HDFC Securities (HDFC Sky) vs m.Stock for IPO investors

HDFC Securities (HDFC Sky) vs m.Stock for IPO investors: 5 of the 7 charges we compare differ. Selling one mainboard lot of IPO shares (₹15,000) costs ₹33.04 in broker charges at m.Stock and ₹47.20 at HDFC Securities (HDFC Sky) (our calculation). HDFC Securities (HDFC Sky) lets you apply for SME IPOs; m.Stock does not say so on the pages we checked. All figures are from each broker's own website, read 23 Oct 2026.

By IPO24by7 Research. Updated 23 Oct 2026.

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

m.StockSEBI INZ000163138

Account opening: ₹0
Demat AMC: ₹0
SME IPOs: Not stated
Delivery brokerage: ₹10/order
Cost to sell ₹15,000 of IPO shares: ₹33.04Brokerage and DP with GST, ours

Where HDFC Securities (HDFC Sky) and m.Stock differ

5 of the 7 charges we compare differ for an IPO investor.

Cost to sell IPO shares (ours)	HDFC Securities (HDFC Sky)	m.Stock
One mainboard lot, ₹15,000₹14.16 less at m.Stock	₹47.20	₹33.04
Two SME lots, ₹2,50,000₹14.16 less at m.Stock	₹47.20	₹33.04
A year: 12 mainboard lots sold₹169.92 less at m.Stock	₹566.40	₹396.48

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), ₹0 at m.Stock.
Equity delivery brokerage: ₹20 or 2.5% per order, whichever is lower at HDFC Securities (HDFC Sky), ₹10 per order at m.Stock.
DP charge on selling shares: ₹20 per scrip at HDFC Securities (HDFC Sky), ₹18 plus GST per debit transaction at m.Stock.
SME IPOs: Yes. HDFC Sky says you can apply for SME IPOs in one click at HDFC Securities (HDFC Sky), not stated at m.Stock.

The same at both: account opening and Mainboard IPOs.

HDFC Securities (HDFC Sky) vs m.Stock: charges side by side

Differs 5 of 7 charges differ between HDFC Securities (HDFC Sky) and m.Stock. Same charges are greyed. ₹0 free Not stated not on the broker's pages

Charge	HDFC Securities (HDFC Sky)	m.Stock
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)	₹0
Apply for IPOs
Mainboard IPOs	Yes, on HDFC Sky	Yes, with a two-click application
SME IPOs	Yes. HDFC Sky says you can apply for SME IPOs in one click	Not stated on the pages we checked
Sell your IPO shares
Equity delivery brokerage	₹20 or 2.5% per order, whichever is lower	₹10 per order
DP charge on selling shares	₹20 per scrip (the support page does not say whether GST is extra; we add 18% in our calculation)	₹18 plus GST per debit transaction
Registration
SEBI registration	INZ000186937	INZ000163138

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 m.Stock pages.

HDFC Securities (HDFC Sky) and m.Stock 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.

m.Stock

Strengths

₹10 per order
₹0 AMC
Free call and trade

Worth checking

System square-off is costly
₹100 plus GST per order if m.Stock squares off your intraday position.
DP charge
₹18 plus GST per sale.

Brokerage calculator: HDFC Securities (HDFC Sky) vs m.Stock

Charge	HDFC Securities (HDFC Sky)	m.Stock

Ours, with NSE rates. Change the trade to see what HDFC Securities (HDFC Sky) and m.Stock would each charge.

Other comparisons

Every comparison with HDFC Securities (HDFC Sky) or m.Stock, or pick any two brokers.

Frequently asked questions

Which is cheaper for selling IPO shares, HDFC Securities (HDFC Sky) or m.Stock?

Selling one mainboard lot of IPO shares (₹15,000) costs ₹33.04 in broker charges at m.Stock and ₹47.20 at HDFC Securities (HDFC Sky) (our calculation). For two SME lots worth ₹2,50,000: HDFC Securities (HDFC Sky) ₹47.20, m.Stock ₹33.04 (our calculation, brokerage and DP charge with GST).

How much would the difference between HDFC Securities (HDFC Sky) and m.Stock be over a year?

If you sell 12 mainboard lots of ₹15,000 in a year, m.Stock costs ₹169.92 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; m.Stock: ₹0.

Can I apply for SME IPOs on HDFC Securities (HDFC Sky) and m.Stock?

HDFC Securities (HDFC Sky) lets you apply for SME IPOs; m.Stock does not say so on the pages we checked.

What is the demat AMC at HDFC Securities (HDFC Sky) and m.Stock?

HDFC Securities (HDFC Sky): ₹0 for the first year, then ₹20 a month plus GST. m.Stock: ₹0.

What brokerage do HDFC Securities (HDFC Sky) and m.Stock 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 ₹11.80 at m.Stock (our calculation from their published rates).