Bajaj BrokingSEBI INZ000218931
- Account opening
- ₹0
- Demat AMC
- ₹0 (pack ₹431/yr from year 2)
- SME IPOs
- Yes
- Delivery brokerage
- ₹20/order
- Cost to sell ₹15,000 of IPO shares
- ₹64.90Brokerage 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 Bajaj Broking and Indiabulls Securities differ
4 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | Bajaj Broking | Indiabulls Securities |
|---|---|---|
| One mainboard lot, ₹15,000₹28.32 less at Indiabulls Securities | ₹64.90 | ₹36.58 |
| Two SME lots, ₹2,50,000₹7.08 less at Bajaj Broking | ₹64.90 | ₹71.98 |
| A year: 12 mainboard lots sold₹339.84 less at Indiabulls Securities | ₹778.80 | ₹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): Nil, but the Freedom Pack subscription is ₹431 a year from the second… at Bajaj Broking, ₹25 plus GST a month on the pricing page at Indiabulls Securities.
- Equity delivery brokerage: ₹20 per order at Bajaj Broking, 2.5% or ₹11 per executed order, whichever is lower at Indiabulls Securities.
- DP charge on selling shares: ₹35 or 0.0002% of the value, whichever is higher, plus taxes at Bajaj Broking, ₹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.
Bajaj Broking vs Indiabulls Securities: charges side by side
Differs 4 of 7 charges differ between Bajaj Broking and Indiabulls Securities. Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | Bajaj Broking | Indiabulls Securities |
|---|---|---|
| Open an account | ||
| Account opening | Nil | ₹0 |
| Demat maintenance (AMC) | Nil, but the Freedom Pack subscription is ₹431 a year from the second year (free in the first) | ₹25 plus GST a month on the pricing page; ₹300 a year plus GST on the DP schedule |
| Apply for IPOs | ||
| Mainboard IPOs | Yes | Yes. The home page describes ASBA, where the money stays in your bank account until allotment |
| SME IPOs | Yes. SME IPOs are listed with an Apply Now option | Yes, confirmed by Indiabulls Securities on 23 Oct 2026 (not yet stated on its pricing page) |
| Sell your IPO shares | ||
| Equity delivery brokerage | ₹20 per order (Professional Pack: ₹10, for ₹2,500 a year) | 2.5% or ₹11 per executed order, whichever is lower |
| DP charge on selling shares | ₹35 or 0.0002% of the value, whichever is higher, plus taxes | ₹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 | INZ000218931 | 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 Bajaj Broking and Indiabulls Securities pages.
Bajaj Broking and Indiabulls Securities strengths and things worth checking
Bajaj Broking
Strengths
- Cheaper dealer orders
- No demat AMC
- SME IPOs
Worth checking
- Pack fee from year two
₹431 a year for the Freedom Pack.
- Higher DP charge
₹35 plus taxes 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: Bajaj Broking vs Indiabulls Securities
| Charge | Bajaj Broking | Indiabulls Securities |
|---|
Ours, with NSE rates. Change the trade to see what Bajaj Broking and Indiabulls Securities would each charge.
Other comparisons
Every comparison with Bajaj Broking or Indiabulls Securities, or pick any two brokers.
Frequently asked questions
Which is cheaper for selling IPO shares, Bajaj Broking or Indiabulls Securities?
Selling one mainboard lot of IPO shares (₹15,000) costs ₹36.58 in broker charges at Indiabulls Securities and ₹64.90 at Bajaj Broking (our calculation). For two SME lots worth ₹2,50,000: Bajaj Broking ₹64.90, Indiabulls Securities ₹71.98 (our calculation, brokerage and DP charge with GST).
How much would the difference between Bajaj Broking and Indiabulls Securities be over a year?
If you sell 12 mainboard lots of ₹15,000 in a year, Indiabulls Securities costs ₹339.84 less in broker charges (our calculation). Add the yearly AMC: Bajaj Broking: Nil, but the Freedom Pack subscription is ₹431 a year from the second…; Indiabulls Securities: ₹25 plus GST a month on the pricing page.
Can I apply for SME IPOs on Bajaj Broking and Indiabulls Securities?
Both let you apply for SME IPOs.
What is the demat AMC at Bajaj Broking and Indiabulls Securities?
Bajaj Broking: Nil, but the Freedom Pack subscription is ₹431 a year from the second…. Indiabulls Securities: ₹25 plus GST a month on the pricing page.
What brokerage do Bajaj Broking 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 Bajaj Broking and ₹12.98 at Indiabulls Securities (our calculation from their published rates).