Anand Rathi and Punch Trade are two stockbrokers that investors often compare for brokerage charges, products, trading platforms, and account costs. Anand Rathi is listed as a Public Discount Broker , established in 1994 and headquartered in Mumbai, while Punch Trade is listed as a Private Discount Broker , established in 2021 and headquartered in Mumbai, India.
This comparison reviews brokerage, Demat charges, product availability, platforms, features, support, ratings, and complaints. Use the side-by-side tables below to see whether Anand Rathi or Punch Trade is a better fit for your investment style, platform preference, and budget.
Anand Rathi is listed as a Public Discount Broker established in 1994 with headquarters in Mumbai and founded by Anand Rathi. The broker highlights access to equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options and currency futures through mobile app access, web trading, desktop terminal access and algo trading support and promotes features such as watchlists, real-time updates, portfolio tracking, online mutual fund access, research reports and stock tips. It follows a Standard Plan brokerage structure.
Punch Trade is listed as a Private Discount Broker established in 2021 with headquarters in Mumbai, India and founded by Amit Dhakad, Hiral Jain, Arshad Fahoum, Ajit Dandekar. It offers equity delivery, equity intraday, equity futures and equity options using mobile app access and web trading and supports traders with features such as watchlists, real-time updates, portfolio tracking, research reports, interactive charts and live market tracking.
Both brokers use technology-driven platforms to attract active traders and investors, but the better option depends on the combination of pricing, products, services, and support that matters most to you.
Anand Rathi vs Punch Trade — A Comprehensive Company Overview
| Company Overview | Anand Rathi | Punch Trade |
|---|---|---|
| Company Type | Public | Private |
| Broker Type | Discount Broker | Discount Broker |
| Headquarters | Mumbai | Mumbai, India |
| Founder | Anand Rathi | Amit Dhakad, Hiral Jain, Arshad Fahoum, Ajit Dandekar |
| Establishment Year | 1994 | 2021 |
| Brokerage Plan | Standard Plan | — |
Brokerage is the primary cost to compare when choosing a broker. Below is a segment-by-segment breakdown for Anand Rathi and Punch Trade.
Equity delivery: This charge applies to buy-and-hold stock positions held beyond one trading session. Anand Rathi charges 0.30% of Transaction Value while Punch Trade charges ₹1/order or 0.10%.
Equity intraday: This charge applies to buy-sell positions closed within the same trading day. Anand Rathi charges 0.30% of Transaction Value while Punch Trade charges ₹1/order or 0.10%.
Equity futures: This charge applies to futures contracts on stocks and indices. Anand Rathi charges 0.30% of Transaction Value while Punch Trade charges ₹1/order or 0.10%.
Equity options: This charge applies to equity option contracts. Anand Rathi charges Rs.50 per Lot while Punch Trade charges ₹1/order or 0.10%.
Commodity futures: This charge covers commodities such as gold, silver, and crude oil. Anand Rathi charges 0.03% of Transaction Value . Punch Trade does not currently list a charge for this segment.
Commodity options: This charge applies to option contracts on commodity instruments. Anand Rathi charges Rs.25 per Lot . Punch Trade does not currently list a charge for this segment.
Currency futures: This charge allows participation in forex price movements on the exchange. Anand Rathi charges 0.03% of Transaction Value . Punch Trade does not currently list a charge for this segment.
Currency options: This charge enables traders to hedge or speculate on currency fluctuations. Anand Rathi charges Rs.25 per Lot . Punch Trade does not currently list a charge for this segment.
Anand Rathi vs Punch Trade — Detailed Brokerage Comparison
| Brokerage | Anand Rathi | Punch Trade |
|---|---|---|
| Brokerage Plan | Standard Plan | |
| Subscription Charges | Zero | |
| Equity Delivery | 0.30% of Transaction Value | ₹1/order or 0.10% |
| Equity Intraday | 0.30% of Transaction Value | ₹1/order or 0.10% |
| Equity Future | 0.30% of Transaction Value | ₹1/order or 0.10% |
| Equity Option | Rs.50 per Lot | ₹1/order or 0.10% |
| Commodity Future | 0.03% of Transaction Value | Not available |
| Commodity Option | Rs.25 per Lot | Not available |
| Currency Future | 0.03% of Transaction Value | Not available |
| Currency Option | Rs.25 per Lot | Not available |
Anand Rathi provides mobile app access, web trading, desktop terminal access and algo trading support for order placement, portfolio tracking, and market monitoring. Punch Trade provides mobile app access and web trading for its users.
Android app: Anand Rathi and Punch Trade both list an Android trading app.
iOS app: Anand Rathi and Punch Trade both list an iOS trading app.
Web trading platform: Anand Rathi and Punch Trade both list a web trading platform.
Desktop trading terminal: Anand Rathi lists a desktop trading terminal, while Punch Trade does not currently mention it.
Algo trading: Anand Rathi lists algo trading support, while Punch Trade does not currently mention it.
Basket trading: Punch Trade lists basket trading, while Anand Rathi does not currently mention it.
Foreign stocks platform: Neither broker currently highlights foreign stocks access.
Mutual fund platform: Anand Rathi lists a mutual fund investment platform, while Punch Trade does not currently mention it.
Digital gold platform: Neither broker currently highlights digital gold investing.
Bonds platform: Neither broker currently highlights a bonds investment platform.
Anand Rathi vs Punch Trade — Complete Comparison of Trading Platforms
| Trading Platform | Anand Rathi | Punch Trade |
|---|---|---|
| Android App | Anand Rathi Android App Link | Download |
| iOS App | Anand Rathi iOS App Link | Not available (in development) |
| Web Trading Platform | Anand Rathi Web Trading Link | Yes (punch.trade) |
| Trading Terminal | Available | Not available |
| Algo Trading Platform | Available | Not available |
| Foreign Stocks Platform | NA | Not available |
| Basket Trading Platform | NA | Yes — add to Trading Platforms |
| Mutual Fund Platform | Available | Not available |
| Digital Gold Platform | NA | Not available |
| Bonds Platform | NA | Not available |
Anand Rathi highlights trading features including watchlists, real-time updates, portfolio tracking, online mutual fund access, research reports and stock tips, while Punch Trade promotes watchlists, real-time updates, portfolio tracking, research reports, interactive charts and live market tracking. The table below shows the full feature set for both brokers side by side.
Wishlist: Monitor specific stocks or assets by adding them to a watchlist for close tracking. Both Anand Rathi and Punch Trade offer this feature.
Real time updates: Get timely updates on market trends, stock prices, and other market data. Both Anand Rathi and Punch Trade offer this feature.
Portfolio details: A detailed snapshot of all investments — stocks, bonds, and commodities — in one place. Both Anand Rathi and Punch Trade offer this feature.
Online mf buy: Buy or sell mutual funds directly from the trading platform or mobile application. Anand Rathi offers this; Punch Trade does not currently highlight it.
Research reports: A comprehensive overview of different stocks and sectors in the stock market. Both Anand Rathi and Punch Trade offer this feature.
Stock tips: Valuable tips on stocks to buy, hold, or sell based on market trends. Anand Rathi offers this; Punch Trade does not currently highlight it.
Interactive charts: Visual price movement charts to help analyse when to buy or sell. Both Anand Rathi and Punch Trade offer this feature.
Live market: Live updates on market movements and trends. Both Anand Rathi and Punch Trade offer this feature.
Multi profile management: Manage multiple trading profiles from a single account. Anand Rathi offers this; Punch Trade does not currently highlight it.
Secure platform: A secure trading environment with next-generation security controls. Both Anand Rathi and Punch Trade offer this feature.
Anand Rathi vs Punch Trade — Comprehensive Comparison of Trading Features
| Trading Feature | Anand Rathi | Punch Trade |
|---|---|---|
| Wishlist | Yes | Yes |
| Real-Time Updates | Yes | Yes |
| Portfolio Details | Yes | Yes |
| Online MF Buy | Yes | No |
| Research Reports | Yes | Yes |
| Global Indices | No | No |
| Customised Recommendations | No | No |
| Stock Tips | Yes | No |
| Interactive Charts | Yes | Yes |
| Live Market | Yes | Yes |
| Multi Profile Management | Yes | No |
| Robust & Secure Platform | Yes | Yes |
Stockbrokers use promotional offers to attract and retain clients. Below is a side-by-side comparison of the offers currently listed by Anand Rathi and Punch Trade.
Free account opening: Anand Rathi and Punch Trade both list free account opening.
Free AMC: Anand Rathi and Punch Trade both list free Demat AMC.
Free brokerage: Neither broker currently highlights free brokerage.
Flat brokerage: Anand Rathi and Punch Trade both list flat brokerage pricing.
Flexible brokerage plans: Anand Rathi lists flexible brokerage plans, while Punch Trade does not currently mention it.
Happy trading hours: Neither broker currently highlights happy trading hours.
Free delivery trading: Neither broker currently highlights free delivery trading.
Free intraday trading: Neither broker currently highlights free intraday trading.
Free F&O trading: Neither broker currently highlights free F&O trading.
Free research reports: Anand Rathi lists free research reports, while Punch Trade does not currently mention it.
Free trading calls: Anand Rathi lists free trading calls, while Punch Trade does not currently mention it.
Zero brokerage for loss trades: Neither broker currently highlights zero brokerage for loss-making trades.
Referral offers: Anand Rathi offers Rs.250 per Client for referrals; Punch Trade does not currently list a referral offer.
Anand Rathi vs Punch Trade — Comparison of Latest Offers
| Offer | Anand Rathi | Punch Trade |
|---|---|---|
| Free Account Opening | Yes | Yes |
| Free AMC | Yes, Limited | Yes |
| Free Brokerage | No | No |
| Flat Brokerage | Yes | Yes (₹1/order) |
| Flexible Brokerage Plans | Yes | No |
| Happy Trading Hours | No | |
| Free Delivery Trading | No | No |
| Free Intraday Trading | No | No |
| Free F&O Trading | No | No |
| Free Research Reports | Yes | No |
| Free Trading Calls | Yes | No |
| Referral Offers | Rs.250 per Client | No |
| Margin Funding / Pledging | Yes | No |
| Brokerage Cashback | No | No |
| Zero Brokerage for Loss-Making Trades | No | No |
Product availability determines whether a broker can support your preferred markets. Anand Rathi highlights equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options and currency futures, while Punch Trade highlights equity delivery, equity intraday, equity futures and equity options.
The table below compares the full product lineup side by side across equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options, currency futures, currency options, foreign stocks, mutual funds, insurance, corporate bonds and government bonds.
Anand Rathi vs Punch Trade — Complete Comparison of Products
| Product | Anand Rathi | Punch Trade |
|---|---|---|
| Equity Delivery | Yes | Yes |
| Equity Intraday | Yes | Yes |
| Equity Option | Yes | Yes |
| Equity Future | Yes | Yes |
| Commodity Option | Yes | No |
| Commodity Future | Yes | No |
| Currency Option | Yes | No |
| Currency Future | Yes | No |
| Foreign Stocks | Yes | Not available |
| Mutual Funds | Yes | Not available |
| Banking | No | Not available |
| Insurance | Yes | Not available |
| Corporate Bonds | Yes | Not available |
| Government Bonds | Yes | Not available |
| Digital Gold | No | Not available |
Demat services: Anand Rathi and Punch Trade both list Demat services.
Trading services: Anand Rathi and Punch Trade both list trading services.
Intraday services: Anand Rathi and Punch Trade both list intraday trading services.
F&O services: Anand Rathi and Punch Trade both list F&O services.
IPO services: Anand Rathi lists IPO services, while Punch Trade does not currently mention it.
3-in-1 account: Neither broker currently highlights 3-in-1 account support.
Stock research: Anand Rathi and Punch Trade both list stock research.
Stock recommendations: Anand Rathi lists stock recommendations, while Punch Trade does not currently mention it.
Trading education: Neither broker currently highlights trading education.
Share pledging: Anand Rathi lists share pledging, while Punch Trade does not currently mention it.
PMS or PCG: Anand Rathi lists PMS or PCG support, while Punch Trade does not currently mention it.
NRI services: Anand Rathi lists NRI services, while Punch Trade does not currently mention it.
Anand Rathi provides Demat services, trading services, intraday trading, F&O trading, IPO access and stock research, while Punch Trade offers Demat services, trading services, intraday trading, F&O trading and stock research.
Anand Rathi vs Punch Trade — In-Depth Comparison of Services
| Service | Anand Rathi | Punch Trade |
|---|---|---|
| Demat Services | Yes | Yes |
| Trading Services | Yes | Yes |
| Intraday Services | Yes | Yes |
| F&O Services | Yes | Yes |
| IPO Services | Yes | No |
| 3-in-1 Account | No | No |
| Stock Research | Yes | Yes |
| Stock Recommendations | Yes | No |
| Trading Education | No | No |
| Share Pledging | Yes | No |
| PMS or PCG | Yes | No |
| NRI Services | Yes | No |
Stock advisory helps investors choose appropriate stocks through research reports, tips, and market reviews. The table below shows which advisory products are available from Anand Rathi and Punch Trade.
Anand Rathi and Punch Trade — Detailed Comparison of Advisory Services
| Advisory | Anand Rathi | Punch Trade |
|---|---|---|
| Fundamental Reports | Yes | Yes |
| Research Reports | Yes | Yes |
| Company Reports | Yes | No |
| Annual Reports | No | No |
| IPO Reports | Yes | No |
| Technical Reports | Yes | No |
| Stock Tips | Yes | No |
| Daily Top Stock Picks | Yes | No |
| Daily Market Review | No | No |
| Monthly Review | No | No |
| Weekly Review | No | No |
| Relationship Manager | Yes | No |
| Robo Advisory | No | No |
Margin exposure allows traders to manage larger positions with less capital. Below is a comparison of the margin available from Anand Rathi and Punch Trade across different segments.
Anand Rathi and Punch Trade — Comprehensive Comparison of Trading Exposure
| Exposure | Anand Rathi | Punch Trade |
|---|---|---|
| Equity Delivery | 1x | 1x |
| Equity Intraday | Upto 5x (Depends on Stocks) | Up to 5x |
| Equity F&O Carry Forward | 1x | 1x (exchange margin only) |
| Equity F&O Intraday | 1.3x | 1x (exchange margin only) |
| Commodity F&O Carry Forward | 1x | Not applicable |
| Commodity F&O Intraday | 1.3x | Not applicable |
| Currency F&O | 1x | Not applicable |
Anand Rathi lists a sub-broker program, while Punch Trade does not currently mention it. Anand Rathi lists a partner program, while Punch Trade does not currently mention it. Anand Rathi and Punch Trade both list a referral program.
Anand Rathi vs Punch Trade — Comparative Analysis of Programs
| Program | Anand Rathi | Punch Trade |
|---|---|---|
| Sub-Broker Program | Yes | |
| Partner Program | Yes | |
| Referral Program | Yes | Yes (Punch Champions) |
Anand Rathi provides support through trading desk support, dedicated dealer assistance, call support, email support and website support. Punch Trade provides support through trading desk support, call support, email support, website support and Facebook support. Anand Rathi operates Available branches.
Anand Rathi and Punch Trade — Comprehensive Comparison of Customer Support
| Support Channel | Anand Rathi | Punch Trade |
|---|---|---|
| Trading Support | Available, Free | +91 79482 22271 |
| Dedicated Dealer | Available, Free | |
| Call Support | 0291-6661001 | +91 79410 57311 |
| Email Support | [email protected] | [email protected] |
| WhatsApp Support | NA | |
| Website Support | Website Link | Punch Trade |
| Facebook Support | Facebook Support Link | Facebook Support Link |
| Twitter / X Support | Twitter Support Link | — |
| Telegram Support | Telegram Support Link | — |
| Branches / Offices | Available |
Both brokers have been evaluated across key parameters to help investors make an informed comparison. Anand Rathi carries an overall rating of 7.90 / 10, while Punch Trade carries an overall rating of 7.5/10.
Anand Rathi vs Punch Trade — Ratings Comparison
| Rating Parameter | Anand Rathi | Punch Trade |
|---|---|---|
| Overall Rating | 7.90 / 10 | 7.5/10 |
| Customer Support | 7.87 / 10 | 6.5/10 |
| Technology | 7.99 / 10 | 8.5/10 |
| Charges | 7.93 / 10 | 9.5/10 |
| Products & Services | 7.85 / 10 | 6.5/10 |
| Experience | 7.84 / 10 | 8.0/10 |
SEBI, BSE, and NSE regularly publish broker complaint data as part of investor protection oversight. The table below shows the complaint records for both brokers.
Anand Rathi & Punch Trade — Comparison of Customer Complaints
| Complaint Metric | Anand Rathi | Punch Trade |
|---|---|---|
| Total Complaints Lodged | 35 | |
| Total Complaints Resolved | 30 | |
| % of Resolved Complaints | 85.71% | |
| Non-Actionable Complaints | 3 | |
| % of Non-Actionable Complaints | 8.57% |
Transaction charges are levied by the stockbroker for executing each trade. Below is a segment-wise comparison for Anand Rathi and Punch Trade.
Anand Rathi vs Punch Trade — Detailed Comparison of Transaction Charges
| Transaction Charges | Anand Rathi | Punch Trade |
|---|---|---|
| Equity Delivery | NSE Rs 297 per Cr (0.00297%) | BSE Rs 375 per Cr (0.00375%) (each side) | NSE: 0.00297% | BSE: 0.00375% |
| Equity Intraday | NSE Rs 297 per Cr (0.00297%) | BSE Rs 375 per Cr (0.00375%) (sell side) | NSE: 0.00297% | BSE: 0.00375% |
| Equity Future | NSE Rs 173 per Cr (0.00173%) | BSE Rs 0 | NSE: 0.03503% (on premium) | BSE: 0.0325% (on premium) |
| Equity Option | NSE Rs 3503 per Cr (0.03503%) | BSE Rs 325 per Cr (0.00325%) (on premium) | NSE: 0.00173% | BSE: 0 |
| Commodity Future | ||
| Commodity Option | ||
| Currency Future | NSE Rs 35 per Cr (0.00035%) | BSE Rs 45 per Cr (0.00045%) | |
| Currency Option | NSE Rs 3110 per Cr (0.0311%) | BSE Rs 100 per Cr (0.001%) (on premium) |
Pledge creation charges apply when traders borrow against their held securities. Pledge invocation charges apply if the pledged shares are sold due to a shortfall. Margin trading interest is the rate charged on borrowed funds.
Anand Rathi & Punch Trade — Comprehensive Comparison of Pledge Charges
| Pledge Charge | Anand Rathi | Punch Trade |
|---|---|---|
| Pledge Creation Charges | - | |
| Pledge Invocation Charges | - | |
| Margin Trading Interest | - |
Beyond brokerage, several statutory and operational charges apply. These include SEBI turnover fees, DP charges, GST, account closure, reactivation, dematerialisation, and call & trade charges.
Anand Rathi and Punch Trade — Detailed Comparison of Hidden / Other Charges
| Charge | Anand Rathi | Punch Trade |
|---|---|---|
| SEBI Turnover Charges | 0.0001% (₹10/Crore) of the turnover | ₹10/crore |
| DP Charges | - | ₹3.50 + 18% GST per order |
| GST | 18% on (Brokerage + Transaction Charge + SEBI Fee) | 18% on (brokerage + SEBI charges + transaction charges) |
| Account Closure Charges | - | |
| Reactivation Charges | - | |
| Dematerialisation Charges | - | |
| Call & Trade Charges | - | ₹50 (incl. GST) |
Anand Rathi lists account opening charges of Free and Demat AMC of Rs.450 per Year (1st Year Free). Punch Trade lists account opening charges of ₹0 (Free) and Demat AMC of ₹0 (Free).
Anand Rathi vs Punch Trade — Detailed Comparison of Demat Charges
| Demat Charges | Anand Rathi | Punch Trade |
|---|---|---|
| Account Opening Charges | Free | ₹0 (Free) |
| Annual Maintenance Charges (AMC) | Rs.450 per Year (1st Year Free) | ₹0 (Free) |
Securities Transaction Tax (STT) and Commodity Transaction Tax (CTT) are government levies — the same for all brokers in India. These are shown below for reference.
Anand Rathi vs Punch Trade — Comparative Analysis of STT and CTT Charges
| STT & CTT | Anand Rathi | Punch Trade |
|---|---|---|
| Equity Delivery | 0.1% on both Buy & Sell sides | 0.1% on buy & sell |
| Equity Intraday | 0.025% on the Sell side only | 0.025% on the sell side |
| Equity Future | 0.0125% on the Sell side | 0.02% on sell side |
| Equity Option | 0.0625% on premium value | 0.1% on sell side (on premium) |
| Commodity Future | 0.01% on sell side (Non-Agri) | |
| Commodity Option | 0.05% on sell side | |
| Currency Future | NA | |
| Currency Option | NA |
Stamp duty is a government tax charged when the broker issues, sells, or transfers a security. It is collected at the end of each trading day.
Anand Rathi and Punch Trade — Comparison of Stamp Duty Charges
| Stamp Duty | Anand Rathi | Punch Trade |
|---|---|---|
| Equity Delivery | 0.015% | 0.015% buy side only (government-mandated rate) |
| Equity Intraday | 0.003% | 0.025% on the sell side |
| Equity Future | 0.002% | 0.1% on sell side (on premium) |
| Equity Option | 0.003% | 0.02% on sell side |
| Commodity Future | 0.002% | |
| Commodity Option | 0.003% | |
| Currency Future | 0.0001% | |
| Currency Option | 0.0001% |
Account Opening: Free (₹0), completed online through digital e-KYC. Requires PAN, Aadhaar, bank details. CDSL demat (DP ID: 12095300). Activated within 24–48 hours.
Trading Platforms: Android app (4.4 stars) and web app at punch.trade. Native in-house charts with 100+ indicators including Smart Money Concepts. Trade-from-chart on mobile and web. Up to 8 chart layouts on desktop, 2 on mobile. iOS in development.
Brokerage Transparency: Flat ₹1/order (₹1.18 incl. GST) across all segments. No subscription tiers, no platform fees.
Research & Tools: Premium plotting of CE/PE on spot charts, Scalper Joystick, Protection Orders (default SL/TP), Trailing Stop Loss. No third-party research reports or stock recommendations.
Overall: Built for active equity and derivatives traders. Publishes 0.01s execution, 99.99% reliability, 99.999% uptime at punch.trade/status. Operates Builder's Lab with 500+ feature requests processed.