IIFL Securities Broker Review
Comprehensive Guide to IIFL’s Trading Platforms, Research & Services.
Open Account with IIFL Securities1. Broker Overview
Full Name: IIFL Capital Services Limited (Formerly India Infoline Limited)
Brand Name: IIFL Securities
Year of Establishment: 1995
Type: Full-Service Broker (offering discount brokerage plans as well)
Headquarters: Mumbai, Maharashtra
SEBI Stock Broker Reg. No: INZ000164132
Portfolio Manager Reg. No: INP000002213
Investment Adviser Reg. No: INA000000623
Research Analyst Reg. No: INH000000248
Depository Participant (CDSL): IN-DP-325-2017
AMFI Mutual Fund Distributor: ARN-47791
Website: iiflsecurities.com
2. Investment Products Offered
Core Investment Products:
- Equity Delivery & Intraday Trading
- Equity Derivatives (Futures & Options)
- Commodities Trading (MCX, NCDEX)
- Currency Trading (Futures & Options)
- Mutual Funds (Regular plans only)
- SIPs (Systematic Investment Plans)
- ETFs (Exchange-Traded Funds)
- Bonds & Debentures
- Sovereign Gold Bonds (SGBs)
- Initial Public Offerings (IPOs)
- NPS (National Pension System)
- Corporate Fixed Deposits
- Insurance Products (Life, General, Health – via group companies)
- Loans (Loan Against Shares, Home Loan, etc. – via group companies)
- Alternate Investment Funds (AIFs) [Verify for direct offering or distribution]
Mutual Funds Note: IIFL only offers Regular Mutual Funds, not Direct Mutual Funds. Regular plans include distributor commissions and slightly higher expense ratios.
International Investing (U.S. Stocks via Stockal Partnership):
- Invest in U.S. Stocks, ETFs, and Fractional Shares.
- No account opening or AMC charges for the international account.
- Digital onboarding process.
- Investment limit under RBI’s Liberalised Remittance Scheme (LRS): $250,000 per year.
- Popular U.S. stocks like Apple, Tesla, Amazon, and various ETFs are available.
Portfolio Management Services (PMS):
IIFL is one of the top PMS providers in India. Their PMS division offers:
- Discretionary PMS with tailored strategies.
- Diversified portfolios across sectors.
- Expert fund managers.
- Minimum investment: ₹50 Lakhs (as per SEBI).
- Strategies include Alpha PMS, Multicap PMS, Value Strategy, and sector-specific allocations.
Suitable for high-net-worth individuals seeking personalized investment strategies.
3. Overall Ratings & Breakdown
Note on Ratings: Ratings have been adjusted to reflect user feedback regarding customer support, platform UI, API/platform discrepancies, and lack of direct mutual funds.
4. Account Opening & AMC
Account Opening Charges:₹0 (Free)
Annual Maintenance Charges (AMC)
First Year:
₹0 (Free)
From Second Year Onwards:
₹250 + GST
Account Opening Process:Online & Offline options available, with extensive branch support.
Required Documents:PAN Card, Aadhaar Card, Bank Proof, Signature, Income Proof (for F&O).
5. Brokerage Charges (Investor Plan – Online Plus)
IIFL Securities offers multiple plans. The “Investor Plan – Online Plus” is a common one. **Verify exact plan details carefully as they can vary.** They also offer flat-fee plans like IIFL Z20.
| Segment | Brokerage Charge |
|---|---|
| Equity Delivery | 0.25% of transaction value |
| Equity Intraday / Futures | 0.025% per order |
| Nifty Options | ₹25 per lot |
| Stock Options | ₹25 per lot |
| Bank Nifty Options | ₹75 per lot |
| Commodity & Currency Trading (Futures) | 0.025% per order |
| Currency Options | ₹8 per lot |
| Currency Futures | ₹20 per lot |
| Commodity Options – Gold | ₹125 per lot |
| Commodity Options – Silver / Crude Oil | ₹80 per lot |
| Commodity Options – Copper / Zinc | ₹65 per lot |
| Commodity Options – Gold Mini | ₹10 per lot |
| Mutual Funds (Regular Plans) & IPOs | ₹0 (Zero Brokerage) |
Important: Brokerage rates are highly dependent on the chosen plan (e.g., Investor Plan, IIFL Z20, IIFL Plus, etc.) and negotiation for HNI clients. Statutory charges (STT, GST, etc.) are applicable on all trades.
6. Other Charges & Taxes
Depository Participant (DP) Charges
| Service | Charge |
|---|---|
| DP Transaction Charge (Credit) | ₹0 |
| DP Transaction Charge (Debit) | ₹25 per scrip + GST |
| Pledge & Unpledge Charges (Customer Initiated) | ₹10 per ISIN + GST |
| Re-pledge and Release Charges (Collaterals) | ₹1 per ISIN + GST |
| Pledge Invocation Charges | ₹15 per ISIN + GST |
| Pledge Closure | ₹0 |
| Demat / Remat Charges | ₹15 per certificate + GST |
| Re-issuance of New DIS Booklet | ₹100 + ₹40 (Postal Charges) + GST |
Regulatory & Statutory Charges
Securities Transaction Tax (STT)
| Segment | STT Rate |
|---|---|
| Equity Delivery | 0.1% on both buy and sell |
| Equity Intraday | 0.025% on sell side |
| Equity Futures | 0.01% on sell side |
| Equity Options | 0.05% on sell side (on premium) |
SEBI Turnover Fees
₹5 per crore (0.00005%) of turnover.
Exchange Transaction Charges
| Exchange | Charge Rate |
|---|---|
| NSE | 0.00325% of transaction value |
| BSE | Fixed charge (as per exchange norms) |
Stamp Duty (Gujarat Specific Rates – Varies by State)
| Segment | Stamp Duty Rate (Buy Side) |
|---|---|
| Equity Delivery | 0.015% |
| Equity Intraday | 0.003% |
| Equity Futures | 0.002% |
| Equity Options | 0.003% |
Note: Stamp duty rates vary by state. The above are indicative.
Goods and Services Tax (GST)
18% on brokerage, transaction charges, SEBI fees, and other applicable charges.
Additional Charges
| Service | Charge |
|---|---|
| Call & Trade | ₹50 per order |
| System & Risk Square Off | ₹100 per order |
| Delayed Payment Charges | 18% p.a. |
| Payment Gateway Charges | ₹0 |
| Courier/Physical Printing (When Requested) | ₹100 + ₹40 (Postal Charges) + GST |
Disclaimer on Charges: All charges are exclusive of GST and other statutory levies. These charges are indicative and may vary based on specific plans or promotional offers. For the most accurate and up-to-date information, please refer to IIFL’s official Brokerage Charges page.
7. Margin & Leverage
Intraday (Equity):Up to 5x-6x (Stock & SEBI specific).
F&O (All Segments):As per Exchange (SPAN + Exposure).
Delivery (Equity – MTF/eMargin):Margin Trading Facility available with interest charges.
Against Pledged Shares:Yes, available post haircut.
8. Trading Platforms
Web:IIFL Markets Web (TT Web), IIFL Securities Website
Mobile:IIFL Markets App (Android & iOS)
Desktop:Trader Terminal (TT Exe – Downloadable)
API Platform:IIFL Blaze API (may be different from main trading platform)
Notable Features:
- Integration of research calls and reports.
- Advanced charting tools, multiple watchlists.
- Guest login, Price alerts, Heatmaps.
- Portfolio analysis tools.
- Single sign-on across platforms (for main platforms).
User feedback suggests potential UI/UX issues and discrepancies between the main trading platforms and the API platform (Blaze Terminal), which can be a concern for some traders.
9. Tools, Features & Advisory
Charting:Advanced charting with a wide range of indicators.
Option Chain:Available with strategy tools and analytics.
Strategy Builder:Yes, tools for options and other strategies.
API Access:Yes, IIFL Blaze API for algo trading. [Verify charges/access details].
Order Types:Market, Limit, SL, GTT, AMO, Bracket Order, Cover Order, Basket Order.
Research & Advisory:
Core strength of IIFL Securities:
- Extensive research reports (Equity, Derivatives, Mutual Funds, Economy).
- Stock recommendations, trading ideas, model portfolios.
- Dedicated Relationship Manager and advisory support.
- Investment planning and wealth management services.
10. Extra Features & Value Adds
Strong Research Desk:Well-regarded for its in-depth market research and analysis across asset classes.
Personalized Advisory & RM:Access to financial advisors and relationship managers for tailored investment strategies and support.
Portfolio Management Services (PMS):Offers a range of PMS options for HNI clients.
Wide Branch Network:Extensive physical presence across India, offering offline support and services.
Diversified Financial Services:Part of IIFL Group, offering loans, insurance, wealth management, and other financial solutions.
Educational Initiatives:Regular webinars, seminars, and market outlook sessions for clients.
U.S. Stock Investing (via Stockal):Allows diversification into global markets.
11. Pledge Facility
Pledging Allowed?Yes
Pledge/Unpledge Charges (Customer Initiated):₹10 per ISIN + GST. Refer to Section 6 for details.
Margin Availability Time:Usually T+1 day.
12. Fund Transfer & Withdrawal
Supported Fund Transfer Methods:Net Banking, UPI, NEFT/RTGS/IMPS, Cheque.
Withdrawal Process & Time:
Online process. Standard withdrawal typically processed within 24-48 working hours.
Fund Transfer/Withdrawal Charges:Payment Gateway (Fund transfer) charges are ₹0. Other charges may vary by method. [Verify specific charges with IIFL].
13. Customer Support
Support Channels:
- Email: [cs@iifl.com or other specific emails]
- Phone Support: [Enter Toll-Free / Support Numbers, e.g., 022-40071000 / 022-67881000]
- Live Chat on Website/Platform
- Extensive Branch Support (Network across India)
- Dedicated Relationship Manager (for eligible clients)
- Comprehensive FAQ & Help Section on website
Support Timings:Standard business hours, branch timings. [Verify for 24/7 or extended support].
Turnaround Time (TAT):Varies; RM support can be prompt. User feedback on general support responsiveness is mixed.
User reports suggest customer support responsiveness can be an area of concern for some.
14. IIFL SECURITIES BROKER COMPLAINT DATA (FY 2024–25)
NSE (National Stock Exchange)
Active Clients: 1,000,000
Total Complaints: Data not specified
Resolved: Data not specified
Non-Actionable: Data not specified
Pending: Data not specified
BSE (Bombay Stock Exchange)
Active Clients: 500,000
Total Complaints: Data not specified
Resolved: Data not specified
Non-Actionable: Data not specified
Pending: Data not specified
Source: GarvThakur – IIFL Securities Complaints, Chittorgarh – Broker Complaints Report.
Complaint data for specific resolution numbers was not provided by the source for this period. Always consider the context of total complaints against the large active client base.
Complaint data for specific resolution numbers was not provided by the source for this period. Always consider the context of total complaints against the large active client base.
15. Why Choose IIFL Securities? (And Why It Might Not Be For You)
Reasons to Use IIFL Securities (Pros)
- Strong Research & Advisory: In-depth research reports, stock recommendations, and market insights.
- Dedicated Relationship Manager and personalized advisory services (plan dependent).
- Wide Range of Investment Products including PMS, Insurance, Bonds, and US Stocks (via Stockal).
- Multiple Trading Platforms catering to different needs.
- Extensive Physical Presence: Large network of branches across India for in-person support.
- Long-standing brand reputation and experience in financial services since 1995.
- Offers Margin Trading Facility (MTF).
- Discount brokerage plans like IIFL Z20 available for cost-conscious traders.
Reasons to Reconsider IIFL Securities (Cons)
- Higher Brokerage on standard plans compared to pure discount brokers (though Z20 plan addresses this).
- Annual Maintenance Charges (AMC) apply after the first year.
- No Direct Mutual Funds: Only offers regular mutual fund plans which have higher expense ratios.
- Customer Support: User feedback indicates responsiveness can be an issue.
- Platform UI/UX: Some users find the platforms less intuitive compared to newer fintech apps.
- API (Blaze Terminal) & Trading Platform Discrepancies: Can cause issues for users relying on both.
- Call & Trade and System Square-off charges are relatively high.
16. Current Offers & Referral Program
Account Opening Offers:Standard offer includes Free Account Opening and waiver of AMC for the first year. Other promotions may be available. [Check IIFL Securities official website for current offers].
Refer & Earn:Yes, IIFL Securities typically has a referral program. [Verify details and current benefits on their website].
Promo Code:May be available during specific marketing campaigns or via partnerships.
Important: Offers and promotions are dynamic and subject to change. Always verify the latest details on IIFL Securities’ official website before making any decisions.