Is brokerage charged per order or per lot?

It depends on the segment and the broker’s plan, not a single fixed rule. For equity delivery and intraday, brokerage is almost always charged per completed order, so buying 500 shares in one order costs the same brokerage as buying 50, as long as it’s one order. For F&O, especially options, brokerage is typically charged per executed order per lot, so a 5-lot Nifty option order might attract brokerage on 5 lots rather than a single flat charge, depending on the broker’s structure. A large order that gets split and filled across several price points can also count as multiple fills, sometimes attracting brokerage per fill rather than per order, depending on the broker’s execution and billing logic. You check the account-opening tariff sheet and the segment-specific rate card before assuming how a large order will be charged, and you confirm the actual math against the contract note afterward.