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
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 Dhan and Upstox differ
4 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | Dhan | Upstox |
|---|---|---|
| One mainboard lot, ₹15,000₹32.45 less at Dhan | ₹14.75 | ₹47.20 |
| Two SME lots, ₹2,50,000₹32.45 less at Dhan | ₹14.75 | ₹47.20 |
| A year: 12 mainboard lots sold₹389.40 less at Dhan | ₹177.00 | ₹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): ₹0 for individuals and HUFs at Dhan, ₹0 in the first year for new customers, then ₹300 plus GST a year at Upstox.
- Equity delivery brokerage: ₹0 at Dhan, ₹20 per executed order at Upstox.
- DP charge on selling shares: ₹12.50 plus GST per instruction per ISIN at Dhan, ₹20 plus GST per scrip per day at Upstox.
The same at both: account opening, Mainboard IPOs and SME IPOs.
Dhan vs Upstox: charges side by side
Differs 4 of 7 charges differ between Dhan and Upstox. Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | Dhan | Upstox |
|---|---|---|
| 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) | ₹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, with UPI | Yes, in the IPO section of the app with a UPI mandate |
| SME IPOs | Yes, SME IPOs can be applied for with mobile UPI | 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 per executed order |
| DP charge on selling shares | ₹12.50 plus GST per instruction per ISIN | ₹20 plus GST per scrip per day (₹3.50 CDSL and ₹16.50 Upstox; ₹3.25 and ₹16.75 for women) |
| Registration | ||
| SEBI registration | INZ000006031 | 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 Dhan and Upstox pages.
Dhan and Upstox 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.
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: Dhan vs Upstox
| Charge | Dhan | Upstox |
|---|
Ours, with NSE rates. Change the trade to see what Dhan and Upstox would each charge.
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Frequently asked questions
Which is cheaper for selling IPO shares, Dhan or Upstox?
Selling one mainboard lot of IPO shares (₹15,000) costs ₹14.75 in broker charges at Dhan and ₹47.20 at Upstox (our calculation). For two SME lots worth ₹2,50,000: Dhan ₹14.75, Upstox ₹47.20 (our calculation, brokerage and DP charge with GST).
How much would the difference between Dhan and Upstox be over a year?
If you sell 12 mainboard lots of ₹15,000 in a year, Dhan costs ₹389.40 less in broker charges (our calculation). Add the yearly AMC: Dhan: ₹0 for individuals and HUFs; Upstox: ₹0 in the first year for new customers, then ₹300 plus GST a year.
Can I apply for SME IPOs on Dhan and Upstox?
Both let you apply for SME IPOs.
What is the demat AMC at Dhan and Upstox?
Dhan: ₹0 for individuals and HUFs. Upstox: ₹0 in the first year for new customers, then ₹300 plus GST a year.
What brokerage do Dhan 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 ₹0.00 at Dhan and ₹23.60 at Upstox (our calculation from their published rates).