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
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 m.Stock and Upstox differ
5 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | m.Stock | Upstox |
|---|---|---|
| One mainboard lot, ₹15,000₹14.16 less at m.Stock | ₹33.04 | ₹47.20 |
| Two SME lots, ₹2,50,000₹14.16 less at m.Stock | ₹33.04 | ₹47.20 |
| A year: 12 mainboard lots sold₹169.92 less at m.Stock | ₹396.48 | ₹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): ₹0 at m.Stock, ₹0 in the first year for new customers, then ₹300 plus GST a year at Upstox.
- Equity delivery brokerage: ₹10 per order at m.Stock, ₹20 per executed order at Upstox.
- DP charge on selling shares: ₹18 plus GST per debit transaction at m.Stock, ₹20 plus GST per scrip per day at Upstox.
- SME IPOs: not stated at m.Stock, Yes, using the SME IPO filter in the IPO section. SME bids need a… at Upstox.
The same at both: account opening and Mainboard IPOs.
m.Stock vs Upstox: charges side by side
Differs 5 of 7 charges differ between m.Stock and Upstox. Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | m.Stock | Upstox |
|---|---|---|
| Open an account | ||
| Account opening | ₹0 | ₹0 |
| Demat maintenance (AMC) | ₹0 | ₹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, with a two-click application | Yes, in the IPO section of the app with a UPI mandate |
| SME IPOs | Not stated on the pages we checked | 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 | ₹10 per order | ₹20 per executed order |
| DP charge on selling shares | ₹18 plus GST per debit transaction | ₹20 plus GST per scrip per day (₹3.50 CDSL and ₹16.50 Upstox; ₹3.25 and ₹16.75 for women) |
| Registration | ||
| SEBI registration | INZ000163138 | 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 m.Stock and Upstox pages.
m.Stock and Upstox 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.
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: m.Stock vs Upstox
| Charge | m.Stock | Upstox |
|---|
Ours, with NSE rates. Change the trade to see what m.Stock and Upstox would each charge.
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Every comparison with m.Stock or Upstox, or pick any two brokers.
Frequently asked questions
Which is cheaper for selling IPO shares, m.Stock or Upstox?
Selling one mainboard lot of IPO shares (₹15,000) costs ₹33.04 in broker charges at m.Stock and ₹47.20 at Upstox (our calculation). For two SME lots worth ₹2,50,000: m.Stock ₹33.04, Upstox ₹47.20 (our calculation, brokerage and DP charge with GST).
How much would the difference between m.Stock and Upstox be over a year?
If you sell 12 mainboard lots of ₹15,000 in a year, m.Stock costs ₹169.92 less in broker charges (our calculation). Add the yearly AMC: m.Stock: ₹0; Upstox: ₹0 in the first year for new customers, then ₹300 plus GST a year.
Can I apply for SME IPOs on m.Stock and Upstox?
Upstox lets you apply for SME IPOs; m.Stock does not say so on the pages we checked.
What is the demat AMC at m.Stock and Upstox?
m.Stock: ₹0. Upstox: ₹0 in the first year for new customers, then ₹300 plus GST a year.
What brokerage do m.Stock 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 ₹11.80 at m.Stock and ₹23.60 at Upstox (our calculation from their published rates).