Free Investment Zone – Zero Brokerage for equity delivery

Free Investment Zone - FYERS

With effect from 6th February 2018, we have introduced Zero Brokerage for equity delivery segment. From now onwards, you invest in stocks for free without having to pay any brokerage fees.

We have implemented zero brokerage in equity delivery segment to encourage direct equity investments in the Indian stock market. This is the year of reckoning for us and we decided to remove cost barriers for equity investors even further. It’s a reason to cheer up after LTCG tax of 10% on equities was introduced in the Union Budget 2018!

The participation in equity markets by retail investors in India is abysmally low. As of 2017, there are only around 2 crore demat accounts (Less than 2% of our population). But a majority of them of up to 70-80% are inactive. As per NSE’s report on 31st December 2017, there were only 42,88,171 active clients. The definition of an “Active Client” is someone who has traded at least once in a year. Most people who trade or invest in the market don’t do so very often. Hence, the actual size of the active trading/investing community is less than half of that at around 20 lakhs or so. Why is this? One of the main reasons is because the education system in India has neglected the subject of capital markets. We are taught extensively about the constitution, geography & history but almost nothing about how the stock markets really work and how to invest. Unfortunately, this has resulted in a vast majority of our population with little to no knowledge about investing in equities. Hopefully, the system includes this in the future so that there is more general awareness. Currently, 86% percent of India’s household savings are parked in real-estate and the balance is distributed between Fixed Deposits, Gold and local currency notes. In the last few years, mutual funds have been the popular choice but still, from a macro perspective, the penetration in equity markets has been negligible. If the participation comes via direct equity, it will signal that progress has been made. Our Zero Brokerage platform for investments can contribute to that progress to some extent.
 From our end, we are doing what we can to empower the retail traders and investors in India who have faced all sorts of difficulties and for a variety of reasons due to broker issues, lack of capital, trading platforms, opaque pricing policies etc. After introducing “Zero Brokerage for Equity Delivery segment”, we are proud to re-introduce ourselves to you as the “Free Investment Zone”. We feel proud to be the lowest cost brokerage in India after introducing zero brokerage for investments and the Fyers 30 Day Challenge. You can calculate other statutory charges on our Brokerage Calculator. If you appreciate our efforts so far and want to enable us to make more revolutionary changes, you can contribute to our growth by referring your friends to us. If you have any clarifications, you can ask us in the comments section below.
More power to investors. All the best!
Tejas Khoday

Tejas Khoday

Tejas is the Co-Founder & CEO at FYERS, the youngest team to get NSE’s broker license. He has a specialization in finance and has over 10 years of work experience spanning across proprietary trading, risk management, and broking. Tejas & his team started FYERS, a technology-focused brokerage as a mission to transform the trading/investment landscape in India.


  • Maaya Suresh says:

    Zero brokerage and 30 day challenge seems very attractive and a great initiative.

  • anitha banu says:

    very good article..which provides the clear idea of fyers

  • chowdary says:

    this brokerage plan encourages more retail investors to take a part in market investments , thanks fyers for bringing a revolution in brokerage industry

    • Tejas Khoday Tejas Khoday says:

      Hi Chowdary, Yes that’s the idea. We want all investors to transact without paying brokerage fees. We’ll see how it goes..

  • soorya hz says:

    pocket-friendly brokerage plan saves investors money and ensures cost effectiveness, thanks fyers for offering better than the best brokerage plan

  • Gautham says:


    When are you obtaining your DP license tentatively as I don’t want to sign an ECS mandate over to IL&FS and I am prepared to wait for a while ?


    • Tejas Khoday Tejas Khoday says:

      Hey Gautham, There is a very long regulatory procedure involved before we can get our DP license. I wish it was easier in terms of compliance and documentation but these things take time. Can’t give any deadlines at the moment.

  • Gautham says:


    When would you be obtaining your DP license tentatively as I don’t want to sign an ECS mandate for IL&FS’s demat services ?
    I am prepared to wait a few months.


  • Ramesh J says:

    do you offer vtc contract ordering or the contract expires at the end of the day on your platform?


    There is a big drawback in Fyers Platform and that is we can not increase the line thickness of moving average lines. I strongly suggest to incorporate this feature.

  • hitesh damle says:

    fyers one indeed a much better platform for professionals,just one question ,why the price is in the OCLH format and not in the OHLC ?

    • Tejas Khoday Tejas Khoday says:

      Hi Hitesh, Glad you like it & think that. That’s been our motto – To deliver a Pro platform for free to our clients. Will look into it and change it. Thanks for reporting it.

  • vishal dave says:

    If you want to invest in share and commodity market then make sure that you first discuss with share trading specialist .

    • Tejas Khoday Tejas Khoday says:

      Hi, is this some kind of promotion? Kindly refrain from doing that here Vishal, Thanks!

  • Amit Kumar Pandey says:

    Sir i don’t have demat A/C with fyers. Is there any additional charge for taking delivery in my zerodha demat account?

    • Tejas Khoday Tejas Khoday says:

      Hi Amit, We don’t allow that due to unnecessary complications which will arise in the future. To be able to take delivery of stocks you will have to do one of the following:

      1. Open a demat account with IL&FS through us.
      2. Link you existing IL&FS demat account with us. Our team can help you do this.

      • Amit Kumar Pandey says:

        So why you have linked my demat at the time of account opening?
        I have been told that you can take delivery but can sell it only through my existing broker.

      • Tejas Khoday Tejas Khoday says:

        You can link your existing demat for intraday trading but to take delivery you’ll need an IL&FS demat with us. This is to avoid confusion and works in your best interest. Sometimes, clients don’t want to open another demat account and choose to link their existing one. Although, that’s possible it’s not convenient due to such factors. We have disabled that feature because it can cause major confusion. For example, let’s say you have purchased shares through us and your linked demat got the credit of shares. Then you end up selling your shares through that broker. In our platform, it will continue to show that you still have those shares because we don’t get updated information from the linked demat. Hope you understand.

  • Jharna Majee says:

    good article. keep it up, sir.

  • Vaishnavi Sharma says:

    Hey Tejas all other things are transparent and great in Fyers to be a client of it. But there is only more thing I want to know , with two other brokerage firm I have the same issue of rejection of F/O orders and other execution of orders issues like position limit of a trading member and they’re accepting the big orders only which causes great loss if market moves reverse your expectations. So, I want to know what are your position limits for intraday trading and for F/O.
    Like if today’s BN price is 25085 then at what range I can place orders in both CALL and PUT options without rejection ?

    • Tejas Khoday Tejas Khoday says:

      Hi Vaishnavi, glad you like our transparency and that you are our client. The good news is that we don’t place any restrictions on any strike prices. You can trade in any strike price of any derivative contract. Don’t worry, we have sufficient position size limits.

  • hitesh damle says:

    does fyers provide the facility of BTST and STBT in equity cash segment?

    • Tejas Khoday Tejas Khoday says:

      Yes, we do provide BTST but not STBT in equity cash segment. If you want to short, I suggest you do it via derivatives.

  • suraj says:

    Hello Sir, I have to open account with you because you have very good platforms for trading…But I have some doubts…I am new to sharemarket and have heard from my friends that fyers is small brokarage house…Sebi is planning to raise capital for brokarage house close to 10 crores..if this happens many small brokers will have to shut down…is it true..?? Honestly this is what is stopping me from opening account with you…

    • Tejas Khoday Tejas Khoday says:

      Hi, we started in 2015 and have several thousand clients. We do approximately 5000 crore volumes per month and we are sufficiently capitalized to meet with increased net worth requirements even if it is increased to 10 crores. That should not be an area of worry for you at all. Instead, if you like our trading platforms and what we offer, do open an account with us.

      • suraj says:

        Thank you very much for bringing confidence in me to open account with you…Definitely I will do it…!!

      • Tejas Khoday Tejas Khoday says:

        You’re welcome Suraj. Naysayers will say a lot of things to deflect your attention from the core requirements to unreal propaganda.

  • Kumar says:

    The Fyers web seems to be good but there no option to add Pivot lines!!! Also there’s no Total buy Sell numbers displayed in the DOM section either.. and the bid price keep jumping up and down at times even going out of window if there’s a quick price movements, this makes it difficult to track at times otherwise well done

    • Tejas Khoday Tejas Khoday says:

      Kumar, we have already taken this up with TradingView and it shall be done soon. The DOM will evolve slowly and we need more feedback. Yes, your point does make sense that the total traded volume should show on each price. To avoid the bid/asks from jumping all over the place, we have enabled a feature in the settings window through which you can remove all the zero values between bid/asks. This way, the DOM feature is more useful. Please watch our video tutorial for more details –

  • Alok Jain says:

    This is a good add-on advantage for people ( including me ) looking for long term investment.

  • Shankar says:

    I have been trading since 6 months using your platform and I must say, I cant get a better platform anywhere. And now brokerage is also free.! Any other exciting news you have for us.?

    • Tejas Khoday Tejas Khoday says:

      Glad you like our platform the most Shankar. The exciting thing for us is that Cover orders are ready and in a few days it will be rolled out to all our clients. It is currently being tested by a select group of clients. If you want to be one of them, you can let us know on

  • A Venugopal says:

    Since you have made brokerage free for Equity Delivery, is there any hidden charges from Fyers or government ?

    • Tejas Khoday Tejas Khoday says:

      A Venugopal, no there are no additional/surprise charges. In fact, you will not be charged GST because brokerage is free and also, this has nothing to do with the government.

  • Ashika says:

    Ater this step, I can now invest without worrying about the brokerage. But will this affect ( increase ) the taxes applicable in any way ?

    • Tejas Khoday Tejas Khoday says:

      Hi Ashika, It will not increase taxes in anyway and in fact, will reduce it to some degree because GST will not be charged since the brokerage is zero.

  • Nandini Anne says:

    I was under the impression that the securities owned by us through your brokerage firm is in turn loaned to parties for a fee. There is also a fee earned when certain brokers are preferred over others. So overall, the fee that individual investors pay to invest is a small percentage of profit which should be easy to slash down. For the investor it is a lot of money to pay per trade, the fee is not really the firm’s only bread and butter. Anyways, we appreciate the positive move and if the paperwork and formalities very not so prolonging and painful, we’d stay invested.

    • Tejas Khoday Tejas Khoday says:

      Hi Nandini, no ways! The shares lying in your demat account are yours only and we cannot loan them out to others. In fact, the custody of your shareholdings are with the depository (CDSL). Your assumption, in this case, is incorrect. With regards to the signing up process, it is a one-time effort. Promise that the experience will most likely be better. Give it a shot.

  • Sudhir Ghule says:

    Thanks for such great initiative. My suggestion in couple of points: Why we are not member of BSE. Even mutual fund transcription we can’t do from Fyers.

    • Tejas Khoday Tejas Khoday says:

      Glad you like it. We have recently applied for the membership of BSE. Soon, we will have mutual funds too. We’re planning something good with regards to this! Let’s see how soon we can make it happen.

  • Piyush says:

    Thank you very much. I was just waiting for it. Zerodha was already giving free equity delivery, but there are many negative reviews like platform collapsing at crucial moment in zerodha. So, I did not join zerodha.
    Now, only thing holding me back to join fyers is the paperwork. When are you starting direct Aadhar based authentication i.e. paperless account opening? I know POA is not yet paperless, but other things can be made paperless.

    Waiting to join Fyers from last 2 months….

    • Tejas Khoday Tejas Khoday says:

      Hello Piyush! The only reason we have not been able to introduce paperless account opening is because we are tied up with IL&FS for demat services. They don’t yet have the E-KYC facility and hence, we are kinda bound right now. However, once we do get our own DP license, paperless account opening will be an obvious transition. It will take some time but I suggest you open an account the traditional way since it is a one-time process.

  • Vasu_R says:

    How much time will it take to shift my account from Zerodha to FYERS? I mean how much time it will take to open new account. I wish it was fast but your process is kind of physical account opening process. I came to know about your company from my trader friends and they asked me to open account with you instead of other brokers but your sales team told it will take 1 week. Please try to do it faster I am willing to pay for it right.

    • Tejas Khoday Tejas Khoday says:

      Hi Vasu, yes the time taken to open a new account can take between 3 days to 1 week depending on your location and your availability. Because you will have to sign physical documents which we will send to your address and send it back along with self-attested documents as required by us and IL&FS. Please note that because we are tied up with IL&FS for demat services, the time taken can sometimes increase in case your documentation has even small discrepancies.

  • Shrikanth says:

    Tejas Khoday Sir why are you making equity free for no reason? Just because the government is hiking taxes from time to time, you cannot keep on reducing your prices sir otherwise how you will make money and service the clients? It is definitely good for me as I will save brokerage fees and trade through you but what about your revvenues?? People are already loving your platform like anything you don’t have to do this according. Fyers is an inspiration to me because you are able to make the best platform from starting without getting outside investors like RKSV.

    • Tejas Khoday Tejas Khoday says:

      Well, we have heard this a lot already and I understand that it is hard to justify from a 100% rational perspective. Waiving off brokerage is a call that we have taken to increase the equity market participation in India to the maximum extent. Yes, it does effect our revenues, but that being said we have undertaken other initiatives too which can do precisely that. Our business is about achieving scale because the margins are wafer thin. Yes you’re right, when GST was introduced, we dropped our brokerage by 80% and now since LTCG tax was announced, we waived off equity brokerage fees. But like I said before, our business is all about generating volumes.

  • Sooraj says:

    Nice initiative…!! But frankly fyers doesnot need to make it free as many people are very impressed with your trading terminals and ready to pay brokarage as Rs 20 is not much…Well you are right. Most of the people in India consider sharemarket as Taboo place and forces their close one not to touch it. While many come here to be richest overnight and when then lose everything by their own mistakes, they start blaming sharemarket as gamblers paradise…but Very few people consider it as profession and survive in the long run…
    I am expecting Bracket Order from Fyers soon as I trade mostly using Bracket order only and also I want absolute price like 1, 2 to be placed in Target and stoploss like zerodha pi and not like entering whole stock price 248, 510.25. It saves seconds and reduces confusion while putting a price. I hope you understand what I mean…!! Cheers..!!

    • Tejas Khoday Tejas Khoday says:

      Yeah, I know we didn’t need to make it free but we took that call. Yes, it does affect our revenues quite but it’s alright. We look at it from a macro perspective. We will try our best in our capacity to educate people about the stock markets in the days and years to come. With regards to bracket orders, you’ll be pleasantly surprised in my opinion. Btw, today many of our customers are using Cover Orders in the beta version.

      • sooraj says:

        Pleasantly surprised…?? So that means i am getting what I want…!! hehe by the way how to access beta version..??

      • Tejas Khoday Tejas Khoday says:

        Yeah, you can access beta version by writing to us on (If our tech team is still accepting new beta users). I am assuming you already have a trading account with us of course.

  • maria says:

    first equity was charged as 0.10. but now its free, thisadds value to my trading, and fyers platform is one of the best i have seen plus with 30 days challenge and equity free makes me a satusfied customer.

  • sushma says:

    Equity trading for free, really amazing. Fyers is growing day by day with new innovations and inventions am happy with the services too. keep going fyers team.

    • Tejas Khoday Tejas Khoday says:

      Thx. Yeah, we have launched cover orders in Beta version. Do get in touch with us if you want to try it out.

  • Aditya says:

    Hi, I just want to know is it a limited period offer?

  • Samarth says:

    It is really a great news for investor like me. Fyers Very happy with the platform you are providing, mind-blowing technology and great customer support, now Zero brokerage for equity delivery. What else a investor wants!!!

    • Tejas Khoday Tejas Khoday says:

      Investors will want many more things in the future. Expectations never end and we’re here to fulfill whatever we can. Thanks for appreciating our move and efforts Samarth!

  • Deepak says:

    wow !!! The most awaited offer which I was looking for guys.This is just amazing ,KUDOS Fyers Team.

  • Krishna Murthy says:

    This is the best news I’ve heard from you guys. I always wanted free brokerage in delivery and finally it happened.

    • Tejas Khoday Tejas Khoday says:

      Well, we had a strong enough reason in the form LTCG Tax to introduce this. Happy as long as it adds value to the trading/investing community.

  • Shinoy K Simon says:

    Awesome work Tejas and team Fyers! Zero brokerage and 30 day challenge seems very attractive and a great initiative. Keep up the good work and be the benchmark in the industry. “Change brings in Change” and courage changes everything! Way to go.

  • Incognito_Analyst says:

    What else will you make free.. killling the market for no reason. Brokers like you should not be allowed otherwise brokerage industry will become free for all. How will existing brokers make money and what will happen to the advice people need?

    • Tejas Khoday Tejas Khoday says:

      Well, we are not killing the market as you claim. It takes a lot to sacrifice an existing revenue stream. Equity market participation in India is at its absolute bare minimum. Why? There are many reasons ranging from the lack of stock market education, lack of awareness about investments in general, pure advisory tips based brokerage services and high brokerage could also be a possible reason. We’ve just done what we can at the moment to empower the retail investors in our country. That doesn’t mean that other brokers are not flourishing. In fact, their profits and revenues have gone up quite handsomely. I believe there’s a market for everything. We are catering more to the section of the population that wants to do things themselves rather than be told what to do by their brokers.

    • Reddy says:

      Looks like you are one of the old time brokers who cannot stand that somebody is finally innovating and making stock market accessible to the common man. First see ur own services and then talk. I am suffered like anything by holding with sub brokers like you or whoever u are. Cannot believe how negative ur comment can be. U are thinking about urself and ur income but what about small investors? Big brokers have been mlking them for decades.

  • Vikyaath says:

    I think now Fyers is better than Zerodha by all standards. Some small things here and there but I feel this.

    • Tejas Khoday Tejas Khoday says:

      First of all thanks for considering us & great that you feel that way. We are making a lot of improvements to our system. FYI, cover orders are launched in the beta version and a select group of our clients are already using it. If you want to try it out, please get in touch with our support team. Lots more coming soon.

  • Prashanth says:

    Awesome… Its free Trading for Investors like us

  • VAIBHAV says:

    It is such a good initiative Fyers. Well Done. KUDOS

  • rakshita says:

    Great offer!! Zero brokerage for equity delivery and the 30-day challenge is the amazing offer in Indian stock market.

  • Tanya Choudhary says:

    My friend suggested me to use your platform and now I can easily say that it’s extremely easy and efficient to operate.
    And this news is like – Icing on the cake. Good going.
    I would highly recommend this to others.

  • SRINIVASAN says:



    • Tejas Khoday Tejas Khoday says:

      Hi Srinivasan, Yes, we built the margin calculators beforehand. Cover Orders will be launched this month itself. That’s for sure! It will be available across all our trading platforms including Fyers Web.

  • Jeevan says:

    Kudos! Very few brokers who are really trying to expand the equity market participation

  • Jagdish says:

    very gud offer. plz introduc mutual funds soon

  • Ankita says:

    I have been trading with you people since a year now. The kind of progress I’ve seen it’s just amazing. Moreover the 30 Days challenge was a game changer for the trading community, never seen such kind of lucrative plan so far.

  • Shefali Agarwal says:

    That’s a great initiative guys. Indeed, we can see that the revolution in the broking industry has started and the brokers like you are the main reason for that. Keep progressing guys, All the best!

    • Tejas Khoday Tejas Khoday says:

      Tx Shefali. Apologies for the late replies. Been responding all over. I always appreciate women who take the initiative to trade. For long, trading has been perceived as a man’s profession and we can clearly see that it’s changing in real-time. All the best!

  • Nilesh Chaturvedi says:

    I was very surprised to see you remove brokerage completely for delivery. I have beenn following you for the last 1.5 years on social media and always one thing i have observed is that you are taking feedback from uru customers and implementing without fail. Pls do not stop this and always continue to do this as it will surely make you No. 1 broker in India very soon. With other brokers we have to run from pillar to post trying to get even the smallest inquiry resolved. But with Fyers it is different. Sir, if you had started Fyers in Modi wave, then you would have been atleast been in top 5 brokers by now. Your 30 Day challenge is the most unbelievable offer in indian stock market and now this one. I hope you are not comporomiising your revenues too much because anybody can win 30 day challenge is what i feel. Your company is very unique sir. Some suggestions – Improve your back office, it is not as good as Fyers Web. I also think Fyers One should catch up with Fyers Web. Rest everything rocks!

    • Tejas Khoday Tejas Khoday says:

      Hello Nilesh, thanks for appreciating & following me. Yeah, we wish licenses were dolled out easily during that period. We would be in business in 2014 itself. But unfortunately regulatory requirements and approvals take their own time and there’s little we could do about it. Well, yes these offers do have the potential to reduce our revenues but it’s a call we decided to take in the larger interest of the traders and it also could help us in terms of traction. But yeah, it’s a calculated risk. Let’s see where this goes.

  • Karthikeyan says:

    Hi Is there a change in NRI Brokerage?

    • Tejas Khoday Tejas Khoday says:

      Unfortunately, we cannot implement the same for NRIs at the moment. This is because the process for NRIs is cumbersome at the back-end and takes up a lot of resources.The clearing and settlement process for NRIs is complicated. The Reserve bank of India & SEBI have not given brokers fund based settlement option. The account opening procedure is also quite long and has higher compliance requirements.

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