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
UpstoxSEBI INZ000315837
- Account opening
- ₹0
- Demat AMC
- ₹0 year 1, then ₹300/yr + GST
- SME IPOs
- Yes
- Delivery brokerage
- ₹20/order
- Cost to sell ₹15,000 of IPO shares
- ₹47.20Brokerage and DP with GST, ours
Where Choice and Upstox differ
5 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | Choice | Upstox |
|---|---|---|
| One mainboard lot, ₹15,000₹11.80 less at Choice | ₹35.40 | ₹47.20 |
| Two SME lots, ₹2,50,000₹11.80 less at Choice | ₹35.40 | ₹47.20 |
| A year: 12 mainboard lots sold₹141.60 less at Choice | ₹424.80 | ₹566.40 |
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 in the first year for new customers, then ₹300 plus GST a year at Upstox.
- Equity delivery brokerage: 0.20% at Choice, ₹20 per executed order at Upstox.
- DP charge on selling shares: ₹10 plus GST per instruction at Choice, ₹20 plus GST per scrip per day at Upstox.
- SME IPOs: not stated at Choice, Yes, using the SME IPO filter in the IPO section. SME bids need a… at Upstox.
The same at both: account opening and Mainboard IPOs.
Choice vs Upstox: charges side by side
Differs 5 of 7 charges differ between Choice and Upstox. Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | Choice | Upstox |
|---|---|---|
| Open an account | ||
| Account opening | Free | ₹0 |
| Demat maintenance (AMC) | Free in the first year, then ₹200 plus GST a year | ₹0 in the first year for new customers, then ₹300 plus GST a year (BSDA accounts have separate terms) |
| Apply for IPOs | ||
| Mainboard IPOs | Yes, free | Yes, in the IPO section of the app with a UPI mandate |
| SME IPOs | Not stated on the pages we checked | Yes, using the SME IPO filter in the IPO section. SME bids need a price; cut-off is not allowed |
| Sell your IPO shares | ||
| Equity delivery brokerage | 0.20% (the FAQ says 0.20% or ₹20, whichever is lower) | ₹20 per executed order |
| DP charge on selling shares | ₹10 plus GST per instruction | ₹20 plus GST per scrip per day (₹3.50 CDSL and ₹16.50 Upstox; ₹3.25 and ₹16.75 for women) |
| Registration | ||
| SEBI registration | INZ000160131 | INZ000315837 |
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 Upstox pages.
Choice and Upstox 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.
Upstox
Strengths
- Zero commission on IPOs
- ₹0 account opening
- SME IPOs in the app
Worth checking
- Flat ₹20 on delivery
Even a small sale of IPO shares costs ₹20 brokerage plus a ₹20 plus GST DP charge.
- Dealer orders cost more
Call and trade and auto square-off cost ₹75 plus GST each.
- AMC after the first year
₹300 plus GST a year.
Brokerage calculator: Choice vs Upstox
| Charge | Choice | Upstox |
|---|
Ours, with NSE rates. Change the trade to see what Choice and Upstox would each charge.
Other comparisons
Every comparison with Choice or Upstox, or pick any two brokers.
Frequently asked questions
Which is cheaper for selling IPO shares, Choice or Upstox?
Selling one mainboard lot of IPO shares (₹15,000) costs ₹35.40 in broker charges at Choice and ₹47.20 at Upstox (our calculation). For two SME lots worth ₹2,50,000: Choice ₹35.40, Upstox ₹47.20 (our calculation, brokerage and DP charge with GST).
How much would the difference between Choice and Upstox be over a year?
If you sell 12 mainboard lots of ₹15,000 in a year, Choice costs ₹141.60 less in broker charges (our calculation). Add the yearly AMC: Choice: Free in the first year, then ₹200 plus GST a year; Upstox: ₹0 in the first year for new customers, then ₹300 plus GST a year.
Can I apply for SME IPOs on Choice and Upstox?
Upstox lets you apply for SME IPOs; Choice does not say so on the pages we checked.
What is the demat AMC at Choice and Upstox?
Choice: Free in the first year, then ₹200 plus GST a year. Upstox: ₹0 in the first year for new customers, then ₹300 plus GST a year.
What brokerage do Choice and Upstox 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 ₹23.60 at Upstox (our calculation from their published rates).