Nuvama and Anand Rathi are two stockbrokers that investors often compare for brokerage charges, products, trading platforms, and account costs. Nuvama is listed as a Private Full Service , established in 2008 and headquartered in Ahmedabad, while Anand Rathi is listed as a Public Discount Broker , established in 1994 and headquartered in Mumbai.
This comparison reviews brokerage, Demat charges, product availability, platforms, features, support, ratings, and complaints. Use the side-by-side tables below to see whether Nuvama or Anand Rathi is a better fit for your investment style, platform preference, and budget.
Nuvama is listed as a Private Full Service established in 2008 with headquarters in Ahmedabad and founded by Rashesh Shah. 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 global indices tracking. It follows a Lite Plan brokerage structure.
Anand Rathi is listed as a Public Discount Broker established in 1994 with headquarters in Mumbai and founded by Anand Rathi. 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 stock tips. Its brokerage model is structured as Standard 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.
Nuvama vs Anand Rathi — A Comprehensive Company Overview
| Company Overview | Nuvama | Anand Rathi |
|---|---|---|
| Company Type | Private | Public |
| Broker Type | Full Service | Discount Broker |
| Headquarters | Ahmedabad | Mumbai |
| Founder | Rashesh Shah | Anand Rathi |
| Establishment Year | 2008 | 1994 |
| Brokerage Plan | Lite Plan | Standard Plan |
Brokerage is the primary cost to compare when choosing a broker. Below is a segment-by-segment breakdown for Nuvama and Anand Rathi.
Equity delivery: This charge applies to buy-and-hold stock positions held beyond one trading session. Nuvama charges Rs.10 per Trade or 0.01% (whichever is low) while Anand Rathi charges 0.30% of Transaction Value.
Equity intraday: This charge applies to buy-sell positions closed within the same trading day. Nuvama charges Rs.10 per Trade or 0.01% (whichever is Low) while Anand Rathi charges 0.30% of Transaction Value.
Equity futures: This charge applies to futures contracts on stocks and indices. Nuvama charges Rs.10 per Trade while Anand Rathi charges 0.30% of Transaction Value.
Equity options: This charge applies to equity option contracts. Nuvama charges Rs.10 per Trade while Anand Rathi charges Rs.50 per Lot.
Commodity futures: This charge covers commodities such as gold, silver, and crude oil. Nuvama charges N/A ; Anand Rathi charges 0.03% of Transaction Value.
Commodity options: This charge applies to option contracts on commodity instruments. Nuvama charges N/A ; Anand Rathi charges Rs.25 per Lot.
Currency futures: This charge allows participation in forex price movements on the exchange. Nuvama charges Rs.10 executed order while Anand Rathi charges 0.03% of Transaction Value.
Currency options: This charge enables traders to hedge or speculate on currency fluctuations. Nuvama charges Rs.10 per Trade while Anand Rathi charges Rs.25 per Lot.
Nuvama vs Anand Rathi — Detailed Brokerage Comparison
| Brokerage | Nuvama | Anand Rathi |
|---|---|---|
| Brokerage Plan | Lite Plan | Standard Plan |
| Subscription Charges | Zero | Zero |
| Equity Delivery | Rs.10 per Trade or 0.01% (whichever is low) | 0.30% of Transaction Value |
| Equity Intraday | Rs.10 per Trade or 0.01% (whichever is Low) | 0.30% of Transaction Value |
| Equity Future | Rs.10 per Trade | 0.30% of Transaction Value |
| Equity Option | Rs.10 per Trade | Rs.50 per Lot |
| Commodity Future | NA | 0.03% of Transaction Value |
| Commodity Option | NA | Rs.25 per Lot |
| Currency Future | Rs.10 executed order | 0.03% of Transaction Value |
| Currency Option | Rs.10 per Trade | Rs.25 per Lot |
Nuvama provides mobile app access, web trading, desktop terminal access and algo trading support for order placement, portfolio tracking, and market monitoring. Anand Rathi provides mobile app access, web trading, desktop terminal access and algo trading support for its users.
Android app: Nuvama and Anand Rathi both list an Android trading app.
iOS app: Nuvama and Anand Rathi both list an iOS trading app.
Web trading platform: Nuvama and Anand Rathi both list a web trading platform.
Desktop trading terminal: Nuvama and Anand Rathi both list a desktop trading terminal.
Algo trading: Nuvama and Anand Rathi both list algo trading support.
Basket trading: Neither broker currently highlights basket trading.
Foreign stocks platform: Neither broker currently highlights foreign stocks access.
Mutual fund platform: Nuvama and Anand Rathi 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.
Nuvama vs Anand Rathi — Complete Comparison of Trading Platforms
| Trading Platform | Nuvama | Anand Rathi |
|---|---|---|
| Android App | Nuvama Android App Link | Anand Rathi Android App Link |
| iOS App | Nuvama iOS App Link | Anand Rathi iOS App Link |
| Web Trading Platform | Nuvama Web Trading Link | Anand Rathi Web Trading Link |
| Trading Terminal | Available | Available |
| Algo Trading Platform | Available | 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 |
Nuvama highlights trading features including watchlists, real-time updates, portfolio tracking, online mutual fund access, research reports and global indices tracking, while Anand Rathi promotes watchlists, real-time updates, portfolio tracking, online mutual fund access, research reports and stock tips. 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 Nuvama and Anand Rathi offer this feature.
Real time updates: Get timely updates on market trends, stock prices, and other market data. Both Nuvama and Anand Rathi offer this feature.
Portfolio details: A detailed snapshot of all investments — stocks, bonds, and commodities — in one place. Both Nuvama and Anand Rathi offer this feature.
Online mf buy: Buy or sell mutual funds directly from the trading platform or mobile application. Both Nuvama and Anand Rathi offer this feature.
Research reports: A comprehensive overview of different stocks and sectors in the stock market. Both Nuvama and Anand Rathi offer this feature.
Global indices: Real-time data on leading global stock market indices. Nuvama offers this; Anand Rathi does not currently highlight it.
Customised recommendations: Personalised investment suggestions based on your objectives and behaviour patterns. Nuvama offers this; Anand Rathi does not currently highlight it.
Stock tips: Valuable tips on stocks to buy, hold, or sell based on market trends. Both Nuvama and Anand Rathi offer this feature.
Interactive charts: Visual price movement charts to help analyse when to buy or sell. Both Nuvama and Anand Rathi offer this feature.
Live market: Live updates on market movements and trends. Both Nuvama and Anand Rathi offer this feature.
Multi profile management: Manage multiple trading profiles from a single account. Anand Rathi offers this; Nuvama does not currently highlight it.
Secure platform: A secure trading environment with next-generation security controls. Both Nuvama and Anand Rathi offer this feature.
Nuvama vs Anand Rathi — Comprehensive Comparison of Trading Features
| Trading Feature | Nuvama | Anand Rathi |
|---|---|---|
| Wishlist | Yes | Yes |
| Real-Time Updates | Yes | Yes |
| Portfolio Details | Yes | Yes |
| Online MF Buy | Yes | Yes |
| Research Reports | Yes, chargeable | Yes |
| Global Indices | Yes | No |
| Customised Recommendations | Yes | No |
| Stock Tips | Yes | Yes |
| Interactive Charts | Yes | Yes |
| Live Market | Yes | Yes |
| Multi Profile Management | No | Yes |
| 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 Nuvama and Anand Rathi.
Free account opening: Nuvama and Anand Rathi both list free account opening.
Free AMC: Nuvama and Anand Rathi both list free Demat AMC.
Free brokerage: Neither broker currently highlights free brokerage.
Flat brokerage: Nuvama and Anand Rathi both list flat brokerage pricing.
Flexible brokerage plans: Nuvama and Anand Rathi both list flexible brokerage plans.
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: Nuvama and Anand Rathi both list free research reports.
Free trading calls: Anand Rathi 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: Nuvama offers Upto Rs.1,000 per referral while Anand Rathi offers Rs.250 per Client for referrals.
Nuvama vs Anand Rathi — Comparison of Latest Offers
| Offer | Nuvama | Anand Rathi |
|---|---|---|
| Free Account Opening | Yes | Yes |
| Free AMC | Yes | Yes, Limited |
| Free Brokerage | No | No |
| Flat Brokerage | Yes, Limited | Yes |
| Flexible Brokerage Plans | Yes | Yes |
| Happy Trading Hours | No | No |
| Free Delivery Trading | No | No |
| Free Intraday Trading | No | No |
| Free F&O Trading | No | No |
| Free Research Reports | Yes | Yes |
| Free Trading Calls | No | Yes |
| Referral Offers | Upto Rs.1,000 per referral | Rs.250 per Client |
| 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. Nuvama highlights equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options and currency futures, while Anand Rathi 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, commodity futures, commodity options, currency futures, currency options, mutual funds, insurance, foreign stocks, corporate bonds and government bonds.
Nuvama vs Anand Rathi — Complete Comparison of Products
| Product | Nuvama | Anand Rathi |
|---|---|---|
| Equity Delivery | Yes | Yes |
| Equity Intraday | Yes | Yes |
| Equity Option | Yes | Yes |
| Equity Future | Yes | Yes |
| Commodity Option | Yes | Yes |
| Commodity Future | Yes | Yes |
| Currency Option | Yes | Yes |
| Currency Future | Yes | Yes |
| Foreign Stocks | No | Yes |
| Mutual Funds | Yes | Yes |
| Banking | No | No |
| Insurance | Yes | Yes |
| Corporate Bonds | No | Yes |
| Government Bonds | No | Yes |
| Digital Gold | No | No |
Demat services: Nuvama and Anand Rathi both list Demat services.
Trading services: Nuvama and Anand Rathi both list trading services.
Intraday services: Nuvama and Anand Rathi both list intraday trading services.
F&O services: Nuvama and Anand Rathi both list F&O services.
IPO services: Nuvama and Anand Rathi both list IPO services.
3-in-1 account: Neither broker currently highlights 3-in-1 account support.
Stock research: Nuvama and Anand Rathi both list stock research.
Stock recommendations: Nuvama and Anand Rathi both list stock recommendations.
Trading education: Nuvama lists trading education, while Anand Rathi does not currently mention it.
Share pledging: Nuvama and Anand Rathi both list share pledging.
PMS or PCG: Anand Rathi lists PMS or PCG support, while Nuvama does not currently mention it.
NRI services: Anand Rathi lists NRI services, while Nuvama does not currently mention it.
Nuvama provides Demat services, trading services, intraday trading, F&O trading, IPO access and stock research, while Anand Rathi offers Demat services, trading services, intraday trading, F&O trading, IPO access and stock research.
Nuvama vs Anand Rathi — In-Depth Comparison of Services
| Service | Nuvama | Anand Rathi |
|---|---|---|
| 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 | Yes, Investology | No |
| Share Pledging | Yes | Yes |
| PMS or PCG | No | Yes |
| NRI Services | No | Yes |
Stock advisory helps investors choose appropriate stocks through research reports, tips, and market reviews. The table below shows which advisory products are available from Nuvama and Anand Rathi.
Nuvama and Anand Rathi — Detailed Comparison of Advisory Services
| Advisory | Nuvama | Anand Rathi |
|---|---|---|
| Fundamental Reports | Yes | Yes |
| Research Reports | Yes, chargeable | Yes |
| Company Reports | Yes | Yes |
| Annual Reports | Yes | No |
| IPO Reports | Yes | Yes |
| Technical Reports | Yes | Yes |
| Stock Tips | Yes | Yes |
| Daily Top Stock Picks | Yes | Yes |
| Daily Market Review | Yes | No |
| Monthly Review | Yes | No |
| Weekly Review | Yes | No |
| Relationship Manager | Yes | 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 Nuvama and Anand Rathi across different segments.
Nuvama and Anand Rathi — Comprehensive Comparison of Trading Exposure
| Exposure | Nuvama | Anand Rathi |
|---|---|---|
| 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 |
Nuvama and Anand Rathi both list a sub-broker program. Nuvama and Anand Rathi both list a partner program. Nuvama and Anand Rathi both list a referral program.
Nuvama vs Anand Rathi — Comparative Analysis of Programs
| Program | Nuvama | Anand Rathi |
|---|---|---|
| Sub-Broker Program | Yes | Yes |
| Partner Program | Yes | Yes |
| Referral Program | Yes | Yes |
Nuvama provides support through trading desk support, dedicated dealer assistance, call support, email support and website support. Anand Rathi provides support through trading desk support, dedicated dealer assistance, call support, email support and website support. Anand Rathi operates Available branches.
Nuvama and Anand Rathi — Comprehensive Comparison of Customer Support
| Support Channel | Nuvama | Anand Rathi |
|---|---|---|
| Trading Support | Available, Chargeable | Available, Free |
| Dedicated Dealer | Available, Chargeable | Available, Free |
| Call Support | 022-66203030 | 0291-6661001 |
| 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 | — | Telegram Support Link |
| Branches / Offices | NA | Available |
Both brokers have been evaluated across key parameters to help investors make an informed comparison. Nuvama carries an overall rating of 8.41 / 10, while Anand Rathi carries an overall rating of 7.90 / 10.
Nuvama vs Anand Rathi — Ratings Comparison
| Rating Parameter | Nuvama | Anand Rathi |
|---|---|---|
| Overall Rating | 8.41 / 10 | 7.90 / 10 |
| Customer Support | 8.38 / 10 | 7.87 / 10 |
| Technology | 8.51 / 10 | 7.99 / 10 |
| Charges | 8.45 / 10 | 7.93 / 10 |
| Products & Services | 8.36 / 10 | 7.85 / 10 |
| Experience | 8.34 / 10 | 7.84 / 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.
Nuvama & Anand Rathi — Comparison of Customer Complaints
| Complaint Metric | Nuvama | Anand Rathi |
|---|---|---|
| Total Complaints Lodged | 117 | 35 |
| Total Complaints Resolved | 102 | 30 |
| % of Resolved Complaints | 87.18% | 85.71% |
| Non-Actionable Complaints | 7 | 3 |
| % of Non-Actionable Complaints | 5.98% | 8.57% |
Transaction charges are levied by the stockbroker for executing each trade. Below is a segment-wise comparison for Nuvama and Anand Rathi.
Nuvama vs Anand Rathi — Detailed Comparison of Transaction Charges
| Transaction Charges | Nuvama | Anand Rathi |
|---|---|---|
| Equity Delivery | 0.00335% (NSE) & As per Stock (BSE) | NSE Rs 297 per Cr (0.00297%) | BSE Rs 375 per Cr (0.00375%) (each side) |
| Equity Intraday | 0.00335% (NSE) & As per Stock (BSE) | NSE Rs 297 per Cr (0.00297%) | BSE Rs 375 per Cr (0.00375%) (sell side) |
| Equity Future | 0.002% (NSE & BSE) | NSE Rs 173 per Cr (0.00173%) | BSE Rs 0 |
| Equity Option | 0.053% (on premium) | NSE Rs 3503 per Cr (0.03503%) | BSE Rs 325 per Cr (0.00325%) (on premium) |
| Commodity Future | 0.0021% (Non-Agri) / 0.006% (Agri) / 0.0005% (Special) | |
| Commodity Option | 0.05% (Non Agri) | |
| Currency Future | NA | NSE Rs 35 per Cr (0.00035%) | BSE Rs 45 per Cr (0.00045%) |
| Currency Option | NA | 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.
Nuvama & Anand Rathi — Comprehensive Comparison of Pledge Charges
| Pledge Charge | Nuvama | Anand Rathi |
|---|---|---|
| Pledge Creation Charges | Rs.7 per Request | - |
| Pledge Invocation Charges | Rs.7 per Request | - |
| Margin Trading Interest | 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.
Nuvama and Anand Rathi — Detailed Comparison of Hidden / Other Charges
| Charge | Nuvama | Anand Rathi |
|---|---|---|
| SEBI Turnover Charges | Rs.10/ Crore (All Segment) | 0.0001% (₹10/Crore) of the turnover |
| DP Charges | Rs.20 per Scrip | - |
| GST | 18% on (Brokerage + SEBI + Transaction charges) | 18% on (Brokerage + Transaction Charge + SEBI Fee) |
| Account Closure Charges | Rs.150 | - |
| Reactivation Charges | Rs.100 | - |
| Dematerialisation Charges | Rs.18 per Certificate | - |
| Call & Trade Charges | Rs.20 per Trade | - |
Nuvama lists account opening charges of Free and Demat AMC of Rs.500 (Free for first year). Anand Rathi lists account opening charges of Free and Demat AMC of Rs.450 per Year (1st Year Free).
Nuvama vs Anand Rathi — Detailed Comparison of Demat Charges
| Demat Charges | Nuvama | Anand Rathi |
|---|---|---|
| Account Opening Charges | Free | Free |
| Annual Maintenance Charges (AMC) | Rs.500 (Free for first year) | Rs.450 per Year (1st Year 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.
Nuvama vs Anand Rathi — Comparative Analysis of STT and CTT Charges
| STT & CTT | Nuvama | Anand Rathi |
|---|---|---|
| Equity Delivery | 0.1% on buy & sell | 0.1% on both Buy & Sell sides |
| Equity Intraday | 0.025% on sell | 0.025% on the Sell side only |
| Equity Future | 0.0125% on sell | 0.0125% on the Sell side |
| Equity Option | 0.0625% on sell (on premium) | 0.0625% on premium value |
| Commodity Future | 0.01% on sell (Non-Agri) | 0.01% on sell side (Non-Agri) |
| Commodity Option | 0.05% on sell | 0.05% on sell side |
| Currency Future | Nil | NA |
| Currency Option | Nil | 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.
Nuvama and Anand Rathi — Comparison of Stamp Duty Charges
| Stamp Duty | Nuvama | Anand Rathi |
|---|---|---|
| Equity Delivery | 0.015% on buy | 0.015% |
| Equity Intraday | 0.003% on buy | 0.003% |
| Equity Future | 0.002% on buy | 0.002% |
| Equity Option | 0.003% on buy | 0.003% |
| Commodity Future | 0.002% on buy | 0.002% |
| Commodity Option | 0.003% on buy | 0.003% |
| Currency Future | 0.0001% on buy | 0.0001% |
| Currency Option | 0.0001% on buy | 0.0001% |