Motilal Oswal Financial Services Limited (MOFSL) vs Upstox
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)
VS
Upstox
Motilal Oswal Financial Services Limited (MOFSL) vs Upstox — 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 Upstox if
You want low-cost, self-directed trading
Modern discount broker offering fast trading platforms, flat brokerage and investment products for traders and investors.
Company overview
Motilal Oswal Financial Services Limited (MOFSL) is a full-service broker incorporated in 1987; Upstox is a discount broker incorporated in 2009.
| Parameter | Motilal Oswal Financial Services Limited (MOFSL) | Upstox |
|---|---|---|
| Type of broker | Full-Service Broker | Discount Broker |
| Exchange membership | NSE · BSE · MCX | — |
| Year of incorporation | 1987 older | 2009 |
| Number of branches | 2,500+ | Online-first broker |
| Active clients | 11,00,000+ | 30+ lakh (approx.) larger |
Charges & AMC
Account-opening and maintenance charges for Motilal Oswal Financial Services Limited (MOFSL) and Upstox compared side by side.
| Parameter | Motilal Oswal Financial Services Limited (MOFSL) | Upstox |
|---|---|---|
| Trading a/c opening | ₹0 (Online) | ₹0 (Online) |
| Trading a/c AMC | ₹0 | ₹0 (First Year)* |
| Demat a/c opening | ₹0 | ₹0 |
| Demat a/c AMC | ₹0 (1st Year), then as per applicable plan lower | ₹300 + GST/year (applicable after promotional period for eligible accounts) |
| DP charges (per ISIN, sell) | ₹15.34 + GST per debit transaction (per ISIN per day) lower | ₹20 per scrip per day (on sell transactions) |
Brokerage charges
How Motilal Oswal Financial Services Limited (MOFSL) and Upstox price each trading segment, per executed order.
| Parameter | Motilal Oswal Financial Services Limited (MOFSL) | Upstox |
|---|---|---|
| Equity Delivery | 0.20% | ₹20 per executed order |
| Equity Intraday | 0.02% | ₹20 or 0.1% (whichever is lower) |
| Equity Futures | 0.02% | ₹20 or 0.05% (whichever is lower) |
| Equity Options | ₹20 per lot | Flat ₹20 per executed order |
| Currency F&O | ₹20 per lot | ₹20 or 0.05% (whichever is lower) |
| Commodity F&O | ₹20 per lot | ₹20 or 0.05% (whichever is lower) |
| Call & Trade | ₹20 per executed order | ₹75 + GST per order |
Transaction charges (exchange turnover)
Exchange turnover and clearing charges passed through by Motilal Oswal Financial Services Limited (MOFSL) and Upstox, per segment.
| Parameter | Motilal Oswal Financial Services Limited (MOFSL) | Upstox |
|---|---|---|
| Equity Delivery | NSE: ₹2.97 per lakh (0.00297%) • BSE: As per exchange | NSE: 0.00307% (BSE as applicable) |
| Equity Intraday | NSE: ₹2.97 per lakh (0.00297%) • BSE: As per exchange | NSE: 0.00307% |
| Equity Futures | NSE: ₹1.73 per lakh (0.00173%) | NSE: 0.00183% |
| Equity Options | NSE: ₹35.03 per lakh of premium (0.03503%) | NSE: 0.03553% (Premium) |
| Currency Futures | NSE: ₹0.35 per lakh (0.00035%) | As per exchange |
| Currency Options | NSE: ₹3.15 per lakh of premium (0.00315%) | — |
| Commodity Futures | MCX: As per exchange | — |
| Commodity Options | MCX: As per exchange | — |
| Commodity | — | As per exchange |
Demat & DP charges
Depository (demat) charges for Motilal Oswal Financial Services Limited (MOFSL) and Upstox — AMC, debit transactions, pledging and remat.
| Parameter | Motilal Oswal Financial Services Limited (MOFSL) | Upstox |
|---|---|---|
| Demat Account Opening | ₹0 | ₹0 |
| Annual Maintenance Charges (AMC) | ₹0 for the 1st year (selected plans), thereafter as per applicable 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 |
| Demat Account AMC | — | ₹300 + GST/year* |
| DP Charge (Sell) | — | ₹20 per scrip per day |
| Pledge Creation | — | ₹20 + GST per request |
| Rematerialisation | — | ₹100 per certificate + applicable charges |
| Off-market Transfer | — | ₹20 + GST per ISIN |
Margin & leverage (MTF)
Intraday and delivery margin / leverage offered by Motilal Oswal Financial Services Limited (MOFSL) and Upstox.
| Parameter | Motilal Oswal Financial Services Limited (MOFSL) | Upstox |
|---|---|---|
| Equity Delivery | 100% of trade value (1x) | 100% of trade value (1x) |
| Equity Intraday | Up to 20% of trade value* (Up to 5x*) | Up to 20% of trade value (Up to 5x) |
| F&O (Equity/Currency/Commodity) | SPAN + Exposure Margin (1x) | SPAN + Exposure Margin (1x) |
| Currency F&O | — | SPAN + Exposure Margin (1x) |
| Commodity F&O | — | SPAN + Exposure Margin (1x) |
Features & account
Account type and feature availability across Motilal Oswal Financial Services Limited (MOFSL) and Upstox.
| Parameter | Motilal Oswal Financial Services Limited (MOFSL) | Upstox |
|---|---|---|
| 3-in-1 account | ✕ No | ✕ No |
| Automated / API trading | ✓ Yes | ✓ Yes |
| Margin Trading (MTF) | ✓ Yes | ✓ Yes |
| Trading in SME shares | ✓ Yes | ✓ Yes |
| Trading platforms | MO Investor, MO Trader, Desktop EXE | Upstox Pro Web, Upstox Mobile App, Upstox Developer API |
| 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 | GTT Orders, API Trading, Margin Trading Facility (MTF), IPO, Mutual Funds, Option Chain, Advanced Charts, Basket Orders, etc. |
Trading platforms & apps
Trading terminals, web platforms and mobile apps offered by Motilal Oswal Financial Services Limited (MOFSL) and Upstox.
| Parameter | Motilal Oswal Financial Services Limited (MOFSL) | Upstox |
|---|---|---|
| Trading platforms offered | MO Investor, MO Trader, MO Genie | Upstox Pro Web, Upstox Mobile App, Upstox Developer API, Upstox Developer Console |
| Number of platforms | 3 | 4 more choice |
| Platforms (summary) | MO Investor, MO Trader, Desktop EXE | Upstox Pro Web, Upstox Mobile App, Upstox Developer API |
| Mobile / desktop apps | Web + Mobile, Desktop + Web | Web, Android & iOS, API |
User ratings
User ratings for Motilal Oswal Financial Services Limited (MOFSL) and Upstox across the key parameters.
| Rated on | Motilal Oswal Financial Services Limited (MOFSL) | Upstox |
|---|---|---|
| Fees | 4.2 | 4.4 better |
| Brokerage | 4.1 | 4.5 better |
| Trading platform | 4.8 better | 4.7 |
| Customer service | 4.5 better | 4 |
| Research | 4.9 better | 3.8 |
| Overall | 4.6 better | 4.4 |
Investment options
Which investment products Motilal Oswal Financial Services Limited (MOFSL) and Upstox let you access.
| Parameter | Motilal Oswal Financial Services Limited (MOFSL) | Upstox |
|---|---|---|
| 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 Upstox.
| Parameter | Motilal Oswal Financial Services Limited (MOFSL) | Upstox |
|---|---|---|
| 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 Motilal Oswal Financial Services Limited (MOFSL) and Upstox.
| Parameter | Motilal Oswal Financial Services Limited (MOFSL) | Upstox |
|---|---|---|
| SEBI registration | INZ000158836 | INZ000185137 |
| NSE member code | 10225 | 13942 |
| Year of incorporation | 1987 longer track record | 2009 |
| Net worth | ₹8,000+ Crore* | Upstox Securities Pvt. Ltd. |
| Exchange memberships | NSE · BSE · MCX | — |
| Latest complaint ratio | 0.0001% fewer complaints | 0.038% |
Complaints record
Exchange complaint data for Motilal Oswal Financial Services Limited (MOFSL) and Upstox — the ratio matters more than the raw count.
| Parameter | Motilal Oswal Financial Services Limited (MOFSL) | Upstox |
|---|---|---|
| Latest financial year | 2025–26 | 2025–26 |
| Exchange | NSE | NSE |
| Active clients | 8,98,736 | 32,45,678 larger base |
| Complaints filed | 1 | 1,245 |
| Complaint ratio | 0.0001% fewer complaints | 0.038% |
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.
Upstox
▲ Pros
- ✓ Flat brokerage model with a maximum brokerage per executed order on eligible segments.
- ✓ Paperless online Demat and Trading account opening.
- ✓ Feature-rich web and mobile trading platforms.
- ✓ Supports investing in Stocks, ETFs, IPOs, Mutual Funds and more.
- ✓ Margin Trading Facility (MTF) available for eligible stocks.
- ✓ GTT (Good Till Triggered) order facility.
- ✓ Developer APIs available for algorithmic trading and third-party integrations.
- ✓ Supports multiple order types and advanced charting tools.
▼ Cons
- ✕ Call & Trade service is chargeable.
- ✕ Physical branch presence is limited compared to traditional full-service brokers.
- ✕ Some advanced services and pricing depend on the selected account plan.
- ✕ Certain trading facilities are available only for eligible exchanges or approved securities.
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