Angel OneSEBI INZ000161534
- Account opening
- ₹0
- Demat AMC
- ₹0 year 1, then ₹240/yr + GST
- SME IPOs
- Yes
- Delivery brokerage
- ₹20 or 0.1%, 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 Angel One and Indiabulls Securities differ
4 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | Angel One | Indiabulls Securities |
|---|---|---|
| One mainboard lot, ₹15,000₹4.72 less at Indiabulls Securities | ₹41.30 | ₹36.58 |
| Two SME lots, ₹2,50,000₹24.78 less at Angel One | ₹47.20 | ₹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): Free in the first year, then ₹60 a quarter plus GST, charged after the… at Angel One, ₹25 plus GST a month on the pricing page at Indiabulls Securities.
- Equity delivery brokerage: ₹20 or 0.1% per executed order, whichever is lower, minimum ₹5 at Angel One, 2.5% or ₹11 per executed order, whichever is lower at Indiabulls Securities.
- DP charge on selling shares: ₹20 plus GST per scrip at Angel One, ₹20 or 0.02% of the value, whichever is higher, plus GST, when sold… at Indiabulls Securities.
The same at both: account opening, Mainboard IPOs and SME IPOs.
Angel One vs Indiabulls Securities: charges side by side
Differs 4 of 7 charges differ between Angel One and Indiabulls Securities. Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | Angel One | Indiabulls Securities |
|---|---|---|
| Open an account | ||
| Account opening | ₹0 for residents | ₹0 |
| Demat maintenance (AMC) | Free in the first year, then ₹60 a quarter plus GST, charged after the first trade in a quarter | ₹25 plus GST a month on the pricing page; ₹300 a year plus GST on the DP schedule |
| Apply for IPOs | ||
| Mainboard IPOs | Yes, in the IPO section of the app with a UPI mandate | Yes. The home page describes ASBA, where the money stays in your bank account until allotment |
| SME IPOs | Yes, NSE Emerge and BSE SME IPOs, marked with an SME tag. Allotted SME shares can be sold from the app | 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 0.1% per executed order, whichever is lower, minimum ₹5 | 2.5% or ₹11 per executed order, whichever is lower |
| DP charge on selling shares | ₹20 plus GST per scrip (₹3.50 CDSL and ₹16.50 Angel One; ₹3.25 and ₹16.75 for women) | ₹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 | INZ000161534 | INZ000036136 |
For other trading, equity intraday, Futures, Call and trade and Margin trading (MTF) interest differ too. Intraday, futures, call and trade and margin charges are on the Angel One and Indiabulls Securities pages.
Angel One and Indiabulls Securities strengths and things worth checking
Angel One
Strengths
- Free first month
- Cheaper dealer orders
- SME IPOs on both exchanges
Worth checking
- AMC after the first year
₹60 a quarter plus GST (₹240 a year plus GST) for a regular demat account.
- Brokerage and DP charge on delivery
Up to ₹20 per order plus a ₹20 plus GST DP charge when you sell.
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: Angel One vs Indiabulls Securities
| Charge | Angel One | Indiabulls Securities |
|---|
Ours, with NSE rates. Change the trade to see what Angel One and Indiabulls Securities would each charge.
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Every comparison with Angel One or Indiabulls Securities, or pick any two brokers.
Frequently asked questions
Which is cheaper for selling IPO shares, Angel One 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 Angel One (our calculation). For two SME lots worth ₹2,50,000: Angel One ₹47.20, Indiabulls Securities ₹71.98 (our calculation, brokerage and DP charge with GST).
How much would the difference between Angel One 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: Angel One: Free in the first year, then ₹60 a quarter plus GST, charged after the…; Indiabulls Securities: ₹25 plus GST a month on the pricing page.
Can I apply for SME IPOs on Angel One and Indiabulls Securities?
Both let you apply for SME IPOs.
What is the demat AMC at Angel One and Indiabulls Securities?
Angel One: Free in the first year, then ₹60 a quarter plus GST, charged after the…. Indiabulls Securities: ₹25 plus GST a month on the pricing page.
What brokerage do Angel One 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 ₹17.70 at Angel One and ₹12.98 at Indiabulls Securities (our calculation from their published rates).