Sharekhan vs Motilal Oswal
Two full-service brokers with research and branch support. Motilal Oswal's current online plan is cheaper on delivery; Sharekhan is cheaper on options and has no DP charge on sales made through it.
Fees checked on against each broker's official pricing page.
Sharekhan
Full-service broker (Mirae Asset group)
Motilal Oswal
Full-service broker
Charges side by side
| Charge | Sharekhan | Motilal Oswal |
|---|---|---|
| Account opening | Free. | ₹0 (current online account opening page). |
| Demat AMC | Free in the first year; non-BSDA ₹400 per year after that. BSDA: nil for holdings up to ₹50,000 and ₹100 per year for ₹50,001–₹2 lakh (non-debt securities). | ₹0 AMC and ₹0 administration charge for the first year. The charge from year two is not stated on any accessible official page — ask Motilal Oswal for it in writing. |
| Equity delivery | 0.30%. | 0.20% of trade value (current online plan). |
| Equity intraday | 0.02% on each side. | 0.02% of trade value (current online plan, per Motilal Oswal's learning-centre article). |
| Futures | 0.02%. | 0.02% of trade value (equity and commodity futures). |
| Options | ₹39 per lot. | ₹20 per lot (equity and index options). |
| Commodity | Commodity futures: 0.10% (one side). | — |
| DP charge (on selling delivery shares) | Broker-specific. Nil when the sale is made through Mirae Asset Sharekhan. Sales not made through Sharekhan (off-market or inter-depository) cost 0.03% of value, minimum ₹30 per transaction. | Not verified. We could not find Motilal Oswal's current DP transaction charge on any accessible official page (the older tariff PDF that listed a “TRX20” scheme is no longer reachable). Ask Motilal Oswal for its DP tariff in writing. The calculator leaves this charge out and says so. |
| Margin trading (MTF) | 18% per year on the outstanding MTF debit balance. | — |
| Other notable charges | — | ₹0 brokerage up to ₹1,000 for the first 30 days. Older Motilal Oswal plans (a 0.50% delivery / ₹100-per-lot tariff and prepaid Value Packs) appear in legacy documents that are no longer reachable; existing customers may still be on them, so check your contract note. |
Company, regulation & platforms
| Sharekhan | Motilal Oswal | |
|---|---|---|
| Type | Full-service broker (Mirae Asset group) | Full-service broker |
| Legal entity | Sharekhan Limited (Mirae Asset Sharekhan) | Motilal Oswal Financial Services Limited |
| SEBI registration | INZ000171337 | INZ000158836 |
| Mobile app | Sharekhan app (Android, iOS) | Motilal Oswal mobile app (Android, iOS) |
| Web / desktop | Sharekhan web trading | Motilal Oswal web trading |
| Best for | Full-service support with branches | Research-led investors |
Key differences
Delivery: Sharekhan 0.30%; Motilal Oswal 0.20% on its current online plan.
Intraday: Sharekhan 0.02% each side; Motilal Oswal 0.02%.
Options: Sharekhan ₹39 per lot; Motilal Oswal ₹20 per lot.
AMC: Sharekhan ₹0 in year one, then ₹400 (non-BSDA). Motilal Oswal ₹0 AMC and admin charge in year one; the year-two charge is not stated on any official page we could access.
DP: Sharekhan charges nil on sales made through it. Motilal Oswal's current DP charge is not verified.
Older Motilal Oswal documents quote 0.50% delivery, ₹100 per lot and prepaid Value Packs. These are legacy plans and are not the current online tariff.
Research: both publish research; Motilal Oswal is a SEBI-registered research analyst (INH000000412).
The worked examples ignore statutory charges. GST, STT, exchange and SEBI fees and stamp duty are extra and are comparable at both brokers.
Which should you choose?
- Sharekhan may suit you if you sell holdings often, since its DP charge is nil on sales made through Sharekhan and its DP tariff is published, and if you want a branch network.
- Motilal Oswal may suit you if you want its research coverage and mainly buy delivery, where its 0.20% is lower than Sharekhan's 0.30%. Ask for the DP tariff and year-two AMC in writing first.
Sharekhan
Pros
- Full-service research and branch network
- Relatively low 0.02% intraday and futures rate for a full-service broker
- Free account opening; first-year AMC zero
Cons
- 0.30% delivery brokerage
- Options charged per lot (₹39)
- ₹400 non-BSDA AMC from year two
Motilal Oswal
Pros
- Extensive research as a SEBI-registered research analyst
- Relationship-manager and branch support
- ₹20 per options lot and 0.02% futures on the current online plan
Cons
- 0.20% delivery brokerage is expensive on large orders compared with flat-fee brokers
- DP charge and year-two AMC not stated on accessible official pages
- Older customers may be on a legacy plan with higher rates
Frequently asked questions
Which full-service broker is cheaper?
It depends on the segment. Motilal Oswal's current online plan is cheaper on delivery (0.20% vs 0.30%) and options (₹20 vs ₹39 per lot); intraday is 0.02% at both. Sharekhan charges no DP on sales made through it, while Motilal Oswal's DP charge is not verified.
Sources
- Sharekhan – official pricing — accessed 30 September 2026
- Motilal Oswal – official pricing — accessed 30 September 2026