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

PhonePe Invest (Share.Market) vs ProStocks 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 ProStocks (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.

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

ProStocksSEBI INZ000048660

Account opening: ₹0
Demat AMC: ₹0 (₹1,000 deposit)
SME IPOs: Not stated
Delivery brokerage: ₹0
Cost to sell ₹15,000 of IPO shares: ₹23.60Brokerage and DP with GST, ours

Where PhonePe Invest (Share.Market) and ProStocks differ

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

Cost to sell IPO shares (ours)	PhonePe Invest (Share.Market)	ProStocks
One mainboard lot, ₹15,000Brokerage ₹8.85 less at ProStocks; a DP charge is not published	₹8.85 brokerage; DP charge not published	₹23.60
Two SME lots, ₹2,50,000Brokerage ₹23.60 less at ProStocks; a DP charge is not published	₹23.60 brokerage; DP charge not published	₹23.60
A year: 12 mainboard lots soldBrokerage ₹106.20 less at ProStocks; a DP charge is not published	₹106.20 brokerage; DP charge not published	₹283.20

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: not stated at PhonePe Invest (Share.Market), No fee listed at ProStocks.
Demat maintenance (AMC): not stated at PhonePe Invest (Share.Market), None at ProStocks.
Equity delivery brokerage: ₹20 or 0.05% per executed order, whichever is lower at PhonePe Invest (Share.Market), ₹0 at ProStocks.
DP charge on selling shares: not stated at PhonePe Invest (Share.Market), ₹20 per scrip plus 18% GST at ProStocks.
Mainboard IPOs: Yes at PhonePe Invest (Share.Market), not stated at ProStocks.

The same at both: sME IPOs.

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

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

Charge	PhonePe Invest (Share.Market)	ProStocks
Open an account
Account opening	Not stated on the pages we checked	No fee listed (online application)
Demat maintenance (AMC)	Not stated on the pages we checked	None; ₹1,000 refundable demat deposit
Apply for IPOs
Mainboard IPOs	Yes	Not stated on the pages we checked
SME IPOs	Not stated on the pages we checked	Not stated on the pages we checked
Sell your IPO shares
Equity delivery brokerage	₹20 or 0.05% per executed order, whichever is lower	₹0 (flat fee plan)
DP charge on selling shares	Not stated on the pages we checked	₹20 per scrip plus 18% GST
Registration
SEBI registration	INZ000302639	INZ000048660

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

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

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.

ProStocks

Strengths

₹0 delivery brokerage
No AMC
Cheap dealer orders

Worth checking

Refundable deposit
₹1,000 demat deposit.
IPO access not stated
The pricing page does not mention IPO applications.

Brokerage calculator: PhonePe Invest (Share.Market) vs ProStocks

Charge	PhonePe Invest (Share.Market)	ProStocks

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

Other comparisons

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

Frequently asked questions

Which is cheaper for selling IPO shares, PhonePe Invest (Share.Market) or ProStocks?

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 ProStocks (our calculation). For two SME lots worth ₹2,50,000: PhonePe Invest (Share.Market) ₹23.60 brokerage; DP charge not published, ProStocks ₹23.60 (our calculation, brokerage and DP charge with GST).

How much would the difference between PhonePe Invest (Share.Market) and ProStocks 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 ProStocks (our calculation).