Answer
No, investors do not have to pay any brokerage fees at the time of applying for an IPO. Brokerage is a commission charged by a broker for facilitating the buying or selling of existing shares on the stock exchange. The IPO application process is a primary market transaction. Therefore, no brokerage is levied on the application amount. Standard brokerage charges will only apply when you decide to sell the allotted shares after they are listed on the stock exchange.