INDmoney vs PhonePe Invest (Share.Market) for IPO investors

INDmoney vs PhonePe Invest (Share.Market) for IPO investors: 6 of the 7 charges we compare differ. 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 ₹8.85 less at PhonePe Invest (Share.Market) (our calculation). Neither says clearly on its pages that SME IPOs can be applied for. All figures are from each broker's own website, read 23 Oct 2026.

By IPO24by7 Research. Updated 23 Oct 2026.

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

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 INDmoney and PhonePe Invest (Share.Market) differ

6 of the 7 charges we compare differ for an IPO investor.

Cost to sell IPO shares (ours)	INDmoney	PhonePe Invest (Share.Market)
One mainboard lot, ₹15,000Brokerage ₹8.85 less at PhonePe Invest (Share.Market); a DP charge is not published	₹39.53	₹8.85 brokerage; DP charge not published
Two SME lots, ₹2,50,000Same brokerage at both; a DP charge is not published	₹45.43	₹23.60 brokerage; DP charge not published
A year: 12 mainboard lots soldBrokerage ₹106.20 less at PhonePe Invest (Share.Market); a DP charge is not published	₹474.36	₹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 INDmoney, not stated at PhonePe Invest (Share.Market).
Demat maintenance (AMC): ₹0 at INDmoney, not stated at PhonePe Invest (Share.Market).
Equity delivery brokerage: 0.1% or ₹20 per executed order, whichever is lower, minimum ₹2 at INDmoney, ₹20 or 0.05% per executed order, whichever is lower at PhonePe Invest (Share.Market).
DP charge on selling shares: ₹18.50 plus GST per ISIN at INDmoney, not stated at PhonePe Invest (Share.Market).
SME IPOs: Not yet. INDmoney says it does not currently support SME IPOs at INDmoney, not stated at PhonePe Invest (Share.Market).

The same at both: mainboard IPOs.

INDmoney vs PhonePe Invest (Share.Market): charges side by side

Differs 6 of 7 charges differ between INDmoney and PhonePe Invest (Share.Market). Same charges are greyed. ₹0 free Not stated not on the broker's pages

Charge	INDmoney	PhonePe Invest (Share.Market)
Open an account
Account opening	₹0	Not stated on the pages we checked
Demat maintenance (AMC)	₹0	Not stated on the pages we checked
Apply for IPOs
Mainboard IPOs	Yes	Yes
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	₹20 or 0.05% per executed order, whichever is lower
DP charge on selling shares	₹18.50 plus GST per ISIN (₹3.50 CDSL and ₹15 INDstocks; ₹3.25 and ₹15.25 for women)	Not stated on the pages we checked
Registration
SEBI registration	INZ000305337	INZ000302639

For other trading, equity intraday, Futures and Call and trade differ too. Intraday, futures, call and trade and margin charges are on the INDmoney and PhonePe Invest (Share.Market) pages.

INDmoney and PhonePe Invest (Share.Market) 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.

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: INDmoney vs PhonePe Invest (Share.Market)

Charge	INDmoney	PhonePe Invest (Share.Market)

Ours, with NSE rates. Change the trade to see what INDmoney and PhonePe Invest (Share.Market) would each charge.

Other comparisons

Every comparison with INDmoney or PhonePe Invest (Share.Market), or pick any two brokers.

Frequently asked questions

Which is cheaper for selling IPO shares, INDmoney 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 ₹8.85 less at PhonePe Invest (Share.Market) (our calculation). For two SME lots worth ₹2,50,000: INDmoney ₹45.43, 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 INDmoney 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 ₹106.20 less at PhonePe Invest (Share.Market) (our calculation).