Which is the best online Broker for Indian Option Trading?

Grisham's 2005 Novel Image via Wikipedia
Options trading in India is catching up. Almost all brokers are giving the facility to trade Options in NSE. Previously they charge brokerage on the total value of the contract. It means if you buy Nifty 4100 call option @ Rs.80 you have to shall out Rs.104.50 (@0.05% rate) as buying brokerage plus service tax and STT. Then SEBI directed the brokers to charge brokerage only on Option premium and Finance Ministry proposed to charge STT on option premium alone. Then most of the brokerage houses increased the brokerage rate from 0.05% to 1% with minimum brokerage of Rs100. So for one buying and selling you need to shell out Rs200 as brokerage alone.
In the cost perspective Reliance Money beats all brokers. If you pay Rs.500, you can trade 20 buy and sells in Nifty options ( Which costs you minimum of Rs.4000 in other brokers ). Even if you order through phone, they will charge you Rs.15/executed order which is very cheep. But make sure that you open A/c online. Otherwise you will be charged Rs.15/order as Franchisee fees.
If you are a option trader and woud trade atleast one trade per week, then Reliance Money is the only cost effective broker avaiable in India.
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Anonymous said...

Don't go for Angel broking,This is totally cheated broker in India and management is also tally waste.
At the time of marketting they will convience like your family member and once joined they will treated like "RAVAN".

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