Reviews of Stock Brokers

Manubhai Mangaldas

When it comes to investing in the stock market, choosing the right stockbroker is of utmost importance. It can significantly impact your trading experience, investment returns, and overall satisfaction. In this article, we will provide an in-depth review of Manubhai Mangaldas, one of India's prominent Full Service Broker. We will evaluate various aspects, including brokerage charges, trading platforms, customer support, and more, to help you make an informed decision.


Manubhai Mangaldas founded in 1986 by Manubhai M Bhaga is a Private company headquartered in New Delhi India. As a Full Service Broker, Manubhai Mangaldas aims to provide cost-effective buy/sell orders, enabling investors to save money compared to Discount Broker. However, it is crucial to note that Manubhai Mangaldas operates as a Discount Broker. It offers extensive investment advice and detailed stock analysis for its clients.

OverviewManubhai Mangaldas
Broker TypeFull Service Broker
Type of companyPrivate
HeadquarterNew Delhi
FoundersManubhai M Bhaga
Foundation Year1986
Supported ExchangesNA
Total branchesNil

Manubhai Mangaldas Account opening charges

To begin trading with Manubhai Mangaldas, you need to open a trading account and a Demat account. Manubhai Mangaldas charges Rs.250 for opening a trading account. Additionally, there is an annual maintenance charge (AMC) of Rs.250 per Annum for the Demat account. However, it's worth mentioning that trading AMC is free.

Account Opening and Demat ChargesManubhai Mangaldas
Trading Account Opening ChargesRs.250
Demat AMC (Annual Maintenance Charges)Rs.250 per Annum
Trading AMC (Annual Maintenance Charges)Free
Margin MoneyMinimum Rs.10,000
Offline to Online ChargesYes
DepositoryCDSL & NSDL

Manubhai Mangaldas Brokerage Charges

One of the main factors to consider when choosing a stockbroker is the brokerage charges. Manubhai Mangaldas brokerage charges for various segments are as follows:

Equity Brokerage Charges

Equity Brokerage ChargesManubhai Mangaldas
Equity Delivery Brokerage0.22% – 0.44%
Equity Intraday Brokerage0.022% – 0.044%
Equity Futures Brokerage0.022% – 0.044%
Equity Options BrokerageRs.22 – Rs.44 per Lot

Currency Brokerage Charges

Currency Brokerage ChargesManubhai Mangaldas
Currency Futures Brokerage0.022% – 0.044%
Currency Options BrokerageRs.22 – Rs.33 per Lot

Commodity Brokerage Charges

Commodity Brokerage ChargesManubhai Mangaldas
Commodity Options BrokerageNA

Manubhai Mangaldas Other Charges

In addition to brokerage charges, there are other charges to consider:

Other Brokerage ChargesManubhai Mangaldas
Minimum Brokerage ChargesPercentage of Transaction
Transaction Brokerage Charges0.00311%
SEBI Turnover Charges0.0002% of Total Turnover
Stamp Duty ChargesAs per the state
GST Charges18% of (Brokerage + Transaction Charges)
STT Charges0.0126% of Total Turnover
Call and Trade ChargesNA

Manubhai Mangaldas Equity Leverage

Leverage enables traders to amplify their market exposure using a relatively smaller capital amount. Here's the leverage provided by Manubhai Mangaldas:

Equity LeverageManubhai Mangaldas
Equity DeliveryUpto 2x
Equity IntradayUpto 5x
Equity FuturesUpto 2x
Equity OptionsUpto 6x

Manubhai Mangaldas Currency Leverage

Currency LeverageManubhai Mangaldas
Currency FuturesUpto 3x
Currency OptionsUpto 2x

Manubhai Mangaldas Commodity Leverage

Equity LeverageManubhai Mangaldas
CommodityUpto 1x

Manubhai Mangaldas Offers

Numerous stockbrokers are enticing customers with attractive offers in order to expand their client base. Some of these enticing offers include:

OffersManubhai Mangaldas
Free Stock Trading AccountYes
Free Demat AccountNo
Flexible PlansYes
Brokerage DiscountsYes
Happy HoursNo
1 Month Free PlanNo
Holiday OffersNo
Referral ProgramNo
Zero Brokerage on Loss TradesNo

Manubhai Mangaldas Features

FeaturesManubhai Mangaldas
Equity Delivery TradingYes
Equity Intraday TradingYes
Equity Futures TradingYes
Equity Options TradingYes
Currency TradingYes
Commodity TradingNo
IPO (Initial public offering)Yes
Stocks SuggestionsNo
Robo AdvisoryNo
PMS (Portfolio Management Services)No
Trading InstitutionNo
Trading ExposureUpto 5x
Mutual FundsNo
SIP (Systematic Investment Plan)No
Forex TradingNo

Manubhai Mangaldas Advisory Services

The key distinction between a discount broker and a full-service broker lies in the range of services offered and the rates at which they are provided.

ServicesManubhai Mangaldas
Fundamental ReportsYes
Research ReportsYes
Company ReportsNo
Annual ReportsNo
Company Stock ReviewNo
Free Stock TipsYes
IPO ReportsYes
Top PicksYes
Daily Market ReviewYes
Monthly ReportsYes
Weekly reportsYes
Offline AdvisoryYes
Relationship ManagerYes

Manubhai Mangaldas Trading Platforms

The Manubhai Mangaldas trading software comprises various trading platforms suitable for the diverse needs of the customers. It is built on IIFL's trading platform. It has been trusted by customers for the past two decades. The trading platform is available in three different forms. Namely: a mobile app, a web browser-based platform, and an installable desktop trading application.

Manubhai Mangaldas Trading Platforms

Desktop Trading PlatformsManubhai Mangaldas
Desktop BrowserNo

Manubhai Mangaldas Mobile App

The Manubhai Mangaldas mobile app allows users to trade on the go and provides access to trading at BSE/NSE and robo advisory services. Customers can download the app for free from either the google app store or the apple app Store. The app is designed to be simple and intuitive, enabling users to buy stocks, trade in stock and currency futures & options, and invest in mutual funds, ETFs, bonds, and more.

Mobile AppManubhai Mangaldas
Mobile BrowserYes
Android AppYes
iOS AppYes
Windows AppNo
Other mobile osNo

Manubhai Mangaldas Web Trading

For web-based trading, Manubhai Mangaldas offers a powerful trading website known as Manubhai Mangaldas trader station. This website can be accessed through any web browser on computers, laptops, mobile devices, or tablets. It provides a wide range of trading and investment options within a single domain. The web platform is seamlessly integrated with payment gateways and banks, enabling instant fund transfers.

Manubhai Mangaldas Trade Terminal

Manubhai Mangaldas offers a trade terminal, which is a downloadable trading terminal specifically developed for active traders seeking advanced trading features. This desktop application offers real-time data and advanced charts for monitoring intraday and historic stock prices. It also offers a variety of keyboard shortcuts to facilitate real-time market monitoring and faster order placement.

Manubhai Mangaldas Customer Support

Customer SupportManubhai Mangaldas
Relationship ManagerYes
Offline TradingYes
Online TradingYes
24 * 7 SupportNo
Email SupportYes
Chat SupportNo
Toll free numberNo
Support Branches10

Manubhai Mangaldas Complaints

Understanding the number of customer complaints received by a brokerage firm can provide insights into the quality and reliability of their services. The following table shows the information regarding the complaints received by Manubhai Mangaldas.

BSE ComplaintsManubhai Mangaldas
BSE Complaints0
BSE Resolved Complaints0
Percentage of resolved BSE complaintsNaN %
NSE Complaints1
NSE Resolved Complaints1
Percentage of resolved NSE complaints100.00 %
BSE/NSE Complaint vs. Resolved PercentageNaN %


In conclusion, Manubhai Mangaldas offers a range of trading and investment options through its user-friendly platforms. With competitive pricing and several investment choices, it is one of the best options for investors. However, the lack of comprehensive customer support and the number of customer complaints are areas of concern. Considering all the features and user experience, Manubhai Mangaldas can be considered a decent stock broker, but you must examine the pros and cons carefully before making a decision.