Motilal Oswal Financial Services Limited (MOFSL) vs SBI Securities

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

Motilal Oswal Financial Services Limited (MOFSL)
Motilal Oswal Financial Services Limited (MOFSL)
Full-Service Broker · since 1987
VS
SBI Securities
Full-Service Broker · since 2006
SBI Securities

Motilal Oswal Financial Services Limited (MOFSL) vs SBI Securities — quick verdict

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.

Choose SBI Securities if

You want research and offline support

Investing Made Easy.

Company overview

Motilal Oswal Financial Services Limited (MOFSL) is a full-service broker incorporated in 1987; SBI Securities is a full-service broker incorporated in 2006.

ParameterMotilal Oswal Financial Services Limited (MOFSL)SBI Securities
Type of broker Full-Service Broker Full-Service Broker
Exchange membership NSE · BSE · MCX NSE · BSE · MCX
Year of incorporation 1987 older 2006
Number of branches 2,500+ wider 1,000+ SBI Investor Service Centres & Ba
Active clients 11,00,000+ ~13.7 lakh larger

Charges & AMC

Account-opening and maintenance charges for Motilal Oswal Financial Services Limited (MOFSL) and SBI Securities compared side by side.

ParameterMotilal Oswal Financial Services Limited (MOFSL)SBI Securities
Trading a/c opening ₹0 (Online) ₹0 (Free)
Trading a/c AMC ₹0 ₹0 (Free)
Demat a/c opening ₹0 ₹0 (Free)
Demat a/c AMC ₹0 (1st Year), then as per applicable plan ₹0 (Free for the first year), thereafter as per applicable tariff plan lower
DP charges (per ISIN, sell) ₹15.34 + GST per debit transaction (per ISIN per day) ₹15.34 per debit transaction

Brokerage charges

How Motilal Oswal Financial Services Limited (MOFSL) and SBI Securities price each trading segment, per executed order.

ParameterMotilal Oswal Financial Services Limited (MOFSL)SBI Securities
Equity Delivery 0.20% 0.50%
Equity Intraday 0.02% 0.05%
Equity Futures 0.02% 0.05%
Equity Options ₹20 per lot ₹50 per executed order
Currency F&O ₹20 per lot 0.05%
Commodity F&O ₹20 per lot 0.05%
Call & Trade ₹20 per executed order ₹50 per executed order

Transaction charges (exchange turnover)

Exchange turnover and clearing charges passed through by Motilal Oswal Financial Services Limited (MOFSL) and SBI Securities, per segment.

ParameterMotilal Oswal Financial Services Limited (MOFSL)SBI Securities
Equity Delivery NSE: ₹2.97 per lakh (0.00297%) • BSE: As per exchange NSE ₹297 per Cr (0.00297%) | BSE ₹297 per Cr (0.00297%)
Equity Intraday NSE: ₹2.97 per lakh (0.00297%) • BSE: As per exchange NSE ₹297 per Cr (0.00297%) | BSE ₹297 per Cr (0.00297%)
Equity Futures NSE: ₹1.73 per lakh (0.00173%) NSE ₹173 per Cr (0.00173%) | BSE ₹173 per Cr (0.00173%)
Equity Options NSE: ₹35.03 per lakh of premium (0.03503%) NSE ₹3,503 per Cr (0.03503%) | BSE ₹3,250 per Cr (0.0325%)
Currency Futures NSE: ₹0.35 per lakh (0.00035%) NSE ₹35 per Cr (0.00035%) | BSE ₹35 per Cr (0.00035%)
Currency Options NSE: ₹3.15 per lakh of premium (0.00315%) NSE ₹3,100 per Cr (0.0311%) | BSE ₹1,000 per Cr (0.01%)
Commodity Futures MCX: As per exchange MCX ₹260 per Cr (0.00260%)
Commodity Options MCX: As per exchange MCX ₹5,000 per Cr (0.05%)

Demat & DP charges

Depository (demat) charges for Motilal Oswal Financial Services Limited (MOFSL) and SBI Securities — AMC, debit transactions, pledging and remat.

ParameterMotilal Oswal Financial Services Limited (MOFSL)SBI Securities
Demat Account Opening ₹0 ₹0 (Free)
Annual Maintenance Charges (AMC) ₹0 for the 1st year (selected plans), thereafter as per applicable tariff ₹0 (First Year), thereafter as per 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 Nil
Transaction Charges (Sell) — ₹15.34 per debit transaction
Pledge Creation / Invocation — ₹25 + GST per request
Remat — ₹25 per certificate + applicable charges

Margin & leverage (MTF)

Intraday and delivery margin / leverage offered by Motilal Oswal Financial Services Limited (MOFSL) and SBI Securities.

ParameterMotilal Oswal Financial Services Limited (MOFSL)SBI Securities
Equity Delivery 100% of trade value (1x) 100% of trade value (1x)
Equity Intraday Up to 20% of trade value* (Up to 5x*) As per SEBI peak margin norms (Up to 5x)
F&O (Equity/Currency/Commodity) SPAN + Exposure Margin (1x) SPAN + Exposure Margin (1x)

Features & account

Account type and feature availability across Motilal Oswal Financial Services Limited (MOFSL) and SBI Securities.

ParameterMotilal Oswal Financial Services Limited (MOFSL)SBI Securities
3-in-1 account ✕ No ✓ Yes better
Automated / API trading ✓ Yes better ✕ No
Margin Trading (MTF) ✓ Yes ✓ Yes
Trading in SME shares ✓ Yes ✓ Yes
Trading platforms MO Investor, MO Trader, Desktop EXE SBI Smart, SBI Securities Mobile App, SBI Smart Xpress
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 3-in-1 account, MTF, research reports, IPO investment, mutual funds, ETFs and fixed-income products.

Trading platforms & apps

Trading terminals, web platforms and mobile apps offered by Motilal Oswal Financial Services Limited (MOFSL) and SBI Securities.

ParameterMotilal Oswal Financial Services Limited (MOFSL)SBI Securities
Trading platforms offered MO Investor, MO Trader, MO Genie SBI Smart, SBI Securities Mobile App, SBI Smart Xpress
Number of platforms 3 3
Platforms (summary) MO Investor, MO Trader, Desktop EXE SBI Smart, SBI Securities Mobile App, SBI Smart Xpress
Mobile / desktop apps Web + Mobile, Desktop + Web Web, Mobile, Desktop

User ratings

User ratings for Motilal Oswal Financial Services Limited (MOFSL) and SBI Securities across the key parameters.

Rated onMotilal Oswal Financial Services Limited (MOFSL)SBI Securities
Fees 4.2 4.2
Brokerage 4.1 4.2 better
Trading platform 4.8 better 4.3
Customer service 4.5 better 4.4
Research 4.9 better 4.5
Overall 4.6 better 4.3

Investment options

Which investment products Motilal Oswal Financial Services Limited (MOFSL) and SBI Securities let you access.

ParameterMotilal Oswal Financial Services Limited (MOFSL)SBI Securities
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 Motilal Oswal Financial Services Limited (MOFSL) and SBI Securities.

ParameterMotilal Oswal Financial Services Limited (MOFSL)SBI Securities
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 Financial Services Limited (MOFSL) and SBI Securities.

ParameterMotilal Oswal Financial Services Limited (MOFSL)SBI Securities
SEBI registration INZ000158836 INZ000200032
NSE member code 10225 13018
Year of incorporation 1987 longer track record 2006
Net worth ₹8,000+ Crore* stronger ₹1,000+ Cr
Exchange memberships NSE · BSE · MCX NSE · BSE · MCX
Latest complaint ratio 0.0001% fewer complaints 0.088%

Complaints record

Exchange complaint data for Motilal Oswal Financial Services Limited (MOFSL) and SBI Securities — the ratio matters more than the raw count.

ParameterMotilal Oswal Financial Services Limited (MOFSL)SBI Securities
Latest financial year 2025–26 2025-26
Exchange NSE NSE
Active clients 8,98,736 13,69,945 larger base
Complaints filed 1 1,208
Complaint ratio 0.0001% fewer complaints 0.088%

Pros & cons

The main advantages and drawbacks of each broker.

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.
SBI Securities

▲ Pros

  • ✓ Integrated 3-in-1 account with SBI Bank.
  • ✓ Trusted SBI Group full-service broker.
  • ✓ Comprehensive equity research and investment recommendations.
  • ✓ Trade in Stocks, F&O, IPOs, Mutual Funds, ETFs and Bonds.
  • ✓ Advanced web and mobile trading platforms.
  • ✓ Margin Trading Facility (MTF) available.
  • ✓ Wide branch network and customer support.

▼ Cons

  • ✕ Brokerage charges are higher than discount brokers.
  • ✕ Demat AMC may apply after the promotional period.
  • ✕ Call & Trade service is chargeable.
  • ✕ Advanced trading tools are limited compared to some competitors.
  • ✕ Certain services and brokerage plans have eligibility conditions.
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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.