HDFC Securities (HDFC Sky)SEBI INZ000186937
- Account opening
- ₹0
- Demat AMC
- ₹0 year 1, then ₹240/yr + GST
- SME IPOs
- Yes
- Delivery brokerage
- ₹20 or 2.5%, lower
- Cost to sell ₹15,000 of IPO shares
- ₹47.20Brokerage 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 HDFC Securities (HDFC Sky) and Indiabulls Securities differ
4 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | HDFC Securities (HDFC Sky) | Indiabulls Securities |
|---|---|---|
| One mainboard lot, ₹15,000₹10.62 less at Indiabulls Securities | ₹47.20 | ₹36.58 |
| Two SME lots, ₹2,50,000₹24.78 less at HDFC Securities (HDFC Sky) | ₹47.20 | ₹71.98 |
| A year: 12 mainboard lots sold₹127.44 less at Indiabulls Securities | ₹566.40 | ₹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 the first year, then ₹20 a month plus GST at HDFC Securities (HDFC Sky), ₹25 plus GST a month on the pricing page at Indiabulls Securities.
- Equity delivery brokerage: ₹20 or 2.5% per order, whichever is lower at HDFC Securities (HDFC Sky), 2.5% or ₹11 per executed order, whichever is lower at Indiabulls Securities.
- DP charge on selling shares: ₹20 per scrip at HDFC Securities (HDFC Sky), ₹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.
HDFC Securities (HDFC Sky) vs Indiabulls Securities: charges side by side
Differs 4 of 7 charges differ between HDFC Securities (HDFC Sky) and Indiabulls Securities. Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | HDFC Securities (HDFC Sky) | Indiabulls Securities |
|---|---|---|
| Open an account | ||
| Account opening | Free | ₹0 |
| Demat maintenance (AMC) | ₹0 for the first year, then ₹20 a month plus GST (basic services demat accounts under ₹50,000: ₹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, on HDFC Sky | Yes. The home page describes ASBA, where the money stays in your bank account until allotment |
| SME IPOs | Yes. HDFC Sky says you can apply for SME IPOs in one click | 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 2.5% per order, whichever is lower | 2.5% or ₹11 per executed order, whichever is lower |
| DP charge on selling shares | ₹20 per scrip (the support page does not say whether GST is extra; we add 18% in our calculation) | ₹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 | INZ000186937 | 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 HDFC Securities (HDFC Sky) and Indiabulls Securities pages.
HDFC Securities (HDFC Sky) and Indiabulls Securities strengths and things worth checking
HDFC Securities (HDFC Sky)
Strengths
- Flat ₹20 cap
- SME IPOs
- ₹0 account opening
Worth checking
- AMC after year one
₹20 a month plus GST from the second year.
- Two MTF rates published
The pricing page says 1% a month and the support page says 15% a year. Confirm before you use margin funding.
- DP charge
₹20 per sale.
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: HDFC Securities (HDFC Sky) vs Indiabulls Securities
| Charge | HDFC Securities (HDFC Sky) | Indiabulls Securities |
|---|
Ours, with NSE rates. Change the trade to see what HDFC Securities (HDFC Sky) and Indiabulls Securities would each charge.
Other comparisons
Every comparison with HDFC Securities (HDFC Sky) or Indiabulls Securities, or pick any two brokers.
Frequently asked questions
Which is cheaper for selling IPO shares, HDFC Securities (HDFC Sky) or Indiabulls Securities?
Selling one mainboard lot of IPO shares (₹15,000) costs ₹36.58 in broker charges at Indiabulls Securities and ₹47.20 at HDFC Securities (HDFC Sky) (our calculation). For two SME lots worth ₹2,50,000: HDFC Securities (HDFC Sky) ₹47.20, Indiabulls Securities ₹71.98 (our calculation, brokerage and DP charge with GST).
How much would the difference between HDFC Securities (HDFC Sky) and Indiabulls Securities be over a year?
If you sell 12 mainboard lots of ₹15,000 in a year, Indiabulls Securities costs ₹127.44 less in broker charges (our calculation). Add the yearly AMC: HDFC Securities (HDFC Sky): ₹0 for the first year, then ₹20 a month plus GST; Indiabulls Securities: ₹25 plus GST a month on the pricing page.
Can I apply for SME IPOs on HDFC Securities (HDFC Sky) and Indiabulls Securities?
Both let you apply for SME IPOs.
What is the demat AMC at HDFC Securities (HDFC Sky) and Indiabulls Securities?
HDFC Securities (HDFC Sky): ₹0 for the first year, then ₹20 a month plus GST. Indiabulls Securities: ₹25 plus GST a month on the pricing page.
What brokerage do HDFC Securities (HDFC Sky) 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 HDFC Securities (HDFC Sky) and ₹12.98 at Indiabulls Securities (our calculation from their published rates).