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
m.StockSEBI INZ000163138
- Account opening
- ₹0
- Demat AMC
- ₹0
- SME IPOs
- Not stated
- Delivery brokerage
- ₹10/order
- Cost to sell ₹15,000 of IPO shares
- ₹33.04Brokerage and DP with GST, ours
Where Choice and m.Stock differ
4 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | Choice | m.Stock |
|---|---|---|
| One mainboard lot, ₹15,000₹2.36 less at m.Stock | ₹35.40 | ₹33.04 |
| Two SME lots, ₹2,50,000₹2.36 less at m.Stock | ₹35.40 | ₹33.04 |
| A year: 12 mainboard lots sold₹28.32 less at m.Stock | ₹424.80 | ₹396.48 |
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 m.Stock.
- Equity delivery brokerage: 0.20% at Choice, ₹10 per order at m.Stock.
- DP charge on selling shares: ₹10 plus GST per instruction at Choice, ₹18 plus GST per debit transaction at m.Stock.
The same at both: account opening, Mainboard IPOs and SME IPOs.
Choice vs m.Stock: charges side by side
Differs 4 of 7 charges differ between Choice and m.Stock. Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | Choice | m.Stock |
|---|---|---|
| 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, with a two-click application |
| SME IPOs | Not stated on the pages we checked | Not stated on the pages we checked |
| Sell your IPO shares | ||
| Equity delivery brokerage | 0.20% (the FAQ says 0.20% or ₹20, whichever is lower) | ₹10 per order |
| DP charge on selling shares | ₹10 plus GST per instruction | ₹18 plus GST per debit transaction |
| Registration | ||
| SEBI registration | INZ000160131 | INZ000163138 |
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 m.Stock pages.
Choice and m.Stock 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.
m.Stock
Strengths
- ₹10 per order
- ₹0 AMC
- Free call and trade
Worth checking
- System square-off is costly
₹100 plus GST per order if m.Stock squares off your intraday position.
- DP charge
₹18 plus GST per sale.
Brokerage calculator: Choice vs m.Stock
| Charge | Choice | m.Stock |
|---|
Ours, with NSE rates. Change the trade to see what Choice and m.Stock would each charge.
Other comparisons
Every comparison with Choice or m.Stock, or pick any two brokers.
Frequently asked questions
Which is cheaper for selling IPO shares, Choice or m.Stock?
Selling one mainboard lot of IPO shares (₹15,000) costs ₹33.04 in broker charges at m.Stock and ₹35.40 at Choice (our calculation). For two SME lots worth ₹2,50,000: Choice ₹35.40, m.Stock ₹33.04 (our calculation, brokerage and DP charge with GST).
How much would the difference between Choice and m.Stock be over a year?
If you sell 12 mainboard lots of ₹15,000 in a year, m.Stock costs ₹28.32 less in broker charges (our calculation). Add the yearly AMC: Choice: Free in the first year, then ₹200 plus GST a year; m.Stock: ₹0.
Can I apply for SME IPOs on Choice and m.Stock?
Neither says clearly on its pages that SME IPOs can be applied for.
What is the demat AMC at Choice and m.Stock?
Choice: Free in the first year, then ₹200 plus GST a year. m.Stock: ₹0.
What brokerage do Choice and m.Stock 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 ₹11.80 at m.Stock (our calculation from their published rates).