The Mumbai-headquartered firm said in a blog post that the updated pricing “ensures that it can continue to invest heavily in the technology and security clients rely on.”
New fee structure
Under the revised model, the equity delivery brokerage will increase to the lower of Rs 20 or 0.1% per trade, with a minimum charge of Rs 5, up from Rs 2 earlier.
For intraday (cash segment) trades, the brokerage will now be the lower of Rs 20 or 0.1% per trade, compared to the earlier rate of 0.03%, with a minimum charge of Rs 5.
The changes effectively mean higher costs for small-ticket traders and delivery-based investors, though Angel One said it continues to cap maximum brokerage at Rs 20 per order, in line with industry norms.
Broader industry context
The revision comes at a time when India’s discount brokerages — once the biggest beneficiaries of the retail trading boom — are recalibrating their business models after regulatory tightening on futures and options (F&O) activity.
In November 2024, the Sebi raised the minimum contract value for derivatives and limited weekly index options to one per exchange. The move was aimed at discouraging excessive speculation in options trading, where over 90% of retail traders reportedly lose money.The curbs triggered a sharp decline in retail participation across exchanges, hitting volumes and brokerage income.Angel One, which competes with Zerodha, Groww, and Upstox, has been among the most affected. Its September-quarter consolidated profit fell 50% year-on-year to Rs 2,120 crore, marking the third consecutive quarterly decline.
Revenue for the quarter slid 20.7% to Rs 12,020 crore, while gross client acquisition was down 41.9% and total orders fell 26.3%, according to the company’s exchange filing.
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