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Contract Note

A Contract Note is a document provided by the stock broker to the customer. It contains records of the trades carried out by a client on a particular day.

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A Contract Note is a document provided by the stock broker to its customer on the day when the customer traded with them. This document captures all the transactions or trades on a particular day, brokerage fee and taxes. It is a reference point for clients to see their trades and the corresponding prices.

It is the legal obligation of the stock broker to send a contract note to the customer who traded on a particular day. A contract note sent via E-mail is called an 'Electronic Contract Note' (ECN) or a 'Digital Contract Note'.


  • The Contract Note is printed on legal stamp paper (e-Stamp).
  • The PDF of the Contract Note is sent via email to the customer at end of the day.
  • It can also be downloaded from the broker's back-office website or mobile app.
  • It is sent only to customers who traded on a particular day.
  • Only a stock broker can issue a Contract Note for trades done through them.
  • Contract notes must be issued within 24 hours of the execution of trades.
  • Old Contract Notes can be downloaded from broker's the back office website or app.

Contract Note Significance

  • It is a legal document on stamp paper. It has the details of trades executed on the exchange.
  • In case of a dispute arising out of transactions, a contract note provides recourse to the arbitrators for settlement.
  • A Contract Note helps an investor to understand the calculation of brokerage, other charges and verify the trades executed on his behalf by the broker.

Contract Note Details

The contract note format is prescribed by the stock exchanges. A contract note should have the following details;

  • Name, address, and SEBI Registration number of the stock broker.
  • Name of the partners, proprietor, and the Authorised Signatory for the stock broker.
  • The dealing office details and PAN details of the stock broker.
  • The Unique Client Code and PAN of the Investor.
  • The Contract note number, date of issue of the contract note, the settlement number (a 7 digit number that is a combination of the first 4 digits representing year and last 4 digits representing a running serial number), and the period for settlement.
  • The order number and order time corresponding to the trades.
  • The trade number and trade time.
  • The quantityand details of securities bought/sold by the client.
  • The trade priceand the brokerage (mentioned separately).
  • Service taxrates and any other charges levied by the broker.
  • Securities Transaction Tax (STT) as applicable.
  • Signature of the Authorized Signatoryfor the stock broker.

A Contract Note does not contain the following;

  • DP Charges,
  • Payment Gateway Charges, if any,
  • Call and Trade Charges,
  • Margin Details,
  • Outstanding Positions of a client,
  • Details about the past trades, etc.


  • SEBI Registration Number

    The Securities and Exchange Board of India (SEBI) is a regulatory body for the financial securities (like stocks, bonds, mutual funds) market in India. It falls under the jurisdiction of the Ministry of Finance, Government of India.Every SEBI registered stock broker is allotted a unique 12-digit SEBI registration number. For example, the SEBI registration number for Zerodha is INZ000031633.

  • Dealing Office

    Every stock broker has in-house dealing desks. Clients can call and give instructions to certified dealers to execute trades on their behalf.

  • Unique Client Code

    It is the unique identification code issued by a stock broker to its clients. It can either be numeric or alpha-numeric.

  • Settlement Number

    A settlement number is a 7-digit number. The first 4 digits represent the year, and the other 3 digits represent the settlement number of the exchange on which the transaction has been executed.

Contract Note Charges

A PDF Contract Note is provided by the broker via email for free of charges. Most brokers charge a fee for paper contract notes sent via courier. The charges for this vary by the broker.

Contract Note Sample

A Contact Note format is specified by the stock exchanges and followed by the stock brokers. The contract note by the different brokers looks similar in terms of details captured in them. Below are few contact note samples:

  1. Zerodha Contact Note

    Zerodha Contract Note

  2. Angel One Contract Note

    Angel One Contract Note

Contract Note Password

The PDF Contract Note sent via email is password protected. The password of the contact note is usually the PAN Number. Some brokers also use unique client ID for contact note passwords.

The password for the contract note sent by Zerodha is the PAN number of the customer.

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Frequently Asked Questions

  1. 1. What is a contract note?

    A contract note is a legal document on stamp paper. It is shared by the stock broker to its customer on the day when the customer did trade. It provides detail of daily stock market trades including a list of trades, prices, brokerage and taxes.

    Stock brokers send the PDF contract note to the customers at end of the trading day. It contains all the transactions done in the stock market by the customer on a particular day.



  2. 2. How to Read a Contract Note?

    A Contact Note contains the detail of trades performed by the customer on the given day. The details include a list of trades done, order details, brokerage, taxes and customer obligation.

    Reading a Contract Note



    Order Number

    The stock exchange order number

    Order Time

    Timestamp of when the order was placed

    Trade Number

    The trade number on the stock exchange

    Trade Time

    Timestamp of when the order was executed

    Security/Contract description

    The scrip for which the order was placed

    Exchange -Buy/Sell

    The exchange on which the trade was executed, and the transaction type


    The quantity that was traded against each order number

    Gross Rate/ Trade Price per unit

    The price at which the order was executed


    The brokerage charged against the trade

    Net Rate per unit

    The gross rate minus the brokerage charge

    Closing rate per unit

    The price at which the contract closed for the day in the derivates market

    Net total before levies

    The total amount due to the client or from the client before brokerage and taxes.

    Pay-in and Pay-out obligation

    A negative figure indicates a Pay-in obligation. A positive figure indicates a Pay-out obligation

    The total amount of brokerage, applicable charges, taxes (GST, SEBI Turnover Fee, Stamp Duty, and Exchange Transaction Tax), and the net amount receivable or payable by the client, are mentioned in a table at the end of the contract note.



  3. 3. Can a contract note be issued in electronic form?

    The electronic Contract Note in PDF format is sent to all the customers via email for free. A contract note in an electronic format is called an E-Contract Note (ECN) or a Digital Contract Note.

    The contact note PDFs are digitally signed and password protected. The stock brokers use the PAN Number or unique client id as a password for the contract note.

    If you are not receiving a contact note in the email, you should consider:

    • Call the broker and check if your email address is correct.
    • Check the spam folder of your mailbox.
    • If not subscribed for Electronic Contract Note, contact your broker.



  4. 4. Who issues a Contract Note?

    Stock brokers issue the Contract Note to its customer. Contract note is issued daily for trades done on a particular day. If there are no trades done on the given day, the stock broker doesn't issue the Contract Note.

    Contract Note is sent in PDF format via email to all the customers for free.



  5. 5. Can I get a contract note for the purchase of shares?

    Yes, you must receive a contract note from your stock broker when you purchase shares.

    A contract note is a legal document (on stamp paper) of any trades done by the customer at the stock exchange via a broker on the given day.

    Contract note includes transactions like purchase of shares, sell of shares and trades in future and options. It includes key details like order information, price, brokerage charges and taxes.



  6. 6. What is a contract note in the share market?

    A Contract Note in the share market is a summary of all the trades done by a registered stock broker on behalf of a client on a particular day, on stock exchanges. It is a legal obligation of every stock broker. Your stock broker issues a Contract Note at the end of the day if you have bought or sold shares through him in the share market.



  7. 7. What does a contract note mean?

    A Contract Note is a legal record of any transaction carried out by a stock broker, on the exchange, on behalf of its client. It is the confirmation of trades executed on a particular day. An investor receives an electronic contract note (PDF file via email) from his broker at end of the day, if he has transacted in the stock markets.



  8. 8. Contract Note should be delivered in what time?

    A Contract Note should be issued by a stock broker by the end of the day (if any transactions have been executed by the broker on behalf of the client on that particular day).

    An Electronic Contract Note is sent by e-mail to the client on the same day of the transactions. A Physical Contract Note takes a few days to reach the client since it has to be sent by post to the registered address.

    A Contract Note should be issued in the contract note format prescribed by the stock exchange.




2. RAJU   I Like It. |Report Abuse|  Link|January 27, 2022 5:45:32 PMReply
Which Amount in Contract Note i.e., (Gross Amount / Net Amount / Net Amount Receivable by the Client) to be taken for the calculation of Profit and Capital Gain ? Which expenses are Exempted / Not Exempted in calculating the same, i.e., Profit and Capital Gain ?
1. Dharmendra   I Like It. |Report Abuse|  Link|August 12, 2021 12:41:21 AMReply
Since 6th August 2021 suddenly contract notes didn't received in my email ID in ICICI direct account equity trade.
What to do in this case? I am not able to verify my main account statement due to this.
Please advice.