IIFL Securities Review 2023: IIFL Securities is one of the largest stockbrokers in India, with over 3 million clients. It offers a wide range of broking services, including equity trading, commodity trading, and currency trading. But is IIFL Securities safe?
In this blog post, we will take a comprehensive look at IIFL Securities and assess its safety. We will cover the following topics:
- IIFL Securities’ regulatory compliance
- IIFL Securities’ financial stability
- IIFL Securities’ security measures
- IIFL Securities’ customer reviews
By the end of this blog post, you will have a good understanding of whether or not IIFL Securities is a safe broker.
What is IIFL Securites?
IIFL Securities Limited (formerly India Infoline Securities Limited) is a full-service stockbroking firm in India. It is one of the largest independent retail and institutional broking houses in the country, with over 3 million clients and a network of over 2,500 points of presence in over 500 cities.
IIFL Securities offers a wide range of broking services, including equity trading, commodity trading, currency trading, depository participant services, merchant banking, and distribution of financial products. It also provides investment advisory services to corporates, institutional investors, foreign portfolio investors, mutual funds, insurance companies, alternative investment funds, trusts, high net worth individuals, and retail clients.
IIFL Securities is a member of the National Stock Exchange (NSE), the Bombay Stock Exchange (BSE), the Multi Commodity Exchange of India (MCX), and the National Commodity & Derivatives Exchange (NCDEX). It is also a depository participant with the Central Depository Services (India) Limited (CDSL).
IIFL Securities has been awarded numerous awards for its broking services, including the “Best Stockbroker in India“ award by the Global Banking & Finance Review in 2023. It has also been ranked among the top 10 stockbrokers in India by various publications, such as The Economic Times and Moneycontrol.
IIFL Securites Key Features
Here’s the list of IIFL Securities key features:
- It’s a one-stop destination for all your trading needs.
- You get access to free research reports, which can help you make informed investment decisions.
- You can create a watchlist tailored to your preferences.
- You can quickly view intraday charts and live stock market indices.
- It allows for fast and convenient trading right on your mobile device.
- You can apply for IPOs and OFS (Offer for Sale) without paperwork.
- You receive instant notifications and alerts based on your chosen conditions.
- You can easily track your order history.
- You have the option to cancel or modify your orders as needed.
IIFL Securities Charges
IIFL Securities charges is mentioned below by category wise:
IIFL Securities Brokerage Charges
When trading stocks and derivatives through IIFL Securities’ iServe platform, customers will incur brokerage charges. These charges are uniform across various segments, making it straightforward for traders to understand the costs associated with their transactions.
Here’s a list of the brokerage fees for different trading segments:
|Monthly Fee (Fixed)||NA (Not Applicable)|
|Equity Delivery||Rs 20 per order|
|Equity Intraday||Rs 20 per order|
|Equity Futures||Rs 20 per order|
|Equity Options||Rs 20 per order|
|Currency Futures||Rs 20 per order|
|Currency Options||Rs 20 per order|
|Commodity Futures||Rs 20 per order|
|Commodity Options||Rs 20 per order|
These uniform brokerage charges across different trading segments simplify the cost structure for traders using IIFL Securities’ iServe platform, making it transparent and easy to plan for trading expenses.
IIFL Securities Transaction Charges
When trading on IIFL Securities, customers may incur transaction charges, which are a combination of Exchange Turnover Charge and Trade Clearing Charge. These charges are typically a percentage of the total turnover and can vary based on the trading segment.
Below is a list of the transaction charges for different segments:
|Equity Delivery||Rs 325 per Cr (0.00325%)|
|Equity Intraday||Rs 325 per Cr (0.00325%)|
|Equity Futures||Rs 210 per Cr (0.0021%)|
|Equity Options||Rs 5100 per Cr (0.051%) (on premium)|
|Currency Futures||Rs 210 per Cr (0.0021%)|
|Currency Options||Rs 5100 per Cr (0.051%) (on premium)|
|Commodity (Group A)||Rs 280 per Cr (0.0028%)|
IIFL Securities Trading Taxes/Charges
When trading with IIFL Securities, it’s important to be aware of the various government taxes and charges that may apply to your transactions. These taxes are typically detailed in the contract note sent to customers at the end of the trading day.
Below is a table summarizing the key tax rates for trading with IIFL Securities:
|Tax||IIFL Securities Rates|
|Securities Transaction Tax (STT)|
|– Equity Delivery||0.1% on both Buy and Sell|
|– Equity Intraday||0.025% on the Sell Side|
|– Equity Futures||0.01% on the Sell Side|
|– Equity Options||0.05% on the Sell Side (on Premium)|
|– Commodity Futures||0.01% on the Sell Side (Non-Agri)|
|– Commodity Options||0.05% on the Sell Side|
|– Currency F&O||No STT|
|– On Exercise transaction||0.125%|
|– Right to entitlement||0.05% on the Sell Side|
|Exchange Transaction Charges||Refer to the table above|
|GST (Goods and Services Tax)||18% on (Brokerage + Transaction Charge + SEBI Fee)|
|SEBI Charges||0.0001% (₹10/Crore) of the turnover|
|– Agri futures||Rs 1 per crore (except for Agri futures)|
|Stamp Duty||(On buy side only)|
|– Equity Futures||0.002%|
|– Equity Options||0.003%|
|– Currency F&O||0.0001%|
|– Commodity Futures||0.002% (MCX)|
|– Commodity Options||0.003% (MCX)|
These taxes and charges, including Securities Transaction Tax (STT), GST, SEBI charges, and Stamp Duty, may vary depending on the type of trading activity you engage in. Staying informed about these tax rates is essential for understanding the total cost associated with your trades on the IIFL Securities platform.
IIFL Securities Account Opening Charges | IIFL Securities AMC Charges
IIFL Securities provides stock trading and Demat account services, and they have a straightforward fee structure for their customers. When opening an account with IIFL Securities, you’ll encounter two types of charges: account opening charges and annual maintenance charges (AMC).
Here’s the list of these charges:
|Trading Account Opening Charges||Rs 0 (Free)|
|Trading Annual Maintenance Charges||Rs 0|
|Demat Account Opening Charges||Rs 0|
|Demat Account Annual Maintenance Charges (1st Year)||Rs 250 (Free)|
These transparent and competitive fee structures make it convenient and cost-effective for individuals to open and maintain their trading and Demat accounts with IIFL Securities.
IIFL Securities Demat Account Charges
IIFL Securities offers Demat account services, and they have a clear and competitive fee structure for these services.
Here’s the list of the Demat account charges:
|1||Demat Account Opening Charges||Rs 0 (Free)|
|2||Transaction Charges (Buy)|
|3||Transaction Charges (Sell)||Rs 25 per debit transaction|
|4||Annual Maintenance Charges (AMC)||Rs 250 (free for 1st year)|
|5||Demat + Courier Charges||Rs 15 per certificate|
|6||Remat||Rs 15 per certificate|
|7||Pledge Creation||Rs 10|
|8||Pledge Creation Confirmation||Rs 0|
|9||Pledge Invocation||Rs 15|
|– Conversion of MF units||Rs 0|
|– Reconversion of MF units||Rs 0|
|– Courier Charges||Rs 100 per request|
These transparent Demat account charges from IIFL Securities help users understand the costs associated with managing their securities and investments, making it easier to plan for their financial activities.
IIFL Securities Demat Account Opening Online Process
Opening an account with IIFL is a hassle-free and paperless process that’s both convenient and free of charge for all customers. The online account activation can be completed in just a few minutes, especially if your Aadhar Card is linked to your current phone number.
Here’s a step-by-step process of the IIFL Securities Demat Account Online Opening Procedure:
- Visit IIFL Securities‘s Online Account Opening Website.
- Enter your name, email ID, and mobile number.
- Receive an OTP on your mobile number.
- Click on the link sent to your registered email and enter the OTP.
- Fill Personal Details
- Provide your PAN Number, Date of Birth, and Aadhar Number.
- Receive an OTP to validate your Aadhar.
- IIFL will retrieve your personal details from the eKYC Database.
- Fill Address Details
- Validate or update your corresponding address.
- Fill Bank Details
- Enter Bank Name, Account Number, Branch Name, or IFSC code.
- Fill Other Details
- Choose your investment options and preferred trading segments.
- Upload Documents
- Upload scanned copies of the following documents:
- PAN Card
- Photo (upload your picture or take a selfie using a webcam)
- Cancelled Cheque (Cheque should have your name printed on it). If your cheque doesn’t have your name, upload a copy of your bank statement with account details.
- Financial Documents/Income Proof (required for trading in Derivatives & Currency only): Accepted documents include Copy of ITR Acknowledgment, Copy of Annual Accounts, Copy of Form 16, Net-worth Certificate, Salary Slip, Latest Bank Statement, or Copy of Demat Account Holding Statement.
- Upload scanned copies of the following documents:
- Choose Plans & Make Payment
- Select a plan that suits your preferences from the variety of popular plans offered by IIFL.
- Complete the payment process.
- Submit your application.
This streamlined process ensures that you can quickly and easily open an account with IIFL Securities, enjoying the benefits of paperless and hassle-free account activation. Be sure to have your PAN card, photo, and canceled cheque or bank statement ready to expedite the process.
IIFL Securities Demat Account Documents Required
To open a trading and Demat account with IIFL Securities, you will need to provide specific documents for verification. These documents ensure the legality and authenticity of your account. Here’s a list of the necessary documents:
- PAN Card
- Cancelled Cheque or Bank Statements
- Financial Documents/Income Proof (for Derivatives & Currency Trading)
Is IIFL Securities Safe?
IIFL Securities is a regulated stockbroker and is a member of the NSE, BSE, MCX, and NCDEX. It is also a depository participant with the CDSL. This means that IIFL-Securities is subject to the rules and regulations of these exchanges and depositories.
IIFL-Securities is also a financially stable company. It has a strong track record of profitability and has a healthy balance sheet.
In terms of security measures, IIFL-Securities has implemented a number of measures to protect its clients’ data and funds. These measures include using two-factor authentication, data encryption, and regular security audits.
Overall, IIFL Securities is a safe and reliable stockbroker. It is a well-established company with a strong track record and is subject to various regulations. It has also implemented a number of security measures to protect its clients’ data and funds.
However, it is important to note that no stockbroker is 100% safe. There is always some risk involved in investing in the stock market. Therefore, it is important to do your own research and choose a stockbroker that you can trust.
Other Services Provided by IIFL Finance
- Investment Advisory
- Portfolio Management Services (PMS)
- Mutual Funds
- Loan Services : Personal Loans, Home Loan, Gold Loan and Business Loan
- Wealth Management
- Research and Analysis
- Education and Training
- IPO Services
- Commodity Trading
- Currency Trading
- Depository Services
- NRI Services
IIFL Securities Customer Care Number
Here are the customer care numbers for IIFL Securities based on different services:
Equity and Currency Trading:
- Call: 022-40071000
- Call: 022-61502000
Commodity and Spot Trading:
- Call: 022-40071000
- Call: 022-61502000
Gold, NCD, NBFC, Insurance, and NPS:
- Call: 022-40071000
- Call: 022-61502000
Does IIFL Securities have a mobile app?
Yes, IIFL Securities has a mobile app called “IIFL Markets“. It is available for download on both Android and iOS devices. The app allows users to trade in equities, commodities, and currencies on the NSE, BSE, MCX, and NCDEX exchanges. It also offers a variety of other features, such as:
- Real-time market data and charts
- In-depth research reports
- News and analysis
- Personalized watchlists
- Instant order placement and modification
- IPO applications
- Demat account management
- And more
The IIFL Markets app is rated highly by users and has won several awards, including the Best Mobile Trading App award from CNBC Awaz in 2022.
Q. What is IIFL Markets?
IIFL Markets is the online trading platform of IIFL-Securities, one of the leading stockbrokers in India. It allows users to trade in equities, commodities, and currencies on the NSE, BSE, MCX, and NCDEX exchanges.
Q. Who is the owner of IIFL Securities?
The owner of IIFL Securities is Mr. Nirmal Jain. He is a first-generation entrepreneur who co-founded IIFL-Securities in 1996. Mr. Jain is also the Managing Director of IIFL Finance, the parent company of IIFL-Securities.
Conclusion: IIFL Securities Review 2023
In conclusion, IIFL-Securities offers a wide range of financial services, including stock trading, Demat accounts, investment advisory, and more. Their affordable brokerage rates and robust trading platform make them an attractive choice for traders.
However, customers should be aware of certain drawbacks, such as margin funding issues and brokerage charges for equity delivery. Overall, IIFL-Securities provides a comprehensive suite of services to cater to the diverse needs of investors in India.
IIFL Securities Pros and Cons
Advantages/Pros of IIFL-Securities:
- Full-Service Broker: IIFL is a full-service broker with a widespread branch network across India.
- Affordable Brokerage: They offer a flat Rs 20 per trade brokerage for Delivery, Intraday, and F&O trading on major stock and commodity exchanges.
- Free Research Services: IIFL provides free research and recommendation services for stocks and mutual funds.
- Robust Trading Platform: Their trading platform, ‘Trader Terminal,’ is highly regarded as one of the best in the industry.
- Diverse Trading: You can trade in equity, commodity, and currency on a single platform.
- Equity SIP: They offer an Equity Systematic Investment Plan (SIP) for systematic investing in stocks.
- Advanced Order Types: IIFL offers advanced order types like ‘Valid till Date’ (VTD) orders.
- Personal Assistance: Every account comes with a Relationship Manager (RM) for in-person trading advice and assistance.
- Wide Range of Products: They offer various financial products including stocks, derivatives, bonds, IPOs, mutual funds, Corporate FDs, and insurance.
- Publicly Traded: IIFL Securities is a publicly-traded company listed on stock exchanges.
Disadvantages/Cons of IIFL-Securities:
- Margin Confusion: Margin funding can be given to customers without notice, leading to confusion and hefty interest charges.
- Brokerage for Equity Delivery: Unlike some discount brokers, IIFL charges brokerage for equity delivery trading.
- No 3-in-1 Account: They do not offer a 3-in-1 account since IIFL doesn’t have a banking license.
- No Direct Mutual Funds: Direct mutual funds are not available through IIFL.
- Call & Trade Charges: Charges for Call & Trade services are Rs 50 per call.