m.Stock vs PhonePe Invest (Share.Market) for IPO investors

m.Stock vs PhonePe Invest (Share.Market) for IPO investors: 5 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 ₹2.95 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.

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

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 m.Stock and PhonePe Invest (Share.Market) differ

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

Cost to sell IPO shares (ours)	m.Stock	PhonePe Invest (Share.Market)
One mainboard lot, ₹15,000Brokerage ₹2.95 less at PhonePe Invest (Share.Market); a DP charge is not published	₹33.04	₹8.85 brokerage; DP charge not published
Two SME lots, ₹2,50,000Brokerage ₹11.80 less at m.Stock; a DP charge is not published	₹33.04	₹23.60 brokerage; DP charge not published
A year: 12 mainboard lots soldBrokerage ₹35.40 less at PhonePe Invest (Share.Market); a DP charge is not published	₹396.48	₹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 m.Stock, not stated at PhonePe Invest (Share.Market).
Demat maintenance (AMC): ₹0 at m.Stock, not stated at PhonePe Invest (Share.Market).
Equity delivery brokerage: ₹10 per order at m.Stock, ₹20 or 0.05% per executed order, whichever is lower at PhonePe Invest (Share.Market).
DP charge on selling shares: ₹18 plus GST per debit transaction at m.Stock, not stated at PhonePe Invest (Share.Market).

The same at both: mainboard IPOs and SME IPOs.

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

Differs 5 of 7 charges differ between m.Stock and PhonePe Invest (Share.Market). Same charges are greyed. ₹0 free Not stated not on the broker's pages

Charge	m.Stock	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, with a two-click application	Yes
SME IPOs	Not stated on the pages we checked	Not stated on the pages we checked
Sell your IPO shares
Equity delivery brokerage	₹10 per order	₹20 or 0.05% per executed order, whichever is lower
DP charge on selling shares	₹18 plus GST per debit transaction	Not stated on the pages we checked
Registration
SEBI registration	INZ000163138	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 m.Stock and PhonePe Invest (Share.Market) pages.

m.Stock and PhonePe Invest (Share.Market) strengths and things worth checking

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.

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: m.Stock vs PhonePe Invest (Share.Market)

Charge	m.Stock	PhonePe Invest (Share.Market)

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

Other comparisons

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

Frequently asked questions

Which is cheaper for selling IPO shares, m.Stock 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 ₹2.95 less at PhonePe Invest (Share.Market) (our calculation). For two SME lots worth ₹2,50,000: m.Stock ₹33.04, 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 m.Stock 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 ₹35.40 less at PhonePe Invest (Share.Market) (our calculation).