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ORIGINAL RESEARCH · Q3 2026 · published 11 June 2026

The True Cost of an F&O Trade, by Broker

Brokerage is the number traders compare — but it's often the smallest line. Here's the complete all-in cost of one standard NIFTY trade across nine brokers, every charge included.

Key takeaways
  • On a real ~₹16.1 lakh F&O round-trip, total charges were ₹611.96.
  • The broker's brokerage was just ₹120 — under 20% of the total cost.
  • Government taxes and exchange levies made up the other ₹491.96 (80%), with STT alone at 67%.
  • Comparing brokers on brokerage alone misses roughly four-fifths of what an F&O trade actually costs.

The headline "₹20 per order" hides five other charges every F&O trade pays: Securities Transaction Tax (STT), exchange transaction charges, 18% GST on brokerage and transaction charges, the SEBI turnover fee, and state stamp duty. The finding below, from a real contract note, shows how small the brokerage actually is once everything is added up.

Worked example: a real F&O contract note

Source: an Alice Blue contract note dated 8 June 2026 (NSE F&O). All personal details redacted. Trade: HDFC Bank — 2 lots stock futures (round trip) plus 1 lot 720 PE option (round trip); combined turnover ≈ ₹16.1 lakh.

ChargeAmount (₹)Share of total
Brokerage (to the broker)120.0019.6%
Securities Transaction Tax (STT)412.0067.3%
Exchange transaction charges34.285.6%
GST (18% on brokerage + charges)28.064.6%
Stamp duty16.002.6%
SEBI turnover fee1.620.3%
Total all-in cost611.96100%
Key finding
On this real ₹16.1 lakh F&O round-trip, the broker's brokerage was just ₹120 — under 20% of the ₹611.96 total cost. Government taxes and exchange levies made up the other ₹491.96 (80%), with STT alone accounting for 67%. The lesson for cost-conscious F&O traders: comparing brokers on brokerage alone misses four-fifths of what a trade actually costs.

Cross-broker comparison · in progress

Building this out. We are pricing the same standardised trade across all nine brokers from real contract notes. The Alice Blue column below is verified; the others are being collected. Statutory charges (STT, exchange, SEBI, stamp) are set by regulators and are identical across brokers for the same trade — only brokerage and the GST on it differ.
BrokerBrokerageStatutory + GST*Total all-in
Alice Blue ✓ verified₹120.00₹491.96₹611.96
Zerodha Kite₹—₹491.96₹—
Upstox₹—₹491.96₹—
Angel One₹—₹491.96₹—
Fyers₹—₹491.96₹—
Dhan₹—₹491.96₹—
Zebu₹—₹491.96₹—
BNR₹—₹491.96₹—
Axis Securities₹—₹491.96₹—

*Statutory + GST for this specific trade = STT ₹412.00 + exchange transaction ₹34.28 + SEBI fee ₹1.62 + stamp duty ₹16.00 + GST ₹28.06. These do not vary by broker for the same trade; only brokerage (and the 18% GST computed partly on it) changes the total.

What the charges are

  • Brokerage — set by each broker (flat per order or a percentage; many discount brokers cap F&O at ₹20/order).
  • STT — Securities Transaction Tax, set by government, charged on the sell side for options (on premium) and on futures.
  • Exchange transaction charge — levied by NSE/BSE on turnover.
  • GST — 18% on (brokerage + exchange transaction charge).
  • SEBI turnover fee — a small per-crore levy.
  • Stamp duty — set by state, charged on the buy side.
Cite this dataset
AlphaSync — True Cost of an F&O Trade by Broker, Q3 2026 · published 11 June 2026. Vianmax Techno Ventures Private Limited.
https://www.alphasync.app/research-fo-costs.html
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The worked example is from a real, dated contract note; the cross-broker rows marked pending are not yet populated. Statutory rates and broker pricing change over time. Always verify current charges with your broker's official contract note and tariff sheet. This is general information, not tax or investment advice.