Bajaj Broking vs First Demat
A full side-by-side comparison of brokerage charges, demat AMC, margin, platforms, features and user ratings — updated for 2026.
Bajaj Broking
VS
First Demat
Bajaj Broking vs First Demat — quick verdict
Choose Bajaj Broking if
You want research and offline support
Bajaj Broking Review 2026 — Explore flexible brokerage plans, research-backed stock ideas, advanced trading tools, MTF, IPOs and multi-asset investing.
Choose First Demat if
You want low-cost, self-directed trading
First Demat review — multiple brokerage packs, brokerage starting at ₹20 per order, digital trading platforms and a wide range of investment options. make this short
Company overview
Bajaj Broking is a full-service broker incorporated in 2010; First Demat is a discount broker incorporated in 2026.
| Parameter | Bajaj Broking | First Demat |
|---|---|---|
| Type of broker | Full-Service Broker | Discount Broker |
| Exchange membership | NSE · BSE · MCX | NSE · BSE · MCX |
| Year of incorporation | 2010 older | 2026 |
| Number of branches | 45+ branches across 40+ locations, accor wider | 1 |
| Active clients | Approximately 6 lakh as of 31 December 2 larger | 500 |
Charges & AMC
Account-opening and maintenance charges for Bajaj Broking and First Demat compared side by side.
| Parameter | Bajaj Broking | First Demat |
|---|---|---|
| Trading a/c opening | ₹0 | ₹0 online; ₹500 offline |
| Trading a/c AMC | ₹0 | ₹0 |
| Demat a/c opening | ₹0 | ₹0 |
| Demat a/c AMC | ₹0 (via plans) | ₹0 for the first year |
| DP charges (per ISIN, sell) | ₹30 per ISIN per debit transaction | ₹20 + GST per ISIN lower |
Brokerage charges
How Bajaj Broking and First Demat price each trading segment, per executed order.
| Parameter | Bajaj Broking | First Demat |
|---|---|---|
| Equity Delivery | ₹20/order | 0.1% or ₹20 per executed order, whichever is lower |
| Equity Intraday | ₹20/order | 0.1% or ₹20 per executed order, whichever is lower |
| Equity Futures | ₹20/order | ₹20 per executed order |
| Equity Options | ₹20/order | ₹20 per executed order |
| Currency F&O | ₹20 per order | — |
| Commodity F&O | ₹20 per order | — |
| Call & Trade | Included / supported | ₹50 per trade |
Transaction charges (exchange turnover)
Exchange turnover and clearing charges passed through by Bajaj Broking and First Demat, per segment.
| Parameter | Bajaj Broking | First Demat |
|---|---|---|
| Equity Delivery | NSE ₹297 per Cr (0.00297%) | BSE ₹375 per Cr (0.00375%) | NSE: 0.00307% · BSE: 0.00375% |
| Equity Intraday | NSE ₹297 per Cr (0.00297%) | BSE ₹375 per Cr (0.00375%) | NSE: 0.00307% · BSE: 0.00375% |
| Equity Futures | NSE ₹173 per Cr (0.00173%) | BSE ₹0 | NSE: 0.00183% · BSE: 0% |
| Equity Options | NSE ₹3503 per Cr (0.03503%) | BSE ₹325 per Cr (0.00325% on premium) | NSE: 0.03553% on premium · BSE: 0.0325% on premium |
| Currency Futures | NSE ₹35 per Cr (0.00035%) | BSE ₹45 per Cr (0.00045%) | Not specified |
| Currency Options | — | Not specified |
| Commodity | — | Current segment-wise rates not verified |
Demat & DP charges
Depository (demat) charges for Bajaj Broking and First Demat — AMC, debit transactions, pledging and remat.
| Parameter | Bajaj Broking | First Demat |
|---|---|---|
| Demat Account Opening | ₹0 | ₹0 online |
| Transaction Charges (Sell) | ₹30 or 0.0002% of transaction value, whichever is higher, plus applicable taxes, as listed for off-market transfers; confirm the applicable delivery DP charge separately | — |
| Annual Maintenance Charges (AMC) | ₹0 under the published standard fee schedule; verify plan-specific conditions | — |
| Pledge / Unpledge / Closure / Invocation | ₹35 plus applicable taxes | — |
| Physical CMR/DIS | First request free; subsequent requests ₹50 plus ₹100 courier charges and applicable taxes | — |
| Dematerialisation | Official fee schedule lists ₹50 per request plus ₹50 per certificate; verify the current tariff | — |
| Rematerialisation | ₹35 per certificate or per 100 shares, whichever is higher, plus applicable charges | — |
| Failed Transactions | Not verified | — |
| Demat Account AMC | — | ₹0 for the first year; thereafter |
| DP Source | — | NSDL, through the intermediary identified in the official regulatory disclosure |
| DP ID | — | IN303921, as listed on the official website |
| DP Charges for Debit | — | ₹20 + GST per ISIN |
| Dematerialisation Charges | — | ₹20 per DRF + ₹3 per certificate |
| Rematerialisation Charges | — | ₹20 per 100 securities or part thereof, subject to a maximum of ₹5,000, or ₹20 per certificate, whichever is higher |
| Margin Pledge / Unpledged for Collateral | — | ₹25 + GST per transaction |
| Margin Pledged | — | ₹3 + GST per transaction, |
| Pledge Creation Confirmation | — | Not specified |
| Failed Instruction Charges | — | ₹20 per intimation per instruction |
| Advance Deposit | — | ✕ No |
| Other Charges | — | Refer to the latest official demat tariff |
Margin & leverage (MTF)
Intraday and delivery margin / leverage offered by Bajaj Broking and First Demat.
| Parameter | Bajaj Broking | First Demat |
|---|---|---|
| Equity Delivery | Generally 100% of the trade value unless an eligible facility applies (1x without borrowing) | Not verified (Not verified) |
| Equity Intraday | Depends on the stock, risk controls and applicable exchange margin requirements (Not fixed; depends on available margin) | Not verified (Not verified) |
| Equity Futures | Exchange-prescribed SPAN and exposure margin requirements apply (Not fixed) | As per applicable exchange and broker requirements (Not verified) |
| Equity Options | Depends on the contract, position and applicable margin requirements (Not fixed) | As per applicable exchange and broker requirements (Not verified) |
| Margin Trading Facility (MTF) | Subject to eligible securities, funding limits and the applicable plan (Bajaj Broking advertises up to 4x buying power on eligible stocks; actual limits vary) | Not verified (Not verified) |
| Currency Options | — | Not verified (Not verified) |
| Commodity Futures | — | Not verified (Not verified) |
| Commodity Options | — | Not verified (Not verified) |
Features & account
Account type and feature availability across Bajaj Broking and First Demat.
| Parameter | Bajaj Broking | First Demat |
|---|---|---|
| 3-in-1 account | ✓ Yes better | ✕ No |
| Automated / API trading | ✓ Yes | ✓ Yes |
| Margin Trading (MTF) | ✓ Yes | ✓ Yes |
| Trading in SME shares | ✓ Yes | ✓ Yes |
| Trading platforms | Bajaj Broking Trading App, Web Platform, NEST Trading Workstation (TWS), Bajaj Broking APIs. | First Trade Web, First Mobile |
| Intraday square-off | 3:20 PM | 3:20 PM |
| Other | Margin Trading Facility (MTF) up to 365 days, expert research reports, zero account opening fees. | Free equity delivery, digital onboarding, MTF facility available. |
Trading platforms & apps
Trading terminals, web platforms and mobile apps offered by Bajaj Broking and First Demat.
| Parameter | Bajaj Broking | First Demat |
|---|---|---|
| Trading platforms offered | Bajaj Broking Trading App, Bajaj Broking Web Platform, NEST Trading Workstation (TWS), Bajaj Broking APIs | First Demat Web Trading Platform, First Demat Mobile Trading, First Demat Android App, First Demat iOS App |
| Number of platforms | 4 | 4 |
| Platforms (summary) | Bajaj Broking Trading App, Web Platform, NEST Trading Workstation (TWS), Bajaj Broking APIs. | First Trade Web, First Mobile |
| Mobile / desktop apps | Mobile, Web, Desktop / Trading Terminal, API / Integration | Web, Mobile, Android, iPhone / iOS |
User ratings
User ratings for Bajaj Broking and First Demat across the key parameters.
| Rated on | Bajaj Broking | First Demat |
|---|---|---|
| Fees | 4.4 | — |
| Brokerage | 4.3 | — |
| Trading platform | 4.2 | — |
| Customer service | 4 | — |
| Research | 4.5 | — |
| Overall | 4.2 | 5 better |
Investment options
Which investment products Bajaj Broking and First Demat let you access.
| Parameter | Bajaj Broking | First Demat |
|---|---|---|
| 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 Bajaj Broking and First Demat.
| Parameter | Bajaj Broking | First Demat |
|---|---|---|
| Bracket Order | ✕ No | ✕ No |
| Cover Order | ✕ No | ✕ No |
| BTST | ✓ Yes | ✓ Yes |
| After Market (AMO) | ✓ Yes | ✓ Yes |
| GTC / GTT | ✓ Yes | ✓ Yes |
Safety & credibility
SEBI registration, financial strength and complaint record for Bajaj Broking and First Demat.
| Parameter | Bajaj Broking | First Demat |
|---|---|---|
| SEBI registration | INZ000218931 | INZ000328330 |
| NSE member code | 90177 (NSE member ID) | 90479 (NSE membership number) |
| Year of incorporation | 2010 longer track record | 2026 |
| Net worth | ₹2,037 crore as of December 2025, according to CRISIL Rating stronger | 6952 |
| Exchange memberships | NSE · BSE · MCX | NSE · BSE · MCX |
| Latest complaint ratio | 0.11% | 0.016% fewer complaints |
Complaints record
Exchange complaint data for Bajaj Broking and First Demat — the ratio matters more than the raw count.
| Parameter | Bajaj Broking | First Demat |
|---|---|---|
| Latest financial year | 2025–26 | 2025-26 |
| Exchange | NSE | NSE |
| Active clients | 59,995 | 5,00,000 larger base |
| Complaints filed | 67 | 80 |
| Complaint ratio | 0.11% | 0.016% fewer complaints |
Pros & cons
The main advantages and drawbacks of each broker.
Bajaj Broking
▲ Pros
- ✓ Multiple brokerage plans to suit different trading requirements.
- ✓ ₹10-per-order brokerage advertised for eligible segments under the Professional Pack.
- ✓ Online demat and trading account opening.
- ✓ Access to equity, derivatives, IPOs, mutual funds and bonds.
- ✓ Margin Trading Facility with plan-dependent interest rates.
- ✓ Research-backed stock ideas and market insights.
- ✓ Trading APIs with order-management and market-feed capabilities.
- ✓ Advanced charting, watchlists, screeners and trading tools.
- ✓ Access to investment calculators for brokerage, margin and other financial calculations.
▼ Cons
- ✕ The lowest advertised brokerage requires selecting the applicable paid subscription plan.
- ✕ The Professional Pack has an annual subscription cost.
- ✕ The Freedom Pack's subscription is free for the first year but costs ₹431 annually from the second year.
- ✕ MTF involves interest costs, eligibility requirements and market risk.
- ✕ Brokerage and statutory charges can make the total trading cost higher than the headline per-order fee.
- ✕ Users who rely on API or algorithmic trading may need to understand integration requirements and trading-related risks.
- ✕ Current support response times and service-quality ratings have not been independently verified.
- ✕ Detailed exchange transaction fees should be checked against the current tariff before comparing costs.
First Demat
▲ Pros
- ✓ Zero online account opening charges.
- ✓ Brokerage of ₹20 per executed order or 0.1%, whichever is lower, on applicable segments.
- ✓ ₹20 per executed order for equity futures and options, according to the official pricing page.
- ✓ Web and mobile trading platforms.
- ✓ AI-assisted market insights and research tools.
- ✓ Option strategy builder and multi-leg strategy tools.
- ✓ Charting and technical indicators.
- ✓ Trailing stop-loss and smart alerts.
- ✓ IPO application facilities.
- ✓ Mutual funds and ETFs, according to the supplied review and platform information.
▼ Cons
- ✕ Brokerage and other fees should be checked against the applicable tariff and account conditions.
- ✕ Call & Trade and auto square-off services attract additional charges.
- ✕ Statutory taxes and exchange transaction charges apply separately.
- ✕ Zero Demat AMC is stated for the first year; charges after the first year should be confirmed.
- ✕ Current active-client figures and net worth have not been independently verified.
- ✕ Individual category ratings and review counts are unavailable.
- ✕ MTF is marked unavailable in the supplied review.
- ✕ A 3-in-1 account is marked unavailable in the supplied review.
- ✕ Some platform features and product availability require confirmation.
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