The Brokerage Plan of Motilal Oswal is customized to suit your needs and risk appetite. May be that's the reason why the Brokerage charges are not disclosed anywhere on the website.

The Broker offers two plans which they name as Value Pac Scheme and Margin Scheme. Let's talk about both the Schemes in detail.

Motilal Oswal's Value Pac Scheme : This plan works on the principle that you have to deposit the upfront fee for particular time frame to avail brokerage rates accordingly.

The upfront fee starts from Rs 2500 for one month to Rs 2500 or Rs 5000 for 3 months, 25,000 for 6 months or Rs 50,000 for 12 months.

What is the catch of this plan:- The brokerage charged till the expiry of scheme period shall be reversed subject to maximum of upfront fees charged to the client. Any brokerage generated over and above the upfront fees charged to the client will not be reversed.

In case client fails to generate brokerage equal to the scheme selected within the validity period, he shall be automatically shifted to default brokerage plan and will not be eligible for special brokerage of the scheme. The client shall be refunded brokerage generated during validity period.

In case post usage/expiry of value pack of value greater than 10,000 INR the customer will have to pay a minimum brokerage of Rs 3,000 /6 months to avail exe facility. In case of lesser brokerage client will be shifted to the web version and in case the brokerage is less than 1,500/6 months he will be shifted to static product.

The Brokerage for Equity Delivery for Rs 2500 a month is .25%. The brokerage is among the lowest in the industry but at the cost of paying the upfront money. The brokerage ranges from .30% to

.18%.

Brokerage for intra-day with Value Pac Scheme range from .03% to .015% for upfront fee as mentioned above which again falls in lower side as compared to other brokers.

Brokerage for Equity Future 1st and 2nd leg square off any other day ranges from .03% to .025% and 2nd leg if squared off same day ranges from .03% to .01%.

Brokerage for Equity Option ranges from Rs 70 to 50 which is average rate charged by most of the full service Brokers.

Brokerage for Currency Future and Option is flat Rs 20 for any amount of upfront fee.

The minimum Brokerage for Value Pac Scheme is 3 paisa to 1 paisa.

Motilal Oswal's Margin Scheme : In this scheme the client has to deposit certain amount of margin money that he can use for trading in derivatives. The Margin amount requirements are Rs 1000, Rs 10,000, Rs 25,000 or Rs 50,000. The pre-requisite requirement by the Broker for this Scheme is that there is Brokerage of Rs 20 per exchange per day should be generated otherwise difference will be levied as minimum contract charges.

Brokerage/Scheme	Margin 1,000	Margin 10,000	Margin 25,000	Margin 50,000
Equity Delivery	.30%	.30%	.25%	.25%
Intraday 1st leg and 2nd leg	.03%	.03%	.025%	.025%
Future 1st leg and 2nd leg	.03%	.03%	.025%	.025%
Option 1st leg and 2nd leg	Rs 100	Rs 75%	Rs 75	Rs 50

The Brokerage in margin scheme looks attractive and cheaper but it is not that simpler as we think. The broker returns the amount upto Rs 500 as brokerage cashback if generated within 30 days of activation.

The account opening charges for trading account under both the schemes is free.

Demat Account is mandatory with Motilal Oswal. AMC for Demat account is free for 1st year.

The minimum Brokerage for Margin Scheme is Rs 20 (per day if any transaction is done) for Delivery and Intraday and 3 to 2 Paisa for future trade. This minimum brokerage which they charge is really dampening for small time investor/traders.

For those seeking a quality research, professional planning for the future, and tips and recommendations, Motilal Oswal will not disappoint.

Also for investing in IPOs ,Motilal Oswal will be your best choice as they have facility to apply in IPOs online hassle free with online funds transfer facility for IPO account and modify and cancel bid and latest information and news on IPOs.

As far as Brokerage goes, Motilal Oswal may not be your best choice as even though the brokerage on paper looks attractive and cheaper but it comes with lots of terms and conditions that at the end the client feels his profit has cut down short.

The Brokers like this always generate brokerage whether you gain or suffer a loss. Nevertheless to say here that if more lower middle class people have to be invited to join the equity market, brokerage should be simplified without any hidden charges and clauses.