IIFL CapitalSEBI INZ000164132
- Account opening
- ₹0
- Demat AMC
- ₹0 year 1, then ₹250/yr + GST
- SME IPOs
- Not stated
- Delivery brokerage
- 0.25%
- Cost to sell ₹15,000 of IPO shares
- ₹73.75Brokerage 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 IIFL Capital and Indiabulls Securities differ
5 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | IIFL Capital | Indiabulls Securities |
|---|---|---|
| One mainboard lot, ₹15,000₹37.17 less at Indiabulls Securities | ₹73.75 | ₹36.58 |
| Two SME lots, ₹2,50,000₹695.02 less at Indiabulls Securities | ₹767.00 | ₹71.98 |
| A year: 12 mainboard lots sold₹446.04 less at Indiabulls Securities | ₹885.00 | ₹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 in the first year, then ₹250 plus GST a year at IIFL Capital, ₹25 plus GST a month on the pricing page at Indiabulls Securities.
- Equity delivery brokerage: 0.25% at IIFL Capital, 2.5% or ₹11 per executed order, whichever is lower at Indiabulls Securities.
- DP charge on selling shares: ₹25 plus GST per scrip at IIFL Capital, ₹20 or 0.02% of the value, whichever is higher, plus GST, when sold… at Indiabulls Securities.
- SME IPOs: not stated at IIFL Capital, Yes, confirmed by Indiabulls Securities on 23 Oct 2026 at Indiabulls Securities.
The same at both: account opening and Mainboard IPOs.
IIFL Capital vs Indiabulls Securities: charges side by side
Differs 5 of 7 charges differ between IIFL Capital and Indiabulls Securities. Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | IIFL Capital | Indiabulls Securities |
|---|---|---|
| Open an account | ||
| Account opening | ₹0 | ₹0 |
| Demat maintenance (AMC) | ₹0 in the first year, then ₹250 plus GST a 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 | Yes. The home page describes ASBA, where the money stays in your bank account until allotment |
| SME IPOs | Not stated on the pages we checked | Yes, confirmed by Indiabulls Securities on 23 Oct 2026 (not yet stated on its pricing page) |
| Sell your IPO shares | ||
| Equity delivery brokerage | 0.25% | 2.5% or ₹11 per executed order, whichever is lower |
| DP charge on selling shares | ₹25 plus GST per scrip | ₹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 | INZ000164132 | 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 IIFL Capital and Indiabulls Securities pages.
IIFL Capital and Indiabulls Securities strengths and things worth checking
IIFL Capital
Strengths
- Full-service support
- Lower AMC
Worth checking
- Percentage brokerage on delivery
0.25% with no cap: ₹37.50 on a ₹15,000 sale.
- DP charge
₹25 plus GST per sale.
- System square-off
₹100 per order.
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: IIFL Capital vs Indiabulls Securities
| Charge | IIFL Capital | Indiabulls Securities |
|---|
Ours, with NSE rates. Change the trade to see what IIFL Capital and Indiabulls Securities would each charge.
Other comparisons
Every comparison with IIFL Capital or Indiabulls Securities, or pick any two brokers.
Frequently asked questions
Which is cheaper for selling IPO shares, IIFL Capital or Indiabulls Securities?
Selling one mainboard lot of IPO shares (₹15,000) costs ₹36.58 in broker charges at Indiabulls Securities and ₹73.75 at IIFL Capital (our calculation). For two SME lots worth ₹2,50,000: IIFL Capital ₹767.00, Indiabulls Securities ₹71.98 (our calculation, brokerage and DP charge with GST).
How much would the difference between IIFL Capital and Indiabulls Securities be over a year?
If you sell 12 mainboard lots of ₹15,000 in a year, Indiabulls Securities costs ₹446.04 less in broker charges (our calculation). Add the yearly AMC: IIFL Capital: ₹0 in the first year, then ₹250 plus GST a year; Indiabulls Securities: ₹25 plus GST a month on the pricing page.
Can I apply for SME IPOs on IIFL Capital and Indiabulls Securities?
Indiabulls Securities lets you apply for SME IPOs; IIFL Capital does not say so on the pages we checked.
What is the demat AMC at IIFL Capital and Indiabulls Securities?
IIFL Capital: ₹0 in the first year, then ₹250 plus GST a year. Indiabulls Securities: ₹25 plus GST a month on the pricing page.
What brokerage do IIFL Capital 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 ₹44.25 at IIFL Capital and ₹12.98 at Indiabulls Securities (our calculation from their published rates).