How Brokerage Charges Work in India (With Examples)
Brokerage, STT, exchange fees, SEBI fees, stamp duty, GST, DP charges and AMC — what each one is and how to calculate the real cost of a trade.
Two kinds of charges
Every trade you place carries two kinds of cost:
- Broker charges – set by the broker: brokerage, DP charges, AMC, call & trade, auto square-off and similar fees. These differ from broker to broker.
- Statutory and exchange charges – set by the government, exchanges and SEBI: STT, exchange transaction charges, SEBI turnover fees, stamp duty and GST. These are broadly the same whichever broker you use.
Brokerage models
- Flat fee per executed order – e.g. ₹20 per order regardless of size. Common among discount brokers.
- Percentage of turnover – e.g. 0.29% of trade value. Common among full-service brokers for delivery.
- "Lower of" rules – e.g. "0.03% or ₹20, whichever is lower". Small trades pay the percentage; large trades pay the cap.
- Per lot – some brokers charge options per lot rather than per order, which gets expensive for multi-lot orders.
- Zero brokerage – some brokers charge ₹0 on equity delivery. Statutory charges and DP charges still apply.
Statutory charges (as published by brokers, checked 30 September 2026)
The table below summarises the main statutory rates shown on brokers' pricing pages. Rates are percentages of turnover unless stated.
| Charge | Equity delivery | Equity intraday | Futures | Options |
|---|---|---|---|---|
| STT | 0.1% on buy and sell | 0.025% on sell | 0.05% on sell | 0.15% of premium on sell |
| Exchange transaction (NSE) | 0.00307% | 0.00307% | 0.00183% | 0.03553% of premium |
| SEBI fee | ₹10 per crore | ₹10 per crore | ₹10 per crore | ₹10 per crore |
| Stamp duty (buy side) | 0.015% | 0.003% | 0.002% | 0.003% |
| GST | 18% on brokerage + exchange + SEBI fees | same | same | same |
A worked example (delivery)
You buy 10 shares at ₹1,000 and later sell them at ₹1,100 through a broker charging ₹0 delivery brokerage.
- Buy turnover ₹10,000; sell turnover ₹11,000; total ₹21,000.
- STT: 0.1% × ₹21,000 = ₹21.
- Exchange charges: 0.00307% × ₹21,000 ≈ ₹0.64.
- SEBI fee: ≈ ₹0.02.
- Stamp duty: 0.015% × ₹10,000 = ₹1.50.
- GST: 18% × (₹0 + ₹0.64 + ₹0.02) ≈ ₹0.12.
- Plus the broker's DP charge on the sale (for example ₹15.34 at Zerodha or ₹23.60 including GST at several other brokers).
So even with "zero brokerage", the round trip costs roughly ₹38–₹47 in this example. Try your own numbers in the brokerage calculator.
Charges people forget
- DP charge – charged when you sell delivery shares from your demat account. Some brokers charge once per stock per day, others for every sell order. See DP charges explained.
- Demat AMC – an annual or quarterly maintenance fee; some brokers charge ₹0, others several hundred rupees a year.
- Auto square-off and call & trade fees – often ₹20–₹75 plus GST per order.
- MTF interest – daily interest if you use margin trading.
See hidden charges in stock broking for the full list.
How to compare brokers fairly
Estimate how many orders you place a month in each segment, how many times you sell holdings, and how long you will keep the account. Then compare total annual cost, not only the headline brokerage. Our brokerage charges comparison lists every broker's published fees side by side.
Frequently asked questions
Is zero brokerage really free?
No. Zero brokerage removes the broker's commission on that segment, but you still pay STT, exchange charges, SEBI fees, stamp duty, GST and — when you sell delivery shares — the DP charge.
Is brokerage charged on both buy and sell?
Usually yes. Most brokers charge brokerage per executed order, so a buy and a sell are two orders.
Where can I see the exact charges I paid?
Your contract note, issued by the broker for every trading day, lists brokerage and each statutory charge for your trades.
Sources
- Zerodha – Charges (statutory charges table) — accessed 30 September 2026
- Groww – Pricing (statutory charges) — accessed 30 September 2026
- NSE – SEBI turnover fees, STT and other levies — accessed 30 September 2026