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
INDmoneySEBI INZ000305337
- Account opening
- ₹0
- Demat AMC
- ₹0
- SME IPOs
- No
- Delivery brokerage
- ₹20 or 0.1%, lower
- Cost to sell ₹15,000 of IPO shares
- ₹39.53Brokerage and DP with GST, ours
Where Choice and INDmoney differ
5 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | Choice | INDmoney |
|---|---|---|
| One mainboard lot, ₹15,000₹4.13 less at Choice | ₹35.40 | ₹39.53 |
| Two SME lots, ₹2,50,000₹10.03 less at Choice | ₹35.40 | ₹45.43 |
| A year: 12 mainboard lots sold₹49.56 less at Choice | ₹424.80 | ₹474.36 |
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, ₹0 at INDmoney.
- Equity delivery brokerage: 0.20% at Choice, 0.1% or ₹20 per executed order, whichever is lower, minimum ₹2 at INDmoney.
- DP charge on selling shares: ₹10 plus GST per instruction at Choice, ₹18.50 plus GST per ISIN at INDmoney.
- SME IPOs: not stated at Choice, Not yet. INDmoney says it does not currently support SME IPOs at INDmoney.
The same at both: account opening and Mainboard IPOs.
Choice vs INDmoney: charges side by side
Differs 5 of 7 charges differ between Choice and INDmoney. Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | Choice | INDmoney |
|---|---|---|
| Open an account | ||
| Account opening | Free | ₹0 |
| Demat maintenance (AMC) | Free in the first year, then ₹200 plus GST a year | ₹0 |
| Apply for IPOs | ||
| Mainboard IPOs | Yes, free | Yes |
| SME IPOs | Not stated on the pages we checked | Not yet. INDmoney says it does not currently support SME IPOs |
| Sell your IPO shares | ||
| Equity delivery brokerage | 0.20% (the FAQ says 0.20% or ₹20, whichever is lower) | 0.1% or ₹20 per executed order, whichever is lower, minimum ₹2 |
| DP charge on selling shares | ₹10 plus GST per instruction | ₹18.50 plus GST per ISIN (₹3.50 CDSL and ₹15 INDstocks; ₹3.25 and ₹15.25 for women) |
| Registration | ||
| SEBI registration | INZ000160131 | INZ000305337 |
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 Choice and INDmoney pages.
Choice and INDmoney 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.
INDmoney
Strengths
- ₹0 AMC and account opening
- Low minimum brokerage
Worth checking
- Desk orders are expensive
₹500 per order through the trading desk.
- DP charge
₹18.50 plus GST per sale.
- No SME IPOs yet
INDmoney says SME IPO applications are not supported at the moment.
Brokerage calculator: Choice vs INDmoney
| Charge | Choice | INDmoney |
|---|
Ours, with NSE rates. Change the trade to see what Choice and INDmoney would each charge.
Other comparisons
Every comparison with Choice or INDmoney, or pick any two brokers.
Frequently asked questions
Which is cheaper for selling IPO shares, Choice or INDmoney?
Selling one mainboard lot of IPO shares (₹15,000) costs ₹35.40 in broker charges at Choice and ₹39.53 at INDmoney (our calculation). For two SME lots worth ₹2,50,000: Choice ₹35.40, INDmoney ₹45.43 (our calculation, brokerage and DP charge with GST).
How much would the difference between Choice and INDmoney be over a year?
If you sell 12 mainboard lots of ₹15,000 in a year, Choice costs ₹49.56 less in broker charges (our calculation). Add the yearly AMC: Choice: Free in the first year, then ₹200 plus GST a year; INDmoney: ₹0.
Can I apply for SME IPOs on Choice and INDmoney?
Neither says clearly on its pages that SME IPOs can be applied for.
What is the demat AMC at Choice and INDmoney?
Choice: Free in the first year, then ₹200 plus GST a year. INDmoney: ₹0.
What brokerage do Choice and INDmoney 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 ₹17.70 at INDmoney (our calculation from their published rates).