India Infoline Finance Limited (IIFL) REVIEW
IIFL or India Infoline Finance Limited is a full-service stockbroker formerly known as IIFL Holdings Limited and the headquarters located in the city Mumbai, India. India Infoline Limited is one of the premier financial providers of India.
India Infoline has started its services in the year 1995, and Mr Nirmal Jain and Mr R. Venkatraman are the founders of IIFL. Moreover, it is one of the largest and oldest financial firms with multiple verticals, and the stock broker is one of its financial services.
IIFL managed to spread its trading network in more than 4000+ locations if more than 900+ cities in India. Also, the full-service broker holds its services in multiple foreign towns like Hong Kong, Dubai, New York, Singapore, Geneva, Mauritius and London.
The key offering of the broker is the research services, Equity and commodity trading. IIFL is a listed broker on BSE (532636) and NSE (INDIA-INFO) for Security Trading. From recent reports it was found that the average daily turnover of the broker is around Rs. 4355 Crores in Equity trading and Rs 2254 Crores in commodities. Don't use plagiarised sources.Get your custom essay just from $11/page
Initially, IIFL was launched as just a retail broking firm and additionally launched its 5paisa trading platform and solution. The 5paisa offered discount brokerage services and charges to its customers. It allows the users to trade freely and invest in all segments within a single trading platform.
India Infoline Ltd offers a user to trade across a variety of services, investments and trading products including:
- Equity Trading
- Currency Trading
- IPOs Investments
- Fixed Deposits
- Investments on Mutual Funds
- Commodity Trading
- Investment in Bonds
- NCDs
- Loans
- ETFs
- IIFL Portfolio Management Services
- IIFL Securities Trading Platforms and Softwares.
- IIFL Securities Trader Terminal Desktop – A Desktop Based Application
The IIFL Trader Terminal is an executable trading application for windows-based laptops or desktops. The latest version 4.0 needs the .Net framework to be installed on the system before installing this Trade Terminal desktop application.
The Trader Terminal Desktop application comes loaded with a variety of advanced features including:
- It comes with a highly secured login and integrated with various authentication measures.
- The application comes with real-time market watch list features and updates.
- The application allows the user to place quick and confirmed orders within minutes. It helps in offering the best trading performance.
- The Trader Terminal allows the investor to check the market calls, research and market reports. It includes both technical and fundamental analysis.
- Being a trader, you will be getting analyzed heat maps, technical indicators and various trading charts.
- The user can customize and personalize the dashboard based on the trading preference. The dashboard comes with a set of trading widgets to offer alerts and notifications.
- The trading application is integrated with fund transfer feature with all popular banks of India.
- IIFL Securities Markets App – A Mobile-Based Trading Application
India Infoline Finance Limited offers its new-age mobile trading application named as IIFL Markets. However, it is available only for Android-based mobile devices. It is considered as one of the best-rated mobile-based trading application with more than 20,000+ active users.
Here are some best features of the mobile application of IIFL Securities Markets App:
- The IIFL Markets application comes with one swipe trading feature. The feature allows the user to trade in just single swipe. It enables a trader to grab each and every stock and trade without any delay.
- It is equipped with watch lists up to 50 scripts and the trader can manage the portfolios in a better-organized way.
- The mobile application allows the investor to place IPO and OFS from the app itself. As most of the other brokers don’t include these features in their mobile-based trading platforms.
- The trading platform is fully customizable as it allows the user to set up alerts depending upon trading pattern and preferences. The different segments where you can set notifications like stock price rise or fall, price limit, and many other scenarios.
- The application comes with a unique message board feature it mainly allows the trader to analyze other trader’s trading behaviour according to the latest marketing trends.
- It also helps to guide the users to open and run their DEMAT Account.
- IIFL Securities Trader Terminal – A Web Based Terminal
Nowadays web-based trading platforms starting gaining importance. The broker based IIFL Trader Terminal offers web-based trading with a very optimized and user-friendly interface with no hassle of download and installations.
It comes loaded with multiple additional trading features including:
- The user will get advanced technical indicators with a variety of charts, tools for trade analysis.
- All segment orders with superfast execution
- The broker provides in-depth research reports directly within the platform. It also offers real-time updates based on market positions.
- The terminal offers one-click square off and cancellation of pending orders.
- Live streaming quotes with price watch lists
- It generated profit and loss reports with live margin and market positions.
- The broker offers market depth reports and charts, including best 5 bids and offers on live stocks.
- Online real-time fund transfer from all nationalized banks, including Private and Public sector banks.
- The trading terminal offers not only top technical and fundamental charts but also historical charts.
- IIFL Securities Customer Care, Support and Office Addresses
IIFL offers a variety of customer services communication channels for its clients. some includes:
- Over Phone
- Via Email
- Toll- Free Number
- Whatsapp assistance
- Missed call service
- Offline branches
Apart from all communication channels, IIFL needs to manage them effectively as the most beginner and small investors faced difficulties to get in touch with them.
But with time, the investor understands the working methodology of the brokers, which makes the overall process very easy and quick. The main advantage of this full-service broker is that it offers whole lot of varieties of services without compromising any of the trading segments.
| Registered Office | IIFL House, Sun Infotech Park,Road No. 16V, Plot No.B-23 Thane Industrial Area, Wagle Estate, Thane – 400604 | |
| Corporate Office | IIFL Center, Kamala City, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013 | |
| Segment | Customer Service Contact no. | Email ID |
| Equity/Currency | 022-40071000 | cs@iifl.com |
| Mutual Funds | 1800-200-2267 | info.iiflmf@iifl.com |
| Commodity/Spot | 022-40071000 | comm@iifl.com
|
| Insurance | 1860-267-3000 7039-050-000 | cs.insurance@iifl.com |
| Institutional Equities | 022-46464600 | info@iiflcap.com |
| Non Convertible Debentures | 1860-267-3000 7039-050-000 | cs.ncd@iifl.com |
- IIFL Securities Prices and Charges
- IIFL Securities Account Opening Charges
The broker charges some onetime charges to open trading and DEMAT Account. Here are the costs in details:
| Segments | Account Opening Charges |
| One time Account Opening charges for Trading | Rs. 750 |
| One Time Account Opening Charges for DEMAT | Rs. 555 |
| Annual Maintenance Charges for Trading Account (AMC) | Rs. 0 |
| Annual Maintenance Charges for DEMAT Account (AMC) | Rs. 300 |
The account opening and the AMC are relatively high when compared with other brokers, but considering its brand value, it is acceptable.
The broker charges Rs 750 and Rs.555 for trading and DEMAT account opening charges respectively. Whereas the AMC for DEMAT Account is Rs 300 and the AMC for Trading Account is free of cost.
- IIFL Securities Brokerage Charges and Plans
The full-service broker offers best in class brokerage plans based on customer preferences and needs: here are some methods in details:
- IIFL Securities Variable Brokerage Plan
This plan is mainly for those traders who trade in substantial volume ion monthly basis in a specific segment:
- IIFL Delivery Cash Volume
This plan is best for long term investors with a facility of short trading. Here are the details:
| Monthly volume in lakhs | Delivery Brokerage rate in percent |
| Less than 1 | 0.60 |
| 1 to 5 | 0.55 |
| 5 to 10 | 0.45 |
| 10 to 20 | 0.35 |
| 20 to 60 | 0.25 |
| 60 to 200 | 0.20 |
| More than 200 | 0.15 |
- IIFL Intraday Cash Volume
This is for short term investors for quick returns, especially one-day trading. Here are some details about the plan:
| Monthly Volume in Lakhs | Delivery Brokerage percentage rate |
| Less than 20 | 0.05 |
| 20 to 100 | 0.04 |
| 100 to 500 | 0.03 |
| More than 500 | 0.02 |
- IIFL Futures Volume
This plan is genuinely focused on users who prefer trading in futures segment. Here are full details about the project:
| Monthly Volume in lakhs | Intraday in percent | Settlement in percent |
| Less than 100 | 0.05 | 0.05 |
| 100 to 500 | 0.04 | 0.04 |
| 500 to 1000 | 0.03 | 0.03 |
| 1000 to 5000 | 0.025 | 0.025 |
| More than 5000 | 0.02 | 0.02 |
- IIFL Option Volume
Mainly designed for users who prefer investing in options. The full brokerage details mentioned below:
| Monthly Premium volumes in lakhs | Intraday in percent | Settlement in percent | Minimum brokerage per lot for Intraday | Minimum brokerage per lot for Settlement |
| Up to 4 lakhs | 2.5 | 2.5 | 100 | 100 |
| 4 to 10 lakhs | 2.0 | 2.0 | 100 | 100 |
| 10 to 20 lakhs | 1.75 | 1.75 | 80 | 100 |
| 20 to 50 lakhs | 1.25 | 1.25 | 60 | 100 |
| More than 50 lakhs | 1 | 1 | 40 | 100 |
- IIFL Securities Transaction Charges
Here are all details of the transactions charges levied by the broker on its clients:
| Segments | Transaction Charges |
| Equity futures | 0.0021% |
| Equity delivery | 0.00325% |
| Equity Options | 0.051% on premium |
| Equity Intraday | 0.00325% |
| Currency Options | 0.051% on premium |
| Currency Futures | 0.0021% |
| Commodity | 0.0028% |
All the transaction charges are approved and prescribed by SEBI, and it satisfies industry standards. The broker offers the best reasonable charges to its users. It charges 0.0021% for Equity Futures and Currency Futures, 0.00325% for Equity intraday and Equity Delivery, 0.0028% for Commodity and lastly 0.051% on premium for Currency Options and Equity Options.
- IIFL Securities Other Charges
In the table below, we had provided all the additional charges the broker impose on the user while performing trading.
| Segments | Other Charges |
| STT | 0.0126% of Total Turnover |
| Stamp Duty | Depends on State (very minimal) |
| Transaction Charges | 0.00325% of Total Turnover |
| SEBI Turnover Charges | 0.0002% of Total Turnover |
| GST | 18% of (Brokerage + Transaction Charges) |
Keeping aside all the brokerage charges, the broker does have some mandatory small fees. The costs include STT of 0.0126% total turnover, the transaction charges of 0.00325%, 0.0002% of total turnover as SEBI Charges, the stamp duty charges varies with state and the GST charges is 18% of the brokerage and the transaction charges.
- IIFL Securities Margin and Exposure
In the below-mentioned table, we had provided all margin and exposure-related details of IIFL Securities to its users.
| Segments | Margin and Exposure |
| Equity | Up to 20 times margin on Intraday and up to 3 times Exposure on Delivery |
| Currency Futures | Up to 2 times leverage on intraday |
| Equity Futures | Up to 3 times margin for Intraday |
| Equity options | No leverage on Buying and up to 3 times exposure on shorting |
| Commodity | Up to 3 times exposure for intraday |
| Currency Options | No leverage on buying but offers up to 2 times margin on shorting |
IIFL offers up to 20 times and 3 times advantage on Equity Intraday and Delivery respectively. The broker provides up to 3 times advantage for intraday on both Equity futures and Commodity. For both Currency Options and Equity Options, there is no buying leverage, but the user will be availed with 2 times and 3 times margin on shorting. Lastly, Currency Futures offers up to 2 times on intraday.
- IIFL Securities Comparison with its Closest Competitor
- IIFL Securities Comparison With Closet Discount Brokers
| Broker | IIFL Securities | 5paisa | Zerodha | Upstox |
| Service Type | Full-Service Broker | Discount Broker | Discount Broker | Discount Broker |
| Brokerage Range | Rs. 0.05 per share | Rs. 10 | Rs. 20 | Rs. 20 |
| Account Type | 2 in 1 | 2 in 1 | 2 in 1 | 2 in 1 |
| Equity Delivery | 0.50% | Flat Fee Rs 10 | Free | Free |
| Equity Intraday | 0.05% | Flat Fee Rs 10 | 0.01% or Rs 20 whichever is lower | 0.01% or Rs 20 whichever is lower |
| Equity Futures | 0.05% | Flat Fee Rs 10 | 0.01% or Rs 20 whichever is lower | 0.01% or Rs 20 whichever is lower |
| Equity options | 1% of Premium or Rs. 100 per lot whichever is high | Flat Fee Rs 10 | Flat Fee Rs 20 | Flat Fee Rs 20 |
| Commodity Option | NA | Flat Fee Rs 10 | Flat Fee Rs 20 | Flat Fee Rs 20 |
| Currency futures | Rs. 25 per lot | Flat Fee Rs 10 | 0.01% or Rs 20 whichever is lower | 0.01% or Rs 20 whichever is lower |
| Currency options | 1% of Premium or Rs. 100 per lot whichever is high | Flat Fee Rs 10 | Flat Fee Rs 20 | Flat Fee Rs 20 |
| Rating | 4.2 out of 5 | 4.0 out of 5 | 4.3 out of 5 | 4.3 out of 5 |
- IIFL Securities Comparison with Closet Full Service Broker.
| Broker | IIFL Securities | Sharekhan | Angel broking | Edelweiss |
| Service Type | Full-Service Broker | Full-Service Broker | Full-Service Broker | Full-Service Broker |
| Brokerage Range | Rs. 0.05 per share | 0.1 to 0.5% | Rs. 15 to Rs.30 | Rs. 10 to 0.5%. |
| Account Type | 2 in 1 | 2 in 1 | 2 in 1 | 2 in 1 |
| Equity Delivery | 0.50% | 0.5% or 50 paisa | Rs. 15 /trade less than Rs. 50k order Rs. 30/trade more than Rs. 50k order | Rs.10 / 0.01% whichever lower |
| Equity Intraday | 0.05% | 0.1% or 10 paisa | Rs. 15 /trade less than Rs. 50k order Rs. 30/trade more than Rs. 50k order | Rs.10 / 0.01% whichever lower |
| Equity Futures | 0.05% | 0.1% or 10 paisa | A flat fee of Rs. 30/ order | Rs.10 / 0.01% whichever lower |
| Equity options | 1% of Premium or Rs. 100 per lot whichever is high | 2.5% of Premium or Rs 250 per lot whichever is high | A flat fee of Rs. 30/ order | Flat Fee of Rs. 10 |
| Commodity | NA | 0.1% or 10 paisa | A flat fee of Rs. 30/ order | NA |
| Currency futures | Rs. 25 per lot | 0.1% or 10 paisa | Flat fee of Rs. 30/ order | Rs.10 / 0.01% whichever lower |
| Currency options | 1% of Premium or Rs. 100 per lot whichever is high | 2.5% of Premium or Rs 250 per lot whichever is high | A flat fee of Rs. 30/ order | Flat Fee of Rs. 10 |
| Rating | 4.2 out of 5 | 4.0 out of 5 | 4.3 out of 5 | 4.1 out of 5 |
- IIFL Securities Complaints received at BSE/NSE
Here are some details of customer complaints raised against IIFL Securities. In this part we mainly gathered all complaints and grievances that went to the trade exchanges for resolution.
| Exchange | Financial Year | Number of Clients * | Total Complaints ** |
| BSE | 2019-20 | 38,065 | 7 |
| NSE | 2019-20 | 199,088 | 72 |
| BSE | 2018-19 | 48,542 | 19 |
| NSE | 2018-19 | 221,753 | 133 |
| BSE | 2017-18 | 88,975 | 36 |
| NSE | 2017-18 | 225,435 | 138 |
| BSE | 2016-17 | 98,133 | 25 |
| NSE | 2016-17 | 197,996 | 220 |
| BSE | 2015-16 | 112,136 | 42 |
| NSE | 2015-16 | 262,930 | 238 |
- IIFL Securities Merits and Demerits
- IIFL Securities Merits
- Over 4000 branches all across the country to offer the best customer service.
- One of the oldest brokers holding an experience of more than 20 years. The maturity offers good trust amongst its investors.
- Allows the user to trade in all types of trade segments without any compromise.
- Offers best in a class mobile-based trading app named IIFL Markets to avail best trade performance to its traders.
- The broker offers the best quality trading platforms, especially in house developed with perfection and optimized well to handle all latest trading segments.
- The broker offers super flexible brokerage plans to generate best profitable trade to its users.
- IIFL Securities Demerits
- IIFL is one of the worst brokers in the case of complaints raised on NSE and BSE.
- Poor customer service is the leading cause of trade-related concerns.
- Investment mainly in mutual funds is not at all worthy with this broker.
- IIFL Securities – Conclusion
IIFL must be considered one of the best full-service brokers of the country. The broker offers some best in class trading features with advanced trading platforms. It provides client-focused services by implementing the latest technology in its mobile apps and offers best-suited brokerage plans understanding the needs of every specific user.
However, IIFL mainly offers its business services from medium to heavy traders to earn the best revenue regularly in the form of brokerage charges. Well, it is quite tricky for beginners and newbie investors to use brokerage services. Lastly, due to highly effective brokerage rates offered by multiple discount brokers, the competition to full-service brokers like IIFL becomes more intense and critical.