ICICI DirectSEBI INZ000183631
- Account opening
- ₹0 to ₹975
- Demat AMC
- ₹0 year 1, then ₹700/yr
- SME IPOs
- Yes
- Delivery brokerage
- Depends on plan
- Cost to sell ₹15,000 of IPO shares
- Not publishedBrokerage 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 ICICI Direct and Indiabulls Securities differ
5 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | ICICI Direct | Indiabulls Securities |
|---|---|---|
| One mainboard lot, ₹15,000Difference not worked out: a charge is not published | Not published | ₹36.58 |
| Two SME lots, ₹2,50,000Difference not worked out: a charge is not published | Not published | ₹71.98 |
| A year: 12 mainboard lots soldDifference not worked out: a charge is not published | Not published | ₹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.
- Account opening: ₹0 to ₹975, depending on the account type at ICICI Direct, ₹0 at Indiabulls Securities.
- Demat maintenance (AMC): ₹0 in the first year, ₹700 plus taxes from the second year at ICICI Direct, ₹25 plus GST a month on the pricing page at Indiabulls Securities.
- Equity delivery brokerage: Depends on the plan at ICICI Direct, 2.5% or ₹11 per executed order, whichever is lower at Indiabulls Securities.
- DP charge on selling shares: not stated at ICICI Direct, ₹20 or 0.02% of the value, whichever is higher, plus GST, when sold… at Indiabulls Securities.
The same at both: mainboard IPOs and SME IPOs.
ICICI Direct vs Indiabulls Securities: charges side by side
Differs 5 of 7 charges differ between ICICI Direct and Indiabulls Securities. Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | ICICI Direct | Indiabulls Securities |
|---|---|---|
| Open an account | ||
| Account opening | ₹0 to ₹975, depending on the account type | ₹0 |
| Demat maintenance (AMC) | ₹0 in the first year, ₹700 plus taxes from the second year | ₹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 ICICI Direct with UPI, or through ICICI Bank net banking (ASBA) | Yes. The home page describes ASBA, where the money stays in your bank account until allotment |
| SME IPOs | Yes, the SME IPO page links to applying through UPI | Yes, confirmed by Indiabulls Securities on 23 Oct 2026 (not yet stated on its pricing page) |
| Sell your IPO shares | ||
| Equity delivery brokerage | Depends on the plan; not stated on the page we checked. Prime plans say "as low as 0.07%" | 2.5% or ₹11 per executed order, whichever is lower |
| DP charge on selling shares | Not stated on the pages we checked | ₹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 | INZ000183631 | 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 ICICI Direct and Indiabulls Securities pages.
ICICI Direct and Indiabulls Securities strengths and things worth checking
ICICI Direct
Strengths
- Bank-linked
- ₹0 futures brokerage on Neo
Worth checking
- Higher AMC
₹700 plus taxes a year from the second year.
- Account opening fee
Up to ₹975, depending on the account type.
- Delivery and DP charges not on the page
Ask ICICI Direct for the delivery brokerage and DP charge on your plan before you sell IPO shares.
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: ICICI Direct vs Indiabulls Securities
| Charge | ICICI Direct | Indiabulls Securities |
|---|
Ours, with NSE rates. Change the trade to see what ICICI Direct and Indiabulls Securities would each charge.
Other comparisons
Every comparison with ICICI Direct or Indiabulls Securities, or pick any two brokers.
Frequently asked questions
Which is cheaper for selling IPO shares, ICICI Direct or Indiabulls Securities?
ICICI Direct does not publish its DP charge, so the full cost of selling IPO shares cannot be compared. For two SME lots worth ₹2,50,000: ICICI Direct Not published, Indiabulls Securities ₹71.98 (our calculation, brokerage and DP charge with GST).
How much would the difference between ICICI Direct and Indiabulls Securities be over a year?
Not in full, because ICICI Direct does not publish its DP charge.
Can I apply for SME IPOs on ICICI Direct and Indiabulls Securities?
Both let you apply for SME IPOs.
Is account opening free at ICICI Direct and Indiabulls Securities?
ICICI Direct: ₹0 to ₹975, depending on the account type. Indiabulls Securities: ₹0.
What is the demat AMC at ICICI Direct and Indiabulls Securities?
ICICI Direct: ₹0 in the first year, ₹700 plus taxes from the second year. Indiabulls Securities: ₹25 plus GST a month on the pricing page.