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

boy this confused.. thread is on since 2.5 year

using sharekhan, software ok to good, brokerage v.high but they offered pre-paid scheme which i rejected in which brokerage becomes half but still not competent to other small brokers...

helpdesk - you have to wait for a terribly long time to get support.

email reply is something guess they never reply & atleast once once in 2 months i get a mail saying my account is in debit & pay immediately, even though i have more than sufficient funds... ofcourse any reply even to this mail goes to deaf ears, maybe they lost they password to the email help section & never check it.

I agree everything about Sharekhan is okay, except their customer care which sucks. No one EVER picks up the phone at the call center.

Design wise 5Paisa trader terminal is best in the industry though sharekhan & Ventura securities have same kind of softwares from same vender (spider softwares).5Paisa traderterminal is most professionaly designed software in many aspects.But when u come to back office support they are one of the worst company as far as I know and when ever heavy trading happen the terminal is not working properly.When you place order the price around 5% more or less than current market price the system showing me send to execution like that.The same status shows for the whole day except you should call and clear the problem thru their customer care center otherwise you could not use your own fund which is blocked due to this error.Local office guys donot have any knowledge to clear the blocked fund.I think back office guys in india infoline real stupids they donot have any knowledge to solve customers any kind of problem (share khan & kotak are doing better in this matter).In india infoline they are charging delayed payin charge even if you donot have margin funding aggrement with them.No other broker collecting dalayed paying charge like them.They are really cheating.If you take possition today in future when any margin short fall in some situation what ever may be the reason due to price fluctuation or sometimes NSE increase span margin.All other brokers request to pay the short fall amount if the client fails to full fill this then they square off after 10.30 AM or later depending on broker and donot collect any charge for short fall because they squared of the position on the same day.But in India Infoline they square of some of the possition to meat the short fall amount and collecting delayed payin charge at the rate of 18%(6% each month) for a period of 30 days.This is a really cheating my friend.Think about what we get when we keep our capital in savings account we get 18% interest after 90 days only.But this cheating fellows are charging the amount for 35 minutes.Even though every brokers collecting Span Margin + Exposer Margin for taking any position in future contract.Brokers are depositing only Span Margin to NSE, Exposer margin the are using for thier business like margin funding.Exposer margin is only collected for borkers security not to pay for NSE.As far as I know no other broker is collecting any delayed payin charge for future traders due to this reason.But the India Infoline cheating company is the only one company doing like this as far as I know.Never go for monthly scheme(prepaid) like RS.1000 per month.They will suck few thousands from you even before you get your fund from them in tricky manner for this kind of cheating they never allow you to transfer the whole amount from your broking account.You should keep minimum of RS.1000 in your broker account.This is not the case for sharekhan,religare and some of the brokers I know.The payout also is very slow minimum two days.Some time they took 7 days to give five lakh payout ( it may not be applicable for small invester like those who have capital of few thousands).Other brokers like sharekhan are giving payout within a day.If you give payout request before market hours they will give you payout around 1.30PM.I agree with fellow members comment about sharekhan customer care.So who is the better (not perfect) in indian online broking industry.Is the broking industry itself kind of gambling and cheating only.

A bunch of beautiful soft spoken chicks and another bunch of dump-headed males!!!

Do u have autosquareoff?
Err...yes sir, infact no sir... But you can always make delivery!!!

So what is the leverage u are giving?
Sir, I will call u later with these details...

Supposed to be RM called after 15 minutes...

Another nice fellow!!! But still unable to answer the questions!!!

Went to their offive for a demo!!!
And the chart of TT5 was nt working! He told it is common and nt a software problem!!!

OMG, what a good marketing...
But offered a meek brokerage and a free account with annual fee!

BTW the office is nice...So much of the fairer sex!!! Must use as a relaxing place!

Dear All,

I hv 7 years of experience with SSKI and have been observing that a few years back their service was excellent. But now I fully agree with above articles. Their chat session keep u waiting for over 1 hrs. When u near to turn, it suddenly flashes msg., ' all our executives are busy'. Is it not wonderful experience?. Come to telephone: wait for over half an hour. Yes, brokerages are high. But for brokerage, still they are not that bad. 5 paisa is not transparent. I had bitter experience wth them. Has any one checked their respective ledger for debit on transactions in DP?.

Wow, its one longg thread. and still i am somewhat confused...

Indiabulls is said to be best for its software but it is said to have some problem with its contract note system..
Have read on mouthshut about terrible service of reliance. ICICI is to be avoided as mentioned at few places here.
so guys which one? Havent checked motilal oswal and religare yet.

well these are brokers who have there offices nearby, so i mentioned them only as i think
accessibility helps..

When comes to quality of the online system, sharekhan is below average. Nothing good to write about them . Their brokerage is too high esp on F&O and dont even bother to negotiate.
Given a choice stay away from them.
Customer service is very bad.

Dear Members,

When the trial and error ends?. I know not; yet efforts are on to try a good broking house. Recently I opened new a/c. with Religare -Race Pro. Every thing is fine, excepting the following (1) Contract note does not hv scripwise totals (2) I do not know whether others face problems with the Race-pro s/w. but I hv listed out number of problems, which I am brifely going to place below. I request the members to confirm as to whether similar problems are also faced by them. This is because, when I took up the issue with Religare, they tried to set it right with my PC's settings, but in vain. Which means, according to them the problem is in my PC and not with the s/w. But I do not hv any s/w problems with any of my accounts with other brokers. The problems I hv. been facing are:- (2) Rates in NSE/BSE are delayed. (3) rates in some scrips are not refreshed (4) From mkt. watch, some scrips vanish inspite of saving it 4. pending order option is not working.6. order confirmation (a) some times delayed (b) some times no msg. 7. order confirmations are some times repeated for 2 or 3 times creating confusion. 8. AMO are sent to market late by 1 and 1/2. hr. 9. AMO of 22/8/07. still appear in order book, repeated daily. 10. some time only part of the transactions are confirmed. 11. orders do no appear in orderly manner; it is not chronological or alphabetical. 12. Orders are shown as in "process for very long period'. 13. Excess qty. than what is held in DP, is allowed to sell 14. Back office option some times do not work. 15. Mkt. watch settings do not work some times. 16. Orders are sent to the mkt late. 17. Orders not accepted inspite of DP balance. 18. Net positions are some time shown incorrectly. 19. Ledger can be viewed only from the begining till end, not for desired period. 20. Placed order for 10 shares. order book shows as 12 traded, and order status is shown as accepted (i.e. trade is pending). 21. Orders executed partly even when the ordered price is reached. 22. due to repeated of confirmations, order book shows more qty as traded, i.e. if order is placed for 10, when it is executed the confirmation msg. is repeated for 3 times and qty traded is also shown 3 times higher. 23. Mkt. depth shows different price that what is appearing in mkt. watch. There are many such serious lapses and in some cases I hv kept print-record.

I hv awaited for more than 2 months for rectification and seems there is no way out but bid good bye inspite of lowest brokerage i.e. zero brokerage scheme.

Will any of the members please clarify on the above?. Finally, I concluded that, all brokers are same i.e. all have some handicap either service or software or brokerage etc.

is nt there a single broker who can understand & solve all of our problem/s.

Every one promises; till u sign the form. Once u hand over the account opening charges, and boys or out of your premises, they forget everthing before returning to office.