India infoline brokerage fee

[sibu3168]

I bought 17083 shares of Birla Cotsyn Ltd(BOM:533006, NSE:BIRLACOT) at Rs 0.60 per share(prevailing price) going by the logic that 17083 shares* Rs 0.60 per share=Rs10249.8 as I had allocated Rs 10250 for buying shares.
I was initially told at the time of account opening that the brokerage was 2 paise per Rs 100 or 0.02%.
Later on, when I asked about my shares from a guy at India Infoline, I got to know that I have been charged Rs 11103.95 ( i.e. Rs 0.65 per share for 17083 shares) + Service Tax + Security Transaction Tax + Regular Charges= Rs 11206.34 in total.
Below are the various charges applicable in my demat account (available from INDIA INFOLINE customer grievances cell):-

Trading brokerage (BSE/ NSE) 0.02%

Minimum per share Trading (MPS) 0.01

Delivery brokerage (BSE/ NSE) 0.20%

Minimum per share Delivery (MPS) 0.01

Futures Brokerage (Buy/ Sell) 0.02%

Z Category and Trade to trade script 0.75%

Index Option Per Lot Rs.50 -- or 1% of premium (whichever is higher)

Based on above info , Kindly tell if the BROKERAGE CHARGED is JUSTIFIED??? Anticipating your valued reply�..

Don't be late. Close your account & move to any discount broker. You will be more happy.

 

[sibu3168]

My advice to everybody in this thread,

If you have a computer/laptop & an internet connection, then please open an account with a discount broker. In case your internet connection failed you can use their call n trade facility & the cost will be much more lower.

 

[rajeevbsw]

My advice to everybody in this thread,

If you have a computer/laptop & an internet connection, then please open an account with a discount broker. In case your internet connection failed you can use their call n trade facility & the cost will be much more lower.

so which dis broker is best is it rksv sas or zerodha ??
.zerodha provides algo trading free is it good for busy investors or just too technical for novice??

 

[sibu3168]

so which dis broker is best is it rksv sas or zerodha ??
.zerodha provides algo trading free is it good for busy investors or just too technical for novice??

Everybody is good but since right now I am trading with SAS (although I've account with RKSV & Zerodha) & their service is very good, so my preference will be SAS.

By the way Do you really want Algo trading?

Thanks

 

[rajeevbsw]

Everybody is good but since right now I am trading with SAS (although I've account with RKSV & Zerodha) & their service is very good, so my preference will be SAS.

By the way Do you really want Algo trading?

Thanks

ya algo trading has huge potential india it not only omits humanly errors and combined with discounted high frequency trdaing its going to stay

 

[sibu3168]

Of course, but in my view it is in early stage in India and more generally it is semi-automated. You have to paunch the command to confirm the entry & in my view this is the major drawback. So my perception is wait for some more time & let this algo trading to adjust to our trading environment. Otherwise, in this experiment we may loose substantial money.

Thanks

 

[trade100]

I used to have an account with IIFL. Before starting my account I went to their office and they were telling they can have my brokerage at 1 paisa for intraday and 10 paisa for delivery. then when I opened the account it was 5 paisa for intraday and 50 paisa for delivery. When asked with my RM, he said I need to show volume for brokerage to get reduced. That too will be done step by step like and to make it 1 paisa it will take time. So do we have to incur lot of losses before we get moved to less brokerage ? high brokerage means breakeven will be more resulting in lot of losses. Why do these brokers want us to loose a lot before they reduce the brokerage ? won't this attitude just discourage people from trading ?

Finally I searched net and found zerodha, they are offering brokerage less than IIFL without any begging with Relationship manager. Thanks to Internet, we can now compare and discuss these kind of matters or else we will have to be satisfied with whatever the 'Relationship' manager give us ?

 

[sibu3168]

I used to have an account with IIFL. Before starting my account I went to their office and they were telling they can have my brokerage at 1 paisa for intraday and 10 paisa for delivery. then when I opened the account it was 5 paisa for intraday and 50 paisa for delivery. When asked with my RM, he said I need to show volume for brokerage to get reduced. That too will be done step by step like and to make it 1 paisa it will take time. So do we have to incur lot of losses before we get moved to less brokerage ? high brokerage means breakeven will be more resulting in lot of losses. Why do these brokers want us to loose a lot before they reduce the brokerage ? won't this attitude just discourage people from trading ?

Finally I searched net and found zerodha, they are offering brokerage less than IIFL without any begging with Relationship manager. Thanks to Internet, we can now compare and discuss these kind of matters or else we will have to be satisfied with whatever the 'Relationship' manager give us ?

Don't experiment any more with IIFL and stop trading with them , forget what happened before and opened your account with Zerodha or with any discount broker.

I assure you will be more happy than before.

I am a trader & can understand the problem of a trader.
Happy trading

 

[lemondew]

Yea i agree full service brokers charge more for annoying you with foolish calls by RMs. They give no service and anyone who say brokerage is % of your trade just ignore them. Just go for discount brokers.

 

[sibu3168]

By the way what is the difference between a full service broker & a discount broker?