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
ZerodhaSEBI INZ000031633
- Account opening
- ₹0
- Demat AMC
- ₹0 year 1, then ₹300/yr + GST
- SME IPOs
- Yes
- Delivery brokerage
- ₹0
- Cost to sell ₹15,000 of IPO shares
- ₹15.34Brokerage and DP with GST, ours
Where Indiabulls Securities and Zerodha differ
4 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | Indiabulls Securities | Zerodha |
|---|---|---|
| One mainboard lot, ₹15,000₹21.24 less at Zerodha | ₹36.58 | ₹15.34 |
| Two SME lots, ₹2,50,000₹56.64 less at Zerodha | ₹71.98 | ₹15.34 |
| A year: 12 mainboard lots sold₹254.88 less at Zerodha | ₹438.96 | ₹184.08 |
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, Free in the first year for resident individuals, then ₹300 a year plus… at Zerodha.
- Equity delivery brokerage: 2.5% or ₹11 per executed order, whichever is lower at Indiabulls Securities, ₹0 at Zerodha.
- DP charge on selling shares: ₹20 or 0.02% of the value, whichever is higher, plus GST, when sold… at Indiabulls Securities, ₹13 plus GST per scrip at Zerodha.
The same at both: account opening, Mainboard IPOs and SME IPOs.
Indiabulls Securities vs Zerodha: charges side by side
Differs 4 of 7 charges differ between Indiabulls Securities and Zerodha. Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | Indiabulls Securities | Zerodha |
|---|---|---|
| Open an account | ||
| Account opening | ₹0 | ₹0 for individual accounts (₹500 for NRI, partnership, LLP and corporate accounts) |
| Demat maintenance (AMC) | ₹25 plus GST a month on the pricing page; ₹300 a year plus GST on the DP schedule | Free in the first year for resident individuals, then ₹300 a year plus GST, charged quarterly |
| Apply for IPOs | ||
| Mainboard IPOs | Yes. The home page describes ASBA, where the money stays in your bank account until allotment | Yes, through Kite or Console with a UPI mandate |
| SME IPOs | Yes, confirmed by Indiabulls Securities on 23 Oct 2026 (not yet stated on its pricing page) | Yes, NSE and BSE SME IPOs through UPI. Only one bid per SME IPO, and no net banking fallback if the UPI payment fails |
| Sell your IPO shares | ||
| Equity delivery brokerage | 2.5% or ₹11 per executed order, whichever is lower | ₹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) | ₹13 plus GST per scrip (₹3.50 CDSL, ₹9.50 Zerodha); ₹15.34 with GST |
| Registration | ||
| SEBI registration | INZ000036136 | INZ000031633 |
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 Zerodha pages.
Indiabulls Securities and Zerodha 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.
Zerodha
Strengths
- ₹0 brokerage on delivery
- Lower DP charge
- SME IPOs on both exchanges
Worth checking
- AMC after the first year
₹300 a year plus GST for a regular demat account.
- SME IPO limits
One bid per SME IPO, and if the UPI payment fails you cannot apply by net banking.
- Dealer orders cost extra
₹50 per order through call and trade or auto square-off.
Brokerage calculator: Indiabulls Securities vs Zerodha
| Charge | Indiabulls Securities | Zerodha |
|---|
Ours, with NSE rates. Change the trade to see what Indiabulls Securities and Zerodha would each charge.
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Every comparison with Indiabulls Securities or Zerodha, or pick any two brokers.
Frequently asked questions
Which is cheaper for selling IPO shares, Indiabulls Securities or Zerodha?
Selling one mainboard lot of IPO shares (₹15,000) costs ₹15.34 in broker charges at Zerodha and ₹36.58 at Indiabulls Securities (our calculation). For two SME lots worth ₹2,50,000: Indiabulls Securities ₹71.98, Zerodha ₹15.34 (our calculation, brokerage and DP charge with GST).
How much would the difference between Indiabulls Securities and Zerodha be over a year?
If you sell 12 mainboard lots of ₹15,000 in a year, Zerodha costs ₹254.88 less in broker charges (our calculation). Add the yearly AMC: Indiabulls Securities: ₹25 plus GST a month on the pricing page; Zerodha: Free in the first year for resident individuals, then ₹300 a year plus….
Can I apply for SME IPOs on Indiabulls Securities and Zerodha?
Both let you apply for SME IPOs.
What is the demat AMC at Indiabulls Securities and Zerodha?
Indiabulls Securities: ₹25 plus GST a month on the pricing page. Zerodha: Free in the first year for resident individuals, then ₹300 a year plus….
What brokerage do Indiabulls Securities and Zerodha 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 ₹0.00 at Zerodha (our calculation from their published rates).