First Demat vs Motilal Oswal
A full side-by-side comparison of brokerage charges, demat AMC, margin, platforms, features and user ratings — updated for 2026.
First Demat
VS
Motilal Oswal
First Demat vs Motilal Oswal — 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 Motilal Oswal if
You want research and offline support
Full-service stock broker offering research-backed investing, wealth management, and advanced trading platforms.
Company overview
First Demat is a discount broker incorporated in 2026; Motilal Oswal is a full-service broker incorporated in 1987.
| Parameter | First Demat | Motilal Oswal |
|---|---|---|
| Type of broker | Discount Broker | Full-Service Broker |
| Exchange membership | NSE · BSE · MCX | NSE · BSE · MCX |
| Year of incorporation | 2026 | 1987 older |
| Number of branches | 1 | 2,500+ wider |
| Active clients | 500 | 11,00,000+ larger |
Charges & AMC
Account-opening and maintenance charges for First Demat and Motilal Oswal compared side by side.
| Parameter | First Demat | Motilal Oswal |
|---|---|---|
| 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 lower | ₹0 (1st Year), then as per applicable plan |
| DP charges (per ISIN, sell) | ₹20 + GST per ISIN | ₹15.34 + GST per debit transaction (per ISIN per day) lower |
Brokerage charges
How First Demat and Motilal Oswal price each trading segment, per executed order.
| Parameter | First Demat | Motilal Oswal |
|---|---|---|
| Equity Delivery | 0.1% or ₹20 per executed order, whichever is lower | 0.20% |
| Equity Intraday | 0.1% or ₹20 per executed order, whichever is lower | 0.02% |
| Equity Futures | ₹20 per executed order | 0.02% |
| Equity Options | ₹20 per executed order | ₹20 per lot |
| Currency F&O | — | ₹20 per lot |
| Commodity F&O | — | ₹20 per lot |
| Call & Trade | ₹50 per trade | ₹20 per executed order |
Transaction charges (exchange turnover)
Exchange turnover and clearing charges passed through by First Demat and Motilal Oswal, per segment.
| Parameter | First Demat | Motilal Oswal |
|---|---|---|
| Equity Delivery | NSE: 0.00307% · BSE: 0.00375% | NSE: ₹2.97 per lakh (0.00297%) • BSE: As per exchange |
| Equity Intraday | NSE: 0.00307% · BSE: 0.00375% | NSE: ₹2.97 per lakh (0.00297%) • BSE: As per exchange |
| Equity Futures | NSE: 0.00183% · BSE: 0% | NSE: ₹1.73 per lakh (0.00173%) |
| Equity Options | NSE: 0.03553% on premium · BSE: 0.0325% on premium | NSE: ₹35.03 per lakh of premium (0.03503%) |
| Currency Futures | Not specified | NSE: ₹0.35 per lakh (0.00035%) |
| Currency Options | Not specified | NSE: ₹3.15 per lakh of premium (0.00315%) |
| Commodity | Current segment-wise rates not verified | — |
| Commodity Futures | — | MCX: As per exchange |
| Commodity Options | — | MCX: As per exchange |
Demat & DP charges
Depository (demat) charges for First Demat and Motilal Oswal — AMC, debit transactions, pledging and remat.
| Parameter | First Demat | Motilal Oswal |
|---|---|---|
| Demat Account Opening | ₹0 online | ₹0 |
| 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 | — |
| Annual Maintenance Charges (AMC) | — | ₹0 for the 1st year (selected plans), thereafter as per applicable tariff |
| Debit Transaction Charges | — | ₹15.93 per ISIN per day (including GST) |
| Pledge / Unpledge Charges | — | ₹20 + GST per request |
| Dematerialisation (Demat) | — | ₹150 per certificate + GST |
| Rematerialisation (Remat) | — | ₹150 per certificate + GST |
| Failed Transactions | — | Nil |
Margin & leverage (MTF)
Intraday and delivery margin / leverage offered by First Demat and Motilal Oswal.
| Parameter | First Demat | Motilal Oswal |
|---|---|---|
| Equity Delivery | Not verified (Not verified) | 100% of trade value (1x) |
| Equity Intraday | Not verified (Not verified) | Up to 20% of trade value* (Up to 5x*) |
| 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 Motilal Oswal.
| Parameter | First Demat | Motilal 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 | First Trade Web, First Mobile | MO Investor, MO Trader, Desktop EXE |
| Intraday square-off | 3:20 PM | 3:15 PM |
| Other | Free equity delivery, digital onboarding, MTF facility available. | 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 First Demat and Motilal Oswal.
| Parameter | First Demat | Motilal Oswal |
|---|---|---|
| Trading platforms offered | First Demat Web Trading Platform, First Demat Mobile Trading, First Demat Android App, First Demat iOS App | MO Investor, MO Trader, MO Genie |
| Number of platforms | 4 more choice | 3 |
| Platforms (summary) | First Trade Web, First Mobile | MO Investor, MO Trader, Desktop EXE |
| Mobile / desktop apps | Web, Mobile, Android, iPhone / iOS | Web + Mobile, Desktop + Web |
User ratings
User ratings for First Demat and Motilal Oswal across the key parameters.
| Rated on | First Demat | Motilal Oswal |
|---|---|---|
| Fees | — | 4.2 |
| Brokerage | — | 4.1 |
| Trading platform | — | 4.8 |
| Customer service | — | 4.5 |
| Research | — | 4.9 |
| Overall | 5 better | 4.6 |
Investment options
Which investment products First Demat and Motilal Oswal let you access.
| Parameter | First Demat | Motilal 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 First Demat and Motilal Oswal.
| Parameter | First Demat | Motilal Oswal |
|---|---|---|
| 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 Motilal Oswal.
| Parameter | First Demat | Motilal Oswal |
|---|---|---|
| SEBI registration | INZ000328330 | INZ000158836 |
| NSE member code | 90479 (NSE membership number) | 10225 |
| Year of incorporation | 2026 | 1987 longer track record |
| Net worth | 6952 | ₹8,000+ Crore* stronger |
| Exchange memberships | NSE · BSE · MCX | NSE · BSE · MCX |
| Latest complaint ratio | 0.016% | 0.0001% fewer complaints |
Complaints record
Exchange complaint data for First Demat and Motilal Oswal — the ratio matters more than the raw count.
| Parameter | First Demat | Motilal Oswal |
|---|---|---|
| Latest financial year | 2025-26 | 2025–26 |
| Exchange | NSE | NSE |
| Active clients | 5,00,000 | 8,98,736 larger base |
| Complaints filed | 80 | 1 |
| Complaint ratio | 0.016% | 0.0001% fewer complaints |
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.
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.
Explore more comparisons
Compare First Demat with
First Demat vs Zerodha First Demat vs Groww First Demat vs Bajaj Broking First Demat vs Upstox First Demat vs ICICI Direct First Demat vs Kotak Neo First Demat vs HDFC Securities First Demat vs SBI Securities First Demat vs Paytm Money First Demat vs Mirae Asset Sharekhan First Demat vs Axis Direct First Demat vs 5paisa First Demat vs Choice Broking First Demat vs m.Stock First Demat vs Sahi First Demat vs FYERS Securities First Demat vs SMC Global First Demat vs Anand Rathi First Demat vs Jainam Broking Limited First Demat vs Angel OneCompare Motilal Oswal with
Motilal Oswal vs Zerodha Motilal Oswal vs Groww Motilal Oswal vs Bajaj Broking Motilal Oswal vs Upstox 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 Anand Rathi Motilal Oswal vs Jainam Broking Limited Motilal Oswal vs Angel OneDisclaimer: 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.