m.Stock: ₹10 brokerage, margin funding, cash access and API/AI trading controls

m.Stock’s current retail offer uses a flat ₹10 brokerage per order after a limited introductory period, with no account-opening, annual-maintenance or platform fee. The larger decision is whether to buy securities outright, borrow for delivery through Pay Later, or use existing holdings as trading collateral. Those funding routes are separate products with separate interest and pledge consequences.[1][3][10]

The Big Saver Pass is not unlimited free brokerage. Its separate offer terms cap the first 30 days’ brokerage benefit at ₹500 and provide a temporary 9.99% MTF rate up to ₹25 lakh. Charges are reversed in the ledger within 30 days after that first 30-day period. The standalone terms start eligibility on 23 May 2026, whereas the main terms say 25 May; customers opened on those boundary dates need confirmation. Taxes and other charges remain.[6][5]

View full spreads & trading costs

The screen distinguishes delivery holdings from intraday positions. The official order tutorial shows holdings in the portfolio after settlement, while day trades remain in the positions area. Selling delivery holdings requires TPIN/OTP verification or an activated Demat Debit and Pledge Instruction (DDPI); the latter simplifies repeated authorisation but is not a grant of unrestricted investment discretion.[13][12]

Two distinctions materially change the borrowing bill. First, the public MTF activation terms still describe interest between 8% and 12%, whereas current product pricing reaches 14.99%. Second, combining Pay Later with pledged-share funding can create two interest bases: the financed purchase and the collateral-funded contribution. The provider’s cashless-trading example explicitly charges those components separately.[8][7][11]

Unlimited MTF holding means no ordinary fixed holding-period expiry, not freedom from forced sale. The activation terms allow changes to eligible securities and margin requirements, and immediate square-off when mark-to-market loss breaches the stated 75% threshold of available margin. This is a loss-versus-margin test, not “75% account equity”. Recovery can extend to other securities, and an attempted exit may fail because of illiquidity or circuit limits.[8]

The referral programme is different from the welcome brokerage reversal. It advertises ₹151 after a referred account completes opening, normally credited within 48 hours; its FAQ expressly permits withdrawal of the reward. Neither a pending reversal nor a promised referral should be counted as available cash before it appears in the ledger.[23][6]

The CDSL record independently identifies the legal depository participant but should not be stretched into an October 2026 confirmation of every exchange permission. Its historical account counts and officers are not used as current company metrics. The relevant protections and dispute process follow the particular brokerage, depository or advisory service.[26][22]

The provider’s one-page IRRA notice gives a separate web/app route and says clients receive email and SMS links when the IRRA system is up. That is activation-dependent access, not a standing alternative trading venue. If platform status is uncertain, use the published dealing channel to reconcile the order before sending it again. Unresolved complaints can proceed through the relevant exchange, depository, SEBI SCORES or the stated ODR route.[18][17]

MCP terms place trading decisions on the client, permit limits or withdrawal of access, and prohibit unauthorised redistribution of data. The standard broker risk checks still apply. A conversational order must therefore be reviewed for instrument, side, quantity, price and product; the marketing demonstration does not establish unrestricted autonomous investment management.[5][21]

m.Stock is the retail brand of the named Indian Mirae Asset company. This profile covers its presently marketed ₹10 plan rather than assuming that older zero-brokerage materials describe every new account. A change of price or software does not, by itself, establish a transfer of the client contract or securities. No current client-entity migration was identified in the reviewed material.[1][3][26]

The material price conflicts are identified beside the affected terms: the welcome start date and older MTF interest wording. The linked full RMS PDF was not retrievable, so no additional closeout rights or deadlines are attributed to it. Research checked 14 October 2026; no funded trades, withdrawals, API/MCP actions or customer-service response tests were performed.