Problems With Sharekhan

vpsarathy · #1 14th June 2008, 03:19 PM

Sharekhan's Server is damn slow at 9.55 AM and after 2.45 pm.

When NSE begins at 9.55 AM you get Zeros all over for full 5 mins; sometimes even for 20 mins.
If you call up the nearest Sharekhan Office you are sure to get an answer " Everything is OK. Your broadband's speed is very slow." First I believed them. Switched Sify to MTNL(2Mbps). Same problem. Changed over to Airtel (2Mbps). Problem continues.

Very often you are looking at past. Share's rate is for example Rs 100.00. You buy 150 shares. Later you find that these shares were bought actually at Rs 115.00. Why?? Because the time next to share rate is 15 mins behind the actual. The server has not updated your scren at all. You have to shutdown and restart the Sharekhan's programme ( not the compute) to get the current rate. The situation becomes horrible if you were to buy to cover a Shortsold Day Trading Deal and time shown is 3.20 pm. I bought some shares and later realised that I didnot buy at all as the market was closed because the actual time was 3.35 pm. So you pay penalties.

Another thing happens infrequently. You do Day Trade for 200 shares of BHEL at Rs 1300 per share. Buy shares at Rs1250.oo and settle the deal. You think you are buying shares in NSE but actually you end up buying in BSE and you are in serious trouble - auction. On day T+2 the closing price has shot up to Rs1570.00 and you have to this price plus 20% penalty. While you were glad that you made Rs 50/- profit it has now become a nightmare with a loss of overRs500/share or Rs 1 lac. When you take it up with Sharekhan they would say nothing is wrong with their software and you must have press the wrong keys on the keyboard. Their policy is "CUSTOMER IS ALWAYS WRONG'.

The staff at the Sharekhan branches just donot know at what rate you are charged STT, Education cess and a host of other taxes. Even emails to 'mysharekhan.com' only frustrate you. Though you get a prompt reply and the rate of taxes' they canot explain how it is worked out. They try to use jargons to escape any responsibility. I asked them what the jargon 'Traded Value' means. Is it my purchase/ sold rate or does it include brokerage or is it to be multiplied by the no of shares traded. No reply for 45 days. I am still waiting.

I asked for details of their auction rate which they billed me. Again the woman on phone just mumbled.

MORAL - YOU ARE A SUCKER IF YOU AREA SHAREKHAN MEMBER.

Will the readers share their experiences. Lets get together on the net.

SARATHY

mahesh2007 · #2 15th June 2008, 04:52 PM

Quote:

Originally Posted by vpsarathy

Sharekhan's Server is damn slow at 9.55 AM and after 2.45 pm.

When NSE begins at 9.55 AM you get Zeros all over for full 5 mins; sometimes even for 20 mins.
If you call up the nearest Sharekhan Office you are sure to get an answer " Everything is OK. Your broadband's speed is very slow." First I believed them. Switched Sify to MTNL(2Mbps). Same problem. Changed over to Airtel (2Mbps). Problem continues.

Very often you are looking at past. Share's rate is for example Rs 100.00. You buy 150 shares. Later you find that these shares were bought actually at Rs 115.00. Why?? Because the time next to share rate is 15 mins behind the actual. The server has not updated your scren at all. You have to shutdown and restart the Sharekhan's programme ( not the compute) to get the current rate. The situation becomes horrible if you were to buy to cover a Shortsold Day Trading Deal and time shown is 3.20 pm. I bought some shares and later realised that I didnot buy at all as the market was closed because the actual time was 3.35 pm. So you pay penalties.

Another thing happens infrequently. You do Day Trade for 200 shares of BHEL at Rs 1300 per share. Buy shares at Rs1250.oo and settle the deal. You think you are buying shares in NSE but actually you end up buying in BSE and you are in serious trouble - auction. On day T+2 the closing price has shot up to Rs1570.00 and you have to this price plus 20% penalty. While you were glad that you made Rs 50/- profit it has now become a nightmare with a loss of overRs500/share or Rs 1 lac. When you take it up with Sharekhan they would say nothing is wrong with their software and you must have press the wrong keys on the keyboard. Their policy is "CUSTOMER IS ALWAYS WRONG'.

The staff at the Sharekhan branches just donot know at what rate you are charged STT, Education cess and a host of other taxes. Even emails to 'mysharekhan.com' only frustrate you. Though you get a prompt reply and the rate of taxes' they canot explain how it is worked out. They try to use jargons to escape any responsibility. I asked them what the jargon 'Traded Value' means. Is it my purchase/ sold rate or does it include brokerage or is it to be multiplied by the no of shares traded. No reply for 45 days. I am still waiting.

I asked for details of their auction rate which they billed me. Again the woman on phone just mumbled.

MORAL - YOU ARE A SUCKER IF YOU AREA SHAREKHAN MEMBER.

Will the readers share their experiences. Lets get together on the net.

SARATHY

Hi!
u did not mention the platform u use.
is it web based or application based?
it appears that u are not getting real time stream quotes.
problem are very serious, if it is application based platform.

R u sure that while squaring up option was not changed accidently to BSE?