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
Kotak Securities (Kotak Neo)SEBI INZ000200137
- Account opening
- ₹0
- Demat AMC
- Not stated
- SME IPOs
- Yes
- Delivery brokerage
- 0.20%
- Cost to sell ₹15,000 of IPO shares
- Not publishedBrokerage and DP with GST, ours
Where Indiabulls Securities and Kotak Securities (Kotak Neo) differ
4 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | Indiabulls Securities | Kotak Securities (Kotak Neo) |
|---|---|---|
| One mainboard lot, ₹15,000Brokerage ₹22.42 less at Indiabulls Securities; a DP charge is not published | ₹36.58 | ₹35.40 brokerage; DP charge not published |
| Two SME lots, ₹2,50,000Brokerage ₹577.02 less at Indiabulls Securities; a DP charge is not published | ₹71.98 | ₹590.00 brokerage; DP charge not published |
| A year: 12 mainboard lots soldBrokerage ₹269.04 less at Indiabulls Securities; a DP charge is not published | ₹438.96 | ₹424.80 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.
- Demat maintenance (AMC): ₹25 plus GST a month on the pricing page at Indiabulls Securities, ₹0 for a basic services demat account at Kotak Securities (Kotak Neo).
- Equity delivery brokerage: 2.5% or ₹11 per executed order, whichever is lower at Indiabulls Securities, 0.20% at Kotak Securities (Kotak Neo).
- DP charge on selling shares: ₹20 or 0.02% of the value, whichever is higher, plus GST, when sold… at Indiabulls Securities, not stated at Kotak Securities (Kotak Neo).
The same at both: account opening, Mainboard IPOs and SME IPOs.
Indiabulls Securities vs Kotak Securities (Kotak Neo): charges side by side
Differs 4 of 7 charges differ between Indiabulls Securities and Kotak Securities (Kotak Neo). Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | Indiabulls Securities | Kotak Securities (Kotak Neo) |
|---|---|---|
| Open an account | ||
| Account opening | ₹0 | ₹0 on the Trade Free plan (₹99 one time on Trade Free Youth, for under 30s) |
| Demat maintenance (AMC) | ₹25 plus GST a month on the pricing page; ₹300 a year plus GST on the DP schedule | ₹0 for a basic services demat account (BSDA) with holdings up to ₹4 lakh; other AMC not stated on the pricing page |
| Apply for IPOs | ||
| Mainboard IPOs | Yes. The home page describes ASBA, where the money stays in your bank account until allotment | Yes, on Kotak Neo with UPI |
| SME IPOs | Yes, confirmed by Indiabulls Securities on 23 Oct 2026 (not yet stated on its pricing page) | Yes. Kotak Neo says SME IPOs can be applied for in its current IPO section with UPI |
| Sell your IPO shares | ||
| Equity delivery brokerage | 2.5% or ₹11 per executed order, whichever is lower | 0.20% (Trade Free Pro: 0.10%; Trade Free Youth: ₹0) |
| 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) | Not stated on the pages we checked |
| Registration | ||
| SEBI registration | INZ000036136 | INZ000200137 |
For other trading, equity intraday, Futures and Margin trading (MTF) interest differ too. Intraday, futures, call and trade and margin charges are on the Indiabulls Securities and Kotak Securities (Kotak Neo) pages.
Indiabulls Securities and Kotak Securities (Kotak Neo) 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.
Kotak Securities (Kotak Neo)
Strengths
- ₹10 intraday and F&O
- SME IPOs
- Lower MTF on Pro
Worth checking
- Delivery is a percentage
0.20% on the default plan with no cap stated: ₹30 on a ₹15,000 sale.
- DP charge and AMC not on the pricing page
Check them before you sell IPO shares.
Brokerage calculator: Indiabulls Securities vs Kotak Securities (Kotak Neo)
| Charge | Indiabulls Securities | Kotak Securities (Kotak Neo) |
|---|
Ours, with NSE rates. Change the trade to see what Indiabulls Securities and Kotak Securities (Kotak Neo) would each charge.
Other comparisons
Every comparison with Indiabulls Securities or Kotak Securities (Kotak Neo), or pick any two brokers.
Frequently asked questions
Which is cheaper for selling IPO shares, Indiabulls Securities or Kotak Securities (Kotak Neo)?
Kotak Securities (Kotak Neo) does not publish its DP charge, so the full cost of selling IPO shares cannot be compared. On brokerage alone, one mainboard lot (₹15,000) costs ₹22.42 less at Indiabulls Securities (our calculation). For two SME lots worth ₹2,50,000: Indiabulls Securities ₹71.98, Kotak Securities (Kotak Neo) ₹590.00 brokerage; DP charge not published (our calculation, brokerage and DP charge with GST).
How much would the difference between Indiabulls Securities and Kotak Securities (Kotak Neo) be over a year?
Not in full, because Kotak Securities (Kotak Neo) does not publish its DP charge. On brokerage alone, 12 mainboard lots of ₹15,000 cost ₹269.04 less at Indiabulls Securities (our calculation).
Can I apply for SME IPOs on Indiabulls Securities and Kotak Securities (Kotak Neo)?
Both let you apply for SME IPOs.
What is the demat AMC at Indiabulls Securities and Kotak Securities (Kotak Neo)?
Indiabulls Securities: ₹25 plus GST a month on the pricing page. Kotak Securities (Kotak Neo): ₹0 for a basic services demat account.
What brokerage do Indiabulls Securities and Kotak Securities (Kotak Neo) 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 ₹35.40 at Kotak Securities (Kotak Neo) (our calculation from their published rates).