Mumbai: Nithin Kamath-led Zerodha is set to increase brokerage charges for a section of intraday derivatives traders starting April 1, a move that could raise trading costs for active participants and potentially influence broader industry trends.
According to a report by The Economic Times, the brokerage will charge ₹40 per order for certain intraday futures and options (F&O) trades—double its long-standing ₹20 cap. However, the revised fee will apply only to traders who do not meet the Securities and Exchange Board of India (SEBI) requirement on cash collateral.
Under SEBI norms, traders must maintain at least 50% of their collateral in cash or cash equivalents for intraday positions, with the remainder allowed in non-cash assets. Until now, Zerodha had been bridging this gap using its own funds without levying additional charges.
What changes from April 1
From April 1, traders who fail to maintain the required cash component and continue to use broker-funded collateral for intraday F&O trades will be charged ₹40 per order. The revised pricing will not apply to intraday equity trades.
Pressure from rising costs
The move comes amid increasing pressure on derivatives trading volumes, especially after the proposed hike in Securities Transaction Tax (STT) in the 2026 Union Budget. The government has proposed raising STT on futures to 0.05% from 0.02% and on options premiums to 0.15% from 0.10%, effective April 1.
While many brokerages typically do not charge for intraday collateral shortfalls, they levy interest ranging from 9% to 18% annually on overnight or carry-forward positions. With margins tightening, firms appear to be exploring new ways to offset costs.
