Sincere Question

All Senior People,

I have been writting to many people to get an Answer on this but have not got any reply yet. I have a one small question which is of utmost value for me.

I am planning to open a new Demat account with a new Broker and discard my current ICICIdirect. Please suggest some good broker. my only requirement is that broker should be SAFE. I have burnt my fingers with ICICIDirect where some unidentified transactions(day trading) were made from my account which accounted me a loss of 3 -5 lakh rupees. So My only requirement with new broker is SAFETY of my account/trades. Brokerage is non-issue.

I have forgotten about fraud done by ICICI and want to move ahead. Your suggestion will be of utmost imprtance to me.

Thanks,
Tarun

HDFC securities is very safe n secure but its expensive.
there is also call n trade facility, one number is toll free and on other local charges may apply.
HDFC has high brokerage charges.

I also want to knw about the safety n secureness of other brokerage companys like - angel broking, RK global, sharekhan etc where i hav heard in the past that the companys staff/executive members secretly operated their clients/customers accounts and causing loss.

Experts plz clear my doubts about it.

I suggest get a standalone trading account with some broker like Sharekhan(execellent software UI and functionality) or someone else.

Please don't go with Anand Rathi for online trading because their software(NEST Trade X pro) is crap.

can you give the details fraud occured in your account?

what do u mean by standalone trading accnt?

i heard tht all pvt brokerage companys charge u for any transactions made for selling or buying shares into demat account?

they hav a pool accnt or margin accnt?

is it safe to place our shares in there pool accnts to escape from the transaction charges tht are involved in demat accnt?




Thanks in advance

Bunny ,

Thanks for your reply. I have seen you many times in SavantGarde's thread as I am a regular visitor of that thread.

Please explain what is meant by stand alone account ?

Vijay,

I have forgotten this now and dont want to remember as it brings severe headache. below is what i can recollect:

I had icici demat account since 2003.was not a frequent trader. On Nov 2and Nov 7, 2007 some illegal and unknown transactions were made from my demat account involving more than 5 laks rs. lot of my shares were sold at market price and Day trading was done using my account. I dont even know how to place an order for day trading have never day traded in my life.

I lodged a compliant to ICICI but customer support was not helpful and says that we can not do anything. First they said they will try to help as much as they can and investigate the matter but after few weeks they backed out.

They told me that somebody has used your user id and passwd to place these orders. I have never shared my passwd with anybody and even after changing the passwd on 2nov evening orders got placed from my account on nov 7. My computer is fully secured and I use this comupter tp log in to Wellsfargo.com and financial sites never had any security problem.

I seriously believe that ICICI online trading is not secure and their online system has lot of bugs.

I have come out of the shock after 2 years and want to play again in stock market.

anyone answer this .

thanks

Stand-alone means those accounts(DEMAT) such as trading accounts with Sharkhan, Religare, Rmoney, etc, unlike those with the bank itself(icicidirect, hdfc securities, etc.) Since these accounts are very intimate to your checking account, it more vulnerable to fraud, etc.

With stand-alone accounts, at most the payment gateways are linked, but your approval is required for every pay-in unlike all-in-one account.