Migrating from ICICIDirect to Reliance Money

ssmistry · #1 11th May 2007, 12:57 PM

Hello Everybody,

I have been using ICICIDirect.com a/c since last two years, was fed up with their highest brokerage in industry and now decided to move to Reliance Money. I called up RMoney guys and within 8 working days, I got my trading kit...

Now here I am puzzeled ...My all funds is invested in stocks through ICICIDirect, If I want trade in Reliance Money, I have to sell stocks at ICICI with approx. 1% brokerage, transfer fund to Reliance Money and then I can start trade ... right ? This is my understanding .. but not sure !!

Here only thing is I will have to pay brokerage to ICICI

... So I'm wondering is there any other way, by which I can transfer my existing stocks from ICICI Demat to Reliance Money demat a/c ? Can any expert here in this forum enlight me ? I would surely appreciate any inputs to save my brokerage.

Many thanks,
ssmistry

bslk · #2 11th May 2007, 01:25 PM

Quote:

Originally Posted by ssmistry

Hello Everybody,

I have been using ICICIDirect.com a/c since last two years, was fed up with their highest brokerage in industry and now decided to move to Reliance Money. I called up RMoney guys and within 8 working days, I got my trading kit...

Now here I am puzzeled ...My all funds is invested in stocks through ICICIDirect, If I want trade in Reliance Money, I have to sell stocks at ICICI with approx. 1% brokerage, transfer fund to Reliance Money and then I can start trade ... right ? This is my understanding .. but not sure !!

Here only thing is I will have to pay brokerage to ICICI

... So I'm wondering is there any other way, by which I can transfer my existing stocks from ICICI Demat to Reliance Money demat a/c ? Can any expert here in this forum enlight me ? I would surely appreciate any inputs to save my brokerage.

Many thanks,
ssmistry

http://www.icicibank.com/pfsuser/demat/einstruction.htm

soody · #3 11th May 2007, 07:53 PM

You can always transfer shares from your icicidirect demat a/c to your Rmoney demat ac by doing an offmarket transfer by filling your TIFD(transfer instruction for delivery)slip and submitting the same to icicidirect. Charge will be around rs.20. Since this is a one time transfer registering for e-instructions will be a waste of money for stamp duty.

ssmistry · #4 12th May 2007, 10:22 AM

Thanks for replying ... I am holding shares in 12 different counters and current market value is somewhere around 2.5 lacs, so I am wondering, only 20/- will be charged towards transfer ? Wont there be CDSL or NSDL charges ? .... Are there any risk involved in manual transfer by filling up TIFD form ? Please guide me...

Best wishes, Sandip

swagat86 · #5 12th May 2007, 10:27 AM

Quote:

Originally Posted by ssmistry

Thanks for replying ... I am holding shares in 12 different counters and current market value is somewhere around 2.5 lacs, so I am wondering, only 20/- will be charged towards transfer ? Wont there be CDSL or NSDL charges ? .... Are there any risk involved in manual transfer by filling up TIFD form ? Please guide me...

Best wishes, Sandip

No Sandip there is no risk. OFf market transfer is very safe. But u need to be cautious on ur part. Once the transfer is processed go ahead and make sure u check ur Demat balance both in ICICI as well as Rmoney.

justnice · #6 14th May 2007, 11:42 PM

You need not to pay any securities transfer charges from one DP to another as per SEBI circular No.-MRD/DoP/Dep/Cir-22 /05 Dated-November 09, 2005

It clearly states:-

It has been decided that with effect from January 09, 2006 (Monday), no charges shall be levied by a depository on DP and consequently, by a DP on a Beneficiary Owner (BO) when a BO transfers all the securities lying in his account to another branch of the same DP or to another DP of the same depository or another depository, provided the BO Account/s at transferee DP and at transferor DP are one and the same, i.e. identical in all respects. In case the BO Account at transferor DP is a joint account, the BO Account at transferee DP should also be a joint account in the same sequence of ownership.Thus safeguarding your right to choose broker of your choice happy trading & cheers!!!
RMoney 0-9336149919

ssmistry · #7 15th May 2007, 02:25 PM

Wooow

... In this case, then I wont be charged a single penny as sequence is same ... Really, you all knowledgeable guys have extended great help towards me ... In the meantime, I have initiated xfr process, hopefully it should be done in 2-3 working days ...

Grand thanks

,
ssmistry

vishnuindian · #8 7th August 2007, 09:07 AM

HAi buddies

What is d brokerage charge in Reliance

Like for eg for 1000 rupees (delivery) wat will be brokerage charge for
Buy + sell = ?

FOr the SAme how much will be for INTRA DAY = ?

CAN Any one help regarding this please...?

Is there any hidden charges ?

Thanks a lot in advance,,

kkg · #9 15th September 2008, 01:20 PM

Quote:

Originally Posted by ssmistry

Wooow

... In this case, then I wont be charged a single penny as sequence is same ... Really, you all knowledgeable guys have extended great help towards me ... In the meantime, I have initiated xfr process, hopefully it should be done in 2-3 working days ...

Grand thanks

,
ssmistry

HI,
I have 15 scrips in ICICI Direct amounting Rs 50K in total. I would like to transfer these shares in RMoney (account is with my name only). What would be the procedure and charges from ICICI Direct.
Thanks
Keshav'

coolboy007 · #10 15th September 2008, 03:27 PM

Quote:

Originally Posted by vishnuindian

HAi buddies

What is d brokerage charge in Reliance

Like for eg for 1000 rupees (delivery) wat will be brokerage charge for
Buy + sell = ?

FOr the SAme how much will be for INTRA DAY = ?

CAN Any one help regarding this please...?

Is there any hidden charges ?

Thanks a lot in advance,,

Hii i am using relmoney from past 6 months so here are the charges.
LIMIT CARD - This card gives u the turnover limit , in other words its like a prepaid card for mobile.

4 schemes of limit card are there :

Limit Card Value of Rs.500 (Bi-monthly Rs.500)– Allows a total turnover of Rs.1 crore and time span of 2 months, whichever is exhausted earlier. Utilisation of the turnover limit of Rs.1 crore may be intraday trading of Rs.1 crore, or Rs.10 lacs in delivery and Rs.90 lacs in intraday trading.

Limit Card Value of Rs.1350 (Half Yealy Rs 1350)– Allows a total turnover of Rs.3 crores and time span of 6 months, whichever is exhausted earlier. Utilisation of the turnover limit of Rs.3 crore may be intraday trading of Rs.3 crore, or Rs.30 lacs in delivery and Rs.2.70 crores in intraday trading

Limit Card Value of Rs.2500 ( Annual Rs 2500)– Allows a total turnover of Rs.6 crore and time span of 12 months, whichever is exhausted earlier. Utilisation of the turnover limit of Rs.6 crore may be intraday trading of Rs.6 crore, or Rs.60 lacs in delivery and Rs.5.40 crores in intraday trading.

Promotional Scheme (PR-500 Rs. 500) Value of Rs.500 – Allows a turnover limit of Rs.5 Lakhs, in both intraday trading and delivery and time span of 12 months, whichever is exhausted earlier.

In addition, a roll over option is available if the Limit Card is renewed by the client within six days of expiry of the Card. This facility is not available for the PR-500 scheme. The maximum roll over possible is Rs.10 crores in intraday trading and Rs.1 crore in delivery.

And every time u sell an EQUITY FROM ur demat u are charged 12 rs per transaction. In addn to LIMIT CARD for every trade the brokrg is 1 paisa per trade whther it is 10 rs or 10 crore.

Here are some eg of taxes from ma ECn

While buying - 14360 rs total taxes were 19 rs

While selling - 22720 incurred taxes of 28 rs.

Similar Threads for: Migrating from ICICIDirect to Reliance Money
Thread	Thread Starter	Forum	Replies	Last Post
Reliance Money	rishabh.agl	Brokers & Demat Matters	67	15th March 2008 12:11 PM
Reliance Money Brokerage	tidelganesh	Brokers & Demat Matters	4	25th May 2007 07:31 PM

The Following User Says Thank You to coolboy007 For This Useful Post:
khamba (15th September 2008)