Clearing fee / PCM fee Refund from Stock Broker

pannet1

Well-Known Member
#1
I was intrigued by the below message from Prostocks founder on Quora.Click here to go to the orignal Quora thread. A more detailed info here on Prostocks website

Quote
Stock Exchanges has clarified that Stock Broker cannot charge PCM Fee or Clearing Fee in the Contract Note. Stock Broker are free to charge Brokerage upto maximum rate prescribed of 2.5 percent. Few Brokers are charging low Brokerage with Clearing Fee. Whenever Client has brought to the notice of Stock Broker that they cannot charge clearing fee / PCM fee , Stock Broker has given them refund along with interest.

Unquote

This really mean whichever Broker who is charging PCM Fee is stealing from you and you could get it back from the broker (whatever you have paid so far). I am surprised why no one discussed this before. Who knows if you get refund of your entire PCM fee, you could even become profitable.

Have anyone managed to get refund. If you have not got it refunded from broker alongwith interest, please do so now. Also please confirm the name of the broker that charges PCM fee here.
 

pannet1

Well-Known Member
#3
@optionwriter

I would try this in the following order.

1) complain to the broker that the other fees is not charged by others and tell them to refund with interest.
2) threaten them that you will take it up in a public forum and shame their name.
3) take it up with SEBI and send a copy of the letter to the broker.
 

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