Reviewed by Neil, Founder, PaisaTrade.in · Updated 2026-09-29
Dhan Review 2026
Supercharged Trading Platform — Complete brokerage analysis, charges breakdown, platform review, and honest verdict for Indian investors.
Best F&O platform — options Greeks, basket orders, zero AMC
Brokerage
₹20
AMC
₹0
Active Clients
4 Lakh
Founded
2019
About Dhan
Dhan is one of India's most recognized stock brokers, registered with SEBI (Registration No: INZ000232033). Founded in 2019 and headquartered in Mumbai, Maharashtra, Dhan has built a strong reputation in the Indian capital markets. With over 4 Lakh active NSE clients, a growing broker with a loyal client base in terms of registered clients.
As a discount broker, Dhan offers trading across Equity, F&O, Currency, Commodity, Mutual Funds segments. The broker operates a app-first, mobile-native trading infrastructure, catering primarily to options traders, f&o traders, algo traders.
The brokerage model at Dhan is straightforward: flat fees with zero delivery brokerage. This model favours active traders and long-term investors alike, as delivery (holding) trades incur no brokerage — only SEBI charges, STT, stamp duty, and exchange fees apply.
Account Opening Process
Opening an account with Dhan is a fully online, paperless process. You need your PAN card, Aadhaar, bank account details, and a signature image. The KYC verification is Aadhaar-based (eKYC) and typically completes within 24–48 hours. Account opening fee is ₹0.
Brokerage Calculation Example
Let's say you buy 100 shares of Reliance at ₹2,800 (total value = ₹2,80,000):
Margin & Leverage
For intraday equity trades, Dhan provides Up to 5x leverage. For F&O, margin requirements follow SEBI's SPAN + Exposure framework set by the exchanges. Note: As per SEBI regulations, naked short selling in options requires full premium upfront, and margin pledge requirements were updated in 2021.
Dhan offers a Margin Trading Facility (MTF) for select stocks, allowing you to hold leveraged positions for more than one day by paying daily interest.
Tax & Compliance Features
Dhan provides detailed P&L statements, tax P&L reports (for ITR filing), and SEBI-compliant contract notes for every executed trade. These are accessible from the web platform and downloadable as PDFs. For mutual fund investments, Dhan provides capital gains statements aligned with LTCG/STCG tax brackets.
SEBI Registration & Safety
Dhan is registered with SEBI under registration number INZ000232033. Client funds are held separately from the broker's own funds as per SEBI's client asset segregation norms. Dhan is also a registered member of NSE, BSE, MCX, and NCDEX (where applicable). Your demat account is held with NSDL or CDSL — separate from the broker — ensuring your securities are safe even if the broker faces financial difficulties.
Active Client Base
4 Lakh
Active NSE Clients (2026)
#13
NSE Rank by Active Clients
Dhan ranks #13 among all NSE-registered stockbrokers by active client count. NSE publishes this data monthly — Dhan's consistent presence in the top 20 reflects strong client retention and new account growth. The broker primarily serves options traders, f&o traders, algo traders.
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