Nuvama and Motilal Oswal 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 Motilal Oswal is listed as a Public Full Service , established in 1987 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 Motilal Oswal 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.
Motilal Oswal is listed as a Public Full Service established in 1987 with headquarters in Mumbai and founded by Motilal Oswal, Raamdeo Agrawal. 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 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 Motilal Oswal — A Comprehensive Company Overview
| Company Overview | Nuvama | Motilal Oswal |
|---|---|---|
| Company Type | Private | Public |
| Broker Type | Full Service | Full Service |
| Headquarters | Ahmedabad | Mumbai |
| Founder | Rashesh Shah | Motilal Oswal, Raamdeo Agrawal |
| Establishment Year | 2008 | 1987 |
| 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 Motilal Oswal.
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 Motilal Oswal charges 0.20% 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 Motilal Oswal charges 0.02% of Transaction Value.
Equity futures: This charge applies to futures contracts on stocks and indices. Nuvama charges Rs.10 per Trade while Motilal Oswal charges 0.02% of Transaction Value.
Equity options: This charge applies to equity option contracts. Nuvama charges Rs.10 per Trade while Motilal Oswal charges Rs.20 per Lot.
Commodity futures: This charge covers commodities such as gold, silver, and crude oil. Nuvama charges N/A ; Motilal Oswal charges 0.02% of Transaction Value.
Commodity options: This charge applies to option contracts on commodity instruments. Nuvama charges N/A ; Motilal Oswal charges Rs.20 per Lot.
Currency futures: This charge allows participation in forex price movements on the exchange. Nuvama charges Rs.10 executed order while Motilal Oswal charges 0.02% of Transaction Value.
Currency options: This charge enables traders to hedge or speculate on currency fluctuations. Nuvama charges Rs.10 per Trade while Motilal Oswal charges Rs.20 per Lot.
Nuvama vs Motilal Oswal — Detailed Brokerage Comparison
| Brokerage | Nuvama | Motilal Oswal |
|---|---|---|
| Brokerage Plan | Lite Plan | Standard Plan |
| Subscription Charges | Zero | Zero |
| Equity Delivery | Rs.10 per Trade or 0.01% (whichever is low) | 0.20% of Transaction Value |
| Equity Intraday | Rs.10 per Trade or 0.01% (whichever is Low) | 0.02% of Transaction Value |
| Equity Future | Rs.10 per Trade | 0.02% of Transaction Value |
| Equity Option | Rs.10 per Trade | Rs.20 per Lot |
| Commodity Future | NA | 0.02% of Transaction Value |
| Commodity Option | NA | Rs.20 per Lot |
| Currency Future | Rs.10 executed order | 0.02% of Transaction Value |
| Currency Option | Rs.10 per Trade | Rs.20 per Lot |
Nuvama provides mobile app access, web trading, desktop terminal access and algo trading support for order placement, portfolio tracking, and market monitoring. Motilal Oswal provides mobile app access, web trading, desktop terminal access and algo trading support for its users.
Android app: Nuvama and Motilal Oswal both list an Android trading app.
iOS app: Nuvama and Motilal Oswal both list an iOS trading app.
Web trading platform: Nuvama and Motilal Oswal both list a web trading platform.
Desktop trading terminal: Nuvama and Motilal Oswal both list a desktop trading terminal.
Algo trading: Nuvama and Motilal Oswal both list algo trading support.
Basket trading: Motilal Oswal lists basket trading, while Nuvama does not currently mention it.
Foreign stocks platform: Motilal Oswal lists foreign stocks access, while Nuvama does not currently mention it.
Mutual fund platform: Nuvama and Motilal Oswal both list a mutual fund investment platform.
Digital gold platform: Motilal Oswal lists digital gold investing, while Nuvama does not currently mention it.
Bonds platform: Motilal Oswal lists a bonds investment platform, while Nuvama does not currently mention it.
Nuvama vs Motilal Oswal — Complete Comparison of Trading Platforms
| Trading Platform | Nuvama | Motilal Oswal |
|---|---|---|
| Android App | Nuvama Android App Link | Motilal Oswal Android App Link |
| iOS App | Nuvama iOS App Link | Motilal Oswal iOS App Link |
| Web Trading Platform | Nuvama Web Trading Link | Motilal Oswal Web Trading Link |
| Trading Terminal | Available | Available |
| Algo Trading Platform | Available | Available |
| Foreign Stocks Platform | NA | Available |
| Basket Trading Platform | NA | Available |
| Mutual Fund Platform | Available | Available |
| Digital Gold Platform | NA | Available |
| Bonds Platform | NA | Available |
Nuvama highlights trading features including watchlists, real-time updates, portfolio tracking, online mutual fund access, research reports and global indices tracking, while Motilal Oswal 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 Nuvama and Motilal Oswal offer this feature.
Real time updates: Get timely updates on market trends, stock prices, and other market data. Both Nuvama and Motilal Oswal offer this feature.
Portfolio details: A detailed snapshot of all investments — stocks, bonds, and commodities — in one place. Both Nuvama and Motilal Oswal offer this feature.
Online mf buy: Buy or sell mutual funds directly from the trading platform or mobile application. Both Nuvama and Motilal Oswal offer this feature.
Research reports: A comprehensive overview of different stocks and sectors in the stock market. Both Nuvama and Motilal Oswal offer this feature.
Global indices: Real-time data on leading global stock market indices. Both Nuvama and Motilal Oswal offer this feature.
Customised recommendations: Personalised investment suggestions based on your objectives and behaviour patterns. Both Nuvama and Motilal Oswal offer this feature.
Stock tips: Valuable tips on stocks to buy, hold, or sell based on market trends. Both Nuvama and Motilal Oswal offer this feature.
Interactive charts: Visual price movement charts to help analyse when to buy or sell. Both Nuvama and Motilal Oswal offer this feature.
Live market: Live updates on market movements and trends. Both Nuvama and Motilal Oswal offer this feature.
Multi profile management: Manage multiple trading profiles from a single account. Motilal Oswal offers this; Nuvama does not currently highlight it.
Secure platform: A secure trading environment with next-generation security controls. Both Nuvama and Motilal Oswal offer this feature.
Nuvama vs Motilal Oswal — Comprehensive Comparison of Trading Features
| Trading Feature | Nuvama | Motilal Oswal |
|---|---|---|
| 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 | Yes |
| Customised Recommendations | Yes | Yes |
| 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 Motilal Oswal.
Free account opening: Nuvama and Motilal Oswal both list free account opening.
Free AMC: Nuvama and Motilal Oswal both list free Demat AMC.
Free brokerage: Neither broker currently highlights free brokerage.
Flat brokerage: Nuvama lists flat brokerage pricing, while Motilal Oswal does not currently mention it.
Flexible brokerage plans: Nuvama and Motilal Oswal 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 Motilal Oswal both list free research reports.
Free trading calls: Motilal Oswal 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 Motilal Oswal offers Upto Rs.500 per Client for referrals.
Nuvama vs Motilal Oswal — Comparison of Latest Offers
| Offer | Nuvama | Motilal Oswal |
|---|---|---|
| Free Account Opening | Yes | Yes |
| Free AMC | Yes | 1st Year Free |
| Free Brokerage | No | No |
| Flat Brokerage | Yes, Limited | No |
| 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 | Upto Rs.500 per Client |
| Margin Funding / Pledging | Yes | Yes |
| Brokerage Cashback | No | Yes |
| 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 Motilal Oswal 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, government bonds, digital gold and bonds.
Nuvama vs Motilal Oswal — Complete Comparison of Products
| Product | Nuvama | Motilal Oswal |
|---|---|---|
| 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 | No |
| Corporate Bonds | No | Yes |
| Government Bonds | No | Yes |
| Digital Gold | No | Yes |
Demat services: Nuvama and Motilal Oswal both list Demat services.
Trading services: Nuvama and Motilal Oswal both list trading services.
Intraday services: Nuvama and Motilal Oswal both list intraday trading services.
F&O services: Nuvama and Motilal Oswal both list F&O services.
IPO services: Nuvama and Motilal Oswal both list IPO services.
3-in-1 account: Neither broker currently highlights 3-in-1 account support.
Stock research: Nuvama and Motilal Oswal both list stock research.
Stock recommendations: Nuvama and Motilal Oswal both list stock recommendations.
Trading education: Nuvama lists trading education, while Motilal Oswal does not currently mention it.
Share pledging: Nuvama and Motilal Oswal both list share pledging.
PMS or PCG: Motilal Oswal lists PMS or PCG support, while Nuvama does not currently mention it.
NRI services: Motilal Oswal 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 Motilal Oswal offers Demat services, trading services, intraday trading, F&O trading, IPO access and stock research.
Nuvama vs Motilal Oswal — In-Depth Comparison of Services
| Service | Nuvama | Motilal Oswal |
|---|---|---|
| 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 Motilal Oswal.
Nuvama and Motilal Oswal — Detailed Comparison of Advisory Services
| Advisory | Nuvama | Motilal Oswal |
|---|---|---|
| Fundamental Reports | Yes | Yes |
| Research Reports | Yes, chargeable | Yes |
| Company Reports | Yes | Yes |
| Annual Reports | Yes | Yes |
| IPO Reports | Yes | Yes |
| Technical Reports | Yes | 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 | 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 Motilal Oswal across different segments.
Nuvama and Motilal Oswal — Comprehensive Comparison of Trading Exposure
| Exposure | Nuvama | Motilal Oswal |
|---|---|---|
| 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 Motilal Oswal both list a sub-broker program. Nuvama and Motilal Oswal both list a partner program. Nuvama and Motilal Oswal both list a referral program.
Nuvama vs Motilal Oswal — Comparative Analysis of Programs
| Program | Nuvama | Motilal Oswal |
|---|---|---|
| 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. Motilal Oswal provides support through trading desk support, dedicated dealer assistance, call support, email support and WhatsApp support. Motilal Oswal operates Available branches.
Nuvama and Motilal Oswal — Comprehensive Comparison of Customer Support
| Support Channel | Nuvama | Motilal Oswal |
|---|---|---|
| Trading Support | Available, Chargeable | Available, Free |
| Dedicated Dealer | Available, Chargeable | Available, Free |
| Call Support | 022-66203030 | 022-40548000, 022-67490600 |
| Email Support | [email protected] | [email protected] |
| WhatsApp Support | NA | 8657075050 |
| 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 Motilal Oswal carries an overall rating of 9.17 / 10.
Nuvama vs Motilal Oswal — Ratings Comparison
| Rating Parameter | Nuvama | Motilal Oswal |
|---|---|---|
| Overall Rating | 8.41 / 10 | 9.17 / 10 |
| Customer Support | 8.38 / 10 | 9.13 / 10 |
| Technology | 8.51 / 10 | 9.28 / 10 |
| Charges | 8.45 / 10 | 9.21 / 10 |
| Products & Services | 8.36 / 10 | 9.12 / 10 |
| Experience | 8.34 / 10 | 9.10 / 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 & Motilal Oswal — Comparison of Customer Complaints
| Complaint Metric | Nuvama | Motilal Oswal |
|---|---|---|
| Total Complaints Lodged | 117 | 348 |
| Total Complaints Resolved | 102 | 298 |
| % of Resolved Complaints | 87.18% | 85.63% |
| Non-Actionable Complaints | 7 | 6 |
| % of Non-Actionable Complaints | 5.98% | 1.72% |
Transaction charges are levied by the stockbroker for executing each trade. Below is a segment-wise comparison for Nuvama and Motilal Oswal.
Nuvama vs Motilal Oswal — Detailed Comparison of Transaction Charges
| Transaction Charges | Nuvama | Motilal Oswal |
|---|---|---|
| Equity Delivery | 0.00335% (NSE) & As per Stock (BSE) | 0.00340% (NSE) & As per Stock (BSE) |
| Equity Intraday | 0.00335% (NSE) & As per Stock (BSE) | 0.00340% (NSE) & As per Stock (BSE) |
| Equity Future | 0.002% (NSE & BSE) | 0.002% (NSE & BSE) |
| Equity Option | 0.053% (on premium) | 0.053% (on premium) |
| Commodity Future | 0.0021% (Non-Agri) / 0.006% (Agri) / 0.0005% (Special) | 0.0021% (Non-Agri) / 0.006% (Agri) / 0.0005% (Special) |
| Commodity Option | 0.05% (Non Agri) | 0.05% (Non Agri) |
| Currency Future | NA | 0.0009% (NSE) & 0.00022% (BSE) |
| Currency Option | NA | 0.035% (NSE) & 0.001% (BSE) |
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 & Motilal Oswal — Comprehensive Comparison of Pledge Charges
| Pledge Charge | Nuvama | Motilal Oswal |
|---|---|---|
| Pledge Creation Charges | Rs.7 per Request | Rs.35 per Request or 0.02% of Value (whichever is higher) |
| Pledge Invocation Charges | Rs.7 per Request | Rs.35 per Request or 0.02% of Value (whichever is higher) |
| 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.
Nuvama and Motilal Oswal — Detailed Comparison of Hidden / Other Charges
| Charge | Nuvama | Motilal Oswal |
|---|---|---|
| SEBI Turnover Charges | Rs.10/ Crore (All Segment) | Rs.10/ Crore (All Segment) |
| DP Charges | Rs.20 per Scrip | Rs.25 per Scrip only on Sell |
| GST | 18% on (Brokerage + SEBI + Transaction charges) | 18% on (Brokerage + SEBI + Transaction charges) |
| Account Closure Charges | Rs.150 | Rs.100 |
| Reactivation Charges | Rs.100 | Rs.50 |
| Dematerialisation Charges | Rs.18 per Certificate | Rs.50 per Certificate |
| Call & Trade Charges | Rs.20 per Trade | Free |
Nuvama lists account opening charges of Free and Demat AMC of Rs.500 (Free for first year). Motilal Oswal lists account opening charges of Free and Demat AMC of Rs.300 per Year (1st Year Free).
Nuvama vs Motilal Oswal — Detailed Comparison of Demat Charges
| Demat Charges | Nuvama | Motilal Oswal |
|---|---|---|
| Account Opening Charges | Free | Free |
| Annual Maintenance Charges (AMC) | Rs.500 (Free for first year) | Rs.300 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 Motilal Oswal — Comparative Analysis of STT and CTT Charges
| STT & CTT | Nuvama | Motilal Oswal |
|---|---|---|
| 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.
Nuvama and Motilal Oswal — Comparison of Stamp Duty Charges
| Stamp Duty | Nuvama | Motilal Oswal |
|---|---|---|
| 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 |