The charge map
Charges come in three layers. Knowing which layer a fee belongs to tells you who sets it, when it changes, and whether negotiation is even possible.
| Layer | Charges | Set by |
|---|---|---|
| Account layer | Opening fee, AMC | Broker (depository passes part through) |
| Trading layer | Brokerage, DP charges | Broker |
| Statutory layer | STT, stamp duty, exchange fees, SEBI fees, GST | Government and exchanges |
Each charge in detail
| Charge | Amount | When it applies |
|---|---|---|
| Account opening | ₹0 | Once. Includes the trading account. |
| AMC, year one | ₹0 | Free. |
| AMC, year two onwards | ₹300 + GST | Yearly, per account. |
| Equity delivery brokerage | ₹20 or 0.1%, whichever is lower | Every delivery buy and sell. |
| Intraday brokerage | ₹20 or 0.05%, whichever is lower | Every intraday order. |
| Futures / options | ₹20 or 0.05%, whichever is lower / ₹20 flat per order | Every F&O order. |
| DP charges | ₹20 + GST per scrip, per day | Only when you sell shares from Demat. |
| Mutual funds and IPOs | ₹0 | Never, for direct plans and IPO applications. |
One charge confuses everyone: DP charges. This is the fee for moving shares out of the depository record when you sell. It applies per scrip, per day, so selling three different shares on the same day incurs it three times.
BSDA: the low-cost account most people never hear about
A Basic Services Demat Account caps AMC at ₹0 if your total holdings stay under ₹4 lakh. SEBI introduced it so small investors do not pay annual fees on small portfolios. The catch: you can hold only one Demat account to qualify. Ask your broker to tag your account as BSDA when you open it.
A worked example
You buy 10 shares of a company at ₹1,000 each, hold them for a year, and sell at ₹1,200. Here is what the trade actually costs:
| Event | Amount | Charge |
|---|---|---|
| Buy: 10 × ₹1,000 | ₹10,000 order | Brokerage ₹20 or 0.1% (₹10) → ₹10 |
| Stamp duty on buy | 0.015% of ₹10,000 | ₹1.50 |
| Sell: 10 × ₹1,200 | ₹12,000 order | Brokerage ₹12 |
| DP charges on sell | One scrip, one day | ₹20 + GST |
| STT on both sides | 0.1% × ₹22,000 | ₹22 |
| Total fees | About ₹70 on a ₹2,000 gain |
Roughly ₹70 in visible and statutory fees on a ₹2,000 gain. The single largest line is not brokerage — it is the combination of DP charges and STT. Those apply at every broker in India.
Estimate your own annual cost
Drag the sliders to your typical month. The estimator uses the published rate card and shows the account from year two onwards, when AMC applies.
Delivery brokerage (4 × ₹20)₹80
Intraday brokerage (8 × ₹20)₹160
DP charges on sells₹80
AMC, from year two₹300
GST on brokerage and DP charges₹58
Estimated annual total₹678
Assumes an average order value of ₹25,000 (brokerage = flat ₹20 per the published rate card), one delivery sell per trade and one scrip per sell. Statutory charges (STT, stamp duty, exchange fees) are excluded. August 2026 figures; confirm on the broker’s pricing page.
The statutory layer, one line each
| Charge | What it is |
|---|---|
| STT | Securities transaction tax: 0.1% on equity delivery (buy and sell); 0.025% on intraday sell side. |
| Exchange transaction charges | Small per-trade fee set by NSE/BSE, passed through by brokers. |
| SEBI fees | ₹10 per crore of turnover, collected by the exchange. |
| Stamp duty | 0.015% on equity delivery buy orders, collected by the broker. |
| GST | 18% on brokerage and transaction charges. |
What people usually get wrong
Free account opening means free account
Opening is free. AMC, brokerage and statutory charges still exist from year two.
Brokerage is the only cost of trading
On a small delivery trade, DP charges and STT together usually exceed brokerage.
Switching brokers saves the most money
For buy-and-hold investors, trading frequency decides costs, not the broker.