Compare stock brokers
IIFL vs. Maheshwari Financial Services
All stockbrokers charge you a fee for carrying out trading transactions. They charge you different fees for different asset classes. So, to maximize your returns and best trading experience, you need to choose the best stock broker.
Among the best stockbrokers in India, two top names are IIFL and Maheshwari Financial Services. Please find a thorough comparison study for both the stock brokers, and find the table below for the comparison of IIFL and Maheshwari Financial Services.
Overview
IIFL and Maheshwari Financial Services are both public companies and both are full service broker as well. Nirmal Jain co-founded IIFL in 1995. And Maheshwari Financial Services was founded in the year 1995 by Suneet Kumar Maheshwari. IIFL's headquarters are in Mumbai, India and Maheshwari Financial Services's headquarters are in New Delhi.
IIFL and Maheshwari Financial Services both are full service broker as well. IIFL is registered in NSE, BSE, MCX, while Maheshwari Financial Services is registered in NA. The total branches of IIFL are 900 and the Maheshwari Financial Services branches are Nil.
| Overview | IIFL | Maheshwari Financial Services |
|---|---|---|
| Broker Type | Full Service Broker | Full Service Broker |
| Type of company | Public | Public |
| Headquarter | Mumbai, India | New Delhi |
| Founders | Nirmal Jain | Suneet Kumar Maheshwari |
| Foundation Year | 1995 | 1995 |
| Supported Exchanges | NSE, BSE, MCX | NA |
| Total branches | 900 | Nil |
IIFL and Maheshwari Financial Services Trading Account Opening and Demat Charges
A dematerialization account, also known as a Demat account keeps the securities in an electronic form that are deposited with National Securities Depository Limited (NSDL) or Central Depository Services Limited (CDSL).
Account opening fees for various brokers range from 0 to Rs.200, with IIFL charging Rs.1300 and Maheshwari Financial Services charging Rs.310.
When you open a Demat account, you must pay specific fees such as account maintenance fees, broker commissions, GST, and STT. When you open a Demat account, you must pay specific fees such as account maintenance charges, broker commissions, GST, and STT. So, account maintenance charges (AMC) for the IIFL Demat account is Free for 1 year & Rs.450 per annum thereafter and for the Maheshwari Financial Services Demat account is Rs.310 per Annum. The Trading AMC for IIFL and Maheshwari Financial Services is free. And the margin money for both brokers is also zero.
As we know that NSDL and CDSL are the two depositories in India registered by Indian Government which holds various securities in electronic form like stocks, bonds, etc. So, the depository for both IIFL and Maheshwari Financial Services is CDSL.
| Account Opening and Demat Charges | IIFL | Maheshwari Financial Services |
|---|---|---|
| Trading Account Opening Charges | Rs.1300 | Rs.310 |
| Demat AMC (Annual Maintenance Charges) | Free for 1 year & Rs.450 per annum thereafter | Rs.310 per Annum |
| Trading AMC (Annual Maintenance Charges) | Free | Free |
| Margin Money | Minimum Rs.10,000 | Minimum Rs.15,100 |
| Offline to Online Charges | Yes | Yes |
| Depository | NSDL & CDSL | CDSL & NSDL |
IIFL and Maheshwari Financial Services Equity Brokerage Charges
There are more charges that a broker charges for equity transactions.
Equity delivery charges: This means holding the stocks for a certain period of time and selling it when you make a profit. Different brokers charge different rates on Equity Delivery. The Equity Delivery charges for IIFL is Free, while Maheshwari Financial Services charges you 0.51%.
Equity Intraday: This means when you buy and sell stocks on the same day. So, the equity intraday brokerage charges for IIFL is Rs.20 per order or 0.05%, whichever is lower and for Maheshwari Financial Services also, it is 0.05%.
Equity Futures: Equity futures refers to the purchase and sale of shares at a fixed price on a future date. IIFL charge Rs.20 per order or 0.05%, whichever is lower and Maheshwari Financial Services charge 0.05% for equity futures.
Equity Options: These are contracts that allow an investor to buy or sell equities at a predetermined or strike price, (1 contract=100 shares). For equity options, IIFL charges Rs.20 per order, and Maheshwari Financial Services charges Rs.51 per Lot.
| Equity Brokerage Charges | IIFL | Maheshwari Financial Services |
|---|---|---|
| Equity Delivery Brokerage | Free | 0.51% |
| Equity Intraday Brokerage | Rs.20 per order or 0.05%, whichever is lower | 0.05% |
| Equity Futures Brokerage | Rs.20 per order or 0.05%, whichever is lower | 0.05% |
| Equity Options Brokerage | Rs.20 per order | Rs.51 per Lot |
IIFL and Maheshwari Financial Services Currency Brokerage Charges
Currency trading is also known as forex trading, which is used to buy and sell currency pairs. Most brokers offer this trading service.
Currency Future: It is also known as Foreign exchange futures. It is a type of contract where buying and selling of currencies is done on a future date at a fixed price. The Currency Futures Brokerage for IIFL is Rs.20 per order or 0.05%, whichever is lower and for Maheshwari Financial Services is 0.05%.
Currency Options: A currency option, like an equity option, is a contract that allows a buyer the right (but not the responsibility) to purchase or sell a specified currency at a fixed exchange rate on or before a particular date. IIFL charges Rs.20 per order or 0.05%, whichever is lower for currency options, whereas IIFL charges Rs.31 per Lot.
| Currency Brokerage Charges | IIFL | Maheshwari Financial Services |
|---|---|---|
| Currency Futures Brokerage | Rs.20 per order or 0.05%, whichever is lower | 0.05% |
| Currency Options Brokerage | Rs.20 per order or 0.05%, whichever is lower | Rs.31 per Lot |
IIFL and Maheshwari Financial Services Commodity Brokerage Charges
Commodity Trading: Commodity trading involves the purchase and sale of various commodities such as gold, silver, agriculture, and energy, as well as their derivative products. IIFL charges Rs.20 per order or 0.05%, whichever is lower for commodity trading, while Maheshwari Financial Services charges 0.05%.
| Commodity Brokerage Charges | IIFL | Maheshwari Financial Services |
|---|---|---|
| Commodity Options Brokerage | Rs.20 per order or 0.05%, whichever is lower | 0.05% |
IIFL and Maheshwari Financial Services Other Charges
Here are some other broker charges that should know about -
Minimum Broker Charges: IIFL levies a minimum brokerage fee of Rs.0.05 per Share, while Maheshwari Financial Services charges Percentage of Transaction brokerage fee.
Transaction Brokerage Charges: IIFL levies a transaction brokerage charge of 0.00325% of Total Turnover, while Maheshwari Financial Services charges 0.00%.
SEBI Turnover Charges: Securities and Exchange Board of India (SEBI) is the market regularly and monitors fair trade practices. They also charge a small fee known as the SEBI Turnover fee. So, the SEBI Turnover charges for IIFL is Rs.5 per crore and for IIFL is 0.0002% of Total Turnover.
Stamp Duty Charges: This fee is charged as per the state and asset class.
GST Charges (Goods and Services Tax): GST of 18% is charged (brokerage and transaction charges)
STT (Securities Transaction Tax): The STT charges for IIFL are 0.0126% of Total Turnover, while for Maheshwari Financial Services, they are 0.0126% of Total Turnover.
Call and Trade Charges: This charge varies for different brokers. IIFL charges Rs 50 per call and Maheshwari Financial Services charges NA.
| Other Brokerage Charges | IIFL | Maheshwari Financial Services |
|---|---|---|
| Minimum Brokerage Charges | Rs.0.05 per Share | Percentage of Transaction | Transaction Brokerage Charges | 0.00325% of Total Turnover | 0.00% | SEBI Turnover Charges | Rs.5 per crore | 0.0002% of Total Turnover | Stamp Duty Charges | As per the state | As per the state | GST Charges | 18% of (Brokerage + Transaction Charges) | 18% of (Brokerage + Transaction Charges) | STT Charges | 0.0126% of Total Turnover | 0.0126% of Total Turnover | Call and Trade Charges | Rs 50 per call | NA |
IIFL and Maheshwari Financial Services Equity Exposure/Leverage
With the leverage, you can trade for a much higher amount than you actually pay for it. It means to borrow money for buying securities. For example, if you want to buy stocks for Rs. 5,00,000, but have only funds of Rs. 2,00,000. Then, you can get the remaining 3,00,000 Rs. from the broker by paying them some margin amount.
Equity Delivery: Leverage provided for Equity Delivery by IIFL is up to Upto 5x and by Maheshwari Financial Services it is up to Upto 2x.
Equity Intraday: Leverage for equity intraday by IIFL is up to Upto 20x and by Maheshwari Financial Services it is up to Upto 5x.
Equity Futures: Leverage for Equity Futures by IIFL is up to Upto 7x and by Maheshwari Financial Services it is up to Upto 2x.
Equity Options: Leverage for Equity Options by IIFL is up to Upto 5x and by Maheshwari Financial Services also, it is up to Upto 4x.
| Equity Leverage | IIFL | Maheshwari Financial Services |
|---|---|---|
| Equity Delivery | Upto 5x | Upto 2x | Equity Intraday | Upto 20x | Upto 5x | Equity Futures | Upto 7x | Upto 2x | Equity Options | Upto 5x | Upto 4x |
IIFL and Maheshwari Financial Services Currency Leverage
The currency futures leverage provided by IIFL is up to Upto 8x, while for Maheshwari Financial Services it is up to Upto 3x.
The currency options leverage provided by IIFL is up to Upto 5x, while for Maheshwari Financial Services it is up to Upto 2x.
| Currency Leverage | IIFL | Maheshwari Financial Services |
|---|---|---|
| Currency Futures | Upto 8x | Upto 3x | Currency Options | Upto 5x | Upto 2x |
IIFL and Maheshwari Financial Services Commodity Leverage
The commodity leverage provided by IIFL is up to Upto 8x, while for Maheshwari Financial Services it is up to Upto 2x.
| Commodity Leverage | IIFL | Maheshwari Financial Services |
|---|---|---|
| Commodity | Upto 8x | Upto 2x |
IIFL and Maheshwari Financial Services Offers
Brokers offer various exciting offers to entice new customers. Here are some of them:
Free Stock Trading and Demat Accounts: many brokers offer new investors to open an account free to cost and start trading straight away with them.
Flexible Plans: attractive plans at an economical price such as ProStocks monthly plan targeting equity cash and currency F&O at Rs.899 and Rs.499, respectively.
Brokerage Discounts: Coupons providing up to 50% discount at their rates.
Happy Hours: A specific time slot where the trades/customers get broker's services at a discount.
1-month Free Plan: where brokers provide free delivery trading such as OneTradePlus.
Holiday Offers: brokers are providing their services at a discounted rate on special events such as Diwali.
Referral Program: brokers provide a discount when your family or friends sign up with the broker using your referral code.
Zero Brokerage on Loss Trade: complete refund of money on unsuccessful trades.
| Offers | IIFL | Maheshwari Financial Services |
|---|---|---|
| Free Stock Trading Account | Yes | Yes | Free Demat Account | Yes | No | Flexible Plans | Yes | Yes | Brokerage Discounts | No | Yes | Happy Hours | No | No | 1 Month Free Plan | No | No | Holiday Offers | No | Yes | Referral Program | Yes | No | Zero Brokerage on Loss Trades | No | No |
IIFL and Maheshwari Financial Services Features
Equity Trading: IIFL and Maheshwari Financial Services brokers are among the top brokers in India. They provide you with various trading options like Equity Delivery, Equity Intraday and Equity Futures and Options trading.
Currency and Commodity Trading: IIFL and Maheshwari Financial Services also offer you to trade in currency and commodities.
Initial Public Offering (IPOs): One of the greatest advantages of IIFL and Maheshwari Financial Services broker is that you can also invest in IPOs. IIFL also has an added advantage that they provide you with robo-advisory services as well.
Trading Exposure: Different brokers provide different trading exposures. IIFL offers trading exposure of up to Upto 20x, while Maheshwari Financial Services gives up to Upto 5x.
Mutual Funds: Investing in mutual funds is a great option to grow your wealth and many brokers offer the option to invest on that. With IIFL and Maheshwari Financial Services, you can invest in mutual funds through SIP and Lumpsum.
Forex Trading: With Forex Trading, you can trade in various international currencies. IIFL and Maheshwari Financial Services also allow you to trade in forex trading.
| Features | IIFL | Maheshwari Financial Services |
|---|---|---|
| Equity Delivery Trading | Yes | Yes | Equity Intraday Trading | Yes | Yes | Equity Futures Trading | Yes | Yes | Equity Options Trading | Yes | Yes | Currency Trading | Yes | Yes |
| Commodity Trading | Yes | Yes | IPO (Initial public offering) | Yes | Yes | Stocks Suggestions | No | No | Robo Advisory | No | No | PMS (Portfolio Management Services) | Yes | No |
| Trading Institution | No | No | Trading Exposure | Upto 20x | Upto 5x | Mutual Funds | Yes | Yes | SIP (Systematic Investment Plan) | Yes | Yes | Forex Trading | No | No | Banking | No | No | Insurance | No | Yes |
IIFL and Maheshwari Financial Services Advisory Services
Discount brokers and full-service brokers offer different services. Here are some of the top advisory services offered by brokers-
Fundamental Reports: These are the reports that analyse a company's financial statements and help investors and financial analysts make decisions about a company's present financial status.
Research Reports: Many broker companies have in-house research teams which are experienced and help people to give research reports on various securities like stocks, currency, mutual funds, etc. IIFL and Maheshwari Financial Services offer you in-depth research reports.
Company Reports: These are detailed and easy-to-understand reports on the company's measures throughout the year, month, or week.
Relationship Manager: Full-service broker gives a dedicated relationship manager, who will clear all your trading queries and help you throughout your trading journey.
Other Services: Many brokers provide more services depending upon the brokerage price like Company Stock Reviews, Free Stock Tips, IPO Reports, Top Picks, Daily Market Reviews, Monthly Reports, Weekly Reports and Offline Advisory.
| Advisory Services | IIFL | Maheshwari Financial Services |
|---|---|---|
| Fundamental Reports | Yes | No |
| Research Reports | Yes | No |
| Company Reports | Yes | No |
| Annual Reports | Yes | No |
| Company Stock Review | Yes | No |
| Free Stock Tips | Yes | Yes |
| IPO Reports | Yes | Yes |
| Top Picks | Yes | Yes |
| Daily Market Review | Yes | Yes |
| Monthly Reports | Yes | Yes |
| Weekly reports | Yes | Yes |
| Offline Advisory | Yes | Yes |
| Relationship Manager | Yes | Yes |
IIFL and Maheshwari Financial Services Desktop Trading Platforms
A trader can utilise multiple trading platforms to trade in stocks, commodities, etc. A good and advanced trading platform can make your trading easier and result in profit maximization. IIFL and Maheshwari Financial Services offer a Desktop Trading Platform with advanced tools, interactive charts, and quick buying and selling of securities. Their trading platforms can be used in Windows, Mac and Desktop browsers as well.
| Desktop Trading Platforms | IIFL | Maheshwari Financial Services |
|---|---|---|
| Windows | Yes | Yes |
| Mac | Yes | Yes |
| Desktop Browser | Yes | Yes |
IIFL and Maheshwari Financial Services Mobile Trading Platforms
IIFL and Maheshwari Financial Services offer you mobile trading platforms which can be used in iOS and Android applications.
| Mobile Trading Platforms | IIFL | Maheshwari Financial Services |
|---|---|---|
| Mobile Browser | Yes | No |
| Android App | Yes | Yes |
| iOS App | Yes | Yes |
| Windows App | No | No |
| Other mobile os | No | No |
IIFL and Maheshwari Financial Services Customer Support
Customer service is a critical aspect in converting a new customer into a loyal and long-term customer. Because the trading market moves quickly, an investor requires appropriate customer assistance from their brokers. IIFL and Maheshwari Financial Services give good customer support and service to their clients. They help you in online trading through chat support, e-mail support and call support.
| Customer Support Features | IIFL | Maheshwari Financial Services |
|---|---|---|
| Relationship Manager | Yes | Yes |
| Offline Trading | No | Yes |
| Online Trading | Yes | Yes |
| 24 * 7 Support | No | No |
| Email Support | Yes | Yes |
| Chat Support | Yes | No |
| Toll free number | No | No |
| Support Branches | 120 | 920 |
IIFL and Maheshwari Financial Services Customer Complaints
The BSE and NSE actively accept and handle complaints to maintain a stringent check and balance on fair-trade opportunities. Investors can file complaints about brokers or companies in case of any unfair trade practices. BSE and NSE make sure to resolve your complaints within a certain time. Check out the table below for IIFL and Maheshwari Financial Services registered and resolved complaints.
For IIFL, the Percentage of resolved BSE complaints is 84.14 % and the Percentage of resolved NSE complaints is 99.07 %.
For Maheshwari Financial Services, the Percentage of resolved BSE complaints is NaN % and the Percentage of resolved NSE complaints is 100.00 %.
We can say that IIFL is better than Maheshwari Financial Services in case of resolving customer complaints.
| BSE Complaints | IIFL | Maheshwari Financial Services |
|---|---|---|
| BSE Complaints | 145 | 0 |
| BSE Resolved Complaints | 144 | 0 |
| Percentage of resolved BSE complaints | 84.14 % | NaN % |
| NSE Complaints | 214 | 2 |
| NSE Resolved Complaints | 212 | 2 |
| Percentage of resolved NSE complaints | 99.07 % | 100.00 % |
| BSE/NSE Complaint vs. Resolved Percentage | 91.60 % | NaN % |
Frequently Asked Questions
Is IIFL better than Maheshwari Financial Services?
IIFL and Maheshwari Financial Services are at the top among the best full service brokers. You need to look for brokerage charges, account opening fees, trading platforms, etc. to determine which one is better.
Is Maheshwari Financial Services better than IIFL?
Maheshwari Financial Services and IIFL are at the top among the best full service brokers. As a result, we must examine features such as brokerage costs, account opening fees, trading platforms, and more to determine which of them is a better stockbroker.
Which is cheaper between IIFL and Maheshwari Financial Services?
IIFL and operate as full-service brokers, generally resulting in higher brokerage charges compared to discount brokers. In general, the brokerage fees for both of them will be relatively similar. Examine the brokerage fees in-depth to determine the less expensive broker for your requirements.
Which is better, IIFL and Maheshwari Financial Services?
To figure out which of the two stockbrokers, IIFL and Maheshwari Financial Services, is better, compare their brokerage charges, trading platforms, other expenses, research, account opening charges, and so on.
Compare IIFL with other stock brokers
Visit the following pages to see a detailed comparision report of IIFL with other brokerage firms.
Compare Maheshwari Financial Services with other stock brokers
Visit the following pages to see a detailed comparision report of Maheshwari Financial Services with other brokerage firms.