GrowwSEBI INZ000301838
- Account opening
- ₹0
- Demat AMC
- ₹0
- SME IPOs
- Yes
- Delivery brokerage
- ₹20 or 0.1%, lower
- Cost to sell ₹15,000 of IPO shares
- ₹41.30Brokerage 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 Groww and Indiabulls Securities differ
4 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | Groww | Indiabulls Securities |
|---|---|---|
| One mainboard lot, ₹15,000₹4.72 less at Indiabulls Securities | ₹41.30 | ₹36.58 |
| Two SME lots, ₹2,50,000₹24.78 less at Groww | ₹47.20 | ₹71.98 |
| A year: 12 mainboard lots sold₹56.64 less at Indiabulls Securities | ₹495.60 | ₹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 at Groww, ₹25 plus GST a month on the pricing page at Indiabulls Securities.
- Equity delivery brokerage: ₹20 or 0.1% per executed order, whichever is lower, minimum ₹5 at Groww, 2.5% or ₹11 per executed order, whichever is lower at Indiabulls Securities.
- DP charge on selling shares: ₹3.50 depository at Groww, ₹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.
Groww vs Indiabulls Securities: charges side by side
Differs 4 of 7 charges differ between Groww and Indiabulls Securities. Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | Groww | Indiabulls Securities |
|---|---|---|
| Open an account | ||
| Account opening | ₹0 | ₹0 |
| Demat maintenance (AMC) | ₹0 | ₹25 plus GST a month on the pricing page; ₹300 a year plus GST on the DP schedule |
| Apply for IPOs | ||
| Mainboard IPOs | Yes, in the Stocks tab of the app with a UPI mandate. The mandate request arrives within an hour or two | 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 on Groww | 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 0.1% per executed order, whichever is lower, minimum ₹5 | 2.5% or ₹11 per executed order, whichever is lower |
| DP charge on selling shares | ₹3.50 depository (₹3.25 for women) plus ₹16.50 Groww per sell, plus GST; ₹0 when the debit value is under ₹100 | ₹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 | INZ000301838 | INZ000036136 |
For other trading, equity intraday, Futures and Margin trading (MTF) interest differ too. Intraday, futures, call and trade and margin charges are on the Groww and Indiabulls Securities pages.
Groww and Indiabulls Securities strengths and things worth checking
Groww
Strengths
- ₹0 AMC
- ₹0 account opening
- SME IPOs in the app
Worth checking
- Brokerage on delivery
Up to ₹20 per order (0.1%, minimum ₹5) when you sell IPO shares.
- DP charge on sale
₹20 plus GST each time you sell a stock from your demat account.
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: Groww vs Indiabulls Securities
| Charge | Groww | Indiabulls Securities |
|---|
Ours, with NSE rates. Change the trade to see what Groww and Indiabulls Securities would each charge.
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Frequently asked questions
Which is cheaper for selling IPO shares, Groww or Indiabulls Securities?
Selling one mainboard lot of IPO shares (₹15,000) costs ₹36.58 in broker charges at Indiabulls Securities and ₹41.30 at Groww (our calculation). For two SME lots worth ₹2,50,000: Groww ₹47.20, Indiabulls Securities ₹71.98 (our calculation, brokerage and DP charge with GST).
How much would the difference between Groww and Indiabulls Securities be over a year?
If you sell 12 mainboard lots of ₹15,000 in a year, Indiabulls Securities costs ₹56.64 less in broker charges (our calculation). Add the yearly AMC: Groww: ₹0; Indiabulls Securities: ₹25 plus GST a month on the pricing page.
Can I apply for SME IPOs on Groww and Indiabulls Securities?
Both let you apply for SME IPOs.
What is the demat AMC at Groww and Indiabulls Securities?
Groww: ₹0. Indiabulls Securities: ₹25 plus GST a month on the pricing page.
What brokerage do Groww 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 ₹17.70 at Groww and ₹12.98 at Indiabulls Securities (our calculation from their published rates).