Dear Traders,
VPS has send me a mail.They are withdrawing their online trading platform.They have asked all the trader to stop taking positions and withdraw the money to their bank accounts.
The mail is as follows-
Dear Traders,
It has been nice association so far and we hope that you have enjoyed this relationship as much as we have. We at VPS have strived to provide you our best that we have to offer. Till date our product remains unique in the industry and as envisaged it has delivered value for every kind of trader. Our Customer Support Desk works hard to assist you in whenever you need them.
Off late we have seen erosion in retail participation in equity market and since last three month very low level of participation in MCX. Margin in broking business are under heavy pressure and slowly but surely this business is getting out of preference of business houses. We are also considering moving out of retail broking as margins are too low and in future we may see further pressure on already wafer thin margin. In view of this we are withdrawing our online discount broking product i.e. Rs 10 per trade with MAX CAP.
It is our advice to all our clients that they may stop creating new positions in their account and try to shift their position to their other accounts with any other broker. We do not wish to cause any inconvenience to any of our client and will request them to put their request to withdraw their deposit from their accounts thru back office. We would be glad to assist you in any manner that you want thru this process. You may open trading a/c with any other discount broker and shift your positions. Our customer support desk will be available till 30 Nov 2013.