Punch Trade and Anand Rathi are two stockbrokers that investors often compare for brokerage charges, products, trading platforms, and account costs. Punch Trade is listed as a Private Discount Broker , established in 2021 and headquartered in Mumbai, India, 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 Punch Trade or Anand Rathi is a better fit for your investment style, platform preference, and budget.
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. The broker highlights access to equity delivery, equity intraday, equity futures and equity options through mobile app access and web trading and promotes features such as watchlists, real-time updates, portfolio tracking, research reports, interactive charts and live market tracking.
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.
Punch Trade vs Anand Rathi — A Comprehensive Company Overview
| Company Overview | Punch Trade | Anand Rathi |
|---|---|---|
| Company Type | Private | Public |
| Broker Type | Discount Broker | Discount Broker |
| Headquarters | Mumbai, India | Mumbai |
| Founder | Amit Dhakad, Hiral Jain, Arshad Fahoum, Ajit Dandekar | Anand Rathi |
| Establishment Year | 2021 | 1994 |
| Brokerage Plan | — | Standard Plan |
Brokerage is the primary cost to compare when choosing a broker. Below is a segment-by-segment breakdown for Punch Trade and Anand Rathi.
Equity delivery: This charge applies to buy-and-hold stock positions held beyond one trading session. Punch Trade charges ₹1/order or 0.10% while Anand Rathi charges 0.30% of Transaction Value.
Equity intraday: This charge applies to buy-sell positions closed within the same trading day. Punch Trade charges ₹1/order or 0.10% while Anand Rathi charges 0.30% of Transaction Value.
Equity futures: This charge applies to futures contracts on stocks and indices. Punch Trade charges ₹1/order or 0.10% while Anand Rathi charges 0.30% of Transaction Value.
Equity options: This charge applies to equity option contracts. Punch Trade charges ₹1/order or 0.10% while Anand Rathi charges Rs.50 per Lot.
Commodity futures: This charge covers commodities such as gold, silver, and crude oil. Punch Trade charges N/A ; Anand Rathi charges 0.03% of Transaction Value.
Commodity options: This charge applies to option contracts on commodity instruments. Punch Trade charges N/A ; Anand Rathi charges Rs.25 per Lot.
Currency futures: This charge allows participation in forex price movements on the exchange. Punch Trade charges N/A ; Anand Rathi charges 0.03% of Transaction Value.
Currency options: This charge enables traders to hedge or speculate on currency fluctuations. Punch Trade charges N/A ; Anand Rathi charges Rs.25 per Lot.
Punch Trade vs Anand Rathi — Detailed Brokerage Comparison
| Brokerage | Punch Trade | Anand Rathi |
|---|---|---|
| Brokerage Plan | Standard Plan | |
| Subscription Charges | Zero | |
| Equity Delivery | ₹1/order or 0.10% | 0.30% of Transaction Value |
| Equity Intraday | ₹1/order or 0.10% | 0.30% of Transaction Value |
| Equity Future | ₹1/order or 0.10% | 0.30% of Transaction Value |
| Equity Option | ₹1/order or 0.10% | Rs.50 per Lot |
| Commodity Future | Not available | 0.03% of Transaction Value |
| Commodity Option | Not available | Rs.25 per Lot |
| Currency Future | Not available | 0.03% of Transaction Value |
| Currency Option | Not available | Rs.25 per Lot |
Punch Trade provides mobile app access and web trading 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: Punch Trade and Anand Rathi both list an Android trading app.
iOS app: Punch Trade and Anand Rathi both list an iOS trading app.
Web trading platform: Punch Trade and Anand Rathi 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.
Punch Trade vs Anand Rathi — Complete Comparison of Trading Platforms
| Trading Platform | Punch Trade | Anand Rathi |
|---|---|---|
| Android App | Download | Anand Rathi Android App Link |
| iOS App | Not available (in development) | Anand Rathi iOS App Link |
| Web Trading Platform | Yes (punch.trade) | Anand Rathi Web Trading Link |
| Trading Terminal | Not available | Available |
| Algo Trading Platform | Not available | Available |
| Foreign Stocks Platform | Not available | NA |
| Basket Trading Platform | Yes — add to Trading Platforms | NA |
| Mutual Fund Platform | Not available | Available |
| Digital Gold Platform | Not available | NA |
| Bonds Platform | Not available | NA |
Punch Trade highlights trading features including watchlists, real-time updates, portfolio tracking, research reports, interactive charts and live market 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 Punch Trade and Anand Rathi offer this feature.
Real time updates: Get timely updates on market trends, stock prices, and other market data. Both Punch Trade and Anand Rathi offer this feature.
Portfolio details: A detailed snapshot of all investments — stocks, bonds, and commodities — in one place. Both Punch Trade and Anand Rathi 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 Punch Trade and Anand Rathi 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 Punch Trade and Anand Rathi offer this feature.
Live market: Live updates on market movements and trends. Both Punch Trade and Anand Rathi 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 Punch Trade and Anand Rathi offer this feature.
Punch Trade vs Anand Rathi — Comprehensive Comparison of Trading Features
| Trading Feature | Punch Trade | Anand Rathi |
|---|---|---|
| Wishlist | Yes | Yes |
| Real-Time Updates | Yes | Yes |
| Portfolio Details | Yes | Yes |
| Online MF Buy | No | Yes |
| Research Reports | Yes | Yes |
| Global Indices | No | No |
| Customised Recommendations | No | No |
| Stock Tips | No | 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 Punch Trade and Anand Rathi.
Free account opening: Punch Trade and Anand Rathi both list free account opening.
Free AMC: Punch Trade and Anand Rathi both list free Demat AMC.
Free brokerage: Neither broker currently highlights free brokerage.
Flat brokerage: Punch Trade and Anand Rathi 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.
Punch Trade vs Anand Rathi — Comparison of Latest Offers
| Offer | Punch Trade | Anand Rathi |
|---|---|---|
| Free Account Opening | Yes | Yes |
| Free AMC | Yes | Yes, Limited |
| Free Brokerage | No | No |
| Flat Brokerage | Yes (₹1/order) | Yes |
| Flexible Brokerage Plans | No | Yes |
| Happy Trading Hours | No | |
| Free Delivery Trading | No | No |
| Free Intraday Trading | No | No |
| Free F&O Trading | No | No |
| Free Research Reports | No | Yes |
| Free Trading Calls | No | Yes |
| Referral Offers | No | Rs.250 per Client |
| Margin Funding / Pledging | No | Yes |
| Brokerage Cashback | No | No |
| Zero Brokerage for Loss-Making Trades | No | No |
Product availability determines whether a broker can support your preferred markets. Punch Trade highlights equity delivery, equity intraday, equity futures and equity options, 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, foreign stocks, mutual funds, insurance, corporate bonds and government bonds.
Punch Trade vs Anand Rathi — Complete Comparison of Products
| Product | Punch Trade | Anand Rathi |
|---|---|---|
| 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 | No | Yes |
| Currency Future | No | Yes |
| Foreign Stocks | Not available | Yes |
| Mutual Funds | Not available | Yes |
| Banking | Not available | No |
| Insurance | Not available | Yes |
| Corporate Bonds | Not available | Yes |
| Government Bonds | Not available | Yes |
| Digital Gold | Not available | No |
Demat services: Punch Trade and Anand Rathi both list Demat services.
Trading services: Punch Trade and Anand Rathi both list trading services.
Intraday services: Punch Trade and Anand Rathi both list intraday trading services.
F&O services: Punch Trade and Anand Rathi 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: Punch Trade and Anand Rathi 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.
Punch Trade provides Demat services, trading services, intraday trading, F&O trading and stock research, while Anand Rathi offers Demat services, trading services, intraday trading, F&O trading, IPO access and stock research.
Punch Trade vs Anand Rathi — In-Depth Comparison of Services
| Service | Punch Trade | Anand Rathi |
|---|---|---|
| Demat Services | Yes | Yes |
| Trading Services | Yes | Yes |
| Intraday Services | Yes | Yes |
| F&O Services | Yes | Yes |
| IPO Services | No | Yes |
| 3-in-1 Account | No | No |
| Stock Research | Yes | Yes |
| Stock Recommendations | No | Yes |
| Trading Education | No | No |
| Share Pledging | No | 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 Punch Trade and Anand Rathi.
Punch Trade and Anand Rathi — Detailed Comparison of Advisory Services
| Advisory | Punch Trade | Anand Rathi |
|---|---|---|
| Fundamental Reports | Yes | Yes |
| Research Reports | Yes | Yes |
| Company Reports | No | Yes |
| Annual Reports | No | No |
| IPO Reports | No | Yes |
| Technical Reports | No | Yes |
| Stock Tips | No | Yes |
| Daily Top Stock Picks | No | Yes |
| Daily Market Review | No | No |
| Monthly Review | No | No |
| Weekly Review | No | No |
| 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 Punch Trade and Anand Rathi across different segments.
Punch Trade and Anand Rathi — Comprehensive Comparison of Trading Exposure
| Exposure | Punch Trade | Anand Rathi |
|---|---|---|
| Equity Delivery | 1x | 1x |
| Equity Intraday | Up to 5x | Upto 5x (Depends on Stocks) |
| Equity F&O Carry Forward | 1x (exchange margin only) | 1x |
| Equity F&O Intraday | 1x (exchange margin only) | 1.3x |
| Commodity F&O Carry Forward | Not applicable | 1x |
| Commodity F&O Intraday | Not applicable | 1.3x |
| Currency F&O | Not applicable | 1x |
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. Punch Trade and Anand Rathi both list a referral program.
Punch Trade vs Anand Rathi — Comparative Analysis of Programs
| Program | Punch Trade | Anand Rathi |
|---|---|---|
| Sub-Broker Program | Yes | |
| Partner Program | Yes | |
| Referral Program | Yes (Punch Champions) | Yes |
Punch Trade provides support through trading desk support, call support, email support, website support and Facebook support. Anand Rathi provides support through trading desk support, dedicated dealer assistance, call support, email support and website support. Anand Rathi operates Available branches.
Punch Trade and Anand Rathi — Comprehensive Comparison of Customer Support
| Support Channel | Punch Trade | Anand Rathi |
|---|---|---|
| Trading Support | +91 79482 22271 | Available, Free |
| Dedicated Dealer | Available, Free | |
| Call Support | +91 79410 57311 | 0291-6661001 |
| Email Support | [email protected] | [email protected] |
| WhatsApp Support | NA | |
| Website Support | Punch Trade | Website Link |
| 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. Punch Trade carries an overall rating of 7.5/10, while Anand Rathi carries an overall rating of 7.90 / 10.
Punch Trade vs Anand Rathi — Ratings Comparison
| Rating Parameter | Punch Trade | Anand Rathi |
|---|---|---|
| Overall Rating | 7.5/10 | 7.90 / 10 |
| Customer Support | 6.5/10 | 7.87 / 10 |
| Technology | 8.5/10 | 7.99 / 10 |
| Charges | 9.5/10 | 7.93 / 10 |
| Products & Services | 6.5/10 | 7.85 / 10 |
| Experience | 8.0/10 | 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.
Punch Trade & Anand Rathi — Comparison of Customer Complaints
| Complaint Metric | Punch Trade | Anand Rathi |
|---|---|---|
| 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 Punch Trade and Anand Rathi.
Punch Trade vs Anand Rathi — Detailed Comparison of Transaction Charges
| Transaction Charges | Punch Trade | Anand Rathi |
|---|---|---|
| Equity Delivery | NSE: 0.00297% | BSE: 0.00375% | NSE Rs 297 per Cr (0.00297%) | BSE Rs 375 per Cr (0.00375%) (each side) |
| Equity Intraday | NSE: 0.00297% | BSE: 0.00375% | NSE Rs 297 per Cr (0.00297%) | BSE Rs 375 per Cr (0.00375%) (sell side) |
| Equity Future | NSE: 0.03503% (on premium) | BSE: 0.0325% (on premium) | NSE Rs 173 per Cr (0.00173%) | BSE Rs 0 |
| Equity Option | NSE: 0.00173% | BSE: 0 | NSE Rs 3503 per Cr (0.03503%) | BSE Rs 325 per Cr (0.00325%) (on premium) |
| 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.
Punch Trade & Anand Rathi — Comprehensive Comparison of Pledge Charges
| Pledge Charge | Punch Trade | Anand Rathi |
|---|---|---|
| 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.
Punch Trade and Anand Rathi — Detailed Comparison of Hidden / Other Charges
| Charge | Punch Trade | Anand Rathi |
|---|---|---|
| SEBI Turnover Charges | ₹10/crore | 0.0001% (₹10/Crore) of the turnover |
| DP Charges | ₹3.50 + 18% GST per order | - |
| GST | 18% on (brokerage + SEBI charges + transaction charges) | 18% on (Brokerage + Transaction Charge + SEBI Fee) |
| Account Closure Charges | - | |
| Reactivation Charges | - | |
| Dematerialisation Charges | - | |
| Call & Trade Charges | ₹50 (incl. GST) | - |
Punch Trade lists account opening charges of ₹0 (Free) and Demat AMC of ₹0 (Free). Anand Rathi lists account opening charges of Free and Demat AMC of Rs.450 per Year (1st Year Free).
Punch Trade vs Anand Rathi — Detailed Comparison of Demat Charges
| Demat Charges | Punch Trade | Anand Rathi |
|---|---|---|
| Account Opening Charges | ₹0 (Free) | Free |
| Annual Maintenance Charges (AMC) | ₹0 (Free) | 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.
Punch Trade vs Anand Rathi — Comparative Analysis of STT and CTT Charges
| STT & CTT | Punch Trade | Anand Rathi |
|---|---|---|
| Equity Delivery | 0.1% on buy & sell | 0.1% on both Buy & Sell sides |
| Equity Intraday | 0.025% on the sell side | 0.025% on the Sell side only |
| Equity Future | 0.02% on sell side | 0.0125% on the Sell side |
| Equity Option | 0.1% on sell side (on premium) | 0.0625% on premium value |
| 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.
Punch Trade and Anand Rathi — Comparison of Stamp Duty Charges
| Stamp Duty | Punch Trade | Anand Rathi |
|---|---|---|
| Equity Delivery | 0.015% buy side only (government-mandated rate) | 0.015% |
| Equity Intraday | 0.025% on the sell side | 0.003% |
| Equity Future | 0.1% on sell side (on premium) | 0.002% |
| Equity Option | 0.02% on sell side | 0.003% |
| Commodity Future | 0.002% | |
| Commodity Option | 0.003% | |
| Currency Future | 0.0001% | |
| Currency Option | 0.0001% |