newbie: Whom to choose? ICICI, Reliance, sharekhan or anyone else?

[ashokg]

sorry the brokerage for 2 Crore (1 Crore buy + 1 Crore Sell) for intraday will be 5000.. I wrote 10k.. by mistake..

 

[nikamvishal]

Thanks all of you guys. Can someone here explain me what is this Stamp duty, turnover tax that ranj_2k mentioned ?

I spoke with shareKhan rep today. He seemed more informed than the Reliance rep yesterday. Following are the schemes he has offered me.

a) Upfront brokerage Rs 2000 p.a -- No account opening fee.
In this brokerage charges (.07% intraday, 0.4% delivery) will be deducted from the 2000 deposit and will be refunded back after a month.

b) Acct opening fee: Rs 750, Rs 5000/ one-time upfront margin required which can be later reduced to zero as you trade.
Brokerage charges - 0.1% intraday, 0.5% delivery.

In both the above schemes Service tax 12.36% and Sebi STT charges 0.125% is over and above the brokerage charges which applies. Can anyone confirm if ICICI also charges these over and above their 0.75% brokerage on delivery?

Sharekhan can also work with my Citibank acct. for funds transfer unlike Reliance who wanted me to open acct with UTI(Axis). ShareKhan also allows both BSE/NSE, IPOs and zero charges if investing in MFs. So that is good for me, tho the same is also true for ICICI.

For a small trader like me who will invest about 50-75K spread out over a period of say 6 months (and plan to hold most of it for a long time: 1 year+) ie: not much buying and selling in between, what do you guys recommend ?

I am guessing if going for shareKhan option (b) is better for me. But I don't know about comparative advantages of their services vis-a-vis Reliance or ICICI, or if there are any hidden charges. Can any of you advise? From rrs's friends experience Reliance looks like v.bad. I don't mind paying some nominal brokerage charges for a decent service or a nominal onetime acct. opening fee if the service is good.

Also I came across this page about ICICI charges, and I couldn't understand what rows C, D, E in their table shown.

ICICIdirect Other broker
Normal brokerage 0.85% max Lets say 0.50%
A Transaction value 10000 10000
B Brokerage (Rs.) 85.00 50.00
C Service Tax (5% of B) NIL 2.50
D Other charges (0.03% of A) NIL 3.00
E Demat charges NIL 25.00
F Total charges (Rs.) B+C+D+E 85.00 80.50

I haven't heard about this service tax, other charges and demat charges which this table shows for other brokers. Is ICICI misrepresenting other brokers and just bluffing around or is there any real meat in their argument ?

I think I am getting confused between shareKhan option (b) or go for wellknown and reputed ICICI. I think I will rule out Reliance based solely on my interaction yesterday with their rep. who knew much less than a non-investor like me and inability to clarify the discrepancy of the charges which he was quoting and what is mentioned on the app. form.

Guys please advise either way or should I be considering something else too?

______________________________________________________________
Why are you not trying for "599 CLEAR VALUE DEAL" brokrage plans in ICICI.
You can trade (volume) upto RS.300000 for only Rs.599 brokrage.
You cna change the plan qtly

Enjoy

 

[logmein]

I am being offered an scheme by my sharekhan agent (I already have a fast trade account with Skhan )
The details are as follows...

Rs 6000 Advance against which the borkerage will be deducted monthly.

Delivery .25% (BUY) + .25 %(SELL)
Intra Day .05% (BUY) + 0 (SELL)

Plus they will give me there speed trade software which has all the info you need.. e.g. charts, streaming quotes for unlimited number of scrips with almost 0 time delay.

Seems pretty decent for an annaul turnover of 1 crore for intraday the brokerage will come out to be 10k which is approximately 4 times what is being offerd by Reliance Mmoney (though for 6 Crore, but I will be in the 1 Crore Range).

Given the pathetic and horrible service and bugs in Reliance Money and no Short deliveries, i guess Skhan is much better a deal..

I never faced a short delivery in Sharekhan.

I do not want to pay for unplanned losses in RM, and ready to pay planned borkerage in Sharekhan.

Second thing if reliance is so cheap and so popular than you should not go for it.. because the bus will be overloaded during peak hours..

A cheap borkerage can create problems, because of low infrastructure provided by RM and millions of people logged on the server..

Last Sharekhan call centre is ok. You have to wait for around 3 mins for some complaint but the answers are always satisfactory and never faced any kind of ignorance on the part of staff.

Second my broker and his manager always assist me personally in case there is something I do not know or I am worried about..

All the best..
Low borkerages are not the key to money..
Speed, good service and a worry free mind is.

Ashok Gupta

I think Ashok is right on.

I have confirmed these charges with my Sharekhan Pre-Sales executive and they seem pretty ok as compared to other brokerage houses.

Ashok ...... hows your service going along so far? I am planning to enrol for the exact same scheme.