FYERSSEBI INZ000008524
- Account opening
- ₹0
- Demat AMC
- ₹0
- SME IPOs
- Not stated
- Delivery brokerage
- ₹20 or 0.3%, lower
- Cost to sell ₹15,000 of IPO shares
- ₹38.35Brokerage 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 FYERS and Indiabulls Securities differ
5 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | FYERS | Indiabulls Securities |
|---|---|---|
| One mainboard lot, ₹15,000₹1.77 less at Indiabulls Securities | ₹38.35 | ₹36.58 |
| Two SME lots, ₹2,50,000₹33.63 less at FYERS | ₹38.35 | ₹71.98 |
| A year: 12 mainboard lots sold₹21.24 less at Indiabulls Securities | ₹460.20 | ₹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 trading and demat accounts at FYERS, ₹25 plus GST a month on the pricing page at Indiabulls Securities.
- Equity delivery brokerage: ₹20 or 0.3% per executed order, whichever is lower at FYERS, 2.5% or ₹11 per executed order, whichever is lower at Indiabulls Securities.
- DP charge on selling shares: ₹12.50 plus GST per scrip at FYERS, ₹20 or 0.02% of the value, whichever is higher, plus GST, when sold… at Indiabulls Securities.
- SME IPOs: The help page lists applications by type at FYERS, Yes, confirmed by Indiabulls Securities on 23 Oct 2026 at Indiabulls Securities.
The same at both: account opening and Mainboard IPOs.
FYERS vs Indiabulls Securities: charges side by side
Differs 5 of 7 charges differ between FYERS and Indiabulls Securities. Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | FYERS | Indiabulls Securities |
|---|---|---|
| Open an account | ||
| Account opening | ₹0 | ₹0 |
| Demat maintenance (AMC) | ₹0 for trading and demat accounts | ₹25 plus GST a month on the pricing page; ₹300 a year plus GST on the DP schedule |
| Apply for IPOs | ||
| Mainboard IPOs | Yes, on the FYERS web and mobile platforms, with ₹0 brokerage | Yes. The home page describes ASBA, where the money stays in your bank account until allotment |
| SME IPOs | The help page lists applications by type (mainboard or SME) in the IPO section | Yes, confirmed by Indiabulls Securities on 23 Oct 2026 (not yet stated on its pricing page) |
| Sell your IPO shares | ||
| Equity delivery brokerage | ₹20 or 0.3% per executed order, whichever is lower (Prime: ₹15 or 0.3%) | 2.5% or ₹11 per executed order, whichever is lower |
| DP charge on selling shares | ₹12.50 plus GST per scrip (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 | INZ000008524 | 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 FYERS and Indiabulls Securities pages.
FYERS and Indiabulls Securities strengths and things worth checking
FYERS
Strengths
- ₹0 AMC and account opening
- IPO applications free
- Low DP charge
Worth checking
- Brokerage on delivery
Up to ₹20 per order (₹15 on Prime).
- MTF on small amounts
16.49% a year on funding up to ₹1 lakh.
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: FYERS vs Indiabulls Securities
| Charge | FYERS | Indiabulls Securities |
|---|
Ours, with NSE rates. Change the trade to see what FYERS and Indiabulls Securities would each charge.
Other comparisons
Every comparison with FYERS or Indiabulls Securities, or pick any two brokers.
Frequently asked questions
Which is cheaper for selling IPO shares, FYERS or Indiabulls Securities?
Selling one mainboard lot of IPO shares (₹15,000) costs ₹36.58 in broker charges at Indiabulls Securities and ₹38.35 at FYERS (our calculation). For two SME lots worth ₹2,50,000: FYERS ₹38.35, Indiabulls Securities ₹71.98 (our calculation, brokerage and DP charge with GST).
How much would the difference between FYERS and Indiabulls Securities be over a year?
If you sell 12 mainboard lots of ₹15,000 in a year, Indiabulls Securities costs ₹21.24 less in broker charges (our calculation). Add the yearly AMC: FYERS: ₹0 for trading and demat accounts; Indiabulls Securities: ₹25 plus GST a month on the pricing page.
Can I apply for SME IPOs on FYERS and Indiabulls Securities?
Indiabulls Securities lets you apply for SME IPOs; FYERS does not say so on the pages we checked.
What is the demat AMC at FYERS and Indiabulls Securities?
FYERS: ₹0 for trading and demat accounts. Indiabulls Securities: ₹25 plus GST a month on the pricing page.
What brokerage do FYERS 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 ₹23.60 at FYERS and ₹12.98 at Indiabulls Securities (our calculation from their published rates).