Confused - Sharekhan vs Icicidirect vs Hdfc vs Kotak vs Indiabulls vs 5paise

[lazytrader]

My broker debits Rs.23 for each transactions from DP account. This Rs.23 is never reflected in the contract notes. They take it from my bank account each month via ECS :annoyed:

Like if I sell some 4 stocks from Delivery then they will take 23*4 after each month. That too at odd date. 24th every month!

As it was not told to me even after I asked many times about minimum charges they will take, I bought 2 rs.8 stocks and put in delivery thinking of selling it after it goes to Rs.9! Waste of money

The demat charges are Rs.20+10.3% service tax should be 22.06 per debit from your demat account on every company you sell shares from your demat account.

Some brokers charge Rs.15 (RKG) some 10. If you have high turnover then you can also ask for free account.

 

[lazytrader]

Guys !! Its almost a month I have moved to ShareKhan from ICICI direct. I should say i am completely satisfied with the service. Trade Tiger is working fine for me. Someone told me here that it gives delayed quotes. But that never happened to me till now.

Brokerage etc is all transparent.

Never found the servers overloaded till now ... and they have recently added some more servers.

I have done some 10 cr turnover and I want to negotiate brokerage to even less.

One negative about Sharekhan is, it is vey hard to locate the reports. Also when using Trade Tiger, you dont know how much more limit you have. You have to open the browser to check it. Also for transfering funds you need to open browser (may be i am asking for too much !!)

High low and good bad is subjective. Can you tell me what is the brokerage and your monthly turnover?

 

[tsrinivasr]

Hi

I have been following this thread for 3-4 days. I have been trading in cash segment with ICICI demat account from past one yr. YES the brokerage is very high. I have paid a brokerage of Rs 50,000 for the last quarter (April - June 2009). They gave a cash back of 10,700.

Recently i started trading in derivatives after doing a lot of background work and i found futures very profitable. Brokerage is comaparable with others for Futures in ICICI (for delivery ICICI charges 2 times more than the avg charged by other brokers). Brokerage is 0.05 % for futures. And if you square off on the same day, they just charge flat 15 Rs per lot on the cover order.

But using ICICI demat account and pressing F5 everytime is a pain.

Then I started hunting for some other brokerage and found this great community. Frankly, i have learnt a lot in this comunity in just 4-5 days.

I first assessed my trading requirements. I am full time employee in a software firm. I have a lot of flexibility regarding work. I generally relax and just take care of daily responsibilities for 4 days a week and work very hard the remaining 3 days to cover the backlogs. But if required i have to work all the 7 days and trade at all during these days.

So i cant promise any mininum turnover to the broker.

So i cant go for JustTrade or any other broker which asks for this commitment.

I checked with IndiaBulls, JustTrade, 5 paise, sharekhan etc and zeroed on shareKhan.

I have negotiated the brokerage as follows

1> No Account opening charges. No account maintainance charges for the first year. From second yr Rs 300 will be charged as AMC.
2> No Advance Brokerage
3> 5000 rs Cheque which can be used as Margin after getting the account
4> Now coming to the brokerage 0.2 for delivery
5> 0.02 for intraday (including futures). It will charged on both the legs even if squared off on the same day.
6> Rs 60 per lot for options
7> They will provide me the sharekhan SpeedTrade/ TigerTrade s/w also which will eliminate the pain of pressing F5

I am happy with this deal as even if i don't trade (if my office workload increases) i wont get charged anything.

Guys with same kinda requirement as me can go ahead with this deal i guess.
The before sales experience is wonderful. I hope the after sales support is also the same. Will definitely post about the after sales experience in my next post !

Thanks and Regards
Srinivas T

Pasting my earlier post here ...
This is my brokerage plan. I made some 10 Cr turnover (traded only in Futures) from 04 Aug

 

[lazytrader]

I think you can ask for Rs.50/lot for options. It is the std charge for many brokers. Sharekhan seems to have an all round best package and most traders use sharekhan.

I guess for margin limit you need to open the browser. For most brokers you need to do that. Some like ODIN can open the webpage within the software itself.

 

[tsrinivasr]

Sharekhan also opens webpage with in the browser. But the pain point is I have to login again !!

I never traded in options. I need to do some more research regarding options to start trading.

Can I negotiate for even less brokerage for futures ? Are there any brokers who offer lesser brokerage than this for a turnover of say 10 Cr per month ?
If so then I can quote that broker while negotiating with sharekhan

 

[lazytrader]

With 10cr monthly turnover, in a yr do you should be paying 2.40L brokerage at .02% anually. Is that right?

 

[harshatmehta]

Can u tell me u hav account with which brokerage company?
this is the issue which i was discussing with one executive of angel broking. He also told me that there will be transaction charges whenever i sell the shares from DP.

these brokerage firms offer cheap brokerage but they r charging unnecessary charges of transaction of shares from DP , thats very bad.

transactions of shares from DP to trading accnt n vice versa is free , dont knw why these companys r charging?

That Rs.23 is from Bajaj. They say Rs.20. But they round off the taxes when they take and never rounds off the amount they owe to us :annoyed: From intra day to delivery they are wrost. Worst broker in the world.

The demat charges are Rs.20+10.3% service tax should be 22.06 per debit from your demat account on every company you sell shares from your demat account.

Some brokers charge Rs.15 (RKG) some 10. If you have high turnover then you can also ask for free account.

I dumped Bajaj a month ago and went to angel. The money is not debited from Dmat instead taken from Bank account a month later. That is how they ripped me.

 

[lazytrader]

I have SBI demat. They charge once a year. Thats how they ripped me.
Atleast you knew about it in a month. Moreover they don't specify these charges anywhere.

 

[srivi_trade]

sharekhan seems nice but then they no BSE trading (i hope i am not wrong)


thanks and regards,

sunando

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plz dont just say which service to opt without justifying as to why u think it should be opted.......thank u

[email protected]

I have an account with sharekhan. But BSE Cash i can trade only Commodity we have to get rights.

 

[tghai]

PLEASE suggest

All,

I am planning to open a new Demat account with a new Broker and discard my current ICICIdirect. Please suggest some good broker. my only requirement is that broker should be SAFE. I have burnt my fingers with ICICIDirect where some unidentified transactions(day trading) were made from my account which accounted me a loss of 3 -5 lakh rupees. So My only requirement with new broker is SAFETY of my account/trades. Brokerage is no issue.

I am NOT a DAYTRADER.