
JM Financial in India — review, licence and costs
Score (4 of 6 axes scored)
shown, not ranked: no reviews
- Round-turn cost20%90
- Safety20%no data
- Track record10%100
- Platforms10%15
Numbered by weight: axis 1 counts for most.
Key facts (5 facts)
- Onboarding entity
- JM Financial Services Ltd
- Founded
- 1998
- Round turn
- 7 USDIN
- Currencies
- INR.
- Swap-free account
- no
Licence check
The broker's own website. Not a partner link — we earn nothing from it.

Who actually onboards you
- Entity that onboards India residents
- JM Financial Services Ltd
- Local standing
- SEBI-regulated domestic full-service broker.
- Licence as the register states it
- SEBI stock broker INZ000195834; member NSE/BSE/MCX/NCDEX; CDSL DP.
- Leverage for this entity
- Intraday MIS; MTF offered; SEBI peak-margin rules apply.
- The firm behind it
- JM Financial incorporated 1986; Mumbai-based integrated financial group (investment banking, broking, asset management); 63,000+ broking clients.
- What we hold against it
- Full-service pricing; broker-level client complaints (settlement delays, F&O/MTF disputes) noted; SEBI 2024 action against group in debt-IPO/merchant-banking matter (barred from new debt lead-manager mandates, probe ordered) — group-level, verify current status.
Leverage by entity
The licence belongs to the firm; a leverage figure belongs to one entity. Only the entity that onboards Indian residents enters the score.
Intraday MIS; MTF offered; SEBI peak-margin rules apply.
Scale from 1:10 to 1:3000, logarithmic.
Client protection
- Local entity onboards youSEBI-regulated domestic full-service broker.
- Regulator warning on filenone found
— means the broker does not state it in any source we captured. It is not read as “no protection” and it is not scored.
Price against India market median(priced from 65 of 90)
Medians run over the 65 of 90 brokers that publish a price for India, never over the whole base. A spread without its commission is not a price and is not counted.
Accounts
Account types the broker names for this country: Demat+Trading, full-service percentage plan. The figures below are the broker's own and do not differ by account in any source we captured.
Swap-free account terms
Terms read from the account page on 01.10.2026. The cap on open positions is not published.
Where JM Financial sits in the India base(90 brokers)
Round-turn cost, USD (65 of 90 priced)
Median 7 USD · range 2-18 · this broker 7 USD · 25 of 90 brokers do not publish it
Minimum deposit, USD (16 of 90 priced)
Median 15 USD · range 0-1000 · 74 of 90 brokers do not publish it
Retail leverage (49 of 90 with a India figure)
Median 1:500 · range 20-5000 · 41 of 90 brokers do not publish it
Withdrawal time published (90 brokers)
Payouts(1 method)
| Method | Deposit, h | Withdrawal, h | Fee, USD | Min, USD |
|---|---|---|---|---|
| UPI | 24 | — | 0 | 50 |
Deposit and withdrawal methods (1 methods · 1 local)
UPI, net-banking.
- UPIlocal
- Account currency
- INR.
- Fee declared
- 1 of 1 methods
- Withdrawal back to
- the funding method
Where it does not serve(2 countries)
From the client agreement, clause 2.3. A country missing from a translated page is not read as “served”.
Platforms and markets(2 platforms)

- JM Pro app
- web/online trading platform
| Class | Min spread | Leverage |
|---|---|---|
| JM Pro app | 1 | —IN |
| web/online trading platform | 1 | —IN |
138 further account types are named by their brokers but publish none of these figures, so they are not in the comparison: Eightcap Standard, Eightcap Raw, Fusion Markets Classic account, Pepperstone Standard, Pepperstone no minimum deposit, Trade Nation Two live tiers - lower-leverage and 132 more.
Pros and cons(2 for and 4 against, each tied to a figure on this page)
- Locally authorised, licence INZ000195834, read on 09.07.2026
- Track record 100 of 100, its strongest of 4 scored axes
- A regulator warning is on file against this broker
- Withdrawal time not published
- Platforms 15 of 100, its weakest of 4 scored axes
- Not scored on reviews, payouts: the broker publishes no figure we could read
Alternatives in India(6 of 90 scored in India)
- Round turn, USD
- 5IN
- Min deposit, USD
- 0 groupIN
- Rank in this country
- #2
- Round turn, USD
- 4IN
- Rank in this country
- #4
- Round turn, USD
- 7IN
- Leverage
- 1000 group
- Rank in this country
- #40
- Round turn, USD
- 8IN
- Rank in this country
- #47
- Round turn, USD
- 6IN
- Rank in this country
- #49
- Round turn, USD
- 6IN
- Min deposit, USD
- 0 groupIN
- Leverage
- 500IN
- Rank in this country
- #15
"group" marks a figure the broker publishes for the group rather than for this country. It is shown because the broker states it, and it is not ranked, averaged or used to sort.
Methodology(6 axes · formula v1.0)
Score = 2 + 3 × weighted mean of six axes scored 0–100. Range 2.0–5.0. An axis without data drops out and the remaining weights are renormalised; it is never scored zero or estimated. Group-wide figures never enter a India score. Full methodology
| Axis | Weight | What is measured | JM Financial |
|---|---|---|---|
| Reviews | 25% | Rating, volume and recency on one public review platform | — |
| Round-turn cost | 20% | Round turn on 1 lot EURUSD: spread plus commission, against the country median | 90 |
| Safety | 20% | Local authorisation, the entity that onboards you, any regulator warning | 90 |
| Payouts | 15% | Published withdrawal time, fees and the methods available in the country | — |
| Track record | 10% | Years since the firm was founded, from its own filings | 100 |
| Platforms | 10% | Which trading platforms the broker confirms for this country | 15 |
— the broker does not publish this figure; it is not read as a zero and it is not scored.
FAQ
- Does JM Financial accept residents of India?
- Yes. SEBI-regulated domestic full-service broker. Onboarding entity: JM Financial Services Ltd
- Is JM Financial licensed to serve clients in India?
- SEBI stock broker INZ000195834; member NSE/BSE/MCX/NCDEX; CDSL DP. Checked on 09.07.2026.
- How much does one round turn cost at JM Financial?
- About 7.0 USD per standard lot on EUR/USD. The median across brokers measured for India is 7.0 USD.
- Which trading platforms does JM Financial support?
- JM Pro app, web/online trading platform. Instruments: Equity, F&O, currency, commodity, mutual funds, IPO, bonds.
- How can I withdraw money from JM Financial in India?
- UPI, net-banking.
- What account types does JM Financial offer?
- Demat+Trading; full-service percentage plan.
- Does JM Financial offer a swap-free (Islamic) account?
- No. JM Financial publishes no swap-free (Islamic) account for India.
Cost calculator (median of 65 priced of 90)
EURUSD round turns at the prices captured 01.10.2026. Shown in USD only: we do not publish a INR conversion because the exchange rate is not part of our data.