DhanSEBI INZ000006031
- Account opening
- ₹0
- Demat AMC
- ₹0
- SME IPOs
- Yes
- Delivery brokerage
- ₹0
- Cost to sell ₹15,000 of IPO shares
- ₹14.75Brokerage 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 Dhan and Indiabulls Securities differ
4 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | Dhan | Indiabulls Securities |
|---|---|---|
| One mainboard lot, ₹15,000₹21.83 less at Dhan | ₹14.75 | ₹36.58 |
| Two SME lots, ₹2,50,000₹57.23 less at Dhan | ₹14.75 | ₹71.98 |
| A year: 12 mainboard lots sold₹261.96 less at Dhan | ₹177.00 | ₹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): ₹0 for individuals and HUFs at Dhan, ₹25 plus GST a month on the pricing page at Indiabulls Securities.
- Equity delivery brokerage: ₹0 at Dhan, 2.5% or ₹11 per executed order, whichever is lower at Indiabulls Securities.
- DP charge on selling shares: ₹12.50 plus GST per instruction per ISIN at Dhan, ₹20 or 0.02% of the value, whichever is higher, plus GST, when sold… at Indiabulls Securities.
The same at both: account opening, Mainboard IPOs and SME IPOs.
Dhan vs Indiabulls Securities: charges side by side
Differs 4 of 7 charges differ between Dhan and Indiabulls Securities. Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | Dhan | Indiabulls Securities |
|---|---|---|
| Open an account | ||
| Account opening | ₹0 for individuals and HUFs | ₹0 |
| Demat maintenance (AMC) | ₹0 for individuals and HUFs (₹800 plus GST for NRIs, companies, LLPs, firms and trusts) | ₹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, with UPI | Yes. The home page describes ASBA, where the money stays in your bank account until allotment |
| SME IPOs | Yes, SME IPOs can be applied for with mobile UPI | Yes, confirmed by Indiabulls Securities on 23 Oct 2026 (not yet stated on its pricing page) |
| Sell your IPO shares | ||
| Equity delivery brokerage | ₹0 | 2.5% or ₹11 per executed order, whichever is lower |
| DP charge on selling shares | ₹12.50 plus GST per instruction per ISIN | ₹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 | INZ000006031 | INZ000036136 |
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 Dhan and Indiabulls Securities pages.
Dhan and Indiabulls Securities strengths and things worth checking
Dhan
Strengths
- ₹0 brokerage on delivery
- Low DP charge
- ₹0 AMC and account opening
Worth checking
- Dealer orders cost extra
Call and trade is ₹50 plus GST per order.
- MTF rate rises with size
From 12.49% a year, up to 15.49% on larger amounts.
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: Dhan vs Indiabulls Securities
| Charge | Dhan | Indiabulls Securities |
|---|
Ours, with NSE rates. Change the trade to see what Dhan and Indiabulls Securities would each charge.
Other comparisons
Every comparison with Dhan or Indiabulls Securities, or pick any two brokers.
Frequently asked questions
Which is cheaper for selling IPO shares, Dhan or Indiabulls Securities?
Selling one mainboard lot of IPO shares (₹15,000) costs ₹14.75 in broker charges at Dhan and ₹36.58 at Indiabulls Securities (our calculation). For two SME lots worth ₹2,50,000: Dhan ₹14.75, Indiabulls Securities ₹71.98 (our calculation, brokerage and DP charge with GST).
How much would the difference between Dhan and Indiabulls Securities be over a year?
If you sell 12 mainboard lots of ₹15,000 in a year, Dhan costs ₹261.96 less in broker charges (our calculation). Add the yearly AMC: Dhan: ₹0 for individuals and HUFs; Indiabulls Securities: ₹25 plus GST a month on the pricing page.
Can I apply for SME IPOs on Dhan and Indiabulls Securities?
Both let you apply for SME IPOs.
What is the demat AMC at Dhan and Indiabulls Securities?
Dhan: ₹0 for individuals and HUFs. Indiabulls Securities: ₹25 plus GST a month on the pricing page.
What brokerage do Dhan 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 ₹0.00 at Dhan and ₹12.98 at Indiabulls Securities (our calculation from their published rates).