ChoiceSEBI INZ000160131
- Account opening
- ₹0
- Demat AMC
- ₹0 year 1, then ₹200/yr + GST
- SME IPOs
- Not stated
- Delivery brokerage
- 0.20% or ₹20, lower
- Cost to sell ₹15,000 of IPO shares
- ₹35.40Brokerage 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 Choice and Indiabulls Securities differ
5 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | Choice | Indiabulls Securities |
|---|---|---|
| One mainboard lot, ₹15,000₹1.18 less at Choice | ₹35.40 | ₹36.58 |
| Two SME lots, ₹2,50,000₹36.58 less at Choice | ₹35.40 | ₹71.98 |
| A year: 12 mainboard lots sold₹14.16 less at Choice | ₹424.80 | ₹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): Free in the first year, then ₹200 plus GST a year at Choice, ₹25 plus GST a month on the pricing page at Indiabulls Securities.
- Equity delivery brokerage: 0.20% at Choice, 2.5% or ₹11 per executed order, whichever is lower at Indiabulls Securities.
- DP charge on selling shares: ₹10 plus GST per instruction at Choice, ₹20 or 0.02% of the value, whichever is higher, plus GST, when sold… at Indiabulls Securities.
- SME IPOs: not stated at Choice, Yes, confirmed by Indiabulls Securities on 23 Oct 2026 at Indiabulls Securities.
The same at both: account opening and Mainboard IPOs.
Choice vs Indiabulls Securities: charges side by side
Differs 5 of 7 charges differ between Choice and Indiabulls Securities. Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | Choice | Indiabulls Securities |
|---|---|---|
| Open an account | ||
| Account opening | Free | ₹0 |
| Demat maintenance (AMC) | Free in the first year, then ₹200 plus GST a year | ₹25 plus GST a month on the pricing page; ₹300 a year plus GST on the DP schedule |
| Apply for IPOs | ||
| Mainboard IPOs | Yes, free | 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 | 0.20% (the FAQ says 0.20% or ₹20, whichever is lower) | 2.5% or ₹11 per executed order, whichever is lower |
| DP charge on selling shares | ₹10 plus GST per instruction | ₹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 | INZ000160131 | 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 Choice and Indiabulls Securities pages.
Choice and Indiabulls Securities strengths and things worth checking
Choice
Strengths
- Low DP charge
- Low AMC
- Free auto square-off
Worth checking
- Page has conflicting figures
Options brokerage and pledge charges differ between the table and the text. Confirm with Choice.
- MTF at 18%
Margin trading interest is 18% a year.
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: Choice vs Indiabulls Securities
| Charge | Choice | Indiabulls Securities |
|---|
Ours, with NSE rates. Change the trade to see what Choice and Indiabulls Securities would each charge.
Other comparisons
Every comparison with Choice or Indiabulls Securities, or pick any two brokers.
Frequently asked questions
Which is cheaper for selling IPO shares, Choice or Indiabulls Securities?
Selling one mainboard lot of IPO shares (₹15,000) costs ₹35.40 in broker charges at Choice and ₹36.58 at Indiabulls Securities (our calculation). For two SME lots worth ₹2,50,000: Choice ₹35.40, Indiabulls Securities ₹71.98 (our calculation, brokerage and DP charge with GST).
How much would the difference between Choice and Indiabulls Securities be over a year?
If you sell 12 mainboard lots of ₹15,000 in a year, Choice costs ₹14.16 less in broker charges (our calculation). Add the yearly AMC: Choice: Free in the first year, then ₹200 plus GST a year; Indiabulls Securities: ₹25 plus GST a month on the pricing page.
Can I apply for SME IPOs on Choice and Indiabulls Securities?
Indiabulls Securities lets you apply for SME IPOs; Choice does not say so on the pages we checked.
What is the demat AMC at Choice and Indiabulls Securities?
Choice: Free in the first year, then ₹200 plus GST a year. Indiabulls Securities: ₹25 plus GST a month on the pricing page.
What brokerage do Choice 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 Choice and ₹12.98 at Indiabulls Securities (our calculation from their published rates).