Alice BlueSEBI INZ000156038
- Account opening
- ₹0
- Demat AMC
- ₹0
- SME IPOs
- Not stated
- Delivery brokerage
- ₹20 or 2.5%, lower
- Cost to sell ₹15,000 of IPO shares
- ₹41.30Brokerage and DP with GST, ours
Indiabulls SecuritiesSEBI INZ000036136
- Account opening
- ₹0
- Demat AMC
- ₹25/month + GST
- SME IPOs
- Yes
- Delivery brokerage
- ₹11 or 2.5%, lower
- Cost to sell ₹15,000 of IPO shares
- ₹36.58Brokerage and DP with GST, ours
Where Alice Blue and Indiabulls Securities differ
5 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | Alice Blue | Indiabulls Securities |
|---|---|---|
| One mainboard lot, ₹15,000₹4.72 less at Indiabulls Securities | ₹41.30 | ₹36.58 |
| Two SME lots, ₹2,50,000₹30.68 less at Alice Blue | ₹41.30 | ₹71.98 |
| A year: 12 mainboard lots sold₹56.64 less at Indiabulls Securities | ₹495.60 | ₹438.96 |
Ours: brokerage and DP charge with 18% GST. STT and exchange charges are equal everywhere, so they are left out. SME bids are two lots.
- Demat maintenance (AMC): ₹0 for life on the current plan at Alice Blue, ₹25 plus GST a month on the pricing page at Indiabulls Securities.
- Equity delivery brokerage: ₹20 or 2.5 per executed order, whichever is lower, as shown on the… at Alice Blue, 2.5% or ₹11 per executed order, whichever is lower at Indiabulls Securities.
- DP charge on selling shares: ₹15 plus GST per scrip, on sales only at Alice Blue, ₹20 or 0.02% of the value, whichever is higher, plus GST, when sold… at Indiabulls Securities.
- SME IPOs: not stated at Alice Blue, Yes, confirmed by Indiabulls Securities on 23 Oct 2026 at Indiabulls Securities.
The same at both: account opening and Mainboard IPOs.
Alice Blue vs Indiabulls Securities: charges side by side
Differs 5 of 7 charges differ between Alice Blue and Indiabulls Securities. Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | Alice Blue | Indiabulls Securities |
|---|---|---|
| Open an account | ||
| Account opening | ₹0 | ₹0 |
| Demat maintenance (AMC) | ₹0 for life on the current plan | ₹25 plus GST a month on the pricing page; ₹300 a year plus GST on the DP schedule |
| Apply for IPOs | ||
| Mainboard IPOs | Yes, with ₹0 brokerage | Yes. The home page describes ASBA, where the money stays in your bank account until allotment |
| SME IPOs | Not stated on the pages we checked | Yes, confirmed by Indiabulls Securities on 23 Oct 2026 (not yet stated on its pricing page) |
| Sell your IPO shares | ||
| Equity delivery brokerage | ₹20 or 2.5 per executed order, whichever is lower, as shown on the pricing page | 2.5% or ₹11 per executed order, whichever is lower |
| DP charge on selling shares | ₹15 plus GST per scrip, on sales only | ₹20 or 0.02% of the value, whichever is higher, plus GST, when sold through Indiabulls Securities (₹30 or 0.03% otherwise) |
| Registration | ||
| SEBI registration | INZ000156038 | INZ000036136 |
For other trading, equity intraday, Futures and Margin trading (MTF) interest differ too. Intraday, futures, call and trade and margin charges are on the Alice Blue and Indiabulls Securities pages.
Alice Blue and Indiabulls Securities strengths and things worth checking
Alice Blue
Strengths
- ₹0 AMC for life
- IPO applications free
Worth checking
- Brokerage on delivery
Up to ₹20 per order.
- DP charge
₹15 plus GST per sale.
Indiabulls Securities
Strengths
- Flat ₹11 per order
- ₹0 account opening
- Fixed MTF rate
- SME IPOs
Worth checking
- Brokerage on delivery
₹11 per order on delivery, where some brokers charge ₹0.
- AMC from the start
₹25 plus GST a month (₹300 plus GST a year); the pricing page does not mention a free first year.
Brokerage calculator: Alice Blue vs Indiabulls Securities
| Charge | Alice Blue | Indiabulls Securities |
|---|
Ours, with NSE rates. Change the trade to see what Alice Blue and Indiabulls Securities would each charge.
Other comparisons
Every comparison with Alice Blue or Indiabulls Securities, or pick any two brokers.
Frequently asked questions
Which is cheaper for selling IPO shares, Alice Blue or Indiabulls Securities?
Selling one mainboard lot of IPO shares (₹15,000) costs ₹36.58 in broker charges at Indiabulls Securities and ₹41.30 at Alice Blue (our calculation). For two SME lots worth ₹2,50,000: Alice Blue ₹41.30, Indiabulls Securities ₹71.98 (our calculation, brokerage and DP charge with GST).
How much would the difference between Alice Blue and Indiabulls Securities be over a year?
If you sell 12 mainboard lots of ₹15,000 in a year, Indiabulls Securities costs ₹56.64 less in broker charges (our calculation). Add the yearly AMC: Alice Blue: ₹0 for life on the current plan; Indiabulls Securities: ₹25 plus GST a month on the pricing page.
Can I apply for SME IPOs on Alice Blue and Indiabulls Securities?
Indiabulls Securities lets you apply for SME IPOs; Alice Blue does not say so on the pages we checked.
What is the demat AMC at Alice Blue and Indiabulls Securities?
Alice Blue: ₹0 for life on the current plan. Indiabulls Securities: ₹25 plus GST a month on the pricing page.
What brokerage do Alice Blue and Indiabulls Securities charge when I sell IPO shares?
Selling allotted shares is a delivery trade. On a ₹15,000 sale the brokerage with GST is ₹23.60 at Alice Blue and ₹12.98 at Indiabulls Securities (our calculation from their published rates).