Sharekhan in geopardy - scared

#1
Hi Guys,
I am not able to withdraw funds from sharekhan.
I have not done any trades since the last 3 days. I have absolutely no obligation. I am scared that sharekhan is in financial trouble....
They are not replying to emails or phonecalls... Anyone has similar experiences ???
 
#2
Yeah. All Brokers Are In Trouble Because Last 2 Days . So Many Of The Clients Bought Shares In Margin And Not Given The Pending Money To The Brokers. So This Problem Occured. Dont Worry They Will Give Ur Money After Some Days.
 

marcus

Active Member
#4
Hi Guys,
I am not able to withdraw funds from sharekhan.
I have not done any trades since the last 3 days. I have absolutely no obligation. I am scared that sharekhan is in financial trouble....
They are not replying to emails or phonecalls... Anyone has similar experiences ???
Welcome to the forum Vinay,

Its unlikely ShareKhan will cheat you of your money, you see brokers have to take responsibility of their clients or they are penalized, most brokers maintain large deposits with the exchange on a day to day basis which covers the normal trading margins of their clients calculated on a historical basis, whenever you trade the margin is instantaneously deducted from the brokers account and the broker in turn blocks the requisite margin prescribed by the exchange plus a percent or two more from your account, this money remains with the broker as collateral, whenever there are abnormal market falls the margin maintained by the broker falls short he is then accountable to the exchnage to clear the transaction or has to pay a penalty, owing to this they sometimes attempt to clandestinely borrow monet from client accounts, till the situation eases up a bit.

They should not be doing this and there is no excuse but this is generally what happens.

The chances of a large brokerage house like ShareKhan shutting down are slim.

Just keep pursuing the matter, you should get your money.
 
#5
Hi Friends...
I am a new trader on the block. But I have learned quite a lot many good things from Traderji.
I have the trading account with SHAREKHAN. In the carnage that happened this week, I had sold all my stocks on monday morning (21 jan).
Yesterday, after the market recovered a bit, I thought of buying back my stocks. So, I logged into my account. I had around 1 lac rupees with my account. So I thought I would be able to buy many of my favourite stocks at a bargain price.
As I punched the order, my trading terminal said "Not enough money in the account".
I was highly surprised. Since, I had sold all my stocks on Monday, I hadn't experienced all the losses that happened in next two days. SO, I was expecting at least 1 lac rupees in my account.
So, I checked my limit statement and it said only 25 thounsand. Now, how is it possible... I know I will get my money back, but what's the point. I mean, if you cannot buy at this time then what's the point in getting back ur money later.. :(

Today, I was reading some threads in traderji. And I found that its not only me but many other small investors who are facing the same problems.

So, in spite of having money in our accounts, we cannot jump in to buy our favourite stocks at this 'highly important time'.
Now, my serious question is, WHAT IS THE USE OF BEING TRADER URSELF WHEN WE GET SUCH TYPE OF SERVICE IN INDIA.


ISN'T it best to simply invest in Mutual Funds. At least they can buy and sell the stocks at the appropriate times.


I feel pathetic seeing the services of INDIAN financial companies..

Thanks..
Please reply and write your invaluable comments..

SUNIL
 
#6
I cant agree better.... I had to borrow money to fulfill certain obligations..... This has left a bitter aftertaste towards sharekhan....

I think it is the indian attitude of tolerance that is to blame. the quality of service is abysmal.... I have been trying (in vain )to withdraw money for the past one week . I can accept a one day blackout... But one week ??? thats outrageous!!!!!!!!!!!!! And anybody who has tried the sharekhan customer service will know that it's a fad... I doubt whether they have any real call centres. Now they dont even reply to email...WOW!!!!!!!!!!!!!

We should take some drastic measures like slapping a lawsuit against them or something.....
 
#7
They are obviously in trouble like all other brokers. I have received this email on friday from sharekhan. My account is now showing too much of negative balance which is impossible and no replies to email as said by others.


Dear Customer,

The last few days took all of us off guard. To make things worse, a lot of you faced issues with our service levels. Some of the issues faced by customers were trading system downtime, customer service cell not responding, fund transfer not happening etc. We don’t want to offer any excuses on why this happened as there can be no justification for the hardship you have undergone.

We apologize for the inconvenience caused to all of you. We will strive to make amendments in all the areas concerned to improve the service delivery to you.

We exist because of you- our customers. It’s the confidence that you have placed in us that has resulted in us doing more than 4 lacs transactions per day and adding 45,000 new customers this month.

We accept that we were found wanting on service delivery due to the sudden spurt in transactions/queries caused by this fall. We commit to improve upon the same in the days to come.

Warm Regards,
Tarun Shah
CEO
 
#8
I have heard that sharekhan's brokerage is quite high and charges are hidden. Could someone using sharekhan give details of their charges and service quality.
 
#9
Problem Regarding Sharekhan Marketing Executive

There goes a saying - "There is no need for change, if things are going alright."
But here I was trying to alter things to make my life more easier. Only to land myself into troubled waters.

People all around, sensible people just like me that is, mint money through prudent investments in the stock markets. As it stood, I was no exception. And I had opened an account with the Howrah Branch of Sharekhan in the early part of 2007. Lady Luck favoured me, and from the first day of trading with Sharekhan, my fortunes soared.

In the latter of stages of 2007, when the Sensex breached what seemed to be an impossible mark of 20000 points, I was influenced and talked into transferring my account from the Howrah Branch to the Dalhousie Branch of Sharekhan Ltd. The sales agent who had so much to contribute in this matter is Mr. Devkumar Khanrah (Skharekhan Limited, 2Nd Floor, Jardines,
4 Rajendra Prasad Sarani, Kolkata - 700001).


Doubtlessly, this Mr. Mr. Devkumar Khanrah (Skharekhan Limited, 2Nd Floor, Jardines, 4 Rajendra Prasad Sarani, Kolkata - 700001) did not have philanthropic interests in his heart when he arranged for my account to be transferred. To my consternation, nor did this man stick to legitimates when filling in the official documents. Soon after my account was transferred to the Dalhousie Branch of Sharekhan, I realized that the sales pitch given by this Mr. Devkumar Khanrah was not only a total eye wash, it was also guilty of misrepresenting the facts of the charges involved.

The stinger was in the tail though. The email address as was registered by this Mr. Devkumar Khanrahin the official documents of Sharekhan Dalhousie Branch, wasn't even mine. It was his! On top of that, the charges and expenses for opening of the account turned out to be misleading.

I took up the matter with right earnest with the Sharekhan folks with regards to the erroneous email address which had been inserted - intentionally or otherwise. A professional and a thorough impersonal communication was their reply in response to my frantic complaints and telephone calls. Upon repeated probing through my emails, Sharekhan finally acquiesced by sending an email to me advising that a hard copy / printout of a Client Master Copy be sent to them with my email address as it should appear in their records.

To cut a long story short, I find the impassioned responses by Sharekhan appalling to say the least. The actions of the sales representative in question, utterly unethical.

This post of mine, in this forum, is to make aware all the pitfalls of trusting one's broker blindly; even one such as the caliber and reputation of Sharekhan Ltd.

Best regards and happy trading,
Sandip Bhattacharjee