m.Stock

What m.Stock does

m.Stock is the online retail stock broking brand of Mirae Asset Capital Markets (India) Private Limited, a wholly-owned subsidiary of South Korea's Mirae Asset Financial Group, incorporated in India in October 2017 and headquartered in Mumbai. The company operates a mobile-first trading platform enabling Indian retail investors and traders to open demat accounts digitally in under five minutes and trade across equity delivery and intraday, futures and options, currency derivatives, mutual funds, ETFs, and IPOs. Underlying infrastructure includes native mobile apps on iOS and Android, a browser-based web trading platform, a zero-cost Trading and Data API supporting unlimited GET requests per day, TradingView-integrated charting with 80+ indicators, an MCP-based AI assistant, and educational content delivered through the m.Learn sub-brand.

The product portfolio combines execution tools (1-click basket orders, GTT, advanced option chain with multi-leg strategy builder, OI alerts, F&O Watch) with margin products including Pay Later MTF funding from 8.99% p.a. on 1,100+ stocks and Pledge Shares offering up to 87.50% collateral margin with ₹0 pledge creation charges. Distribution spans direct-to-consumer mobile and web onboarding, a Mirae Asset Partners channel program, app store presence, and offline TradeIQ seminars across Indian cities. The platform reports 25 lakh+ registered users, 111 crore+ cumulative trades facilitated, peak capacity of 7,467 trades/min, and a 4.1 user rating across 1,800+ app reviews.

The business model is primarily transaction-based with flat ₹10 per order brokerage across all segments (equity delivery, intraday, futures, options), supplemented by MTF interest income at 8.99% p.a., DP charges (₹18 per debit transaction), and pledge-related fees. Account opening, AMC, platform fees, and call-and-trade are zero, and mutual fund distribution carries 0% commission, functioning as a freemium acquisition channel. The platform holds comprehensive Indian securities regulatory coverage including SEBI Stock Broker (INZ000163138), Merchant Banking, Research Analyst, DP, and AMFI MFD registrations, with memberships across NSE, BSE, MCX, and CDSL.

Name

m.Stock

Legal name

Mirae Asset Capital Markets (India) Private Limited

Website

https://mstock.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

251–500 employees

Short description

m.Stock is an India-focused online stock broking platform by Mirae Asset Capital Markets (India) Private Limited, serving retail investors and traders with a mobile-first app offering equities, F&O, mutual funds, ETFs, IPOs, and margin trading at flat ₹10 per order.

Ownership category

akta.pro rank

Product category

Online Stock Broking

NAICS

Investment Banking and Securities Intermediation (523150), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Alternatives & Multi-Asset Digital Wealth Platforms (PE/VC/Real Assets access) (FSAGAEAL)

Keywords

• Online stock broking
• Retail trading platform
• Equity trading services
• Futures and options trading
• Mutual fund investments

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Brokerage Fees: Flat ₹10 per order brokerage charged across all segments (Equity Delivery, Intraday, Futures, Options). Primary revenue driver for retail stock trading services.
2. MTF Interest Income: Margin Trading Facility interest at 8.99% p.a. (0.0274% per day) on funded positions. Major revenue stream from leverage products.
3. DP (Depository Participant) Charges: ₹18 per debit transaction plus GST charged for sell transactions when securities are debited from Demat account.
4. Pledge Charges: ₹32 per PSN (Pledge Sequence Number) per day plus GST for pledge creation and closure on MTF. Pledge shares for margin trading at 0.0274% per day.
5. Mutual Fund Distribution: 0% commission on direct mutual fund plans - no direct revenue but drives customer acquisition and AUM growth under Mirae Asset ecosystem.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels7 records

Core offering

m.Stock is a retail online stock broking platform operated by Mirae Asset Capital Markets (India) Private Limited, providing Indian investors with a mobile and web-based interface to trade and invest in equities, futures and options, currency derivatives, ETFs, IPOs, and mutual funds. It also offers a Margin Trading Facility (Pay Later/MTF), programmatic trading APIs, and an AI-assisted MCP copilot.

Product overview

m.Stock is a comprehensive digital stock broking platform by Mirae Asset Capital Markets (India) Private Limited, offering a unified ecosystem for retail investors and traders in India. The platform architecture consists of three primary trading interfaces: the Mobile Trading App (iOS/Android), Web Trading Platform, and Trading API. The product portfolio spans core investment products including Equity Trading, Mutual Funds (with 40+ AMCs and 3,500+ schemes), Futures & Options, ETFs, IPOs, Currency Trading, and advanced margin facilities like Pay Later (MTF) and Pledge Shares. Advanced trading tools include Watchlist PRO, Options Strategy Builder, Basket Orders, F&O Watch, OI Alerts, and Smart Advisory Portfolios. The platform integrates TradingView for charting, offers an MCP AI Assistant for conversational trading, and provides educational resources through m.Learn. Priced at flat ₹10/order brokerage with ₹0 account opening fee, AMC, and platform charges, positioning as a zero-brokerage competitor in the Indian retail broking market.

Differentiator

Problem solved

Functional benefit

Brands

• m.Learn: An educational platform by m.Stock providing stock market basics, trends, insights, and expert strategies through blogs, podcasts, course modules, and events.

Products and services

• m.Stock Trading App

Quantifiable outcome

• ₹2,52,000 annual brokerage savings for a trader placing 10 trades/day (based on calculator)
• +3 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability2 records

Feature12 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• TradingViewcoreTechnology or IntegrationCharting and market data integration partner enabling TradingView charts with 80+ indicators on m.Stock platform for technical analysis and trade-from-chart functionality.
• BSE (Bombay Stock Exchange)coreTechnology or IntegrationRegistered stock broker with BSE Cash Segment (Clearing Member ID: 6681) and BSE Star MF Segment (Membership No: 53975).
• NSE (National Stock Exchange)coreTechnology or IntegrationRegistered stock broker member of NSE Cash, F&O and CD Segments (Member ID: 90144) for exchange connectivity and trade execution.
• CDSL (Central Depository Services)coreTechnology or IntegrationDepository participant (CDSL DP ID: 12092900) for demat account services and securities custody.
• NAVERminorStrategic or Co-development PartnerStrategic business alliance formed in July 2017 through memorandum of understanding for potential fintech collaboration. NAVER is a major Korean internet platform.
• Mirae Asset Investment ManagerscoreStrategic or Co-development PartnerAffiliate offering investment management expertise and exclusive podcast content featuring fund manager insights for m.Learn educational platform.
• Mutual Fund AMCs (40+ including Mirae Asset, HDFC, Tata, SBI, LIC, Quant)coreChannel Partner/ Reseller/ DistributorDistribution partnerships with over 40 asset management companies enabling access to 3,500+ direct mutual fund schemes on the platform. AMCs include Mirae Asset, HDFC, Tata, SBI, LIC, Quant and others.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Emerging players

• Paytm Money: Fintech-led Indian investment platform offering stocks, mutual funds, and IPOs with mobile-first UX. Emerging competitor targeting similar retail onboarding as m.Stock but with broader digital payments ecosystem distribution.

Direct peers

• Upstox: India-focused discount broker offering flat-fee equity, F&O, and mutual fund investing via mobile and web. Direct competitor targeting the same active trader and retail investor segments as m.Stock.
• Zerodha: Largest Indian discount broker offering flat-fee trading across equity, F&O, mutual funds, and IPOs. Direct competitor to m.Stock with overlapping product set and similar target market of retail traders and investors.
• Groww: Leading Indian discount broking platform with mobile-first Demat account opening, stocks, mutual funds, and F&O. Competes head-to-head with m.Stock in retail onboarding and zero-brokerage positioning.
• Angel One: Full-service-to-discount Indian broker with mobile-first trading across equity, F&O, commodities, and mutual funds. Competes directly with m.Stock on pricing and product breadth for retail traders.
• 5paisa: Discount broking platform offering flat-fee trading, mutual funds, and IPOs in India. Targets the same cost-sensitive retail and active trader customer base as m.Stock.

Broad incumbents

• HDFC Securities: Incumbent Indian broker offering trading and investment services with full-service and discount brokerage arms. Overlaps with m.Stock in retail trading, mutual funds, and IPO distribution.
• Motilal Oswal Financial Services: Established Indian financial services firm with broking, mutual funds, and wealth management. Competes with m.Stock across trading and advisory, with notable overlap in senior leadership pedigree (m.Stock CBO previously led online business at Motilal Oswal).
• ICICI Direct: Incumbent Indian full-service broker offering stocks, F&O, mutual funds, and IPOs with broader banking-ecosystem distribution. Competes with m.Stock across trading and investment products but with a legacy percentage-fee model.
• Kotak Securities: Full-service Indian broker offering equities, derivatives, mutual funds, and IPOs. Competes with m.Stock but operates a legacy percentage-brokerage model with broader banking-ecosystem cross-sell.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/mstock_in
• Facebookfacebook.com/Mirae.mStock
• LinkedInlinkedin.com/company/mstockbymiraeasset

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about m.Stock