Motilal Oswal Financial Services Limited (MOFSL) vs Zerodha
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
Zerodha
Motilal Oswal Financial Services Limited (MOFSL) vs Zerodha — 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 Zerodha if
You want low-cost, self-directed trading
India's largest discount broker — ₹0 equity delivery, flat ₹20 intraday/F&O and the clean, reliable Kite platform.
Company overview
Motilal Oswal Financial Services Limited (MOFSL) is a full-service broker incorporated in 1987; Zerodha is a discount broker incorporated in 2010.
| Parameter | Motilal Oswal Financial Services Limited (MOFSL) | Zerodha |
|---|---|---|
| Type of broker | Full-Service Broker | Discount Broker |
| Exchange membership | NSE · BSE · MCX | NSE · BSE · MCX |
| Year of incorporation | 1987 older | 2010 |
| Number of branches | 2,500+ wider | 0 |
| Active clients | 11,00,000+ | ~1.6 crore larger |
Charges & AMC
Account-opening and maintenance charges for Motilal Oswal Financial Services Limited (MOFSL) and Zerodha compared side by side.
| Parameter | Motilal Oswal Financial Services Limited (MOFSL) | Zerodha |
|---|---|---|
| Trading a/c opening | ₹0 (Online) | ₹200 (Online) |
| 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 lower | ₹300 |
| DP charges (per ISIN, sell) | ₹15.34 + GST per debit transaction (per ISIN per day) | ₹13.5 + GST per debit lower |
Brokerage charges
How Motilal Oswal Financial Services Limited (MOFSL) and Zerodha price each trading segment, per executed order.
| Parameter | Motilal Oswal Financial Services Limited (MOFSL) | Zerodha |
|---|---|---|
| Equity Delivery | 0.20% | ₹0 (Free) |
| Equity Intraday | 0.02% | ₹20 or 0.03% (lower) |
| Equity Futures | 0.02% | ₹20 or 0.03% (lower) |
| Equity Options | ₹20 per lot | ₹20 / order |
| Currency F&O | ₹20 per lot | ₹20 or 0.03% (lower) |
| Commodity F&O | ₹20 per lot | ₹20 or 0.03% (lower) |
| Call & Trade | ₹20 per executed order | +₹50/order |
Transaction charges (exchange turnover)
Exchange turnover and clearing charges passed through by Motilal Oswal Financial Services Limited (MOFSL) and Zerodha, per segment.
| Parameter | Motilal Oswal Financial Services Limited (MOFSL) | Zerodha |
|---|---|---|
| Equity Delivery | NSE: ₹2.97 per lakh (0.00297%) • BSE: As per exchange | NSE Rs 325 per Cr (0.00325%) | BSE Rs 375 per Cr (0.00375%) |
| Equity Intraday | NSE: ₹2.97 per lakh (0.00297%) • BSE: As per exchange | NSE Rs 325 per Cr (0.00325%) | BSE Rs 375 per Cr (0.00375%) |
| Equity Futures | NSE: ₹1.73 per lakh (0.00173%) | NSE Rs 190 per Cr (0.0019%) | BSE Rs 0 |
| Equity Options | NSE: ₹35.03 per lakh of premium (0.03503%) | NSE Rs 3503 per Cr (0.03503%) | BSE Rs 275 per Cr (on premium) |
| Currency Futures | NSE: ₹0.35 per lakh (0.00035%) | NSE Rs 90 per Cr (0.0009%) | BSE Rs 45 per Cr |
| Currency Options | NSE: ₹3.15 per lakh of premium (0.00315%) | — |
| Commodity Futures | MCX: As per exchange | — |
| Commodity Options | MCX: As per exchange | — |
Demat & DP charges
Depository (demat) charges for Motilal Oswal Financial Services Limited (MOFSL) and Zerodha — AMC, debit transactions, pledging and remat.
| Parameter | Motilal Oswal Financial Services Limited (MOFSL) | Zerodha |
|---|---|---|
| Demat Account Opening | ₹0 | — |
| Annual Maintenance Charges (AMC) | ₹0 for the 1st year (selected plans), thereafter as per applicable tariff | Rs 300 + GST per year (Rs 75 + GST per quarter) |
| 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 Opening Charges | — | Rs 0 (Free) |
| Transaction Charges (Sell) | — | Rs 13.5 + GST per scrip (per day) |
| Pledge Creation / Invocation | — | Rs 30 + GST per request |
| Remat | — | Rs 150 + GST per certificate + CDSL charges |
Margin & leverage (MTF)
Intraday and delivery margin / leverage offered by Motilal Oswal Financial Services Limited (MOFSL) and Zerodha.
| Parameter | Motilal Oswal Financial Services Limited (MOFSL) | Zerodha |
|---|---|---|
| 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) | 100% NRML (Span + Exposure) (1x) |
Features & account
Account type and feature availability across Motilal Oswal Financial Services Limited (MOFSL) and Zerodha.
| Parameter | Motilal Oswal Financial Services Limited (MOFSL) | Zerodha |
|---|---|---|
| 3-in-1 account | ✕ No | ✕ No |
| Automated / API trading | ✓ Yes | ✓ Yes |
| Margin Trading (MTF) | ✓ Yes better | ✕ No |
| Trading in SME shares | ✓ Yes | ✓ Yes |
| Trading platforms | MO Investor, MO Trader, Desktop EXE | Kite, Console, Coin, Kite Connect |
| Intraday square-off | 3:15 PM | 3:20 PM |
| Other | Option Strategy Builder, TradeGuide Signal, Smart Stock Baskets, Research360, Price Alerts, Stock SIP, MTF (Pay Later), Advanced Charting | GTT orders, Coin (free direct mutual funds), Varsity education. No MTF, Bracket or Cover orders. |
Trading platforms & apps
Trading terminals, web platforms and mobile apps offered by Motilal Oswal Financial Services Limited (MOFSL) and Zerodha.
| Parameter | Motilal Oswal Financial Services Limited (MOFSL) | Zerodha |
|---|---|---|
| Trading platforms offered | MO Investor, MO Trader, MO Genie | Kite, Console, Coin |
| Number of platforms | 3 | 3 |
| Platforms (summary) | MO Investor, MO Trader, Desktop EXE | Kite, Console, Coin, Kite Connect |
| Mobile / desktop apps | Web + Mobile, Desktop + Web | Web + Mobile, Web, Mobile |
User ratings
User ratings for Motilal Oswal Financial Services Limited (MOFSL) and Zerodha across the key parameters.
| Rated on | Motilal Oswal Financial Services Limited (MOFSL) | Zerodha |
|---|---|---|
| Fees | 4.2 | 4.5 better |
| Brokerage | 4.1 | 4.6 better |
| Trading platform | 4.8 better | 4.6 |
| Customer service | 4.5 better | 3.8 |
| Research | 4.9 better | 3.6 |
| Overall | 4.6 better | 4.5 |
Investment options
Which investment products Motilal Oswal Financial Services Limited (MOFSL) and Zerodha let you access.
| Parameter | Motilal Oswal Financial Services Limited (MOFSL) | Zerodha |
|---|---|---|
| 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 Zerodha.
| Parameter | Motilal Oswal Financial Services Limited (MOFSL) | Zerodha |
|---|---|---|
| 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 Zerodha.
| Parameter | Motilal Oswal Financial Services Limited (MOFSL) | Zerodha |
|---|---|---|
| SEBI registration | INZ000158836 | INZ000031633 |
| NSE member code | 10225 | 13179 |
| Year of incorporation | 1987 longer track record | 2010 |
| Net worth | ₹8,000+ Crore* | ₹13,000+ Cr stronger |
| Exchange memberships | NSE · BSE · MCX | NSE · BSE · MCX |
| Latest complaint ratio | 0.0001% fewer complaints | 0.030% |
Complaints record
Exchange complaint data for Motilal Oswal Financial Services Limited (MOFSL) and Zerodha — the ratio matters more than the raw count.
| Parameter | Motilal Oswal Financial Services Limited (MOFSL) | Zerodha |
|---|---|---|
| Latest financial year | 2025–26 | 2025-26 |
| Exchange | NSE | NSE |
| Active clients | 8,98,736 | 80,12,000 larger base |
| Complaints filed | 1 | 2,400 |
| Complaint ratio | 0.0001% fewer complaints | 0.030% |
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.
Zerodha
▲ Pros
- ✓ Free (₹0) equity delivery investing.
- ✓ Clean, fast and reliable Kite web & mobile platform.
- ✓ GTT (Good Till Triggered) orders and Coin for free direct mutual funds.
- ✓ Strong educational content through Varsity.
- ✓ India's largest retail broker — bootstrapped, profitable and debt-free.
- ✓ Transparent flat pricing with no hidden charges.
▼ Cons
- ✕ No MTF / margin funding (pay-later) facility.
- ✕ No 3-in-1 account and no Bracket or Cover orders.
- ✕ No in-house stock research, tips or relationship manager.
- ✕ Support is largely ticket-based; no branch network.
- ✕ ₹200 account opening charge and ₹50 Call & Trade fee.
- ✕ Occasional load on the platform during high-volatility sessions.
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