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
UpstoxSEBI INZ000315837
- Account opening
- ₹0
- Demat AMC
- ₹0 year 1, then ₹300/yr + GST
- SME IPOs
- Yes
- Delivery brokerage
- ₹20/order
- Cost to sell ₹15,000 of IPO shares
- ₹47.20Brokerage and DP with GST, ours
Where Indiabulls Securities and Upstox differ
4 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | Indiabulls Securities | Upstox |
|---|---|---|
| One mainboard lot, ₹15,000₹10.62 less at Indiabulls Securities | ₹36.58 | ₹47.20 |
| Two SME lots, ₹2,50,000₹24.78 less at Upstox | ₹71.98 | ₹47.20 |
| A year: 12 mainboard lots sold₹127.44 less at Indiabulls Securities | ₹438.96 | ₹566.40 |
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 in the first year for new customers, then ₹300 plus GST a year at Upstox.
- Equity delivery brokerage: 2.5% or ₹11 per executed order, whichever is lower at Indiabulls Securities, ₹20 per executed order at Upstox.
- DP charge on selling shares: ₹20 or 0.02% of the value, whichever is higher, plus GST, when sold… at Indiabulls Securities, ₹20 plus GST per scrip per day at Upstox.
The same at both: account opening, Mainboard IPOs and SME IPOs.
Indiabulls Securities vs Upstox: charges side by side
Differs 4 of 7 charges differ between Indiabulls Securities and Upstox. Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | Indiabulls Securities | Upstox |
|---|---|---|
| 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 in the first year for new customers, then ₹300 plus GST a year (BSDA accounts have separate terms) |
| Apply for IPOs | ||
| Mainboard IPOs | Yes. The home page describes ASBA, where the money stays in your bank account until allotment | Yes, in the IPO section of the app with a UPI mandate |
| SME IPOs | Yes, confirmed by Indiabulls Securities on 23 Oct 2026 (not yet stated on its pricing page) | Yes, using the SME IPO filter in the IPO section. SME bids need a price; cut-off is not allowed |
| Sell your IPO shares | ||
| Equity delivery brokerage | 2.5% or ₹11 per executed order, whichever is lower | ₹20 per executed 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) | ₹20 plus GST per scrip per day (₹3.50 CDSL and ₹16.50 Upstox; ₹3.25 and ₹16.75 for women) |
| Registration | ||
| SEBI registration | INZ000036136 | INZ000315837 |
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 Upstox pages.
Indiabulls Securities and Upstox 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.
Upstox
Strengths
- Zero commission on IPOs
- ₹0 account opening
- SME IPOs in the app
Worth checking
- Flat ₹20 on delivery
Even a small sale of IPO shares costs ₹20 brokerage plus a ₹20 plus GST DP charge.
- Dealer orders cost more
Call and trade and auto square-off cost ₹75 plus GST each.
- AMC after the first year
₹300 plus GST a year.
Brokerage calculator: Indiabulls Securities vs Upstox
| Charge | Indiabulls Securities | Upstox |
|---|
Ours, with NSE rates. Change the trade to see what Indiabulls Securities and Upstox would each charge.
Other comparisons
Every comparison with Indiabulls Securities or Upstox, or pick any two brokers.
Frequently asked questions
Which is cheaper for selling IPO shares, Indiabulls Securities or Upstox?
Selling one mainboard lot of IPO shares (₹15,000) costs ₹36.58 in broker charges at Indiabulls Securities and ₹47.20 at Upstox (our calculation). For two SME lots worth ₹2,50,000: Indiabulls Securities ₹71.98, Upstox ₹47.20 (our calculation, brokerage and DP charge with GST).
How much would the difference between Indiabulls Securities and Upstox be over a year?
If you sell 12 mainboard lots of ₹15,000 in a year, Indiabulls Securities costs ₹127.44 less in broker charges (our calculation). Add the yearly AMC: Indiabulls Securities: ₹25 plus GST a month on the pricing page; Upstox: ₹0 in the first year for new customers, then ₹300 plus GST a year.
Can I apply for SME IPOs on Indiabulls Securities and Upstox?
Both let you apply for SME IPOs.
What is the demat AMC at Indiabulls Securities and Upstox?
Indiabulls Securities: ₹25 plus GST a month on the pricing page. Upstox: ₹0 in the first year for new customers, then ₹300 plus GST a year.
What brokerage do Indiabulls Securities and Upstox 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 ₹23.60 at Upstox (our calculation from their published rates).