Open an account
- Account opening
- ₹0
- Demat AMC
- ₹0 year 1, then ₹300/yr + GST
Apply for IPOs
- Mainboard IPOs
- Yes
- SME IPOs
- Yes
Sell your IPO shares
- Delivery brokerage
- ₹20/order
- DP charge on a sale
- ₹20 plus GST per scrip per day
- Cost to sell ₹15,000 of IPO shares
- ₹47.20Brokerage and DP with GST, ours
Upstox: strengths and things worth checking
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.
Strengths
- Zero commission on IPOs
Upstox states it charges no commission on IPO applications.
- ₹0 account opening
Opening an account is free.
- SME IPOs in the app
SME IPOs are listed with a filter in the IPO section.
Company and registration
| Company | Upstox Securities Private Limited |
|---|---|
| SEBI stockbroker registration | INZ000315837 |
| Depository participant | IN-DP-761-2024 |
| Website | upstox.com |
| Size | One of the five largest brokers by active clients on NSE (September 2026) |
Upstox account opening and AMC charges
| Charge | As published by Upstox |
|---|---|
| Account opening | ₹0 |
| Demat maintenance (AMC) | ₹0 in the first year for new customers, then ₹300 plus GST a year (BSDA accounts have separate terms) |
Upstox brokerage charges
| Segment | Brokerage |
|---|---|
| Equity deliveryWhen you sell IPO shares | ₹20 per executed order |
| Equity intraday | ₹20 or 0.1% per executed order, whichever is lower |
| Futures | ₹20 or 0.05% per executed order, whichever is lower |
| Options | ₹20 per executed order |
| Currency and commodity | Up to ₹20 per order |
| Mutual funds and IPOs | Zero commission |
Other Upstox charges
| Charge | As published by Upstox |
|---|---|
| DP charge on selling delivery sharesWhen you sell IPO shares | ₹20 plus GST per scrip per day (₹3.50 CDSL and ₹16.50 Upstox; ₹3.25 and ₹16.75 for women) |
| Call and trade | ₹75 plus GST |
| Auto square-off | ₹75 plus GST (₹50 plus GST for Upstox Plus) |
| Payment gateway | ₹7 including GST for net banking |
| Pledge | ₹20 plus GST per scrip |
| Margin trading (MTF) interest | ₹20 a day for every ₹40,000 funded |
Sources: Upstox brokerage charges, Upstox help: SME IPO, read on 23 Oct 2026. GST at 18% applies on brokerage and most charges unless stated. Charges change; check Upstox'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 Upstox
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):
| Upstox brokerage | ₹20.00 |
| GST on brokerage | ₹3.60 |
| DP charge with GST | ₹23.60 |
| Charged by Upstox | ₹47.20 |
|---|---|
| STT (0.1%) | ₹15.00 |
| Exchange and SEBI charges | ₹0.48 |
| All charges on the sale | ₹62.77 |
Upstox 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 | Upstox |
|---|
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 Upstox
| Mainboard IPOs | Yes, in the IPO section of the app with a UPI mandate |
|---|---|
| SME IPOs | Yes, using the SME IPO filter in the IPO section. SME bids need a price; cut-off is not allowed |
How to apply for an IPO on Upstox
- Find the IPO. Open the IPO section of the Upstox 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 Upstox 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 Upstox 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 upstox.com. Sign up on the Upstox 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 Upstox account opening charges?
₹0. Demat AMC: ₹0 in the first year for new customers, then ₹300 plus GST a year (BSDA accounts have separate terms).
What is the Upstox brokerage on delivery?
₹20 per executed order. Intraday: ₹20 or 0.1% per executed order, whichever is lower.
What is the Upstox DP charge?
₹20 plus GST per scrip per day (₹3.50 CDSL and ₹16.50 Upstox; ₹3.25 and ₹16.75 for women). The DP charge is collected each time you sell shares from your demat account, including IPO shares.
Can I apply for SME IPOs on Upstox?
Yes, using the SME IPO filter in the IPO section. SME bids need a price; cut-off is not allowed.
How do I apply for an IPO on Upstox?
Open the IPO section of the Upstox 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 Upstox?
Selling ₹15,000 of IPO shares costs ₹47.20 in Upstox brokerage and DP charge with GST, and ₹62.77 in all after STT, exchange and SEBI charges (our calculation).
Is Upstox registered with SEBI?
Yes. Upstox Securities Private Limited is registered with SEBI as a stockbroker, INZ000315837, and as a depository participant, IN-DP-761-2024. You can confirm it on the SEBI website.
What is the Upstox margin trading (MTF) interest rate?
₹20 a day for every ₹40,000 funded.
Is Upstox 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 Upstox's own website and do not rate or rank brokers.