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ICICI Direct vs Rupeezy for IPO investors

ICICI Direct vs Rupeezy for IPO investors: 6 of the 7 charges we compare differ. ICICI Direct does not publish its DP charge, so the full cost of selling IPO shares cannot be compared. ICICI Direct lets you apply for SME IPOs; Rupeezy 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 .

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

RupeezySEBI INZ000187932

Account opening
₹0
Demat AMC
₹0
SME IPOs
Not stated
Delivery brokerage
0.1%
Cost to sell ₹15,000 of IPO shares
Not publishedBrokerage and DP with GST, ours

Where ICICI Direct and Rupeezy differ

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

Cost to sell IPO shares (ours)ICICI DirectRupeezy
One mainboard lot, ₹15,000Difference not worked out: a charge is not publishedNot published₹17.70 brokerage; DP charge not published
Two SME lots, ₹2,50,000Difference not worked out: a charge is not publishedNot published₹295.00 brokerage; DP charge not published
A year: 12 mainboard lots soldDifference not worked out: a charge is not publishedNot published₹212.40 brokerage; DP charge not published

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 Rupeezy.
  • Demat maintenance (AMC): ₹0 in the first year, ₹700 plus taxes from the second year at ICICI Direct, Zero AMC for life for accounts opened after 15 Jun 2024 at Rupeezy.
  • Equity delivery brokerage: Depends on the plan at ICICI Direct, 0.1% on buy and sell at Rupeezy.
  • Mainboard IPOs: Yes, on ICICI Direct with UPI, or through ICICI Bank net banking at ICICI Direct, not stated at Rupeezy.
  • SME IPOs: Yes, the SME IPO page links to applying through UPI at ICICI Direct, not stated at Rupeezy.

The same at both: dP charge on selling shares.

ICICI Direct vs Rupeezy: charges side by side

Differs 6 of 7 charges differ between ICICI Direct and Rupeezy. Same charges are greyed. ₹0 free Not stated not on the broker's pages

ChargeICICI DirectRupeezy
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 yearZero AMC for life for accounts opened after 15 Jun 2024
Apply for IPOs
Mainboard IPOsYes, on ICICI Direct with UPI, or through ICICI Bank net banking (ASBA)Not stated on the pages we checked
SME IPOsYes, the SME IPO page links to applying through UPINot stated on the pages we checked
Sell your IPO shares
Equity delivery brokerageDepends on the plan; not stated on the page we checked. Prime plans say "as low as 0.07%"0.1% on buy and sell
DP charge on selling sharesNot stated on the pages we checkedNot stated for market sales (₹25 for off-market transfers)
Registration
SEBI registrationINZ000183631INZ000187932

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 ICICI Direct and Rupeezy pages.

ICICI Direct and Rupeezy 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.

More on ICICI Direct

Rupeezy

Strengths

  • Zero AMC
  • Lower MTF

Worth checking

  • Delivery has no cap

    0.1% on each side: ₹15 on a ₹15,000 sale, more on bigger ones.

  • DP charge on market sales not stated

    Check it before you sell IPO shares.

More on Rupeezy

Brokerage calculator: ICICI Direct vs Rupeezy

ChargeICICI DirectRupeezy

Ours, with NSE rates. Change the trade to see what ICICI Direct and Rupeezy would each charge.

Other comparisons

Every comparison with ICICI Direct or Rupeezy, or pick any two brokers.

Frequently asked questions

Which is cheaper for selling IPO shares, ICICI Direct or Rupeezy?

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, Rupeezy ₹295.00 brokerage; DP charge not published (our calculation, brokerage and DP charge with GST).

How much would the difference between ICICI Direct and Rupeezy 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 Rupeezy?

ICICI Direct lets you apply for SME IPOs; Rupeezy does not say so on the pages we checked.

Is account opening free at ICICI Direct and Rupeezy?

ICICI Direct: ₹0 to ₹975, depending on the account type. Rupeezy: ₹0.

What is the demat AMC at ICICI Direct and Rupeezy?

ICICI Direct: ₹0 in the first year, ₹700 plus taxes from the second year. Rupeezy: Zero AMC for life for accounts opened after 15 Jun 2024.