Zerodha vs Kotak Securities
Zerodha and Kotak Securities represent contrasting business models in Indian retail brokerage. Zerodha is a technology-first, flat-fee discount broker founded in 2010. Kotak Securities is a subsidiary of Kotak Mahindra Bank and has operated as a full-service brokerage since 1994, offering a bank-integrated three-in-one account and a broad product range spanning equities, derivatives, mutual funds, and research advisory.
Data in this article reflects publicly available information as of May 2026. Charge schedules should be verified at zerodha.com/charges and kotaksecurities.com before transacting.
Background
Zerodha was founded in 2010 by Nithin Kamath and Nikhil Kamath. Its flat-fee model and Kite trading platform made it the largest Indian retail broker by NSE active client count by 2019. The firm has remained privately held and self-funded.
Kotak Securities was incorporated in 1994 as a part of the Kotak Mahindra Group and is a wholly owned subsidiary of Kotak Mahindra Bank. It offers equity broking, currency and commodity trading, mutual fund distribution, fixed income, insurance, and research. Its integration with Kotak Mahindra Bank enables a three-in-one account (savings, demat, trading) for Kotak Bank customers. NSE active client data placed Kotak Securities at approximately one to two million active clients in late 2024, down from a higher count in earlier years as clients have migrated to lower-cost platforms.
Brokerage charges
| Charge head | Zerodha | Kotak Securities |
|---|---|---|
| Equity delivery | Zero | 0.49% or Rs 21 per order, higher (standard plan) |
| Equity intraday | Rs 20 or 0.03% | 0.049% or Rs 21, higher |
| Equity options | Rs 20 flat | Rs 21 per order (flat plan) |
| Demat AMC | Rs 300/year | Rs 600-900/year (varies by plan) |
| Account opening | Zero | Zero to nominal |
| Three-in-one account | No | Yes (Kotak Bank customers) |
Kotak Securities’ standard brokerage for delivery equity at 0.49 per cent is one of the higher percentage-based rates among major Indian brokers. The firm offers flat-fee plans (“Kotak Free” or plan variants) that bring delivery brokerage to zero; the default standard plan retains percentage charging. Investors should confirm which plan applies to their account before assuming zero delivery brokerage.
The demat AMC for Kotak Securities under standard plans ranges from Rs 600 to Rs 900 per year, double to triple Zerodha’s Rs 300.
Three-in-one account
Kotak Mahindra Bank customers can link savings, demat, and trading accounts for automatic fund settlement. This is operationally simpler for existing Kotak Bank customers. Zerodha links to any bank account via IMPS or NEFT.
Trading platforms
Zerodha’s Kite is the reference retail trading platform in India. Kotak Securities offers the Kotak Securities web interface, a mobile application, and the Kotak Neo trading platform for active traders. Kotak Neo provides advanced charting and streaming data. User reviews have generally rated Kite higher for interface quality and reliability.
Mutual funds and research
Kotak Securities distributes regular-plan mutual funds and publishes equity research reports as a SEBI-registered research analyst. Zerodha’s Coin offers direct-plan mutual funds (Rs 50 per month after year one). For long-term investors prioritising expense ratios, direct plans accessed through Coin or direct platforms have lower ongoing costs than regular plans distributed through Kotak Securities.
Summary comparison table
| Dimension | Zerodha | Kotak Securities |
|---|---|---|
| Founded | 2010 | 1994 |
| Parent | Private | Kotak Mahindra Bank |
| NSE active clients (approx.) | ~7 million | ~1-2 million |
| Delivery brokerage | Zero | 0.49% (standard); Zero (flat plan) |
| Intraday brokerage | Rs 20 or 0.03% | 0.049% or Rs 21 |
| Options brokerage | Rs 20 flat | Rs 21 flat |
| Demat AMC | Rs 300/year | Rs 600-900/year |
| Three-in-one account | No | Yes (Kotak Bank) |
| Research | None | Yes (SEBI RA) |
| Mutual funds | Direct (Coin) | Regular (distributor) |
See also
- Zerodha
- Kotak Securities
- Zerodha vs ICICI Direct
- Zerodha vs HDFC Securities
- Full-service vs discount broker
- Discount brokers in India
- Indian retail brokers comparison
References
- Zerodha charge schedule. zerodha.com/charges (accessed May 2026).
- Kotak Securities charge schedule. kotaksecurities.com (accessed May 2026).
- NSE active client data. nseindia.com (accessed May 2026).
- SEBI SCORES grievance data, Q3 FY 2025. sebi.gov.in.