New Delhi, July 24 -- Not zero brokerage. Not a mutual fund tab. Here is what the active F&O trader's broker evaluation should actually look like.

The fastest-growing segment of India's retail trading population is not the long-term equity investor or the SIP subscriber. It is the active derivatives trader: the individual placing 20 to 50 F&O orders a day, primarily in Nifty or Bank Nifty options, managing intraday risk and closing flat before market close. This trader's broker needs are almost entirely different from the needs of a passive investor. Yet most broker comparison content treats both segments the same way.

Every F&O trade has two prices: the price you intend to trade at and the price at which your order actually fills. The ...