"IIFL is the renowned stockbroker who provides various financial products to its customers at nominal brokerage. They have an excellent online presence and protect you from the offline hurdles. Most of their works are paperless which hasten their every process. With the experience of more than 2 decades, they become a reliable broker to trade through"
Why IIFL?
- Full-service broker who provide 2-in-1 On-line trading account to Indian as well as NRIs present all over the world.
- Provide IPO service and equity SIP also
- Amongst top 10 stock brokers in India
- Best rated mobile Trading Platforms with >1.9m download.
- Have branches all over India. Approx 1900+ Branches
- They provide multiple brokerage plans
- All investment options - Equities, IPO, Mutual Funds,ETFs,Commodities,F&O
- Offer NRI Trading.
Positives
| ✓ | Super Trader Plan at ₹999/month — unlimited free trades across all segments including delivery and F&O. For active traders doing 100+ trades/month, this pays for itself quickly vs paying ₹20/order |
| ✓ | SEBI-registered Research Analyst (INH000000248) — IIFL's research team can legally provide stock recommendations. Free research on 500+ companies via IIFL Markets App |
| ✓ | Dedicated Relationship Manager — on all three plans, unlike discount brokers where support is ticket-only |
| ✓ | Widest product range — equity, F&O, commodity (MCX), currency, IPOs, MF, US stocks, bonds, PMS, AIF, NPS — one of the broadest menus among Indian brokers |
| ✓ | PMS & AIF available — IIFL is SEBI-registered for PMS (INP000002213), making it a one-stop wealth platform from retail broking to institutional-grade portfolio management |
| ✓ | Free IIFL Markets App — live quotes, research, charts, IPO, and order placement across NSE, BSE, MCX in one well-rated mobile app |
Needs Improvement
| ✗ | Delivery NOT free on Investor/Premium plans — ₹20/order on delivery, same as intraday. Zerodha, Angel One, Dhan offer ₹0 delivery with no subscription |
| ✗ | Super Trader needs ₹999/month — break-even is ~50 trades/month. Infrequent investors are better off with Zerodha or Angel One's ₹0 delivery, no subscription model |
| ✗ | DP charge ₹25+GST on Investor Plan — highest in the industry. Zerodha: ₹15.34, Dhan/m,Stock: ₹12.5. Adds up significantly for active sellers |
| ✗ | App reliability concerns — Google Play reviews include reports of price data lag and app freezing during high-volatility market hours |
| ✗ | 2023 SEBI order (now resolved) — SEBI restricted new client onboarding in June 2023 for a technical violation. SAT overturned this in December 2023, penalty reduced to ₹20 lakh. Worth noting for transparency |
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IIFL CAPITAL
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IIFL Review 2026 (IIFL Capital Services) — Brokerage Plans, Charges & Honest AssessmentBy CompareShareBrokers Editorial Team | Last updated: April 2026 | Affiliate disclosure
✔ Verified April 2026 IIFL Capital Services Ltd (formerly IIFL Securities) Full-Service Broker Since 1995
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Open Free Account →
Free • 3 Brokerage Plans
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₹20
Investor Plan (all segments)
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₹999
Super Trader (unlimited/month)
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₹250
Demat AMC/year (free yr1)
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₹25
DP charge/scrip (Investor Plan)
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3M+
Total clients
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3.8/5
CSB Rating
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| Year of Incorporation | 1996 |
| Broker Type | Full-Service |
| Key USP | Strong research; IIFL Markets app; loan against shares; PMS |
| Products | Investment banking, institutional broking, retail broking, private wealth management, and financial product distribution, currency and commodity broking |
| Demat Services | Yes |
| Active Exchange Memberships | NSE, BSE, MCX, and NCDEX |
| Website | https://www.indiainfoline.com |
| Contact Details | 022-400710000 |
| Total Number of Clients | 431,217 |
| Total Number of Branches | 900 |
India Infoline is one of the experienced financial service conglomerates which was established in the year, 1995. They are among the first financial broker who entered the market with the discount service brokerage by the name of 5paisa.com.
With the pan India presence, they provide various financial products. To name a few: Mutual funds, equity trading, Commodity trading, derivatives and currency trading, IPO, SME exchange, and Fixed income instruments. When it comes to services, they provide financial planning, wealth management & investment banking.
Apart from serving Indian investors, they help NRIs also and have their presence all over the world. They have offices in Canada, USA, UK, Mauritius, Hong Kong, Switzerland, UAE, and Singapore.
IIFL Capital Services Limited (formerly IIFL Securities Ltd) is one of India's oldest and largest full-service stockbrokers, founded in 1995 by Nirmal Jain. Part of the diversified IIFL Group — backed by Prem Watsa (Fairfax), General Atlantic, and CDC Group — IIFL offers equity, F&O, commodity, and currency trading alongside research, PMS, AIF, and wealth management. With SEBI registration INZ000164132, NSE/BSE/MCX/NCDEX memberships, and 3 million+ clients, IIFL sits in a distinct space: a full-service broker that has adopted flat-fee pricing plans to compete with discount brokers, while retaining its research and advisory capabilities.
IIFL's pricing structure is built around three plans. The Investor Plan charges ₹20/order flat across all segments — delivery is NOT free unlike Zerodha or Angel One. The Super Trader Plan at ₹999/month removes brokerage entirely across all segments including delivery, making it compelling for active traders. Between these is the Premium Plan with reduced per-order rates. Understanding which plan suits you is the most important decision when evaluating IIFL.
| Brokerage (Investor Plan) |
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3.1 |
| Brokerage (Super Trader) |
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4.2 |
| Research & advisory |
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4.4 |
| Trading platform |
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3.8 |
| Product range |
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4.3 |
| Customer support |
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3.5 |
| Trust & safety |
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3.7 |
| Overall Rating |
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3.8 |
Ratings based on independent testing, verified charge data, SEBI complaint records, and user feedback. Updated April 2026. Investor Plan and Super Trader Plan rated separately as they represent meaningfully different cost structures.
IIFL's pricing depends entirely on which plan you are on. The Investor Plan is the default; the Super Trader Plan requires a monthly subscription but eliminates per-order brokerage entirely. All charges verified from indiainfoline.com as of April 2026.
Default plan. Flat ₹20/order across all segments. Delivery is NOT free on this plan.
| Segment | Brokerage | Notes |
|---|---|---|
| Equity Delivery | ₹20/order | NOT free unlike Zerodha, Angel One, Dhan |
| Equity Intraday | ₹20/order | Flat per executed order |
| Equity Futures | ₹20/order | Per executed order |
| Equity Options | ₹20/order | Per executed order, any lot size |
| Commodity / Currency | ₹20/order | MCX, NSE/BSE currency segments |
| DP Charge (on sell) | ₹25+GST/scrip | Per ISIN per day. Highest among reviewed brokers |
Monthly subscription eliminates all per-order brokerage. Also reduces DP charge and waives system square-off charges. Break-even vs Investor Plan: ~50 orders/month.
| Segment | Brokerage | vs Investor Plan |
|---|---|---|
| Equity Delivery | ₹0 Free | Saves ₹20/order vs Investor Plan |
| Equity Intraday | ₹0 Unlimited | Saves ₹20/order |
| Futures & Options | ₹0 Unlimited | Saves ₹20/order |
| Commodity / Currency | ₹0 Unlimited | Saves ₹20/order |
| DP Charge (on sell) | ₹10+GST/scrip | Saves ₹15/scrip vs Investor Plan |
| System square-off | ₹0 | Saves ₹100/position vs Investor Plan |
| Monthly subscription | ₹999/month | Break-even: ~50 delivery trades/month (50 x ₹20 = ₹1,000) |
| Charge | Amount | Notes |
|---|---|---|
| Account opening | ₹0 Free | 100% online e-KYC process |
| Demat AMC | ₹250/year | Free for 1st year. Same across all plans. Lower than Zerodha (₹300) and ICICI Direct (₹700) |
| DP Charge — Investor Plan | ₹25+GST per scrip/day | Highest among reviewed brokers. Zerodha: ₹15.34, Dhan: ₹12.5 |
| DP Charge — Super Trader | ₹10+GST per scrip/day | Among lowest. Competitive with m,Stock (₹12.5) and Dhan (₹12.5) |
| System square-off | ₹100/position (Investor/Premium) | Waived on Super Trader Plan |
| Pledging charge | ₹10+GST per request | Per pledge/unpledge instruction for MTF |
| Tax | Equity Delivery | Intraday | F&O (Budget 2026) |
|---|---|---|---|
| STT | 0.1% buy+sell | 0.025% sell | Fut: 0.05% sell Opt: 0.15% sell (premium) Effective April 1, 2026 |
| GST | 18% on brokerage + exchange charges + SEBI charges | ||
| SEBI charges | ₹10 per crore traded | ||
| Stamp duty | 0.015% (buy) | 0.003% (buy) | Fut: 0.002% / Opt: 0.003% (buy) |
The primary mobile platform for Android and iOS. Features include live quotes for NSE, BSE, MCX; free fundamental and technical research on 500+ listed companies (P&L, balance sheet, shareholding, technical snippets); intraday charts; buy/sell order entry for equity, F&O, commodity, and currency; IPO applications; and mutual fund investments. Available for both resident and NRI clients. Recent versions also include GTT-style conditional orders via BNPL (Buy Now Pay Later) functionality and Smallcase integration.
Browser-based professional trading platform at ttweb.indiainfoline.com. Designed for active traders needing multi-segment access from one screen. Features include advanced charting with technical indicators, multiple market watchlists, derivatives order entry, basket orders, market depth, and fund management. No software download required. TT Iris is a premium charting layer on top of TT Web for advanced technical analysis.
IIFL is a SEBI-registered Research Analyst (INH000000248), meaning its analyst team can legally publish stock buy/sell recommendations with price targets. Daily market views, sector reports, stock picks, and IPO analyses are available free to all account holders via the IIFL Markets App. This sets IIFL apart from discount brokers — Zerodha, Groww, and Upstox do not have SEBI RA registration and cannot publish stock recommendations. Additional tools: OneUp (options analytics), GemRush (stock idea generator), Nova (education portal).
Equity delivery, intraday, futures and options (NSE & BSE) • Commodity futures and options (MCX) • Currency F&O (NSE/BSE) • Direct and Regular Mutual Funds • IPO applications (online, UPI mandate) • US stocks • Bonds, NCDs, G-Sec • Portfolio Management Services (PMS, SEBI Reg. INP000002213) • Alternative Investment Funds (AIF) • Margin Trade Financing (MTF) • NRI accounts (PIS and Non-PIS) • Smallcase integration
Free equity delivery brokerage on Investor/Premium plans • GTT orders with 1-year validity (IIFL uses BNPL/conditional orders as an alternative) • 3-in-1 banking account (no bank subsidiary integration like ICICI/HDFC) • MetaTrader 4/5 or Kite Connect-equivalent open API for algo trading
IIFL provides phone support, email ([email protected]), and online help via the IIFL Capital Help portal. A dedicated Relationship Manager is assigned to every client across all three plans — a significant advantage over discount brokers where support is ticket-only. Support is available during standard trading hours; 24/7 support is not offered. Call & Trade is available at additional charge. Response quality for complex queries benefits significantly from having a named RM who knows your account.
| ✓ | High-frequency traders — the Super Trader Plan at ₹999/month with unlimited free trades including delivery and F&O is compelling for anyone executing 50+ orders/month |
| ✓ | Research-driven investors — SEBI RA stock recommendations, sector reports, IPO analyses, and a personal RM are genuinely valuable for investors who don't do fully independent research |
| ✓ | Multi-asset traders — equity, commodity (MCX), currency, US stocks, and bonds all accessible from one account, one app |
| ✓ | HNI / PMS investors — IIFL's wealth management arm offers SEBI-registered PMS (min ₹50 lakh) and AIF, making it a one-stop platform from retail broking to institutional investment |
| ✗ | Long-term delivery investor — paying ₹20/order on every delivery buy and sell adds up meaningfully. Zerodha, Angel One, and Dhan charge ₹0 with no monthly subscription |
| ✗ | Cost-first beginner — ₹250 AMC from year 2 and ₹20/order delivery make IIFL more expensive than Groww or Dhan (₹0 lifetime AMC, ₹0 delivery) for infrequent investors |
| ✗ | Platform-first trader — Zerodha Kite's charting depth, GTT orders, basket orders, and Kite Connect API are technically stronger; Upstox Pro offers native TradingView charts |
| Charge | IIFL (Investor) | Zerodha | Angel One | ICICI Direct |
|---|---|---|---|---|
| Delivery | ₹20/order | ₹0 Free | ₹0 Free | 0.29% |
| Intraday / F&O | ₹20/order | ₹20/order | ₹20/order | ₹20 (iValue) |
| Demat AMC | ₹250/yr | ₹300/yr | ₹0 yr1 | ₹700/yr |
| DP Charge (sell) | ₹25+GST | ₹15.34+GST | ₹20+GST | ₹20+GST |
| Research (SEBI RA) | Yes ✔ | None | AI (ARQ) | Yes ✔ |
| PMS Available | Yes ✔ | No | No | Yes ✔ |
All charges verified April 2026. IIFL figures based on Investor Plan. ICICI Direct iValue plan for F&O rates. Charges subject to change — verify at indiainfoline.com before opening account.
IIFL Capital Services Limited is SEBI-registered (INZ000164132) and a member of NSE (10975), BSE (179), MCX (55995), and NCDEX (1249). Depository Participant with CDSL and NSDL (Reg. IN-DP-185-2016). SEBI registrations: PMS (INP000002213), Investment Advisory (INA000000623), Research Analyst (INH000000248), AMFI Distributor (ARN 47791). ISO/IEC 27001:2022 certified. Part of IIFL Group backed by Prem Watsa (Fairfax), General Atlantic, and CDC Group (UK Government private equity), with 28+ years operating history.
IIFL Capital Services occupies a well-defined space in the Indian broking market: a full-service broker that has adopted discount broker pricing without giving up its research and advisory capabilities. The Super Trader Plan at ₹999/month is genuinely compelling for active traders — unlimited free trades including delivery, reduced DP charges, and a personal RM is a combination no pure discount broker can match at this price. The SEBI RA registration and free research on 500+ companies is a real differentiator that Zerodha, Groww, and Upstox simply do not offer. The honest caveat: on the default Investor Plan, delivery brokerage of ₹20/order and DP charges of ₹25+GST make IIFL more expensive than Zerodha or Dhan for long-term delivery investors. The 2023 SEBI order was overturned by SAT and is a resolved matter, but the regulatory history is noted.
Overall: 3.8/5 — Recommended for active traders who can justify the Super Trader Plan subscription, research-dependent investors who value SEBI RA stock recommendations, multi-asset traders needing equity + commodity + currency + US stocks in one account, and HNI investors seeking PMS or AIF alongside regular broking. Not recommended for cost-first delivery investors or infrequent traders — Zerodha, Angel One, or Dhan are better suited for that profile.
Disclaimer: All charge data verified from indiainfoline.com (IIFL Capital) and third-party sources including Chittorgarh.com and InvestorGain.com as of April 2026. IIFL brokerage plans and charges are subject to change. SEBI order information is based on publicly available SEBI and SAT orders. CompareShareBrokers.com is an independent broker comparison portal and may earn affiliate commissions from account opening referral links. This review is for informational purposes only and is not investment advice.
Flat Rs 20 Per Trade Brokerage + Free Account Opening
- Flat Rs 20 per trade brokerage for delivery, intraday and F&O +
- Trade with the best rated mobile trading app.
This is a limited-time offer. Open FREE Instant IIFL Account online and start trading today.
Frequently Asked Questions:
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1. Is IIFL a discount broker or full-service broker?
IIFL is a full-service broker that has adopted discount broker-style flat-fee pricing plans. Unlike pure discount brokers (Zerodha, Groww), IIFL provides SEBI RA research, dedicated Relationship Managers, and wealth management services including PMS and AIF. The Investor Plan at ₹20/order is priced similarly to discount brokers but delivery is not free.
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2. Does IIFL offer free equity delivery trading?
Only on the Super Trader Plan (₹999/month). On the Investor and Premium plans, equity delivery is charged at ₹20/order — same as intraday. For a delivery-focused investor who trades fewer than 50 times/month, Zerodha (₹0 delivery, ₹300 AMC) or Angel One (₹0 delivery, ₹0 AMC yr1) are more economical.
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3. What is the difference between IIFL's three brokerage plans?
The Investor Plan is the default: ₹20/order flat across all segments, delivery not free. The Premium Plan reduces per-order rates for active traders. The Super Trader Plan at ₹999/month provides unlimited free trades across all segments including delivery, reduced DP charges (₹10 vs ₹25), and no system square-off charges. All three plans include a Relationship Manager.
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4. What is IIFL's DP charge and how does it compare?
On the Investor Plan, IIFL charges ₹25+GST per scrip per day when you sell delivery shares — the highest among all brokers reviewed on CSB. Zerodha charges ₹15.34, Dhan and m,Stock ₹12.5, Angel One ₹20. On the Super Trader Plan, IIFL's DP reduces to ₹10+GST, making it one of the lowest. If you sell shares frequently on the Investor Plan, this DP charge differential is significant.
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5. Is IIFL safe for investing?
Yes. IIFL is SEBI-registered with NSE/BSE/MCX/NCDEX memberships and CDSL/NSDL DP registration. Your shares are held in your personal demat account with CDSL/NSDL, independent of IIFL. The 2023 SEBI order (technical client fund account naming violation) was overturned by SAT in December 2023 and reduced to a ₹20 lakh penalty. Client assets were never at risk.
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6. Is the Super Trader Plan worth ₹999/month?
For traders doing 50+ orders/month: yes. At 50 delivery orders, the Investor Plan costs 50 x ₹20 = ₹1,000 in brokerage alone — already more than the ₹999 subscription. At 100+ orders/month, the savings are substantial. For investors doing fewer than 50 trades/month, the Super Trader Plan is not economical — the Investor Plan or a discount broker with ₹0 delivery is cheaper.
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7. Does IIFL offer PMS (Portfolio Management Services)?
Yes. IIFL is SEBI-registered for PMS (INP000002213). Minimum investment is ₹50 lakh as per SEBI norms. IIFL also offers AIF (Alternative Investment Funds). This positions IIFL as a complete wealth management platform from retail broking to institutional-grade asset management.
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8. What trading platforms does IIFL offer?
IIFL Markets App (Android/iOS — flagship mobile platform with free research), Trader Terminal TT Web (browser-based professional platform), TT Iris (premium charting), OneUp (options analytics), and GemRush (stock idea generator). No desktop installable software is available currently.
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9. Does IIFL have NRI accounts?
Yes. IIFL offers NRI trading and demat accounts supporting both PIS and Non-PIS routes. NRI clients can invest in equity delivery, F&O, IPOs, mutual funds, and PMS. Account opening process and exact NRI charges should be confirmed directly with IIFL as requirements vary by NRI status and country of residence.
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10. How does IIFL compare to ICICI Direct for a full-service investor?
Both are SEBI RA-registered full-service brokers with research and advisory. Key differences: IIFL Investor Plan delivery brokerage (₹20/order) is cheaper than ICICI Direct default plan (0.29% = ₹290 on ₹1L). IIFL demat AMC (₹250) is much lower than ICICI Direct (₹700). ICICI Direct offers a true 3-in-1 banking integration (ICICI Bank + trading + demat) which IIFL does not. ICICI Direct's eATM (instant sale proceeds) is unique. IIFL is better for cost-conscious full-service users; ICICI Direct for those prioritising banking integration.
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11. What happened with IIFL's SEBI order in 2023?
In June 2023, SEBI ordered IIFL to stop accepting new clients for 2 years and imposed ₹2 crore penalty. The reason was a technical violation — IIFL had used generic account names (not client-specific) for certain bank accounts holding client funds. In December 2023, the Securities Appellate Tribunal (SAT) overturned the new-client ban entirely and reduced the penalty to ₹20 lakh, ruling it was purely a technical breach with no misuse of client funds. IIFL continued normal operations and the ban was never implemented.
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