Nuvama and m.Stock 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 m.Stock is listed as a Private Discount Broker , established in 1997 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 m.Stock 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.
m.Stock is listed as a Private Discount Broker established in 1997 with headquarters in Mumbai and founded by Park Hyeon-Joo. It offers equity delivery, equity intraday, equity futures, equity options, currency futures, currency options and mutual funds using mobile app access and web trading and supports traders with features such as watchlists, real-time updates, portfolio tracking, online mutual fund access, stock tips and interactive charts. Its brokerage model is structured as Zero Delivery 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 m.Stock — A Comprehensive Company Overview
| Company Overview | Nuvama | m.Stock |
|---|---|---|
| Company Type | Private | Private |
| Broker Type | Full Service | Discount Broker |
| Headquarters | Ahmedabad | Mumbai |
| Founder | Rashesh Shah | Park Hyeon-Joo |
| Establishment Year | 2008 | 1997 |
| Brokerage Plan | Lite Plan | Zero Delivery Plan |
Brokerage is the primary cost to compare when choosing a broker. Below is a segment-by-segment breakdown for Nuvama and m.Stock.
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 m.Stock charges Free.
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 m.Stock charges Rs. 5 per Trade.
Equity futures: This charge applies to futures contracts on stocks and indices. Nuvama charges Rs.10 per Trade while m.Stock charges Rs. 5 per Trade.
Equity options: This charge applies to equity option contracts. Nuvama charges Rs.10 per Trade while m.Stock charges Rs. 5 per Trade.
Currency futures: This charge allows participation in forex price movements on the exchange. Nuvama charges Rs.10 executed order while m.Stock charges Rs. 5 per Trade.
Currency options: This charge enables traders to hedge or speculate on currency fluctuations. Nuvama charges Rs.10 per Trade while m.Stock charges Rs. 5 per Trade.
Nuvama vs m.Stock — Detailed Brokerage Comparison
| Brokerage | Nuvama | m.Stock |
|---|---|---|
| Brokerage Plan | Lite Plan | Zero Delivery Plan |
| Subscription Charges | Zero | Zero |
| Equity Delivery | Rs.10 per Trade or 0.01% (whichever is low) | Free |
| Equity Intraday | Rs.10 per Trade or 0.01% (whichever is Low) | Rs. 5 per Trade |
| Equity Future | Rs.10 per Trade | Rs. 5 per Trade |
| Equity Option | Rs.10 per Trade | Rs. 5 per Trade |
| Commodity Future | NA | NA |
| Commodity Option | NA | NA |
| Currency Future | Rs.10 executed order | Rs. 5 per Trade |
| Currency Option | Rs.10 per Trade | Rs. 5 per Trade |
Nuvama provides mobile app access, web trading, desktop terminal access and algo trading support for order placement, portfolio tracking, and market monitoring. m.Stock provides mobile app access and web trading for its users.
Android app: Nuvama and m.Stock both list an Android trading app.
iOS app: Nuvama and m.Stock both list an iOS trading app.
Web trading platform: Nuvama and m.Stock 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: Nuvama and m.Stock 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 m.Stock — Complete Comparison of Trading Platforms
| Trading Platform | Nuvama | m.Stock |
|---|---|---|
| Android App | Nuvama Android App Link | m.Stock Android App Link |
| iOS App | Nuvama iOS App Link | m.Stock iOS App Link |
| Web Trading Platform | Nuvama Web Trading Link | m.Stock Web Trading Link |
| Trading Terminal | Available | NA |
| Algo Trading Platform | Available | NA |
| 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 m.Stock promotes watchlists, real-time updates, portfolio tracking, online mutual fund access, stock tips and interactive charts. 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 m.Stock offer this feature.
Real time updates: Get timely updates on market trends, stock prices, and other market data. Both Nuvama and m.Stock offer this feature.
Portfolio details: A detailed snapshot of all investments — stocks, bonds, and commodities — in one place. Both Nuvama and m.Stock offer this feature.
Online mf buy: Buy or sell mutual funds directly from the trading platform or mobile application. Both Nuvama and m.Stock 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 Nuvama and m.Stock offer this feature.
Interactive charts: Visual price movement charts to help analyse when to buy or sell. Both Nuvama and m.Stock offer this feature.
Live market: Live updates on market movements and trends. Both Nuvama and m.Stock offer this feature.
Secure platform: A secure trading environment with next-generation security controls. Both Nuvama and m.Stock offer this feature.
Nuvama vs m.Stock — Comprehensive Comparison of Trading Features
| Trading Feature | Nuvama | m.Stock |
|---|---|---|
| Wishlist | Yes | Yes |
| Real-Time Updates | Yes | Yes |
| Portfolio Details | Yes | Yes |
| Online MF Buy | Yes | Yes |
| Research Reports | Yes, chargeable | No |
| Global Indices | Yes | No |
| Customised Recommendations | Yes | No |
| 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 Nuvama and m.Stock.
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: Nuvama and m.Stock both list flat brokerage pricing.
Flexible brokerage plans: Nuvama and m.Stock 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: Nuvama and m.Stock 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: Nuvama offers Upto Rs.1,000 per referral while m.Stock offers Upto Rs.500 per Client for referrals.
Nuvama vs m.Stock — Comparison of Latest Offers
| Offer | Nuvama | m.Stock |
|---|---|---|
| Free Account Opening | Yes | No |
| Free AMC | Yes | No |
| Free Brokerage | No | Yes, Limited |
| Flat Brokerage | Yes, Limited | Yes |
| Flexible Brokerage Plans | Yes | Yes |
| Happy Trading Hours | No | No |
| Free Delivery Trading | No | Yes |
| Free Intraday Trading | No | Yes, Limited |
| Free F&O Trading | No | Yes, Limited |
| 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 | 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 m.Stock highlights equity delivery, equity intraday, equity futures, equity options, currency futures, currency options and mutual funds.
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 and insurance.
Nuvama vs m.Stock — Complete Comparison of Products
| Product | Nuvama | m.Stock |
|---|---|---|
| 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 | Yes |
| Currency Future | Yes | Yes |
| Foreign Stocks | No | No |
| Mutual Funds | Yes | Yes |
| Banking | No | No |
| Insurance | Yes | No |
| Corporate Bonds | No | No |
| Government Bonds | No | No |
| Digital Gold | No | No |
Demat services: Nuvama and m.Stock both list Demat services.
Trading services: Nuvama and m.Stock both list trading services.
Intraday services: Nuvama and m.Stock both list intraday trading services.
F&O services: Nuvama and m.Stock both list F&O services.
IPO services: Nuvama and m.Stock both list IPO services.
3-in-1 account: Neither broker currently highlights 3-in-1 account support.
Stock research: Nuvama and m.Stock both list stock research.
Stock recommendations: Nuvama and m.Stock both list stock recommendations.
Trading education: Nuvama lists trading education, while m.Stock does not currently mention it.
Share pledging: Nuvama and m.Stock both list share pledging.
PMS or PCG: Neither broker currently highlights PMS or PCG support.
NRI services: Neither broker currently highlights NRI services.
Nuvama provides Demat services, trading services, intraday trading, F&O trading, IPO access and stock research, while m.Stock offers Demat services, trading services, intraday trading, F&O trading, IPO access and stock research.
Nuvama vs m.Stock — In-Depth Comparison of Services
| Service | Nuvama | m.Stock |
|---|---|---|
| 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 | 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 Nuvama and m.Stock.
Nuvama and m.Stock — Detailed Comparison of Advisory Services
| Advisory | Nuvama | m.Stock |
|---|---|---|
| Fundamental Reports | Yes | No |
| Research Reports | Yes, chargeable | No |
| Company Reports | Yes | No |
| Annual Reports | Yes | No |
| IPO Reports | Yes | No |
| Technical Reports | Yes | No |
| 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 | 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 Nuvama and m.Stock across different segments.
Nuvama and m.Stock — Comprehensive Comparison of Trading Exposure
| Exposure | Nuvama | m.Stock |
|---|---|---|
| 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 m.Stock both list a sub-broker program. Nuvama and m.Stock both list a partner program. Nuvama and m.Stock both list a referral program.
Nuvama vs m.Stock — Comparative Analysis of Programs
| Program | Nuvama | m.Stock |
|---|---|---|
| Sub-Broker Program | Yes | Yes, Limited |
| Partner Program | Yes | Yes, Limited |
| Referral Program | Yes | Yes |
Nuvama provides support through trading desk support, dedicated dealer assistance, call support, email support and website support. m.Stock provides support through trading desk support, dedicated dealer assistance, call support, email support and website support.
Nuvama and m.Stock — Comprehensive Comparison of Customer Support
| Support Channel | Nuvama | m.Stock |
|---|---|---|
| Trading Support | Available, Chargeable | Available, Chargeable |
| Dedicated Dealer | Available, Chargeable | Available, Chargeable |
| Call Support | 022-66203030 | 1800-2100-818 |
| 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. Nuvama carries an overall rating of 8.41 / 10, while m.Stock carries an overall rating of 7.28/10.
Nuvama vs m.Stock — Ratings Comparison
| Rating Parameter | Nuvama | m.Stock |
|---|---|---|
| Overall Rating | 8.41 / 10 | 7.28/10 |
| Customer Support | 8.38 / 10 | 7.25/10 |
| Technology | 8.51 / 10 | 7.37/10 |
| Charges | 8.45 / 10 | 7.31/10 |
| Products & Services | 8.36 / 10 | 7.24/10 |
| Experience | 8.34 / 10 | 7.22/10 |
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 & m.Stock — Comparison of Customer Complaints
| Complaint Metric | Nuvama | m.Stock |
|---|---|---|
| Total Complaints Lodged | 117 | 113 |
| Total Complaints Resolved | 102 | 101 |
| % of Resolved Complaints | 87.18% | 89.38% |
| Non-Actionable Complaints | 7 | 6 |
| % of Non-Actionable Complaints | 5.98% | 5.31% |
Transaction charges are levied by the stockbroker for executing each trade. Below is a segment-wise comparison for Nuvama and m.Stock.
Nuvama vs m.Stock — Detailed Comparison of Transaction Charges
| Transaction Charges | Nuvama | m.Stock |
|---|---|---|
| Equity Delivery | 0.00335% (NSE) & As per Stock (BSE) | 0.00325% (NSE) & 0.00375% (BSE) |
| Equity Intraday | 0.00335% (NSE) & As per Stock (BSE) | 0.00325% (NSE) & 0.00375% (BSE) |
| Equity Future | 0.002% (NSE & BSE) | 0.0019% (NSE & BSE) |
| Equity Option | 0.053% (on premium) | 0.05% (on premium) |
| Commodity Future | 0.0021% (Non-Agri) / 0.006% (Agri) / 0.0005% (Special) | NA |
| Commodity Option | 0.05% (Non Agri) | NA |
| Currency Future | NA | 0.0009% (NSE) |
| Currency Option | NA | 0.035% (NSE) |
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 & m.Stock — Comprehensive Comparison of Pledge Charges
| Pledge Charge | Nuvama | m.Stock |
|---|---|---|
| Pledge Creation Charges | Rs.7 per Request | Rs.32 per Request |
| Pledge Invocation Charges | Rs.7 per Request | Rs.32 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.
Nuvama and m.Stock — Detailed Comparison of Hidden / Other Charges
| Charge | Nuvama | m.Stock |
|---|---|---|
| SEBI Turnover Charges | Rs.10/ Crore (All Segment) | Rs.10/ Crore (All Segment) |
| DP Charges | Rs.20 per Scrip | Rs.12 per Scrip on Sell |
| GST | 18% on (Brokerage + SEBI + Transaction charges) | 18% on (Brokerage + SEBI + Transaction charges) |
| Account Closure Charges | Rs.150 | Nil |
| Reactivation Charges | Rs.100 | Nil |
| Dematerialisation Charges | Rs.18 per Certificate | Rs.150 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). m.Stock lists account opening charges of Rs.149 and Demat AMC of Rs.999.
Nuvama vs m.Stock — Detailed Comparison of Demat Charges
| Demat Charges | Nuvama | m.Stock |
|---|---|---|
| Account Opening Charges | Free | Rs.149 |
| Annual Maintenance Charges (AMC) | Rs.500 (Free for first year) | Rs.999 |
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 m.Stock — Comparative Analysis of STT and CTT Charges
| STT & CTT | Nuvama | m.Stock |
|---|---|---|
| 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 m.Stock — Comparison of Stamp Duty Charges
| Stamp Duty | Nuvama | m.Stock |
|---|---|---|
| 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 |