HDFC Securities vs Motilal Oswal Financial Services Limited (MOFSL)
A full side-by-side comparison of brokerage charges, demat AMC, margin, platforms, features and user ratings — updated for 2026.
HDFC Securities
VS
Motilal Oswal Financial Services Limited (MOFSL)
HDFC Securities vs Motilal Oswal Financial Services Limited (MOFSL) — quick verdict
Choose HDFC Securities if
You want research and offline support
Invest Right. Invest Now.
Choose Motilal Oswal Financial Services Limited (MOFSL) if
You want research and offline support
Full-service stock broker offering research-backed investing, wealth management, and advanced trading platforms.
Company overview
HDFC Securities is a full-service broker incorporated in 2000; Motilal Oswal Financial Services Limited (MOFSL) is a full-service broker incorporated in 1987.
| Parameter | HDFC Securities | Motilal Oswal Financial Services Limited (MOFSL) |
|---|---|---|
| Type of broker | Full-Service Broker | Full-Service Broker |
| Exchange membership | NSE · BSE · MCX | NSE · BSE · MCX |
| Year of incorporation | 2000 | 1987 older |
| Number of branches | 200+ | 2,500+ wider |
| Active clients | ~14.6 Lakh larger | 11,00,000+ |
Charges & AMC
Account-opening and maintenance charges for HDFC Securities and Motilal Oswal Financial Services Limited (MOFSL) compared side by side.
| Parameter | HDFC Securities | Motilal Oswal Financial Services Limited (MOFSL) |
|---|---|---|
| Trading a/c opening | ₹999 + GST | ₹0 (Online) |
| Trading a/c AMC | ₹0 (Free) | ₹0 |
| Demat a/c opening | ₹0 (Free) | ₹0 |
| Demat a/c AMC | ₹750 per year* | ₹0 (1st Year), then as per applicable plan lower |
| DP charges (per ISIN, sell) | ₹18.50 + GST per debit transaction | ₹15.34 + GST per debit transaction (per ISIN per day) lower |
Brokerage charges
How HDFC Securities and Motilal Oswal Financial Services Limited (MOFSL) price each trading segment, per executed order.
| Parameter | HDFC Securities | Motilal Oswal Financial Services Limited (MOFSL) |
|---|---|---|
| Equity Delivery | 0.10% | 0.20% |
| Equity Intraday | 0.03% | 0.02% |
| Equity Futures | ₹20 per executed order or 0.03% (whichever is lower) | 0.02% |
| Equity Options | ₹20 per executed order | ₹20 per lot |
| Currency F&O | ₹20 per executed order | ₹20 per lot |
| Commodity F&O | ₹20 per executed order | ₹20 per lot |
| Call & Trade | ₹20 per executed order | ₹20 per executed order |
Transaction charges (exchange turnover)
Exchange turnover and clearing charges passed through by HDFC Securities and Motilal Oswal Financial Services Limited (MOFSL), per segment.
| Parameter | HDFC Securities | Motilal Oswal Financial Services Limited (MOFSL) |
|---|---|---|
| Equity Delivery | NSE ₹297 per Cr (0.00297%) | BSE ₹297 per Cr (0.00297%) | NSE: ₹2.97 per lakh (0.00297%) • BSE: As per exchange |
| Equity Intraday | NSE ₹297 per Cr (0.00297%) | BSE ₹297 per Cr (0.00297%) | NSE: ₹2.97 per lakh (0.00297%) • BSE: As per exchange |
| Equity Futures | NSE ₹173 per Cr (0.00173%) | BSE ₹173 per Cr (0.00173%) | NSE: ₹1.73 per lakh (0.00173%) |
| Equity Options | NSE ₹3,503 per Cr (0.03503%) | BSE ₹3,250 per Cr (0.0325%) | NSE: ₹35.03 per lakh of premium (0.03503%) |
| Currency Futures | NSE ₹35 per Cr (0.00035%) | BSE ₹35 per Cr (0.00035%) | NSE: ₹0.35 per lakh (0.00035%) |
| Currency Options | NSE ₹3,100 per Cr (0.0311%) | BSE ₹1,000 per Cr (0.01%) | NSE: ₹3.15 per lakh of premium (0.00315%) |
| Commodity Futures | MCX ₹260 per Cr (0.00260%) | MCX: As per exchange |
| Commodity Options | MCX ₹5,000 per Cr (0.05%) | MCX: As per exchange |
Demat & DP charges
Depository (demat) charges for HDFC Securities and Motilal Oswal Financial Services Limited (MOFSL) — AMC, debit transactions, pledging and remat.
| Parameter | HDFC Securities | Motilal Oswal Financial Services Limited (MOFSL) |
|---|---|---|
| Demat Account Opening | ₹0 (Free) | ₹0 |
| Transaction Charges (Sell) | ₹18.50 + GST per debit transaction | — |
| Annual Maintenance Charges (AMC) | ₹750 per year* | ₹0 for the 1st year (selected plans), thereafter as per applicable tariff |
| Pledge Creation / Invocation | ₹25 + GST per request | — |
| Remat | ₹25 per certificate + applicable charges | — |
| Failed Transactions | Nil | Nil |
| 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 |
Margin & leverage (MTF)
Intraday and delivery margin / leverage offered by HDFC Securities and Motilal Oswal Financial Services Limited (MOFSL).
| Parameter | HDFC Securities | Motilal Oswal Financial Services Limited (MOFSL) |
|---|---|---|
| Equity Delivery | 100% of trade value (1x) | 100% of trade value (1x) |
| Equity Intraday | As per SEBI peak margin norms (Up to 5x) | Up to 20% of trade value* (Up to 5x*) |
| F&O (Eq/Curr/Comm) | SPAN + Exposure Margin (1x) | SPAN + Exposure Margin (1x) |
Features & account
Account type and feature availability across HDFC Securities and Motilal Oswal Financial Services Limited (MOFSL).
| Parameter | HDFC Securities | Motilal Oswal Financial Services Limited (MOFSL) |
|---|---|---|
| 3-in-1 account | ✓ Yes better | ✕ No |
| Automated / API trading | ✕ No | ✓ Yes better |
| Margin Trading (MTF) | ✓ Yes | ✓ Yes |
| Trading in SME shares | ✓ Yes | ✓ Yes |
| Trading platforms | HDFC SKY, HDFC Securities Mobile App, ProTerminal, InvestRight | MO Investor, MO Trader, Desktop EXE |
| Intraday square-off | 3:15 PM | 3:15 PM |
| Other | 3-in-1 account, MTF, research reports, IPO investment, basket orders, option chain, mutual funds, ETFs and bonds. | 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 HDFC Securities and Motilal Oswal Financial Services Limited (MOFSL).
| Parameter | HDFC Securities | Motilal Oswal Financial Services Limited (MOFSL) |
|---|---|---|
| Trading platforms offered | HDFC SKY, HDFC Securities Mobile App, ProTerminal, InvestRight | MO Investor, MO Trader, MO Genie |
| Number of platforms | 4 more choice | 3 |
| Platforms (summary) | HDFC SKY, HDFC Securities Mobile App, ProTerminal, InvestRight | MO Investor, MO Trader, Desktop EXE |
| Mobile / desktop apps | Web + Mobile, Mobile, Desktop, Web | Web + Mobile, Desktop + Web |
User ratings
User ratings for HDFC Securities and Motilal Oswal Financial Services Limited (MOFSL) across the key parameters.
| Rated on | HDFC Securities | Motilal Oswal Financial Services Limited (MOFSL) |
|---|---|---|
| Fees | 4.3 better | 4.2 |
| Brokerage | 4.4 better | 4.1 |
| Trading platform | 4.7 | 4.8 better |
| Customer service | 4.3 | 4.5 better |
| Research | 4.5 | 4.9 better |
| Overall | 4.4 | 4.6 better |
Investment options
Which investment products HDFC Securities and Motilal Oswal Financial Services Limited (MOFSL) let you access.
| Parameter | HDFC Securities | Motilal Oswal Financial Services Limited (MOFSL) |
|---|---|---|
| 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 HDFC Securities and Motilal Oswal Financial Services Limited (MOFSL).
| Parameter | HDFC Securities | Motilal Oswal Financial Services Limited (MOFSL) |
|---|---|---|
| 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 HDFC Securities and Motilal Oswal Financial Services Limited (MOFSL).
| Parameter | HDFC Securities | Motilal Oswal Financial Services Limited (MOFSL) |
|---|---|---|
| SEBI registration | INZ000186937 | INZ000158836 |
| NSE member code | 06586 | 10225 |
| Year of incorporation | 2000 | 1987 longer track record |
| Net worth | ₹3,300+ Crore | ₹8,000+ Crore* stronger |
| Exchange memberships | NSE · BSE · MCX | NSE · BSE · MCX |
| Latest complaint ratio | 0.175% | 0.0001% fewer complaints |
Complaints record
Exchange complaint data for HDFC Securities and Motilal Oswal Financial Services Limited (MOFSL) — the ratio matters more than the raw count.
| Parameter | HDFC Securities | Motilal Oswal Financial Services Limited (MOFSL) |
|---|---|---|
| Latest financial year | 2025-26 | 2025–26 |
| Exchange | NSE | NSE |
| Active clients | 15,39,103 larger base | 8,98,736 |
| Complaints filed | 2,690 | 1 |
| Complaint ratio | 0.175% | 0.0001% fewer complaints |
Pros & cons
The main advantages and drawbacks of each broker.
HDFC Securities
▲ Pros
- ✓ Integrated 3-in-1 account with HDFC Bank.
- ✓ Comprehensive research reports and expert recommendations.
- ✓ Advanced web, mobile and desktop trading platforms.
- ✓ Investment in Stocks, F&O, IPOs, Mutual Funds, ETFs and Bonds.
- ✓ Margin Trading Facility (MTF) available.
- ✓ Strong brand reputation with nationwide presence.
- ✓ Dedicated relationship manager for eligible customers.
▼ Cons
- ✕ Brokerage charges are higher than discount brokers.
- ✕ Annual Maintenance Charges apply for demat accounts.
- ✕ Call & Trade service is chargeable.
- ✕ Some advanced trading tools are available only to eligible customers.
- ✕ Margin benefits depend on the applicable product and segment.
Motilal Oswal Financial Services Limited (MOFSL)
▲ 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.
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