Learn · 5 min read
How to Read a Contract Note (2026): Every Line Explained
Your contract note is the legal record of every trade. Learn each section, from trade details to charges and net amount, and spot errors before they cost you
What is a contract note?
A contract note is a document your broker must send you after every trading day in which you bought or sold securities. It is usually emailed as a digitally signed PDF.
It is legally binding proof of your trades. If there is ever a dispute about what was bought, sold or charged, this is the document that counts.
The header: who, when and where
The top of the note shows your broker's details, SEBI registration and exchange membership, along with your name, client code and PAN.
You will also see the trade date and settlement details. Check that the client code and PAN are yours. If you ever receive a contract note for trades you did not place, contact your broker and the exchange right away.
The trade details table
This is the heart of the contract note. Each row is one executed trade, or a group of trades in the same security.
- Order number and trade number, with time of execution
- Security name or symbol, and exchange
- Buy or sell indicator
- Quantity and gross rate (the price per unit)
- Brokerage per unit, if shown separately
- Net rate and net total for that trade
Pro tip: Compare the order time and price on the contract note with your app's order book. They should match exactly.
Put numbers on it: see what your trades cost at every broker. Try the compare-all brokerage calculator
The charges summary
Below the trades, you will find a summary of all charges for the day. This usually includes brokerage, exchange transaction charges, SEBI turnover fees, STT, stamp duty and GST.
Add these to your purchases or subtract them from your sales to get the final amount. If something looks unusually high, compare it with your broker's published tariff or run the trade through our brokerage calculator.
Net amount payable or receivable
At the bottom, the note shows the net obligation: the amount you owe the broker, or the amount the broker owes you, for that day.
This should match the debit or credit in your trading ledger. A mismatch is worth asking about, even if it is small.
What to do if something is wrong
Raise any error with your broker in writing as soon as you spot it, ideally the same day. Keep a copy of your email and their reply.
If the broker does not resolve it, you can escalate to the stock exchange's investor grievance cell or through SEBI's complaint system. Your contract note will be your key evidence.
Frequently asked questions
Do I get a contract note for intraday trades?
Yes. Every executed trade, whether intraday, delivery or F&O, appears in the contract note for that day.
I did not receive a contract note. What should I do?
Check your spam folder and the reports section of your broker's app first. If it is still missing, ask your broker to resend it, because they are required to provide one.
Why is my contract note password protected?
It contains personal and financial details, so brokers usually protect it with a password, often based on your PAN or date of birth. The email normally explains the format.
How long should I keep contract notes?
Keep them for several years. They are useful for tax filing, scrutiny by the tax department, and any dispute with your broker.
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Educational content, not investment advice. Investments in securities markets are subject to market risks.