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
PhonePe Invest (Share.Market)SEBI INZ000302639
- Account opening
- Not stated
- Demat AMC
- Not stated
- SME IPOs
- Not stated
- Delivery brokerage
- ₹20 or 0.05%, lower
- Cost to sell ₹15,000 of IPO shares
- Not publishedBrokerage and DP with GST, ours
Where Indiabulls Securities and PhonePe Invest (Share.Market) differ
6 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | Indiabulls Securities | PhonePe Invest (Share.Market) |
|---|---|---|
| One mainboard lot, ₹15,000Brokerage ₹4.13 less at PhonePe Invest (Share.Market); a DP charge is not published | ₹36.58 | ₹8.85 brokerage; DP charge not published |
| Two SME lots, ₹2,50,000Brokerage ₹10.62 less at Indiabulls Securities; a DP charge is not published | ₹71.98 | ₹23.60 brokerage; DP charge not published |
| A year: 12 mainboard lots soldBrokerage ₹49.56 less at PhonePe Invest (Share.Market); a DP charge is not published | ₹438.96 | ₹106.20 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 at Indiabulls Securities, not stated at PhonePe Invest (Share.Market).
- Demat maintenance (AMC): ₹25 plus GST a month on the pricing page at Indiabulls Securities, not stated at PhonePe Invest (Share.Market).
- Equity delivery brokerage: 2.5% or ₹11 per executed order, whichever is lower at Indiabulls Securities, ₹20 or 0.05% per executed order, whichever is lower at PhonePe Invest (Share.Market).
- 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 PhonePe Invest (Share.Market).
- SME IPOs: Yes, confirmed by Indiabulls Securities on 23 Oct 2026 at Indiabulls Securities, not stated at PhonePe Invest (Share.Market).
The same at both: mainboard IPOs.
Indiabulls Securities vs PhonePe Invest (Share.Market): charges side by side
Differs 6 of 7 charges differ between Indiabulls Securities and PhonePe Invest (Share.Market). Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | Indiabulls Securities | PhonePe Invest (Share.Market) |
|---|---|---|
| Open an account | ||
| Account opening | ₹0 | Not stated on the pages we checked |
| Demat maintenance (AMC) | ₹25 plus GST a month on the pricing page; ₹300 a year plus GST on the DP schedule | Not stated on the pages we checked |
| 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 stated on the pages we checked |
| Sell your IPO shares | ||
| Equity delivery brokerage | 2.5% or ₹11 per executed order, whichever is lower | ₹20 or 0.05% per executed order, whichever is lower |
| 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 | INZ000302639 |
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 PhonePe Invest (Share.Market) pages.
Indiabulls Securities and PhonePe Invest (Share.Market) 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.
PhonePe Invest (Share.Market)
Strengths
- Low cap on small orders
Worth checking
- Account and DP charges not on the tariff page
The tariff page we read lists no account opening, AMC or DP charge.
- Dealer orders
₹30 extra per order for call and trade or auto square-off.
Brokerage calculator: Indiabulls Securities vs PhonePe Invest (Share.Market)
| Charge | Indiabulls Securities | PhonePe Invest (Share.Market) |
|---|
Ours, with NSE rates. Change the trade to see what Indiabulls Securities and PhonePe Invest (Share.Market) would each charge.
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Every comparison with Indiabulls Securities or PhonePe Invest (Share.Market), or pick any two brokers.
Frequently asked questions
Which is cheaper for selling IPO shares, Indiabulls Securities or PhonePe Invest (Share.Market)?
PhonePe Invest (Share.Market) 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 ₹4.13 less at PhonePe Invest (Share.Market) (our calculation). For two SME lots worth ₹2,50,000: Indiabulls Securities ₹71.98, PhonePe Invest (Share.Market) ₹23.60 brokerage; DP charge not published (our calculation, brokerage and DP charge with GST).
How much would the difference between Indiabulls Securities and PhonePe Invest (Share.Market) be over a year?
Not in full, because PhonePe Invest (Share.Market) does not publish its DP charge. On brokerage alone, 12 mainboard lots of ₹15,000 cost ₹49.56 less at PhonePe Invest (Share.Market) (our calculation).
Can I apply for SME IPOs on Indiabulls Securities and PhonePe Invest (Share.Market)?
Indiabulls Securities lets you apply for SME IPOs; PhonePe Invest (Share.Market) does not say so on the pages we checked.
Is account opening free at Indiabulls Securities and PhonePe Invest (Share.Market)?
Indiabulls Securities: ₹0. PhonePe Invest (Share.Market): not stated.
What is the demat AMC at Indiabulls Securities and PhonePe Invest (Share.Market)?
Indiabulls Securities: ₹25 plus GST a month on the pricing page. PhonePe Invest (Share.Market): not stated.