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
PhonePe Invest (Share.Market)SEBI INZ000302639
- Account opening
- Not stated
- Demat AMC
- Not stated
- SME IPOs
- Not stated
- Delivery brokerage
- ₹20 or 0.05%, lower
- Cost to sell ₹15,000 of IPO shares
- Not publishedBrokerage and DP with GST, ours
Where Choice and PhonePe Invest (Share.Market) differ
5 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | Choice | PhonePe Invest (Share.Market) |
|---|---|---|
| One mainboard lot, ₹15,000Brokerage ₹14.75 less at PhonePe Invest (Share.Market); a DP charge is not published | ₹35.40 | ₹8.85 brokerage; DP charge not published |
| Two SME lots, ₹2,50,000Same brokerage at both; a DP charge is not published | ₹35.40 | ₹23.60 brokerage; DP charge not published |
| A year: 12 mainboard lots soldBrokerage ₹177.00 less at PhonePe Invest (Share.Market); a DP charge is not published | ₹424.80 | ₹106.20 brokerage; DP charge not published |
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.
- Account opening: Free at Choice, not stated at PhonePe Invest (Share.Market).
- Demat maintenance (AMC): Free in the first year, then ₹200 plus GST a year at Choice, not stated at PhonePe Invest (Share.Market).
- Equity delivery brokerage: 0.20% at Choice, ₹20 or 0.05% per executed order, whichever is lower at PhonePe Invest (Share.Market).
- DP charge on selling shares: ₹10 plus GST per instruction at Choice, not stated at PhonePe Invest (Share.Market).
The same at both: mainboard IPOs and SME IPOs.
Choice vs PhonePe Invest (Share.Market): charges side by side
Differs 5 of 7 charges differ between Choice and PhonePe Invest (Share.Market). Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | Choice | PhonePe Invest (Share.Market) |
|---|---|---|
| Open an account | ||
| Account opening | Free | Not stated on the pages we checked |
| Demat maintenance (AMC) | Free in the first year, then ₹200 plus GST a year | Not stated on the pages we checked |
| Apply for IPOs | ||
| Mainboard IPOs | Yes, free | Yes |
| 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) | ₹20 or 0.05% per executed order, whichever is lower |
| DP charge on selling shares | ₹10 plus GST per instruction | Not stated on the pages we checked |
| Registration | ||
| SEBI registration | INZ000160131 | INZ000302639 |
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 PhonePe Invest (Share.Market) pages.
Choice and PhonePe Invest (Share.Market) 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.
PhonePe Invest (Share.Market)
Strengths
- Low cap on small orders
Worth checking
- Account and DP charges not on the tariff page
The tariff page we read lists no account opening, AMC or DP charge.
- Dealer orders
₹30 extra per order for call and trade or auto square-off.
Brokerage calculator: Choice vs PhonePe Invest (Share.Market)
| Charge | Choice | PhonePe Invest (Share.Market) |
|---|
Ours, with NSE rates. Change the trade to see what Choice and PhonePe Invest (Share.Market) would each charge.
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Every comparison with Choice or PhonePe Invest (Share.Market), or pick any two brokers.
Frequently asked questions
Which is cheaper for selling IPO shares, Choice or PhonePe Invest (Share.Market)?
PhonePe Invest (Share.Market) does not publish its DP charge, so the full cost of selling IPO shares cannot be compared. On brokerage alone, one mainboard lot (₹15,000) costs ₹14.75 less at PhonePe Invest (Share.Market) (our calculation). For two SME lots worth ₹2,50,000: Choice ₹35.40, PhonePe Invest (Share.Market) ₹23.60 brokerage; DP charge not published (our calculation, brokerage and DP charge with GST).
How much would the difference between Choice and PhonePe Invest (Share.Market) be over a year?
Not in full, because PhonePe Invest (Share.Market) does not publish its DP charge. On brokerage alone, 12 mainboard lots of ₹15,000 cost ₹177.00 less at PhonePe Invest (Share.Market) (our calculation).
Can I apply for SME IPOs on Choice and PhonePe Invest (Share.Market)?
Neither says clearly on its pages that SME IPOs can be applied for.
Is account opening free at Choice and PhonePe Invest (Share.Market)?
Choice: Free. PhonePe Invest (Share.Market): not stated.
What is the demat AMC at Choice and PhonePe Invest (Share.Market)?
Choice: Free in the first year, then ₹200 plus GST a year. PhonePe Invest (Share.Market): not stated.