INDmoneySEBI INZ000305337
- Account opening
- ₹0
- Demat AMC
- ₹0
- SME IPOs
- No
- Delivery brokerage
- ₹20 or 0.1%, lower
- Cost to sell ₹15,000 of IPO shares
- ₹39.53Brokerage 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 INDmoney and m.Stock differ
4 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | INDmoney | m.Stock |
|---|---|---|
| One mainboard lot, ₹15,000₹6.49 less at m.Stock | ₹39.53 | ₹33.04 |
| Two SME lots, ₹2,50,000₹12.39 less at m.Stock | ₹45.43 | ₹33.04 |
| A year: 12 mainboard lots sold₹77.88 less at m.Stock | ₹474.36 | ₹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.
- Equity delivery brokerage: 0.1% or ₹20 per executed order, whichever is lower, minimum ₹2 at INDmoney, ₹10 per order at m.Stock.
- DP charge on selling shares: ₹18.50 plus GST per ISIN at INDmoney, ₹18 plus GST per debit transaction at m.Stock.
- SME IPOs: Not yet. INDmoney says it does not currently support SME IPOs at INDmoney, not stated at m.Stock.
The same at both: account opening, Demat maintenance (AMC) and Mainboard IPOs.
INDmoney vs m.Stock: charges side by side
Differs 4 of 7 charges differ between INDmoney and m.Stock. Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | INDmoney | m.Stock |
|---|---|---|
| Open an account | ||
| Account opening | ₹0 | ₹0 |
| Demat maintenance (AMC) | ₹0 | ₹0 |
| Apply for IPOs | ||
| Mainboard IPOs | Yes | Yes, with a two-click application |
| SME IPOs | Not yet. INDmoney says it does not currently support SME IPOs | Not stated on the pages we checked |
| Sell your IPO shares | ||
| Equity delivery brokerage | 0.1% or ₹20 per executed order, whichever is lower, minimum ₹2 | ₹10 per order |
| DP charge on selling shares | ₹18.50 plus GST per ISIN (₹3.50 CDSL and ₹15 INDstocks; ₹3.25 and ₹15.25 for women) | ₹18 plus GST per debit transaction |
| Registration | ||
| SEBI registration | INZ000305337 | 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 INDmoney and m.Stock pages.
INDmoney and m.Stock strengths and things worth checking
INDmoney
Strengths
- ₹0 AMC and account opening
- Low minimum brokerage
Worth checking
- Desk orders are expensive
₹500 per order through the trading desk.
- DP charge
₹18.50 plus GST per sale.
- No SME IPOs yet
INDmoney says SME IPO applications are not supported at the moment.
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: INDmoney vs m.Stock
| Charge | INDmoney | m.Stock |
|---|
Ours, with NSE rates. Change the trade to see what INDmoney and m.Stock would each charge.
Other comparisons
- Angel One vs INDmoney
- Angel One vs m.Stock
- m.Stock vs PhonePe Invest (Share.Market)
- Dhan vs INDmoney
- HDFC Securities (HDFC Sky) vs INDmoney
- INDmoney vs Upstox
- Kotak Securities (Kotak Neo) vs m.Stock
Every comparison with INDmoney or m.Stock, or pick any two brokers.
Frequently asked questions
Which is cheaper for selling IPO shares, INDmoney or m.Stock?
Selling one mainboard lot of IPO shares (₹15,000) costs ₹33.04 in broker charges at m.Stock and ₹39.53 at INDmoney (our calculation). For two SME lots worth ₹2,50,000: INDmoney ₹45.43, m.Stock ₹33.04 (our calculation, brokerage and DP charge with GST).
How much would the difference between INDmoney and m.Stock be over a year?
If you sell 12 mainboard lots of ₹15,000 in a year, m.Stock costs ₹77.88 less in broker charges (our calculation). Add the yearly AMC: INDmoney: ₹0; m.Stock: ₹0.
Can I apply for SME IPOs on INDmoney and m.Stock?
Neither says clearly on its pages that SME IPOs can be applied for.
What brokerage do INDmoney 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 ₹17.70 at INDmoney and ₹11.80 at m.Stock (our calculation from their published rates).
What DP charge do INDmoney and m.Stock take when I sell IPO shares?
For one sale of ₹15,000, with GST: ₹21.83 at INDmoney; ₹21.24 at m.Stock (our calculation). It is charged on each sale from your demat account.