Zerodha vs IIFL Securities
Zerodha and IIFL Securities illustrate the divide between a pure-play discount broker and a diversified financial services company with broking as one of several revenue lines. Zerodha is a flat-fee, research-light, technology-first broker. IIFL Securities Limited (ticker: IIFLSEC) is a listed subsidiary of IIFL Finance and offers equity broking, research, wealth management, investment banking, and institutional brokerage.
Data reflects May 2026; verify current charges at zerodha.com/charges and iiflsecurities.com before transacting.
Background
IIFL Securities was incorporated in 1996 as India Infoline Limited and became a leading full-service brokerage under the IIFL group. It was separately listed as IIFL Securities Limited. The firm operates a large physical branch and franchise network across India and has historically served both retail and institutional clients. Its retail discount brand 5paisa (Zerodha vs 5paisa ) is a separately listed entity under the IIFL Finance umbrella.
NSE active client data placed IIFL Securities at approximately 0.5 to 1.5 million active clients in late 2024.
Brokerage charges
IIFL Securities operates primarily on a percentage model:
| Charge head | Zerodha | IIFL Securities |
|---|---|---|
| Equity delivery | Zero | 0.50% or Rs 20 minimum (standard) |
| Equity intraday | Rs 20 or 0.03% | 0.025% or Rs 20 minimum |
| Equity options | Rs 20 flat | Rs 10-25 per lot (plan-dependent) |
| Demat AMC | Rs 300/year | Rs 250-750/year (plan-dependent) |
| Account opening | Zero | Zero to Rs 500 |
IIFL Securities’ standard delivery brokerage at 0.50 per cent is above Zerodha’s zero. Flat-plan alternatives exist but are not the default structure.
Research and advisory
IIFL Securities maintains a substantial equity research team with sector coverage, earnings reports, and stock recommendations. Research is available to broking clients. This is a core differentiator from Zerodha’s no-research approach.
Wealth management
IIFL Wealth Management (a separate entity, now rebranded as 360 ONE Wealth) was demerged from IIFL Securities and serves high-net-worth clients. IIFL Securities itself offers portfolio management services and mutual fund distribution. Zerodha does not operate wealth management services within its broking entity.
Physical network
IIFL Securities operates branches and franchises across hundreds of locations in India, making it accessible for in-person support. Zerodha has no physical locations.
Trading platform
Zerodha’s Kite remains the reference. IIFL Securities offers the IIFL Markets application and a web platform. The platforms are functional but have received mixed reviews relative to Kite in the active trading community.
Summary comparison table
| Dimension | Zerodha | IIFL Securities |
|---|---|---|
| Founded | 2010 | 1996 |
| Listing status | Private | NSE and BSE (IIFLSEC) |
| NSE active clients (approx.) | ~7 million | ~0.5-1.5 million |
| Delivery brokerage | Zero | 0.50% (standard) |
| Options brokerage | Rs 20 flat | Rs 10-25 per lot |
| Demat AMC | Rs 300/year | Rs 250-750/year |
| Research | None | Yes (SEBI RA) |
| Physical network | None | Branches and franchises pan-India |
| Wealth management | None | Yes (PMS and distribution) |
See also
- Zerodha
- Zerodha vs 5paisa
- Zerodha vs Motilal Oswal
- Full-service vs discount broker
- Discount brokers in India
- Indian retail brokers comparison
References
- Zerodha charge schedule. zerodha.com/charges (accessed May 2026).
- IIFL Securities charge schedule. iiflsecurities.com (accessed May 2026).
- IIFL Securities quarterly disclosures. NSE filing (IIFLSEC).
- NSE active client data. nseindia.com (accessed May 2026).
- SEBI SCORES grievance data, Q3 FY 2025. sebi.gov.in.