m.Stock and Nuvama are two stockbrokers that investors often compare for brokerage charges, products, trading platforms, and account costs. m.Stock is listed as a Private Discount Broker , established in 1997 and headquartered in Mumbai, while Nuvama is listed as a Private Full Service , established in 2008 and headquartered in Ahmedabad.
This comparison reviews brokerage, Demat charges, product availability, platforms, features, support, ratings, and complaints. Use the side-by-side tables below to see whether m.Stock or Nuvama is a better fit for your investment style, platform preference, and budget.
m.Stock is listed as a Private Discount Broker established in 1997 with headquarters in Mumbai and founded by Park Hyeon-Joo. The broker highlights access to equity delivery, equity intraday, equity futures, equity options, currency futures, currency options and mutual funds through mobile app access and web trading and promotes features such as watchlists, real-time updates, portfolio tracking, online mutual fund access, stock tips and interactive charts. It follows a Zero Delivery Plan brokerage structure.
Nuvama is listed as a Private Full Service established in 2008 with headquarters in Ahmedabad and founded by Rashesh Shah. It offers equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options and currency futures using mobile app access, web trading, desktop terminal access and algo trading support and supports traders with features such as watchlists, real-time updates, portfolio tracking, online mutual fund access, research reports and global indices tracking. Its brokerage model is structured as Lite Plan.
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.
m.Stock vs Nuvama — A Comprehensive Company Overview
| Company Overview | m.Stock | Nuvama |
|---|---|---|
| Company Type | Private | Private |
| Broker Type | Discount Broker | Full Service |
| Headquarters | Mumbai | Ahmedabad |
| Founder | Park Hyeon-Joo | Rashesh Shah |
| Establishment Year | 1997 | 2008 |
| Brokerage Plan | Zero Delivery Plan | Lite Plan |
Brokerage is the primary cost to compare when choosing a broker. Below is a segment-by-segment breakdown for m.Stock and Nuvama.
Equity delivery: This charge applies to buy-and-hold stock positions held beyond one trading session. m.Stock charges Free while Nuvama charges Rs.10 per Trade or 0.01% (whichever is low).
Equity intraday: This charge applies to buy-sell positions closed within the same trading day. m.Stock charges Rs. 5 per Trade while Nuvama charges Rs.10 per Trade or 0.01% (whichever is Low).
Equity futures: This charge applies to futures contracts on stocks and indices. m.Stock charges Rs. 5 per Trade while Nuvama charges Rs.10 per Trade.
Equity options: This charge applies to equity option contracts. m.Stock charges Rs. 5 per Trade while Nuvama charges Rs.10 per Trade.
Currency futures: This charge allows participation in forex price movements on the exchange. m.Stock charges Rs. 5 per Trade while Nuvama charges Rs.10 executed order.
Currency options: This charge enables traders to hedge or speculate on currency fluctuations. m.Stock charges Rs. 5 per Trade while Nuvama charges Rs.10 per Trade.
m.Stock vs Nuvama — Detailed Brokerage Comparison
| Brokerage | m.Stock | Nuvama |
|---|---|---|
| Brokerage Plan | Zero Delivery Plan | Lite Plan |
| Subscription Charges | Zero | Zero |
| Equity Delivery | Free | Rs.10 per Trade or 0.01% (whichever is low) |
| Equity Intraday | Rs. 5 per Trade | Rs.10 per Trade or 0.01% (whichever is Low) |
| Equity Future | Rs. 5 per Trade | Rs.10 per Trade |
| Equity Option | Rs. 5 per Trade | Rs.10 per Trade |
| Commodity Future | NA | NA |
| Commodity Option | NA | NA |
| Currency Future | Rs. 5 per Trade | Rs.10 executed order |
| Currency Option | Rs. 5 per Trade | Rs.10 per Trade |
m.Stock provides mobile app access and web trading for order placement, portfolio tracking, and market monitoring. Nuvama provides mobile app access, web trading, desktop terminal access and algo trading support for its users.
Android app: m.Stock and Nuvama both list an Android trading app.
iOS app: m.Stock and Nuvama both list an iOS trading app.
Web trading platform: m.Stock and Nuvama both list a web trading platform.
Desktop trading terminal: Nuvama lists a desktop trading terminal, while m.Stock does not currently mention it.
Algo trading: Nuvama lists algo trading support, while m.Stock does not currently mention it.
Basket trading: Neither broker currently highlights basket trading.
Foreign stocks platform: Neither broker currently highlights foreign stocks access.
Mutual fund platform: m.Stock and Nuvama both list a mutual fund investment platform.
Digital gold platform: Neither broker currently highlights digital gold investing.
Bonds platform: Neither broker currently highlights a bonds investment platform.
m.Stock vs Nuvama — Complete Comparison of Trading Platforms
| Trading Platform | m.Stock | Nuvama |
|---|---|---|
| Android App | m.Stock Android App Link | Nuvama Android App Link |
| iOS App | m.Stock iOS App Link | Nuvama iOS App Link |
| Web Trading Platform | m.Stock Web Trading Link | Nuvama Web Trading Link |
| Trading Terminal | NA | Available |
| Algo Trading Platform | NA | Available |
| Foreign Stocks Platform | NA | NA |
| Basket Trading Platform | NA | NA |
| Mutual Fund Platform | Available | Available |
| Digital Gold Platform | NA | NA |
| Bonds Platform | NA | NA |
m.Stock highlights trading features including watchlists, real-time updates, portfolio tracking, online mutual fund access, stock tips and interactive charts, while Nuvama promotes watchlists, real-time updates, portfolio tracking, online mutual fund access, research reports and global indices 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 m.Stock and Nuvama offer this feature.
Real time updates: Get timely updates on market trends, stock prices, and other market data. Both m.Stock and Nuvama offer this feature.
Portfolio details: A detailed snapshot of all investments — stocks, bonds, and commodities — in one place. Both m.Stock and Nuvama offer this feature.
Online mf buy: Buy or sell mutual funds directly from the trading platform or mobile application. Both m.Stock and Nuvama offer this feature.
Research reports: A comprehensive overview of different stocks and sectors in the stock market. Nuvama offers this; m.Stock does not currently highlight it.
Global indices: Real-time data on leading global stock market indices. Nuvama offers this; m.Stock does not currently highlight it.
Customised recommendations: Personalised investment suggestions based on your objectives and behaviour patterns. Nuvama offers this; m.Stock does not currently highlight it.
Stock tips: Valuable tips on stocks to buy, hold, or sell based on market trends. Both m.Stock and Nuvama offer this feature.
Interactive charts: Visual price movement charts to help analyse when to buy or sell. Both m.Stock and Nuvama offer this feature.
Live market: Live updates on market movements and trends. Both m.Stock and Nuvama offer this feature.
Secure platform: A secure trading environment with next-generation security controls. Both m.Stock and Nuvama offer this feature.
m.Stock vs Nuvama — Comprehensive Comparison of Trading Features
| Trading Feature | m.Stock | Nuvama |
|---|---|---|
| Wishlist | Yes | Yes |
| Real-Time Updates | Yes | Yes |
| Portfolio Details | Yes | Yes |
| Online MF Buy | Yes | Yes |
| Research Reports | No | Yes, chargeable |
| Global Indices | No | Yes |
| Customised Recommendations | No | Yes |
| Stock Tips | Yes | Yes |
| Interactive Charts | Yes | Yes |
| Live Market | Yes | Yes |
| Multi Profile Management | No | 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 m.Stock and Nuvama.
Free account opening: Nuvama lists free account opening, while m.Stock does not currently mention it.
Free AMC: Nuvama lists free Demat AMC, while m.Stock does not currently mention it.
Free brokerage: m.Stock lists free brokerage, while Nuvama does not currently mention it.
Flat brokerage: m.Stock and Nuvama both list flat brokerage pricing.
Flexible brokerage plans: m.Stock and Nuvama both list flexible brokerage plans.
Happy trading hours: Neither broker currently highlights happy trading hours.
Free delivery trading: m.Stock lists free delivery trading, while Nuvama does not currently mention it.
Free intraday trading: m.Stock lists free intraday trading, while Nuvama does not currently mention it.
Free F&O trading: m.Stock lists free F&O trading, while Nuvama does not currently mention it.
Free research reports: m.Stock and Nuvama both list free research reports.
Free trading calls: m.Stock lists free trading calls, while Nuvama does not currently mention it.
Zero brokerage for loss trades: Neither broker currently highlights zero brokerage for loss-making trades.
Referral offers: m.Stock offers Upto Rs.500 per Client while Nuvama offers Upto Rs.1,000 per referral for referrals.
m.Stock vs Nuvama — Comparison of Latest Offers
| Offer | m.Stock | Nuvama |
|---|---|---|
| Free Account Opening | No | Yes |
| Free AMC | No | Yes |
| Free Brokerage | Yes, Limited | No |
| Flat Brokerage | Yes | Yes, Limited |
| Flexible Brokerage Plans | Yes | Yes |
| Happy Trading Hours | No | No |
| Free Delivery Trading | Yes | No |
| Free Intraday Trading | Yes, Limited | No |
| Free F&O Trading | Yes, Limited | No |
| Free Research Reports | Yes | Yes |
| Free Trading Calls | Yes | No |
| Referral Offers | Upto Rs.500 per Client | Upto Rs.1,000 per referral |
| Margin Funding / Pledging | Yes | Yes |
| Brokerage Cashback | No | No |
| Zero Brokerage for Loss-Making Trades | No | No |
Product availability determines whether a broker can support your preferred markets. m.Stock highlights equity delivery, equity intraday, equity futures, equity options, currency futures, currency options and mutual funds, while Nuvama highlights equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options and currency futures.
The table below compares the full product lineup side by side across equity delivery, equity intraday, equity futures, equity options, currency futures, currency options, mutual funds, commodity futures, commodity options and insurance.
m.Stock vs Nuvama — Complete Comparison of Products
| Product | m.Stock | Nuvama |
|---|---|---|
| Equity Delivery | Yes | Yes |
| Equity Intraday | Yes | Yes |
| Equity Option | Yes | Yes |
| Equity Future | Yes | Yes |
| Commodity Option | No | Yes |
| Commodity Future | No | Yes |
| Currency Option | Yes | Yes |
| Currency Future | Yes | Yes |
| Foreign Stocks | No | No |
| Mutual Funds | Yes | Yes |
| Banking | No | No |
| Insurance | No | Yes |
| Corporate Bonds | No | No |
| Government Bonds | No | No |
| Digital Gold | No | No |
Demat services: m.Stock and Nuvama both list Demat services.
Trading services: m.Stock and Nuvama both list trading services.
Intraday services: m.Stock and Nuvama both list intraday trading services.
F&O services: m.Stock and Nuvama both list F&O services.
IPO services: m.Stock and Nuvama both list IPO services.
3-in-1 account: Neither broker currently highlights 3-in-1 account support.
Stock research: m.Stock and Nuvama both list stock research.
Stock recommendations: m.Stock and Nuvama both list stock recommendations.
Trading education: Nuvama lists trading education, while m.Stock does not currently mention it.
Share pledging: m.Stock and Nuvama both list share pledging.
PMS or PCG: Neither broker currently highlights PMS or PCG support.
NRI services: Neither broker currently highlights NRI services.
m.Stock provides Demat services, trading services, intraday trading, F&O trading, IPO access and stock research, while Nuvama offers Demat services, trading services, intraday trading, F&O trading, IPO access and stock research.
m.Stock vs Nuvama — In-Depth Comparison of Services
| Service | m.Stock | Nuvama |
|---|---|---|
| Demat Services | Yes | Yes |
| Trading Services | Yes | Yes |
| Intraday Services | Yes | Yes |
| F&O Services | Yes | Yes |
| IPO Services | Yes | Yes |
| 3-in-1 Account | No | No |
| Stock Research | Yes | Yes |
| Stock Recommendations | Yes | Yes |
| Trading Education | No | Yes, Investology |
| Share Pledging | Yes | Yes |
| PMS or PCG | No | No |
| NRI Services | No | 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 m.Stock and Nuvama.
m.Stock and Nuvama — Detailed Comparison of Advisory Services
| Advisory | m.Stock | Nuvama |
|---|---|---|
| Fundamental Reports | No | Yes |
| Research Reports | No | Yes, chargeable |
| Company Reports | No | Yes |
| Annual Reports | No | Yes |
| IPO Reports | No | Yes |
| Technical Reports | No | Yes |
| Stock Tips | Yes | Yes |
| Daily Top Stock Picks | Yes | Yes |
| Daily Market Review | Yes | Yes |
| Monthly Review | Yes | Yes |
| Weekly Review | Yes | Yes |
| Relationship Manager | No | Yes |
| Robo Advisory | No | No |
Margin exposure allows traders to manage larger positions with less capital. Below is a comparison of the margin available from m.Stock and Nuvama across different segments.
m.Stock and Nuvama — Comprehensive Comparison of Trading Exposure
| Exposure | m.Stock | Nuvama |
|---|---|---|
| Equity Delivery | 1x | 1x |
| Equity Intraday | Upto 5x (Depends on Stocks) | Upto 5x (Depends on Stocks) |
| Equity F&O Carry Forward | 1x | 1x |
| Equity F&O Intraday | 1.3x | 1.3x |
| Commodity F&O Carry Forward | 1x | 1x |
| Commodity F&O Intraday | 1.3x | 1.3x |
| Currency F&O | 1x | 1x |
m.Stock and Nuvama both list a sub-broker program. m.Stock and Nuvama both list a partner program. m.Stock and Nuvama both list a referral program.
m.Stock vs Nuvama — Comparative Analysis of Programs
| Program | m.Stock | Nuvama |
|---|---|---|
| Sub-Broker Program | Yes, Limited | Yes |
| Partner Program | Yes, Limited | Yes |
| Referral Program | Yes | Yes |
m.Stock provides support through trading desk support, dedicated dealer assistance, call support, email support and website support. Nuvama provides support through trading desk support, dedicated dealer assistance, call support, email support and website support.
m.Stock and Nuvama — Comprehensive Comparison of Customer Support
| Support Channel | m.Stock | Nuvama |
|---|---|---|
| Trading Support | Available, Chargeable | Available, Chargeable |
| Dedicated Dealer | Available, Chargeable | Available, Chargeable |
| Call Support | 1800-2100-818 | 022-66203030 |
| Email Support | [email protected] | [email protected] |
| WhatsApp Support | NA | NA |
| Website Support | Website Link | Website Link |
| Facebook Support | Facebook Support Link | Facebook Support Link |
| Twitter / X Support | Twitter Support Link | Twitter Support Link |
| Telegram Support | — | — |
| Branches / Offices | NA | NA |
Both brokers have been evaluated across key parameters to help investors make an informed comparison. m.Stock carries an overall rating of 7.28/10, while Nuvama carries an overall rating of 8.41 / 10.
m.Stock vs Nuvama — Ratings Comparison
| Rating Parameter | m.Stock | Nuvama |
|---|---|---|
| Overall Rating | 7.28/10 | 8.41 / 10 |
| Customer Support | 7.25/10 | 8.38 / 10 |
| Technology | 7.37/10 | 8.51 / 10 |
| Charges | 7.31/10 | 8.45 / 10 |
| Products & Services | 7.24/10 | 8.36 / 10 |
| Experience | 7.22/10 | 8.34 / 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.
m.Stock & Nuvama — Comparison of Customer Complaints
| Complaint Metric | m.Stock | Nuvama |
|---|---|---|
| Total Complaints Lodged | 113 | 117 |
| Total Complaints Resolved | 101 | 102 |
| % of Resolved Complaints | 89.38% | 87.18% |
| Non-Actionable Complaints | 6 | 7 |
| % of Non-Actionable Complaints | 5.31% | 5.98% |
Transaction charges are levied by the stockbroker for executing each trade. Below is a segment-wise comparison for m.Stock and Nuvama.
m.Stock vs Nuvama — Detailed Comparison of Transaction Charges
| Transaction Charges | m.Stock | Nuvama |
|---|---|---|
| Equity Delivery | 0.00325% (NSE) & 0.00375% (BSE) | 0.00335% (NSE) & As per Stock (BSE) |
| Equity Intraday | 0.00325% (NSE) & 0.00375% (BSE) | 0.00335% (NSE) & As per Stock (BSE) |
| Equity Future | 0.0019% (NSE & BSE) | 0.002% (NSE & BSE) |
| Equity Option | 0.05% (on premium) | 0.053% (on premium) |
| Commodity Future | NA | 0.0021% (Non-Agri) / 0.006% (Agri) / 0.0005% (Special) |
| Commodity Option | NA | 0.05% (Non Agri) |
| Currency Future | 0.0009% (NSE) | NA |
| Currency Option | 0.035% (NSE) | NA |
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.
m.Stock & Nuvama — Comprehensive Comparison of Pledge Charges
| Pledge Charge | m.Stock | Nuvama |
|---|---|---|
| Pledge Creation Charges | Rs.32 per Request | Rs.7 per Request |
| Pledge Invocation Charges | Rs.32 per Request | Rs.7 per Request |
| Margin Trading Interest | 0.05% per day | 0.05% per day |
Beyond brokerage, several statutory and operational charges apply. These include SEBI turnover fees, DP charges, GST, account closure, reactivation, dematerialisation, and call & trade charges.
m.Stock and Nuvama — Detailed Comparison of Hidden / Other Charges
| Charge | m.Stock | Nuvama |
|---|---|---|
| SEBI Turnover Charges | Rs.10/ Crore (All Segment) | Rs.10/ Crore (All Segment) |
| DP Charges | Rs.12 per Scrip on Sell | Rs.20 per Scrip |
| GST | 18% on (Brokerage + SEBI + Transaction charges) | 18% on (Brokerage + SEBI + Transaction charges) |
| Account Closure Charges | Nil | Rs.150 |
| Reactivation Charges | Nil | Rs.100 |
| Dematerialisation Charges | Rs.150 per Certificate | Rs.18 per Certificate |
| Call & Trade Charges | Free | Rs.20 per Trade |
m.Stock lists account opening charges of Rs.149 and Demat AMC of Rs.999. Nuvama lists account opening charges of Free and Demat AMC of Rs.500 (Free for first year).
m.Stock vs Nuvama — Detailed Comparison of Demat Charges
| Demat Charges | m.Stock | Nuvama |
|---|---|---|
| Account Opening Charges | Rs.149 | Free |
| Annual Maintenance Charges (AMC) | Rs.999 | Rs.500 (Free for first year) |
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.
m.Stock vs Nuvama — Comparative Analysis of STT and CTT Charges
| STT & CTT | m.Stock | Nuvama |
|---|---|---|
| Equity Delivery | 0.1% on buy & sell | 0.1% on buy & sell |
| Equity Intraday | 0.025% on sell | 0.025% on sell |
| Equity Future | 0.0125% on sell | 0.0125% on sell |
| Equity Option | 0.0625% on sell (on premium) | 0.0625% on sell (on premium) |
| Commodity Future | 0.01% on sell (Non-Agri) | 0.01% on sell (Non-Agri) |
| Commodity Option | 0.05% on sell | 0.05% on sell |
| Currency Future | Nil | Nil |
| Currency Option | Nil | Nil |
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.
m.Stock and Nuvama — Comparison of Stamp Duty Charges
| Stamp Duty | m.Stock | Nuvama |
|---|---|---|
| Equity Delivery | 0.015% on buy | 0.015% on buy |
| Equity Intraday | 0.003% on buy | 0.003% on buy |
| Equity Future | 0.002% on buy | 0.002% on buy |
| Equity Option | 0.003% on buy | 0.003% on buy |
| Commodity Future | 0.002% on buy | 0.002% on buy |
| Commodity Option | 0.003% on buy | 0.003% on buy |
| Currency Future | 0.0001% on buy | 0.0001% on buy |
| Currency Option | 0.0001% on buy | 0.0001% on buy |