Hi,
I have been doing a lot of research for almost 2 to 3 months now to select a suitable broker, however, still in dilemma. In the mean time, I opened an account with Sharekhan. By that time HDFC offered me a free trading account. SO all in all i have 2 active accounts. The reason for looking for a third is :
Sharekhan - Exposure is limited to few scrips only. Everytime it says 'in group scrip margin trading is not allowed' - ridiculous. Also I am not getting the trade calls even after repeated follow up.
HDFC - Brokerage is high. The interface is clumsy and requires lot of back and forth. No provision for Market watch.
My short listed brokers are : India Bulls, Angel Broking, India Infoline and Kotak.
I read quite a good number of negative feedback about Kotak of late and hence opted out.
On the other 3, the comparison goes like this:
India Bulls:
Account Opening - Rs. 900
AMC - Nil
Brokerage intraday - 0.025 both sides
Brokerage delivery - 0.25 both sides
Futures - same as intraday
Options - Rs. 50 per lot or 1 %, whichever is higher
Commodities and currency - same as intraday
Power India Bulls - Free till the offer period and 750 per year thereafter.
Initial Margin - Though they have not said anything, I plan for 25000.
No prepaid brokerage.
Exposure - 12 times for intraday and 3 times for delivery. Here is the catch, if my margin amount is less than 50000, i need to settle the entire amount if i want to make my transactions converted to delivery, else, trade value in excess of margin amount will be squared off automatically. However, if my margin is >= 50000, i can carry the transaction (worth upto 3 times) till 7th calendar day, thereafter interest @ 19.5 % will apply.
Trading Calls - apart from regular emails, there will be live calls provided by the RM from 9:00 am to 3:00 pm over yahoo/google messengers.
Angel Broking:
Account Opening - Rs. 500 ( This will be waived off if initial margin is >= 25000)
AMC - 300
Brokerage intraday - 0.025 both sides
Brokerage delivery - 0.25 both sides
Futures - same as intraday
Options - Rs. 100 per lot or 0.5 %, whichever is higher
Commodities and currency - same as intraday
Software Angel Diet - Free
Initial Margin - Though they have not said anything, I plan for 25000 to have the account opening charge waived off.
No prepaid brokerage.
Exposure - 5 times. I can carry forward my intraday transactions to delivery without settling the full amount till 3rd day, thereafter interest @ 16 % will apply.
Trading Calls - via sms. Online Pop up.
India Infoline:
1. A/c opening Charges: a) 750 Rs , (Refundable within 90 days if brokerage cross 750 Rs b) 750 + 555 ( For Life time Free )
2.Brokerage Charges: Normal Offer for you
a) Intraday 0.05% 0.02%
b)Delevery 0.5% 0.25%
3. Minimum Brokerage : 5 paisa Per share
4. Futures : 0.02 %
5.Options : 1% of Premium or 100 Rs Whichever is higher
6. Commodities : 0.02%
7. Exposure : Categories A B C D E Z
Exposer ( in times ) 10 6 4 2 12 1
8 .Interest free days for Exposure : No interest free days of exposure
9 .Call Charges : NILL
10 . S/W Charges : NILL
11.AMC : a) No AMC for Life time free A/c ( ... Ref 1(b) )
or
b) 25Rs / month ,
12 Online Fund transfer/Credit time : a) Same Day 7:30PM if order request is before 8 :15AM or b) Next Day
Veterans: Please guide me on choosing the broker. I will be more intraday kinda rather than delivery.
I have been doing a lot of research for almost 2 to 3 months now to select a suitable broker, however, still in dilemma. In the mean time, I opened an account with Sharekhan. By that time HDFC offered me a free trading account. SO all in all i have 2 active accounts. The reason for looking for a third is :
Sharekhan - Exposure is limited to few scrips only. Everytime it says 'in group scrip margin trading is not allowed' - ridiculous. Also I am not getting the trade calls even after repeated follow up.
HDFC - Brokerage is high. The interface is clumsy and requires lot of back and forth. No provision for Market watch.
My short listed brokers are : India Bulls, Angel Broking, India Infoline and Kotak.
I read quite a good number of negative feedback about Kotak of late and hence opted out.
On the other 3, the comparison goes like this:
India Bulls:
Account Opening - Rs. 900
AMC - Nil
Brokerage intraday - 0.025 both sides
Brokerage delivery - 0.25 both sides
Futures - same as intraday
Options - Rs. 50 per lot or 1 %, whichever is higher
Commodities and currency - same as intraday
Power India Bulls - Free till the offer period and 750 per year thereafter.
Initial Margin - Though they have not said anything, I plan for 25000.
No prepaid brokerage.
Exposure - 12 times for intraday and 3 times for delivery. Here is the catch, if my margin amount is less than 50000, i need to settle the entire amount if i want to make my transactions converted to delivery, else, trade value in excess of margin amount will be squared off automatically. However, if my margin is >= 50000, i can carry the transaction (worth upto 3 times) till 7th calendar day, thereafter interest @ 19.5 % will apply.
Trading Calls - apart from regular emails, there will be live calls provided by the RM from 9:00 am to 3:00 pm over yahoo/google messengers.
Angel Broking:
Account Opening - Rs. 500 ( This will be waived off if initial margin is >= 25000)
AMC - 300
Brokerage intraday - 0.025 both sides
Brokerage delivery - 0.25 both sides
Futures - same as intraday
Options - Rs. 100 per lot or 0.5 %, whichever is higher
Commodities and currency - same as intraday
Software Angel Diet - Free
Initial Margin - Though they have not said anything, I plan for 25000 to have the account opening charge waived off.
No prepaid brokerage.
Exposure - 5 times. I can carry forward my intraday transactions to delivery without settling the full amount till 3rd day, thereafter interest @ 16 % will apply.
Trading Calls - via sms. Online Pop up.
India Infoline:
1. A/c opening Charges: a) 750 Rs , (Refundable within 90 days if brokerage cross 750 Rs b) 750 + 555 ( For Life time Free )
2.Brokerage Charges: Normal Offer for you
a) Intraday 0.05% 0.02%
b)Delevery 0.5% 0.25%
3. Minimum Brokerage : 5 paisa Per share
4. Futures : 0.02 %
5.Options : 1% of Premium or 100 Rs Whichever is higher
6. Commodities : 0.02%
7. Exposure : Categories A B C D E Z
Exposer ( in times ) 10 6 4 2 12 1
8 .Interest free days for Exposure : No interest free days of exposure
9 .Call Charges : NILL
10 . S/W Charges : NILL
11.AMC : a) No AMC for Life time free A/c ( ... Ref 1(b) )
or
b) 25Rs / month ,
12 Online Fund transfer/Credit time : a) Same Day 7:30PM if order request is before 8 :15AM or b) Next Day
Veterans: Please guide me on choosing the broker. I will be more intraday kinda rather than delivery.