Motilal Oswal vs Sahi
A full side-by-side comparison of brokerage charges, demat AMC, margin, platforms, features and user ratings — updated for 2026.
Motilal Oswal
VS
Sahi
Motilal Oswal vs Sahi — quick verdict
Choose Motilal Oswal if
You want research and offline support
Full-service stock broker offering research-backed investing, wealth management, and advanced trading platforms.
Choose Sahi if
You want low-cost, self-directed trading
Trading Simplified.
Company overview
Motilal Oswal is a full-service broker incorporated in 1987; Sahi is a discount broker incorporated in 2021.
| Parameter | Motilal Oswal | Sahi |
|---|---|---|
| Type of broker | Full-Service Broker | Discount Broker |
| Exchange membership | NSE · BSE · MCX | NSE · BSE |
| Year of incorporation | 1987 older | 2021 |
| Number of branches | 2,500+ | Online Only |
| Active clients | 11,00,000+ larger | 1 Lakh+ |
Charges & AMC
Account-opening and maintenance charges for Motilal Oswal and Sahi compared side by side.
| Parameter | Motilal Oswal | Sahi |
|---|---|---|
| Trading a/c opening | ₹0 (Online) | ₹0 |
| Trading a/c AMC | ₹0 | ₹0 |
| Demat a/c opening | ₹0 | ₹0 |
| Demat a/c AMC | ₹0 (1st Year), then as per applicable plan | ₹0 lower |
| DP charges (per ISIN, sell) | ₹15.34 + GST per debit transaction (per ISIN per day) | ₹13.5 per company (ISIN) on sell transactions lower |
Brokerage charges
How Motilal Oswal and Sahi price each trading segment, per executed order.
| Parameter | Motilal Oswal | Sahi |
|---|---|---|
| Equity Delivery | 0.20% | ₹10 or 0.05% per executed order (whichever is lower) |
| Equity Intraday | 0.02% | ₹10 or 0.05% per executed order (whichever is lower) |
| Equity Futures | 0.02% | ₹10 per executed order |
| Equity Options | ₹20 per lot | ₹10 per executed order |
| Currency F&O | ₹20 per lot | ₹10 per executed order |
| Commodity F&O | ₹20 per lot | ₹10 per executed order |
| Call & Trade | ₹20 per executed order | Not Available |
Transaction charges (exchange turnover)
Exchange turnover and clearing charges passed through by Motilal Oswal and Sahi, per segment.
| Parameter | Motilal Oswal | Sahi |
|---|---|---|
| Equity Delivery | NSE: ₹2.97 per lakh (0.00297%) • BSE: As per exchange | NSE: 0.0030699% • BSE: 0.00375% |
| Equity Intraday | NSE: ₹2.97 per lakh (0.00297%) • BSE: As per exchange | NSE: 0.0030699% • BSE: 0.00375% |
| Equity Futures | NSE: ₹1.73 per lakh (0.00173%) | NSE: 0.0018299% |
| Equity Options | NSE: ₹35.03 per lakh of premium (0.03503%) | NSE: 0.0355299% (on premium) |
| Currency Futures | NSE: ₹0.35 per lakh (0.00035%) | NSE: 0.00035% |
| Currency Options | NSE: ₹3.15 per lakh of premium (0.00315%) | NSE: 0.03110% (on premium) |
| Commodity Futures | MCX: As per exchange | MCX: As per applicable exchange charges |
| Commodity Options | MCX: As per exchange | MCX: As per applicable exchange charges |
Demat & DP charges
Depository (demat) charges for Motilal Oswal and Sahi — AMC, debit transactions, pledging and remat.
| Parameter | Motilal Oswal | Sahi |
|---|---|---|
| Demat Account Opening | ₹0 | ₹0 |
| Annual Maintenance Charges (AMC) | ₹0 for the 1st year (selected plans), thereafter as per applicable tariff | ₹0 |
| Debit Transaction Charges | ₹15.93 per ISIN per day (including GST) | ₹13.5 per company (ISIN) on sell transactions |
| Pledge / Unpledge Charges | ₹20 + GST per request | ₹15 per transaction/ISIN + GST |
| Dematerialisation (Demat) | ₹150 per certificate + GST | ₹150 per certificate + courier charges |
| Rematerialisation (Remat) | ₹150 per certificate + GST | ₹150 per certificate + courier charges |
| Failed Transactions | Nil | ₹50 per ISIN |
Margin & leverage (MTF)
Intraday and delivery margin / leverage offered by Motilal Oswal and Sahi.
| Parameter | Motilal Oswal | Sahi |
|---|---|---|
| Equity Delivery | 100% of trade value (1x) | 100% of trade value (1x) |
| Equity Intraday | Up to 20% of trade value* (Up to 5x*) | VAR + ELM Margin (Up to 5x*) |
| F&O (Equity/Currency/Commodity) | SPAN + Exposure Margin (1x) | SPAN + Exposure Margin (As per available margin) |
| Equity Options (Buy) | — | Premium Value (Not Applicable) |
| Equity Options (Sell) | — | SPAN + Exposure Margin (As per available margin) |
| Currency Futures & Options | — | Not Available |
| Commodity Futures & Options | — | Not Available |
Features & account
Account type and feature availability across Motilal Oswal and Sahi.
| Parameter | Motilal Oswal | 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 | MO Investor, MO Trader, Desktop EXE | Sahi Web, Sahi Mobile App |
| Intraday square-off | 3:15 PM | 3:15 PM |
| Other | Option Strategy Builder, TradeGuide Signal, Smart Stock Baskets, Research360, Price Alerts, Stock SIP, MTF (Pay Later), Advanced Charting | 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 Motilal Oswal and Sahi.
| Parameter | Motilal Oswal | Sahi |
|---|---|---|
| Trading platforms offered | MO Investor, MO Trader, MO Genie | Sahi Web, Sahi Mobile App |
| Number of platforms | 3 more choice | 2 |
| Platforms (summary) | MO Investor, MO Trader, Desktop EXE | Sahi Web, Sahi Mobile App |
| Mobile / desktop apps | Web + Mobile, Desktop + Web | Web, Mobile |
User ratings
User ratings for Motilal Oswal and Sahi across the key parameters.
| Rated on | Motilal Oswal | Sahi |
|---|---|---|
| Fees | 4.2 | 4.8 better |
| Brokerage | 4.1 | 4.8 better |
| Trading platform | 4.8 better | 4.5 |
| Customer service | 4.5 better | 4.2 |
| Research | 4.9 better | 3.8 |
| Overall | 4.6 better | 4.4 |
Investment options
Which investment products Motilal Oswal and Sahi let you access.
| Parameter | Motilal Oswal | 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 Motilal Oswal and Sahi.
| Parameter | Motilal Oswal | 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 Motilal Oswal and Sahi.
| Parameter | Motilal Oswal | Sahi |
|---|---|---|
| SEBI registration | INZ000158836 | INZ000314836 |
| NSE member code | 10225 | 90392 |
| Year of incorporation | 1987 longer track record | 2021 |
| Net worth | ₹8,000+ Crore* stronger | ₹25+ Cr |
| Exchange memberships | NSE · BSE · MCX | NSE · BSE |
| Latest complaint ratio | 0.0001% | N.A. |
Complaints record
Exchange complaint data for Motilal Oswal and Sahi — the ratio matters more than the raw count.
| Parameter | Motilal Oswal | Sahi |
|---|---|---|
| Latest financial year | 2025–26 | 2025–26 |
| Exchange | NSE | NSE |
| Active clients | 8,98,736 | Latest Available |
| Complaints filed | 1 | N.A. |
| Complaint ratio | 0.0001% | N.A. |
Pros & cons
The main advantages and drawbacks of each broker.
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.
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.
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