Anand Rathi vs Upstox

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
Upstox
Discount Broker · since 2009
Upstox

Anand Rathi vs Upstox — quick verdict

Choose Anand Rathi if

You want research and offline support

Powered by Trust. Driven by Research.

Choose Upstox if

You want low-cost, self-directed trading

Modern discount broker offering fast trading platforms, flat brokerage and investment products for traders and investors.

Company overview

Anand Rathi is a full-service broker incorporated in 1994; Upstox is a discount broker incorporated in 2009.

ParameterAnand RathiUpstox
Type of broker Full-Service Broker Discount Broker
Exchange membership NSE · BSE · MCX · NCDEX · MSEI —
Year of incorporation 1994 older 2009
Number of branches 1,200+ Online-first broker
Active clients 6 Lakh+ 30+ lakh (approx.) larger

Charges & AMC

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

ParameterAnand RathiUpstox
Trading a/c opening ₹0 (Online) ₹0 (Online)
Trading a/c AMC ₹0 ₹0 (First Year)*
Demat a/c opening ₹0 ₹0
Demat a/c AMC ₹450 + GST per year ₹300 + GST/year (applicable after promotional period for eligible accounts) lower
DP charges (per ISIN, sell) ₹15.93 per debit transaction (including GST) lower ₹20 per scrip per day (on sell transactions)

Brokerage charges

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

ParameterAnand RathiUpstox
Equity Delivery 0.30% ₹20 per executed order
Equity Intraday 0.03% ₹20 or 0.1% (whichever is lower)
Equity Futures 0.03% ₹20 or 0.05% (whichever is lower)
Equity Options ₹20 per executed order Flat ₹20 per executed order
Currency F&O 0.03% ₹20 or 0.05% (whichever is lower)
Commodity F&O 0.03% ₹20 or 0.05% (whichever is lower)
Call & Trade ₹20 per executed order ₹75 + GST per order

Transaction charges (exchange turnover)

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

ParameterAnand RathiUpstox
Equity Delivery NSE: 0.00297% • BSE: 0.00375% NSE: 0.00307% (BSE as applicable)
Equity Intraday NSE: 0.00297% • BSE: 0.00375% NSE: 0.00307%
Equity Futures NSE: 0.00173% NSE: 0.00183%
Equity Options NSE: 0.03503% (on premium) NSE: 0.03553% (Premium)
Currency Futures NSE: 0.00035% As per exchange
Currency Options NSE: 0.03110% (on premium) —
Commodity Futures MCX: 0.00210% —
Commodity Options MCX: 0.04180% (on premium) —
Commodity — As per exchange

Demat & DP charges

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

ParameterAnand RathiUpstox
Demat Account Opening ₹0 ₹0
Annual Maintenance Charges (AMC) ₹450 + 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 Nil
Demat Account AMC — ₹300 + GST/year*
DP Charge (Sell) — ₹20 per scrip per day
Pledge Creation — ₹20 + GST per request
Rematerialisation — ₹100 per certificate + applicable charges
Off-market Transfer — ₹20 + GST per ISIN

Margin & leverage (MTF)

Intraday and delivery margin / leverage offered by Anand Rathi and Upstox.

ParameterAnand RathiUpstox
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) SPAN + Exposure Margin (1x)
Equity Options (Sell) SPAN + Exposure Margin (As per available margin) SPAN + Exposure Margin (1x)
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 Upstox.

ParameterAnand RathiUpstox
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 Upstox Pro Web, Upstox Mobile App, Upstox Developer 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 GTT Orders, API Trading, Margin Trading Facility (MTF), IPO, Mutual Funds, Option Chain, Advanced Charts, Basket Orders, etc.

Trading platforms & apps

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

ParameterAnand RathiUpstox
Trading platforms offered AR Invest Web, AR Invest Mobile App, Anand Rathi Trade Mobi / Desktop Upstox Pro Web, Upstox Mobile App, Upstox Developer API, Upstox Developer Console
Number of platforms 3 4 more choice
Platforms (summary) AR Invest Web, AR Invest Mobile App, Anand Rathi Trade Mobi / Desktop Upstox Pro Web, Upstox Mobile App, Upstox Developer API
Mobile / desktop apps Web, Mobile, Desktop Web, Android & iOS, API

User ratings

User ratings for Anand Rathi and Upstox across the key parameters.

Rated onAnand RathiUpstox
Fees 4.1 4.4 better
Brokerage 4.2 4.5 better
Trading platform 4.5 4.7 better
Customer service 4.6 better 4
Research 4.8 better 3.8
Overall 4.4 4.4

Investment options

Which investment products Anand Rathi and Upstox let you access.

ParameterAnand RathiUpstox
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 Upstox.

ParameterAnand RathiUpstox
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 Upstox.

ParameterAnand RathiUpstox
SEBI registration INZ000170832 INZ000185137
NSE member code 09280 13942
Year of incorporation 1994 longer track record 2009
Net worth ₹2,300+ Cr Upstox Securities Pvt. Ltd.
Exchange memberships NSE · BSE · MCX · NCDEX · MSEI —
Latest complaint ratio 0.003% fewer complaints 0.038%

Complaints record

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

ParameterAnand RathiUpstox
Latest financial year 2025–26 2025–26
Exchange NSE NSE
Active clients 6,48,217 32,45,678 larger base
Complaints filed 22 1,245
Complaint ratio 0.003% fewer complaints 0.038%

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.
Upstox

▲ Pros

  • ✓ Flat brokerage model with a maximum brokerage per executed order on eligible segments.
  • ✓ Paperless online Demat and Trading account opening.
  • ✓ Feature-rich web and mobile trading platforms.
  • ✓ Supports investing in Stocks, ETFs, IPOs, Mutual Funds and more.
  • ✓ Margin Trading Facility (MTF) available for eligible stocks.
  • ✓ GTT (Good Till Triggered) order facility.
  • ✓ Developer APIs available for algorithmic trading and third-party integrations.
  • ✓ Supports multiple order types and advanced charting tools.

▼ Cons

  • ✕ Call & Trade service is chargeable.
  • ✕ Physical branch presence is limited compared to traditional full-service brokers.
  • ✕ Some advanced services and pricing depend on the selected account plan.
  • ✕ Certain trading facilities are available only for eligible exchanges or approved securities.
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Compare Upstox with

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