ICICI Direct vs SMC Global

A full side-by-side comparison of brokerage charges, demat AMC, margin, platforms, features and user ratings — updated for 2026.

ICICI Direct
ICICI Direct
Full-Service Broker · since 1995
VS
SMC Global
Full-Service Broker · since 1994
SMC Global

ICICI Direct vs SMC Global — quick verdict

Choose ICICI Direct if

You want research and offline support

One Account. Infinite Opportunities.

Choose SMC Global if

You want research and offline support

Your Financial Partner.

Company overview

ICICI Direct is a full-service broker incorporated in 1995; SMC Global is a full-service broker incorporated in 1994.

ParameterICICI DirectSMC Global
Type of broker Full-Service Broker Full-Service Broker
Exchange membership NSE · BSE · MCX · NCDEX NSE · BSE · MCX · NCDEX · MSEI
Year of incorporation 1995 1994 older
Number of branches 3,000+ ICICI Bank Branches & Customer To wider 2,500+
Active clients ~19.80 Lakh+ larger 4 Lakh+

Charges & AMC

Account-opening and maintenance charges for ICICI Direct and SMC Global compared side by side.

ParameterICICI DirectSMC Global
Trading a/c opening ₹0 (Online) ₹0 (Online)
Trading a/c AMC ₹0 ₹0
Demat a/c opening ₹0 ₹0
Demat a/c AMC ₹300 + GST per year lower ₹399 + GST per year
DP charges (per ISIN, sell) NSDL – ₹20 + GST (first debit), ₹4 + GST (subsequent same-day debit); CDSL – ₹20 + GST per scrip sold per day ₹15.93 per debit transaction (including GST) lower

Brokerage charges

How ICICI Direct and SMC Global price each trading segment, per executed order.

ParameterICICI DirectSMC Global
Equity Delivery ₹20 per order (or plan-specific rate) 0.30%
Equity Intraday ₹20 per order 0.30%
Equity Futures ₹20 per order 0.30%
Equity Options ₹20 per order ₹20 per executed order
Currency F&O ₹20 per order 0.03%
Commodity F&O ₹20 per order 0.03%
Call & Trade ₹50 per order ₹20 per executed order

Transaction charges (exchange turnover)

Exchange turnover and clearing charges passed through by ICICI Direct and SMC Global, per segment.

ParameterICICI DirectSMC Global
Equity Delivery NSE: 0.00297% + IPFT 0.00010% • BSE: 0.00375% NSE: 0.00297% • BSE: 0.00375%
Equity Intraday NSE: 0.00297% + IPFT 0.00010% • BSE: 0.00375% NSE: 0.00297% • BSE: 0.00375%
Equity Futures NSE: 0.00173% + IPFT 0.00010% • BSE: 0.00000% NSE: 0.00173%
Equity Options NSE: 0.03503% (on Premium) + IPFT 0.00050% • BSE: 0.03250% (on Premium) NSE: 0.03503% (on premium)
Currency Futures NSE: 0.00012% • BSE: 0.00005% NSE: 0.00035%
Currency Options NSE: 0.03250% (on Premium) • BSE: 0.00100% (on Premium) NSE: 0.03110% (on premium)
Commodity Futures (MCX) 0.00210% —
Commodity Options (MCX) 0.04180% (on Premium) —
Commodity Futures — MCX: 0.00210%
Commodity Options — MCX: 0.04180% (on premium)

Demat & DP charges

Depository (demat) charges for ICICI Direct and SMC Global — AMC, debit transactions, pledging and remat.

ParameterICICI DirectSMC Global
Demat Account Opening ₹0 (Online) ₹0
Annual Maintenance Charges (AMC) ₹300 + GST per year ₹399 + GST per year
DP Charges (NSDL) ₹20 + GST per scrip for the first debit instruction and ₹4 + GST for subsequent debit instructions in the same scrip on the same day —
DP Charges (CDSL) ₹20 + GST per scrip sold per day (includes depository charges) —
Call & Trade (Equity & Derivatives) ₹50 per order —
Call & Trade (Commodity) ₹50 per order —
Pledge Charges (MTF) ₹25 + GST per pledge instruction —
Pledge Charges (Shares as Margin - SAM) ₹29 + GST per pledge instruction —
Pledge Charges (CUSPA) ₹29 + GST per pledge instruction —
Debit Transaction Charges — ₹15.93 per debit transaction (including GST)
Pledge / Unpledge Charges — ₹25 + 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 ICICI Direct and SMC Global.

ParameterICICI DirectSMC Global
Equity Delivery Up to 100% of trade value (1x) 100% of trade value (1x)
Equity Intraday As per SEBI Peak Margin Rules (Up to 5x*) VAR + ELM Margin (Up to 5x*)
Equity Futures SPAN + Exposure Margin (As per Exchange) SPAN + Exposure Margin (As per available margin)
Equity Options Premium + Applicable Margin (As per Exchange) Premium Value (Not Applicable)
Currency Futures & Options Exchange Prescribed Margin (As per Exchange) SPAN + Exposure Margin (As per available margin)
Commodity Futures & Options Exchange Prescribed Margin (As per Exchange) SPAN + Exposure Margin (As per available margin)
Commodity Futures & Options — SPAN + Exposure Margin (As per available margin)

Features & account

Account type and feature availability across ICICI Direct and SMC Global.

ParameterICICI DirectSMC Global
3-in-1 account ✓ Yes better ✕ No
Automated / API trading ✓ Yes better ✕ No
Margin Trading (MTF) ✓ Yes ✓ Yes
Trading in SME shares ✓ Yes ✓ Yes
Trading platforms ICICIdirect Web, ICICIdirect Mobile App, Trade Racer, Breeze API SMC ACE Web, SMC ACE Mobile App, SMC Trade Pro
Intraday square-off 3:15 PM 3:15 PM
Other 3-in-1 Account, Research Reports, Stock SIP, Basket Orders, MTF, Loan Against Securities Research Reports, Trading Calls, Option Chain, Advanced Charting, Basket Orders, Price Alerts, Portfolio Tracker, Margin Trading Facility (MTF), IPO Investment, Wealth Management

Trading platforms & apps

Trading terminals, web platforms and mobile apps offered by ICICI Direct and SMC Global.

ParameterICICI DirectSMC Global
Trading platforms offered ICICIdirect Web, ICICIdirect Mobile App, ICICI Direct Markets App, Trade Racer SMC ACE Web, SMC ACE Mobile App, SMC Trade Pro
Number of platforms 4 more choice 3
Platforms (summary) ICICIdirect Web, ICICIdirect Mobile App, Trade Racer, Breeze API SMC ACE Web, SMC ACE Mobile App, SMC Trade Pro
Mobile / desktop apps Web, Mobile, Desktop Web, Mobile, Desktop

User ratings

User ratings for ICICI Direct and SMC Global across the key parameters.

Rated onICICI DirectSMC Global
Fees 4.1 4.1
Brokerage 4.2 4.2
Trading platform 4.8 better 4.3
Customer service 4.7 better 4.5
Research 4.9 better 4.8
Overall 4.6 better 4.3

Investment options

Which investment products ICICI Direct and SMC Global let you access.

ParameterICICI DirectSMC Global
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 ICICI Direct and SMC Global.

ParameterICICI DirectSMC Global
Bracket Order ✕ No ✓ Yes better
Cover Order ✕ No ✓ Yes better
BTST ✓ Yes ✓ Yes
After Market (AMO) ✓ Yes ✓ Yes
GTC / GTT ✓ Yes better ✕ No

Safety & credibility

SEBI registration, financial strength and complaint record for ICICI Direct and SMC Global.

ParameterICICI DirectSMC Global
SEBI registration INZ000183631 INZ000199438
NSE member code 07730 06611
Year of incorporation 1995 1994 longer track record
Net worth Not Separately Disclosed (Subsidiary of ICICI Bank Limited) ₹3,215+ Cr
Exchange memberships NSE · BSE · MCX · NCDEX NSE · BSE · MCX · NCDEX · MSEI
Latest complaint ratio 0.0031% fewer complaints 0.004%

Complaints record

Exchange complaint data for ICICI Direct and SMC Global — the ratio matters more than the raw count.

ParameterICICI DirectSMC Global
Latest financial year Latest Available 2025–26
Exchange NSE NSE
Active clients 19,60,293 larger base 4,21,538
Complaints filed 61 (Pending SCORES 2.0) 17
Complaint ratio 0.0031% fewer complaints 0.004%

Pros & cons

The main advantages and drawbacks of each broker.

ICICI Direct

▲ Pros

  • ✓ Integrated 3-in-1 Account with ICICI Bank.
  • ✓ Access to Equity, F&O, Currency and Commodity trading.
  • ✓ Strong in-house research and investment recommendations.
  • ✓ Multiple trading platforms for beginners and active traders.
  • ✓ Wide range of investment products under one account.
  • ✓ Backed by the trusted ICICI Group.
  • ✓ Digital account opening with online KYC.
  • ✓ Extensive customer support network across India.

▼ Cons

  • ✕ Brokerage charges may be higher than discount brokers.
  • ✕ Some advanced features are available only under specific brokerage plans.
  • ✕ Annual Demat AMC is applicable.
  • ✕ Certain services attract additional transaction charges.
  • ✕ Trading costs may vary depending on the selected brokerage plan.
SMC Global

▲ Pros

  • ✓ Strong equity, commodity, and currency research.
  • ✓ Wide range of investment and wealth management products.
  • ✓ Large nationwide branch and franchise network.
  • ✓ Supports stocks, F&O, commodities, currencies, IPOs, mutual funds, bonds, PMS, and insurance.
  • ✓ Advanced web, mobile, and desktop trading platforms.
  • ✓ Dedicated relationship managers and advisory services.

▼ Cons

  • ✕ Brokerage charges are higher than discount brokers.
  • ✕ Annual Demat AMC is applicable.
  • ✕ Some advanced advisory services are available only to premium clients.
  • ✕ Trading platforms may have a steeper learning curve for beginners.
  • ✕ Call & Trade charges apply.
Open ICICI Direct Account Open SMC Global Account

Explore more comparisons

Compare ICICI Direct with

ICICI Direct vs Zerodha ICICI Direct vs Angel One ICICI Direct vs Upstox ICICI Direct vs Groww ICICI Direct vs Kotak Neo ICICI Direct vs HDFC Securities ICICI Direct vs SBI Securities ICICI Direct vs Motilal Oswal ICICI Direct vs Paytm Money ICICI Direct vs Mirae Asset Sharekhan ICICI Direct vs Axis Direct ICICI Direct vs 5paisa ICICI Direct vs Choice Broking ICICI Direct vs m.Stock ICICI Direct vs Sahi ICICI Direct vs FYERS Securities ICICI Direct vs Anand Rathi ICICI Direct vs Jainam Broking Limited

Compare SMC Global with

SMC Global vs Zerodha SMC Global vs Angel One SMC Global vs Upstox SMC Global vs Groww SMC Global vs Kotak Neo SMC Global vs HDFC Securities SMC Global vs SBI Securities SMC Global vs Motilal Oswal SMC Global vs Paytm Money SMC Global vs Mirae Asset Sharekhan SMC Global vs Axis Direct SMC Global vs 5paisa SMC Global vs Choice Broking SMC Global vs m.Stock SMC Global vs Sahi SMC Global vs FYERS Securities SMC Global vs Anand Rathi SMC Global vs Jainam Broking Limited
Disclaimer: 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.