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
m.StockSEBI INZ000163138
- Account opening
- ₹0
- Demat AMC
- ₹0
- SME IPOs
- Not stated
- Delivery brokerage
- ₹10/order
- Cost to sell ₹15,000 of IPO shares
- ₹33.04Brokerage and DP with GST, ours
Where Indiabulls Securities and m.Stock differ
5 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | Indiabulls Securities | m.Stock |
|---|---|---|
| One mainboard lot, ₹15,000₹3.54 less at m.Stock | ₹36.58 | ₹33.04 |
| Two SME lots, ₹2,50,000₹38.94 less at m.Stock | ₹71.98 | ₹33.04 |
| A year: 12 mainboard lots sold₹42.48 less at m.Stock | ₹438.96 | ₹396.48 |
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 m.Stock.
- Equity delivery brokerage: 2.5% or ₹11 per executed order, whichever is lower at Indiabulls Securities, ₹10 per order at m.Stock.
- DP charge on selling shares: ₹20 or 0.02% of the value, whichever is higher, plus GST, when sold… at Indiabulls Securities, ₹18 plus GST per debit transaction at m.Stock.
- SME IPOs: Yes, confirmed by Indiabulls Securities on 23 Oct 2026 at Indiabulls Securities, not stated at m.Stock.
The same at both: account opening and Mainboard IPOs.
Indiabulls Securities vs m.Stock: charges side by side
Differs 5 of 7 charges differ between Indiabulls Securities and m.Stock. Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | Indiabulls Securities | m.Stock |
|---|---|---|
| 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, with a two-click application |
| SME IPOs | Yes, confirmed by Indiabulls Securities on 23 Oct 2026 (not yet stated on its pricing page) | Not stated on the pages we checked |
| Sell your IPO shares | ||
| Equity delivery brokerage | 2.5% or ₹11 per executed order, whichever is lower | ₹10 per order |
| 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 plus GST per debit transaction |
| Registration | ||
| SEBI registration | INZ000036136 | INZ000163138 |
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 m.Stock pages.
Indiabulls Securities and m.Stock 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.
m.Stock
Strengths
- ₹10 per order
- ₹0 AMC
- Free call and trade
Worth checking
- System square-off is costly
₹100 plus GST per order if m.Stock squares off your intraday position.
- DP charge
₹18 plus GST per sale.
Brokerage calculator: Indiabulls Securities vs m.Stock
| Charge | Indiabulls Securities | m.Stock |
|---|
Ours, with NSE rates. Change the trade to see what Indiabulls Securities and m.Stock would each charge.
Other comparisons
Every comparison with Indiabulls Securities or m.Stock, or pick any two brokers.
Frequently asked questions
Which is cheaper for selling IPO shares, Indiabulls Securities or m.Stock?
Selling one mainboard lot of IPO shares (₹15,000) costs ₹33.04 in broker charges at m.Stock and ₹36.58 at Indiabulls Securities (our calculation). For two SME lots worth ₹2,50,000: Indiabulls Securities ₹71.98, m.Stock ₹33.04 (our calculation, brokerage and DP charge with GST).
How much would the difference between Indiabulls Securities and m.Stock be over a year?
If you sell 12 mainboard lots of ₹15,000 in a year, m.Stock costs ₹42.48 less in broker charges (our calculation). Add the yearly AMC: Indiabulls Securities: ₹25 plus GST a month on the pricing page; m.Stock: ₹0.
Can I apply for SME IPOs on Indiabulls Securities and m.Stock?
Indiabulls Securities lets you apply for SME IPOs; m.Stock does not say so on the pages we checked.
What is the demat AMC at Indiabulls Securities and m.Stock?
Indiabulls Securities: ₹25 plus GST a month on the pricing page. m.Stock: ₹0.
What brokerage do Indiabulls Securities and m.Stock 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 ₹11.80 at m.Stock (our calculation from their published rates).