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
INDmoneySEBI INZ000305337
- Account opening
- ₹0
- Demat AMC
- ₹0
- SME IPOs
- No
- Delivery brokerage
- ₹20 or 0.1%, lower
- Cost to sell ₹15,000 of IPO shares
- ₹39.53Brokerage and DP with GST, ours
Where Indiabulls Securities and INDmoney differ
5 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | Indiabulls Securities | INDmoney |
|---|---|---|
| One mainboard lot, ₹15,000₹2.95 less at Indiabulls Securities | ₹36.58 | ₹39.53 |
| Two SME lots, ₹2,50,000₹26.55 less at INDmoney | ₹71.98 | ₹45.43 |
| A year: 12 mainboard lots sold₹35.40 less at Indiabulls Securities | ₹438.96 | ₹474.36 |
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): ₹25 plus GST a month on the pricing page at Indiabulls Securities, ₹0 at INDmoney.
- Equity delivery brokerage: 2.5% or ₹11 per executed order, whichever is lower at Indiabulls Securities, 0.1% or ₹20 per executed order, whichever is lower, minimum ₹2 at INDmoney.
- DP charge on selling shares: ₹20 or 0.02% of the value, whichever is higher, plus GST, when sold… at Indiabulls Securities, ₹18.50 plus GST per ISIN at INDmoney.
- SME IPOs: Yes, confirmed by Indiabulls Securities on 23 Oct 2026 at Indiabulls Securities, Not yet. INDmoney says it does not currently support SME IPOs at INDmoney.
The same at both: account opening and Mainboard IPOs.
Indiabulls Securities vs INDmoney: charges side by side
Differs 5 of 7 charges differ between Indiabulls Securities and INDmoney. Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | Indiabulls Securities | INDmoney |
|---|---|---|
| Open an account | ||
| Account opening | ₹0 | ₹0 |
| Demat maintenance (AMC) | ₹25 plus GST a month on the pricing page; ₹300 a year plus GST on the DP schedule | ₹0 |
| Apply for IPOs | ||
| Mainboard IPOs | Yes. The home page describes ASBA, where the money stays in your bank account until allotment | Yes |
| SME IPOs | Yes, confirmed by Indiabulls Securities on 23 Oct 2026 (not yet stated on its pricing page) | Not yet. INDmoney says it does not currently support SME IPOs |
| Sell your IPO shares | ||
| Equity delivery brokerage | 2.5% or ₹11 per executed order, whichever is lower | 0.1% or ₹20 per executed order, whichever is lower, minimum ₹2 |
| DP charge on selling shares | ₹20 or 0.02% of the value, whichever is higher, plus GST, when sold through Indiabulls Securities (₹30 or 0.03% otherwise) | ₹18.50 plus GST per ISIN (₹3.50 CDSL and ₹15 INDstocks; ₹3.25 and ₹15.25 for women) |
| Registration | ||
| SEBI registration | INZ000036136 | INZ000305337 |
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 Indiabulls Securities and INDmoney pages.
Indiabulls Securities and INDmoney strengths and things worth checking
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.
INDmoney
Strengths
- ₹0 AMC and account opening
- Low minimum brokerage
Worth checking
- Desk orders are expensive
₹500 per order through the trading desk.
- DP charge
₹18.50 plus GST per sale.
- No SME IPOs yet
INDmoney says SME IPO applications are not supported at the moment.
Brokerage calculator: Indiabulls Securities vs INDmoney
| Charge | Indiabulls Securities | INDmoney |
|---|
Ours, with NSE rates. Change the trade to see what Indiabulls Securities and INDmoney would each charge.
Other comparisons
Every comparison with Indiabulls Securities or INDmoney, or pick any two brokers.
Frequently asked questions
Which is cheaper for selling IPO shares, Indiabulls Securities or INDmoney?
Selling one mainboard lot of IPO shares (₹15,000) costs ₹36.58 in broker charges at Indiabulls Securities and ₹39.53 at INDmoney (our calculation). For two SME lots worth ₹2,50,000: Indiabulls Securities ₹71.98, INDmoney ₹45.43 (our calculation, brokerage and DP charge with GST).
How much would the difference between Indiabulls Securities and INDmoney be over a year?
If you sell 12 mainboard lots of ₹15,000 in a year, Indiabulls Securities costs ₹35.40 less in broker charges (our calculation). Add the yearly AMC: Indiabulls Securities: ₹25 plus GST a month on the pricing page; INDmoney: ₹0.
Can I apply for SME IPOs on Indiabulls Securities and INDmoney?
Indiabulls Securities lets you apply for SME IPOs; INDmoney does not support them yet.
What is the demat AMC at Indiabulls Securities and INDmoney?
Indiabulls Securities: ₹25 plus GST a month on the pricing page. INDmoney: ₹0.
What brokerage do Indiabulls Securities and INDmoney charge when I sell IPO shares?
Selling allotted shares is a delivery trade. On a ₹15,000 sale the brokerage with GST is ₹12.98 at Indiabulls Securities and ₹17.70 at INDmoney (our calculation from their published rates).