Full-Service Broker · since 1987
Motilal Oswal

Anand Rathi vs Motilal Oswal — quick verdict

Choose Anand Rathi if

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Choose Motilal Oswal if

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Full-service stock broker offering research-backed investing, wealth management, and advanced trading platforms.

Company overview

Anand Rathi is a full-service broker incorporated in 1994; Motilal Oswal is a full-service broker incorporated in 1987.

ParameterAnand RathiMotilal Oswal
Type of broker Full-Service Broker Full-Service Broker
Exchange membership NSE · BSE · MCX · NCDEX · MSEI NSE · BSE · MCX
Year of incorporation 1994 1987 older
Number of branches 1,200+ 2,500+ wider
Active clients 6 Lakh+ 11,00,000+ larger

Charges & AMC

Account-opening and maintenance charges for Anand Rathi and Motilal Oswal compared side by side.

ParameterAnand RathiMotilal Oswal
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 ₹0 (1st Year), then as per applicable plan lower
DP charges (per ISIN, sell) ₹15.93 per debit transaction (including GST) ₹15.34 + GST per debit transaction (per ISIN per day) lower

Brokerage charges

How Anand Rathi and Motilal Oswal price each trading segment, per executed order.

ParameterAnand RathiMotilal Oswal
Equity Delivery 0.30% 0.20%
Equity Intraday 0.03% 0.02%
Equity Futures 0.03% 0.02%
Equity Options ₹20 per executed order ₹20 per lot
Currency F&O 0.03% ₹20 per lot
Commodity F&O 0.03% ₹20 per lot
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 Motilal Oswal, per segment.

ParameterAnand RathiMotilal Oswal
Equity Delivery NSE: 0.00297% • BSE: 0.00375% NSE: ₹2.97 per lakh (0.00297%) • BSE: As per exchange
Equity Intraday NSE: 0.00297% • BSE: 0.00375% NSE: ₹2.97 per lakh (0.00297%) • BSE: As per exchange
Equity Futures NSE: 0.00173% NSE: ₹1.73 per lakh (0.00173%)
Equity Options NSE: 0.03503% (on premium) NSE: ₹35.03 per lakh of premium (0.03503%)
Currency Futures NSE: 0.00035% NSE: ₹0.35 per lakh (0.00035%)
Currency Options NSE: 0.03110% (on premium) NSE: ₹3.15 per lakh of premium (0.00315%)
Commodity Futures MCX: 0.00210% MCX: As per exchange
Commodity Options MCX: 0.04180% (on premium) MCX: As per exchange

Demat & DP charges

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

ParameterAnand RathiMotilal Oswal
Demat Account Opening ₹0 ₹0
Annual Maintenance Charges (AMC) ₹450 + GST per year ₹0 for the 1st year (selected plans), thereafter as per applicable tariff
Debit Transaction Charges ₹15.93 per debit transaction (including GST) ₹15.93 per ISIN per day (including GST)
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 Motilal Oswal.

ParameterAnand RathiMotilal Oswal
Equity Delivery 100% of trade value (1x) 100% of trade value (1x)
Equity Intraday VAR + ELM Margin (Up to 5x*) Up to 20% of trade value* (Up to 5x*)
Equity Futures SPAN + Exposure Margin (As per available margin) SPAN + Exposure Margin (1x)
Equity Options (Buy) Premium Value (Not Applicable) —
Equity Options (Sell) SPAN + Exposure Margin (As per available margin) —
Currency Futures & Options SPAN + Exposure Margin (As per available margin) —
Commodity Futures & Options SPAN + Exposure Margin (As per available margin) —

Features & account

Account type and feature availability across Anand Rathi and Motilal Oswal.

ParameterAnand RathiMotilal Oswal
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 MO Investor, MO Trader, Desktop EXE
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 Strategy Builder, TradeGuide Signal, Smart Stock Baskets, Research360, Price Alerts, Stock SIP, MTF (Pay Later), Advanced Charting

Trading platforms & apps

Trading terminals, web platforms and mobile apps offered by Anand Rathi and Motilal Oswal.

ParameterAnand RathiMotilal Oswal
Trading platforms offered AR Invest Web, AR Invest Mobile App, Anand Rathi Trade Mobi / Desktop MO Investor, MO Trader, MO Genie
Number of platforms 3 3
Platforms (summary) AR Invest Web, AR Invest Mobile App, Anand Rathi Trade Mobi / Desktop MO Investor, MO Trader, Desktop EXE
Mobile / desktop apps Web, Mobile, Desktop Web + Mobile, Desktop + Web

User ratings

User ratings for Anand Rathi and Motilal Oswal across the key parameters.

Rated onAnand RathiMotilal Oswal
Fees 4.1 4.2 better
Brokerage 4.2 better 4.1
Trading platform 4.5 4.8 better
Customer service 4.6 better 4.5
Research 4.8 4.9 better
Overall 4.4 4.6 better

Investment options

Which investment products Anand Rathi and Motilal Oswal let you access.

ParameterAnand RathiMotilal Oswal
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 Motilal Oswal.

ParameterAnand RathiMotilal Oswal
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 Motilal Oswal.

ParameterAnand RathiMotilal Oswal
SEBI registration INZ000170832 INZ000158836
NSE member code 09280 10225
Year of incorporation 1994 1987 longer track record
Net worth ₹2,300+ Cr ₹8,000+ Crore* stronger
Exchange memberships NSE · BSE · MCX · NCDEX · MSEI NSE · BSE · MCX
Latest complaint ratio 0.003% 0.0001% fewer complaints

Complaints record

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

ParameterAnand RathiMotilal Oswal
Latest financial year 2025–26 2025–26
Exchange NSE NSE
Active clients 6,48,217 8,98,736 larger base
Complaints filed 22 1
Complaint ratio 0.003% 0.0001% 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.
Motilal Oswal

▲ Pros

  • ✓ Strong in-house equity research and investment advisory.
  • ✓ Wide range of investment products under one platform.
  • ✓ Advanced trading platforms including MO Investor App and MO Trader.
  • ✓ Margin Trading Facility (MTF) and Portfolio Management Services (PMS) available.
  • ✓ Large branch and relationship manager network across India.
  • ✓ Established financial services brand with decades of market experience.

▼ Cons

  • ✕ Brokerage charges are generally higher than discount brokers.
  • ✕ Different brokerage plans may be confusing for new investors.
  • ✕ Some advanced research and premium services are available under selected plans.
  • ✕ Call & Trade charges are applicable.
  • ✕ Account maintenance and service charges may vary based on the selected plan.
  • ✕ Budget-conscious traders may find discount brokers more economical.
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Compare Motilal Oswal with

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