Open an account
- Account opening
- ₹0
- Demat AMC
- ₹0
Apply for IPOs
- Mainboard IPOs
- Yes
- SME IPOs
- Yes
Sell your IPO shares
- Delivery brokerage
- ₹0
- DP charge on a sale
- ₹12.50 plus GST per instruction per ISIN
- Cost to sell ₹15,000 of IPO shares
- ₹14.75Brokerage and DP with GST, ours
Dhan: strengths and things worth checking
Worth checking
- Dealer orders cost extra
Call and trade is ₹50 plus GST per order.
- MTF rate rises with size
From 12.49% a year, up to 15.49% on larger amounts.
Strengths
- ₹0 brokerage on delivery
Selling IPO shares carries no brokerage.
- Low DP charge
₹12.50 plus GST per sale.
- ₹0 AMC and account opening
For individuals and HUFs.
Company and registration
| Company | Raise Securities Private Limited (formerly Moneylicious Securities Private Limited) |
|---|---|
| SEBI stockbroker registration | INZ000006031 |
| Depository participant | IN-DP-289-2016 |
| Website | dhan.co |
Dhan account opening and AMC charges
| Charge | As published by Dhan |
|---|---|
| Account opening | ₹0 for individuals and HUFs |
| Demat maintenance (AMC) | ₹0 for individuals and HUFs (₹800 plus GST for NRIs, companies, LLPs, firms and trusts) |
Dhan brokerage charges
| Segment | Brokerage |
|---|---|
| Equity deliveryWhen you sell IPO shares | ₹0 |
| Equity intraday | ₹20 or 0.03% per executed order, whichever is lower |
| Futures (equity and commodity) | ₹20 per executed order |
| Options (equity and commodity) | ₹20 per executed order |
| Mutual funds and IPOs | Free |
Other Dhan charges
| Charge | As published by Dhan |
|---|---|
| DP charge on selling delivery sharesWhen you sell IPO shares | ₹12.50 plus GST per instruction per ISIN |
| Call and trade | ₹50 plus GST per order |
| Auto square-off | ₹20 plus GST per order |
| Payment gateway | ₹0 on UPI and net banking |
| Pledge | ₹15 plus GST per transaction per ISIN |
| Margin trading (MTF) interest | 12.49% a year up to ₹5 lakh, rising to 15.49% above ₹25 lakh |
Sources: Dhan pricing, read on 23 Oct 2026. GST at 18% applies on brokerage and most charges unless stated. Charges change; check Dhan's page before you open an account.
Government and exchange charges
These are set by the government, SEBI and the exchanges, and are the same at every broker.
| Charge | Equity delivery | Equity intraday |
|---|---|---|
| Securities transaction tax (STT) | 0.1% on buy and sell | 0.025% on sell |
| Exchange transaction charge | NSE 0.00307%, BSE 0.00375% | NSE 0.00307%, BSE 0.00375% |
| SEBI fee | ₹10 per crore | ₹10 per crore |
| Stamp duty (buy side) | 0.015% | 0.003% |
| GST | 18% on brokerage, exchange and SEBI charges | 18% on brokerage, exchange and SEBI charges |
Government and exchange rates as listed on the Zerodha and Indiabulls Securities charges pages, read on 23 Oct 2026.
What it costs to sell your IPO shares on Dhan
Applying for an IPO carries no brokerage. Costs come when you sell. For IPO shares worth ₹15,000 sold from your demat account (our calculation):
| Dhan brokerage | ₹0.00 |
| GST on brokerage | ₹0.00 |
| DP charge with GST | ₹14.75 |
| Charged by Dhan | ₹14.75 |
|---|---|
| STT (0.1%) | ₹15.00 |
| Exchange and SEBI charges | ₹0.48 |
| All charges on the sale | ₹30.32 |
Dhan brokerage calculator
Enter a trade to see every charge. The example is one SME lot of 800 shares bought at ₹179 and sold at ₹190.
| Charge | Dhan |
|---|
Our calculation from each broker's published charges and the government and exchange rates above (NSE). For delivery, the DP charge is added once on the sale. Where a broker does not publish a charge, it shows as not published.
Applying for IPOs on Dhan
| Mainboard IPOs | Yes, free, with UPI |
|---|---|
| SME IPOs | Yes, SME IPOs can be applied for with mobile UPI |
How to apply for an IPO on Dhan
- Find the IPO. Open the IPO section of the Dhan app or website while bidding is open, and pick the IPO.
- Enter your bid. Enter the number of lots and either tick cut-off price or enter a price within the band. SME IPOs need a price; cut-off is not allowed.
- Approve the UPI mandate. Approve the mandate in your UPI app before 5 pm on the closing day. The money is blocked, not debited, until allotment.
- Check allotment and sell if you choose. Allotted shares reach your Dhan demat account the next working day. You can sell from the listing day.
Any demat account also lets you apply through ASBA in your bank's net banking. See the IPOs open this week.
How to open a Dhan account
- Keep your documents ready. PAN, Aadhaar linked to your mobile number, a bank account with a cancelled cheque or statement, and your signature on white paper.
- Start on dhan.co. Sign up on the Dhan website or app with your mobile number and email, and verify the OTPs.
- Complete KYC online. Enter your PAN and Aadhaar details, link your bank account, and upload a photo and signature. Most brokers also do in-person verification by video or selfie.
- E-sign the form. Sign the account opening form with an Aadhaar OTP. The account is usually active within one or two working days.
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Frequently asked questions
What are the Dhan account opening charges?
₹0 for individuals and HUFs. Demat AMC: ₹0 for individuals and HUFs (₹800 plus GST for NRIs, companies, LLPs, firms and trusts).
What is the Dhan brokerage on delivery?
₹0. Intraday: ₹20 or 0.03% per executed order, whichever is lower.
What is the Dhan DP charge?
₹12.50 plus GST per instruction per ISIN. The DP charge is collected each time you sell shares from your demat account, including IPO shares.
Can I apply for SME IPOs on Dhan?
Yes, SME IPOs can be applied for with mobile UPI.
How do I apply for an IPO on Dhan?
Open the IPO section of the Dhan app, pick the IPO, enter the lots and price (or cut-off for mainboard IPOs), and approve the UPI mandate before 5 pm on the closing day.
What does it cost to sell IPO shares on Dhan?
Selling ₹15,000 of IPO shares costs ₹14.75 in Dhan brokerage and DP charge with GST, and ₹30.32 in all after STT, exchange and SEBI charges (our calculation).
Is Dhan registered with SEBI?
Yes. Raise Securities Private Limited (formerly Moneylicious Securities Private Limited) is registered with SEBI as a stockbroker, INZ000006031, and as a depository participant, IN-DP-289-2016. You can confirm it on the SEBI website.
What is the Dhan margin trading (MTF) interest rate?
12.49% a year up to ₹5 lakh, rising to 15.49% above ₹25 lakh.
Is Dhan good for IPO investors?
It depends on how you invest. Compare the yearly AMC, the cost to sell IPO shares and SME IPO access below with other brokers. We list facts from Dhan's own website and do not rate or rank brokers.