First Demat vs Kotak Neo
A full side-by-side comparison of brokerage charges, demat AMC, margin, platforms, features and user ratings — updated for 2026.
First Demat
VS
Kotak Neo
First Demat vs Kotak Neo — quick verdict
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
Choose Kotak Neo if
You want research and offline support
One of India's oldest stock broking companies, offering full-fledged investment services across asset classes through a single-login platform.
Company overview
First Demat is a discount broker incorporated in 2026; Kotak Neo is a full-service broker incorporated in 1994.
| Parameter | First Demat | Kotak Neo |
|---|---|---|
| Type of broker | Discount Broker | Full-Service Broker |
| Exchange membership | NSE · BSE · MCX | NSE · BSE · MCX |
| Year of incorporation | 2026 | 1994 older |
| Number of branches | 1 | 1,500+ Branches & Customer Touchpoints wider |
| Active clients | 500 | 15+ Lakh (Approx.) larger |
Charges & AMC
Account-opening and maintenance charges for First Demat and Kotak Neo compared side by side.
| Parameter | First Demat | Kotak Neo |
|---|---|---|
| Trading a/c opening | ₹0 online; ₹500 offline | ₹0 (Online) |
| Trading a/c AMC | ₹0 | ₹0 |
| Demat a/c opening | ₹0 | ₹0 |
| Demat a/c AMC | ₹0 for the first year | As per applicable tariff plan |
| DP charges (per ISIN, sell) | ₹20 + GST per ISIN | ₹13.5 + GST per debit lower |
Brokerage charges
How First Demat and Kotak Neo price each trading segment, per executed order.
| Parameter | First Demat | Kotak Neo |
|---|---|---|
| Equity Delivery | 0.1% or ₹20 per executed order, whichever is lower | ₹0 (Free) |
| Equity Intraday | 0.1% or ₹20 per executed order, whichever is lower | ₹20 or 0.03% (lower) |
| Equity Futures | ₹20 per executed order | ₹20 or 0.03% (lower) |
| Equity Options | ₹20 per executed order | ₹20/order |
| Currency F&O | — | ₹20 or 0.03% (lower) |
| Commodity F&O | — | ₹20 or 0.03% (lower) |
| Call & Trade | ₹50 per trade | +₹50/order |
Transaction charges (exchange turnover)
Exchange turnover and clearing charges passed through by First Demat and Kotak Neo, per segment.
| Parameter | First Demat | Kotak Neo |
|---|---|---|
| Equity Delivery | NSE: 0.00307% · BSE: 0.00375% | NSE ₹297 per Crore (0.00297%) | BSE ₹297 per Crore (0.00297%) |
| Equity Intraday | NSE: 0.00307% · BSE: 0.00375% | NSE ₹297 per Crore (0.00297%) | BSE ₹297 per Crore (0.00297%) |
| Equity Futures | NSE: 0.00183% · BSE: 0% | NSE ₹173 per Crore (0.00173%) | BSE ₹173 per Crore (0.00173%) |
| Equity Options | NSE: 0.03553% on premium · BSE: 0.0325% on premium | NSE ₹3,503 per Crore of premium (0.03503%) | BSE ₹3,250 per Crore of premium (0.0325%) |
| Currency Futures | Not specified | NSE ₹35 per Crore (0.00035%) | BSE ₹35 per Crore (0.00035%) |
| Currency Options | Not specified | NSE ₹3,100 per Crore of premium (0.0311%) | BSE ₹1,000 per Crore of premium (0.01%) |
| Commodity | Current segment-wise rates not verified | — |
| Commodity Futures | — | MCX ₹260 per Crore (0.00260%) |
| Commodity Options | — | MCX ₹5,000 per Crore of premium (0.05%) |
Demat & DP charges
Depository (demat) charges for First Demat and Kotak Neo — AMC, debit transactions, pledging and remat.
| Parameter | First Demat | Kotak Neo |
|---|---|---|
| Demat Account Opening | ₹0 online | — |
| 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 | — |
| Demat Opening | — | ₹0 |
| Transaction Charges | — | ₹13.5 + GST |
| AMC | — | ₹300 + GST |
| Pledge | — | ₹30 + GST |
| Remat | — | ₹150 + GST |
| Nil | — | Nil |
Margin & leverage (MTF)
Intraday and delivery margin / leverage offered by First Demat and Kotak Neo.
| Parameter | First Demat | Kotak Neo |
|---|---|---|
| Equity Delivery | Not verified (Not verified) | 100% of trade value (1x) |
| Equity Intraday | Not verified (Not verified) | As per SEBI peak margin norms (Up to 5x (eligible stocks)) |
| Equity Futures | As per applicable exchange and broker requirements (Not verified) | SPAN + Exposure Margin (1x) |
| Equity Options | As per applicable exchange and broker requirements (Not verified) | — |
| Currency Futures | 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 First Demat and Kotak Neo.
| Parameter | First Demat | Kotak Neo |
|---|---|---|
| 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 | First Trade Web, First Mobile | Kotak Neo Web, Kotak Neo App, Kotak Stock Trader (Nest), Kotak Neo API |
| Intraday square-off | 3:20 PM | 3:15 PM |
| Other | Free equity delivery, digital onboarding, MTF facility available. | Advanced charting, basket orders, option chain, Trading API, research reports, Smart Orders, eMargin, MTF, IPO and mutual fund investments. |
Trading platforms & apps
Trading terminals, web platforms and mobile apps offered by First Demat and Kotak Neo.
| Parameter | First Demat | Kotak Neo |
|---|---|---|
| Trading platforms offered | First Demat Web Trading Platform, First Demat Mobile Trading, First Demat Android App, First Demat iOS App | Kotak Neo Web, Kotak Neo App, Kotak Stock Trader (Nest), Kotak Neo API |
| Number of platforms | 4 | 4 |
| Platforms (summary) | First Trade Web, First Mobile | Kotak Neo Web, Kotak Neo App, Kotak Stock Trader (Nest), Kotak Neo API |
| Mobile / desktop apps | Web, Mobile, Android, iPhone / iOS | Web, Android & iOS, Desktop, API |
User ratings
User ratings for First Demat and Kotak Neo across the key parameters.
| Rated on | First Demat | Kotak Neo |
|---|---|---|
| Fees | — | 4.4 |
| Brokerage | — | 4.5 |
| Trading platform | — | 4.7 |
| Customer service | — | 4.3 |
| Research | — | 4.4 |
| Overall | 5 better | 4.4 |
Investment options
Which investment products First Demat and Kotak Neo let you access.
| Parameter | First Demat | Kotak Neo |
|---|---|---|
| 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 First Demat and Kotak Neo.
| Parameter | First Demat | Kotak Neo |
|---|---|---|
| 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 First Demat and Kotak Neo.
| Parameter | First Demat | Kotak Neo |
|---|---|---|
| SEBI registration | INZ000328330 | INZ000200137 |
| NSE member code | 90479 (NSE membership number) | 08081 |
| Year of incorporation | 2026 | 1994 longer track record |
| Net worth | 6952 | ₹5,000+ Crore (Approx.) stronger |
| Exchange memberships | NSE · BSE · MCX | NSE · BSE · MCX |
| Latest complaint ratio | 0.016% fewer complaints | 0.034% |
Complaints record
Exchange complaint data for First Demat and Kotak Neo — the ratio matters more than the raw count.
| Parameter | First Demat | Kotak Neo |
|---|---|---|
| Latest financial year | 2025-26 | 2025-26 |
| Exchange | NSE | NSE |
| Active clients | 5,00,000 | 15,40,000+ larger base |
| Complaints filed | 80 | 520 |
| Complaint ratio | 0.016% fewer complaints | 0.034% |
Pros & cons
The main advantages and drawbacks of each broker.
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.
Kotak Neo
▲ Pros
- ✓ Trusted full-service broker backed by Kotak Mahindra Bank.
- ✓ Low brokerage plans for active traders.
- ✓ Advanced Kotak Neo web and mobile trading platforms.
- ✓ Investment in Stocks, IPOs, Mutual Funds, ETFs and Bonds from one account.
- ✓ Research reports, market insights and investment recommendations.
- ✓ API support for algo trading.
- ✓ Easy online account opening with Aadhaar-based eKYC.
- ✓ Multiple order types with advanced charting tools.
▼ Cons
- ✕ Demat AMC may apply depending on the selected plan.
- ✕ Call & Trade service is chargeable.
- ✕ Margin Trading Facility (MTF) is available only for eligible stocks.
- ✕ Some advanced features are available only under specific plans.
- ✕ Research and advisory offerings may vary across customer plans.
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