First Demat vs Sahi
A full side-by-side comparison of brokerage charges, demat AMC, margin, platforms, features and user ratings — updated for 2026.
First Demat
VS
Sahi
First Demat vs Sahi — 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 Sahi if
You want low-cost, self-directed trading
Trading Simplified.
Company overview
First Demat is a discount broker incorporated in 2026; Sahi is a discount broker incorporated in 2021.
| Parameter | First Demat | Sahi |
|---|---|---|
| Type of broker | Discount Broker | Discount Broker |
| Exchange membership | NSE · BSE · MCX | NSE · BSE |
| Year of incorporation | 2026 | 2021 older |
| Number of branches | 1 | Online Only |
| Active clients | 500 | 1 Lakh+ larger |
Charges & AMC
Account-opening and maintenance charges for First Demat and Sahi compared side by side.
| Parameter | First Demat | Sahi |
|---|---|---|
| Trading a/c opening | ₹0 online; ₹500 offline | ₹0 |
| Trading a/c AMC | ₹0 | ₹0 |
| Demat a/c opening | ₹0 | ₹0 |
| Demat a/c AMC | ₹0 for the first year | ₹0 |
| DP charges (per ISIN, sell) | ₹20 + GST per ISIN | ₹13.5 per company (ISIN) on sell transactions lower |
Brokerage charges
How First Demat and Sahi price each trading segment, per executed order.
| Parameter | First Demat | Sahi |
|---|---|---|
| Equity Delivery | 0.1% or ₹20 per executed order, whichever is lower | ₹10 or 0.05% per executed order (whichever is lower) |
| Equity Intraday | 0.1% or ₹20 per executed order, whichever is lower | ₹10 or 0.05% per executed order (whichever is lower) |
| Equity Futures | ₹20 per executed order | ₹10 per executed order |
| Equity Options | ₹20 per executed order | ₹10 per executed order |
| Currency F&O | — | ₹10 per executed order |
| Commodity F&O | — | ₹10 per executed order |
| Call & Trade | ₹50 per trade | Not Available |
Transaction charges (exchange turnover)
Exchange turnover and clearing charges passed through by First Demat and Sahi, per segment.
| Parameter | First Demat | Sahi |
|---|---|---|
| Equity Delivery | NSE: 0.00307% · BSE: 0.00375% | NSE: 0.0030699% • BSE: 0.00375% |
| Equity Intraday | NSE: 0.00307% · BSE: 0.00375% | NSE: 0.0030699% • BSE: 0.00375% |
| Equity Futures | NSE: 0.00183% · BSE: 0% | NSE: 0.0018299% |
| Equity Options | NSE: 0.03553% on premium · BSE: 0.0325% on premium | NSE: 0.0355299% (on premium) |
| Currency Futures | Not specified | NSE: 0.00035% |
| Currency Options | Not specified | NSE: 0.03110% (on premium) |
| Commodity | Current segment-wise rates not verified | — |
| Commodity Futures | — | MCX: As per applicable exchange charges |
| Commodity Options | — | MCX: As per applicable exchange charges |
Demat & DP charges
Depository (demat) charges for First Demat and Sahi — AMC, debit transactions, pledging and remat.
| Parameter | First Demat | Sahi |
|---|---|---|
| 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 |
| Debit Transaction Charges | — | ₹13.5 per company (ISIN) on sell transactions |
| Pledge / Unpledge Charges | — | ₹15 per transaction/ISIN + GST |
| Dematerialisation (Demat) | — | ₹150 per certificate + courier charges |
| Rematerialisation (Remat) | — | ₹150 per certificate + courier charges |
| Failed Transactions | — | ₹50 per ISIN |
Margin & leverage (MTF)
Intraday and delivery margin / leverage offered by First Demat and Sahi.
| Parameter | First Demat | Sahi |
|---|---|---|
| Equity Delivery | Not verified (Not verified) | 100% of trade value (1x) |
| Equity Intraday | Not verified (Not verified) | VAR + ELM Margin (Up to 5x*) |
| Equity Futures | As per applicable exchange and broker requirements (Not verified) | SPAN + Exposure Margin (As per available margin) |
| Equity Options | As per applicable exchange and broker requirements (Not verified) | Premium Value (Not Applicable) |
| Currency Futures | Not verified (Not verified) | SPAN + Exposure Margin (As per available margin) |
| Currency Options | Not verified (Not verified) | Not Available |
| Commodity Futures | Not verified (Not verified) | Not Available |
| Commodity Options | Not verified (Not verified) | — |
Features & account
Account type and feature availability across First Demat and Sahi.
| Parameter | First Demat | Sahi |
|---|---|---|
| 3-in-1 account | ✕ No | ✕ No |
| Automated / API trading | ✓ Yes better | ✕ No |
| Margin Trading (MTF) | ✓ Yes better | ✕ No |
| Trading in SME shares | ✓ Yes | ✓ Yes |
| Trading platforms | First Trade Web, First Mobile | Sahi Web, Sahi Mobile App |
| Intraday square-off | 3:20 PM | 3:15 PM |
| Other | Free equity delivery, digital onboarding, MTF facility available. | Advanced Charts, Option Chain, Watchlists, Price Alerts, Digital KYC, Real-time Market Data, Portfolio Tracking |
Trading platforms & apps
Trading terminals, web platforms and mobile apps offered by First Demat and Sahi.
| Parameter | First Demat | Sahi |
|---|---|---|
| Trading platforms offered | First Demat Web Trading Platform, First Demat Mobile Trading, First Demat Android App, First Demat iOS App | Sahi Web, Sahi Mobile App |
| Number of platforms | 4 more choice | 2 |
| Platforms (summary) | First Trade Web, First Mobile | Sahi Web, Sahi Mobile App |
| Mobile / desktop apps | Web, Mobile, Android, iPhone / iOS | Web, Mobile |
User ratings
User ratings for First Demat and Sahi across the key parameters.
| Rated on | First Demat | Sahi |
|---|---|---|
| Fees | — | 4.8 |
| Brokerage | — | 4.8 |
| Trading platform | — | 4.5 |
| Customer service | — | 4.2 |
| Research | — | 3.8 |
| Overall | 5 better | 4.4 |
Investment options
Which investment products First Demat and Sahi let you access.
| Parameter | First Demat | Sahi |
|---|---|---|
| Stocks / Equity | ✓ Yes | ✓ Yes |
| Commodity | ✓ Yes better | ✕ No |
| IPO | ✓ Yes better | ✕ No |
| Mutual Funds | ✓ Yes better | ✕ No |
| Bonds / NCD | ✓ Yes better | ✕ No |
Order types offered
Advanced order types supported by First Demat and Sahi.
| Parameter | First Demat | Sahi |
|---|---|---|
| Bracket Order | ✕ No | ✕ No |
| Cover Order | ✕ No | ✕ No |
| BTST | ✓ Yes | ✓ Yes |
| After Market (AMO) | ✓ Yes | ✓ Yes |
| GTC / GTT | ✓ Yes better | ✕ No |
Safety & credibility
SEBI registration, financial strength and complaint record for First Demat and Sahi.
| Parameter | First Demat | Sahi |
|---|---|---|
| SEBI registration | INZ000328330 | INZ000314836 |
| NSE member code | 90479 (NSE membership number) | 90392 |
| Year of incorporation | 2026 | 2021 longer track record |
| Net worth | 6952 | ₹25+ Cr stronger |
| Exchange memberships | NSE · BSE · MCX | NSE · BSE |
| Latest complaint ratio | 0.016% | N.A. |
Complaints record
Exchange complaint data for First Demat and Sahi — the ratio matters more than the raw count.
| Parameter | First Demat | Sahi |
|---|---|---|
| Latest financial year | 2025-26 | 2025–26 |
| Exchange | NSE | NSE |
| Active clients | 5,00,000 | Latest Available |
| Complaints filed | 80 | N.A. |
| Complaint ratio | 0.016% | N.A. |
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.
Sahi
▲ Pros
- ✓ Simple and transparent brokerage structure.
- ✓ ₹0 account opening and ₹0 annual Demat AMC.
- ✓ Fully digital and paperless account opening.
- ✓ User-friendly web and mobile trading platforms.
- ✓ Advanced charting, watchlists, and option chain.
- ✓ Suitable for beginners as well as active traders.
▼ Cons
- ✕ Limited research and advisory services.
- ✕ Investment products are fewer than large full-service brokers.
- ✕ No physical branch network.
- ✕ Call & Trade facility is limited or unavailable.
- ✕ Does not offer as many premium investment services as traditional brokers.
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 Motilal Oswal 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 FYERS Securities First Demat vs SMC Global First Demat vs Anand Rathi First Demat vs Jainam Broking Limited First Demat vs Angel OneCompare Sahi with
Sahi vs Zerodha Sahi vs Groww Sahi vs Bajaj Broking Sahi vs Upstox Sahi vs ICICI Direct Sahi vs Kotak Neo Sahi vs HDFC Securities Sahi vs SBI Securities Sahi vs Motilal Oswal Sahi vs Paytm Money Sahi vs Mirae Asset Sharekhan Sahi vs Axis Direct Sahi vs 5paisa Sahi vs Choice Broking Sahi vs m.Stock Sahi vs FYERS Securities Sahi vs SMC Global Sahi vs Anand Rathi Sahi vs Jainam Broking Limited Sahi 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.