My experience with geojit BNP paribas

[superman]

tried to change the password of trading panel but new passwords didn't worked after log out
Had to first unblock my account since i entered passwords wrong 3 times and then request for new password .. got it 10 mins in my mail
And Customer care panel password and trading panel password are always same ... And my trail and error method shows that if you change CC panel password in midnight or after working hours,the trading panel password will not get changed ...
Lesson learnt: Dont do anything related to password change after business hours

 

[superman]

Your question is not clear to me.

If you are doing delivery buying / selling, approx. Rs. 6,667 is the total amount that covers Rs. 20 brokerage.

Geojit doesn't care whether you do it in one order or in multiple orders. (They have a minimum order size of Rs. 1,000).

The Rs. 20 is per contract note.

Whatever you do, Geojit calculates the brokerage per share, rounds it off to the nearest paisa, and then multiplies by the number of shares to give the total brokerage for that share. You can please confirm this by looking at your contract note. (I think this doesn't apply for penny stocks.)

Ex: i want to buy share 1 at 90 rs 12 shares
share 2 at 50 rs 20 shares
Can i buy them both at once in a single trade and pay 20 rs minimum brokerage charge only one time ?
Or i have to pay 20 rs minimum brokerage charge in each case ?

 

[vasa1]

Ex: i want to buy share 1 at 90 rs 12 shares
share 2 at 50 rs 20 shares
Can i buy them both at once in a single trade and pay 20 rs minimum brokerage charge only one time ?
Or i have to pay 20 rs minimum brokerage charge in each case ?

It will be like this:
90*12 = 1080 >> notional brokerage = 1080*0.3% = Rs. 3.24

50*20 = 1000 >> notional brokerage = 1000*0.3% = Rs. 3.00

Since the notional brokerage total is Rs. 6.24, you will end up paying Rs. ~20 instead of Rs. 6.24. How this will be divided between the two purchases is not clear to me since I haven't done trades where my total brokerage per contract note is less than Rs. 20 often enough.

Nowhere can you buy two different shares in a single trade. It isn't possible by definition.

 

[superman]

It will be like this:
90*12 = 1080 >> notional brokerage = 1080*0.3% = Rs. 3.24

50*20 = 1000 >> notional brokerage = 1000*0.3% = Rs. 3.00

Since the notional brokerage total is Rs. 6.24, you will end up paying Rs. ~20 instead of Rs. 6.24. How this will be divided between the two purchases is not clear to me since I haven't done trades where my total brokerage per contract note is less than Rs. 20 often enough.

Nowhere can you buy two different shares in a single trade. It isn't possible by definition.

Oh .. i got it ..Thanks for the reply
It would be nice if we can buy different shares in a single trade .. But it seems like its market standard that one kind of share transaction in one trade

 

[mozillan]

Just a reminder ... Do let us know how you came to know of this 0.01% brokerage on payment of advance or at least please provide a quote or a link.

Their Sales Manager, who is aquainted with me, approached me with this super offer. I asked him to show me some literature wherein this scheme was mentioned, but he said that we can't do that because our competitors would know of this scheme and could complain to SEBI and our brokership would be cancelled. I persisted and he promised me that if what he was saying was not true, he would resign from the co. and personally reimburse Rs. 10,000. I got taken in and relented. In this context, I would like to advise my fellow investors/traders who wish to open an account, to take in writing the exact percentage brokerage they are going to be charged, stamped and signed by the local branch head. Also any extra charges like levies, turnover charges, etc. should be clearly mentioned. Otherwise, don't open the account. When we open an account, they make us sign 30 to 60 signatures on documents we don't even read. Surely, we have a right to get one document signed in return.
Anyhow, now when I ask them for clarifications, they indulge in diversionary tactics, like the boss is going to come very soon and sort out your problem. They try to convince me that I am being charged exactly what they promised. I asked them to show me my "Advance Brokerage Account", so that I can know how much brokerage is being adjusted, but they have expressed their ignorance about the existence of such an account. So much for "transparency".
The fact is I have been suckered and I'm going to SEBI with my complaint, and I won't give up till I get justice.

 

[superman]

I think he has cheated you since the website has no such scheme listed ...

Check the balance ledger in you geojit customer care panel to check whether 10,000 has been taken by geojit or not ?

How did you paid the 10,000 ?

Also first complain it to geojit using phone,email and best way--> written letter with all details to head office.

Wait for a while to get their official stand about this issue and then if you are not satisfied SEBI is the destination...
And whatever you do,do everything in writing and through proper channel..
I recommend you to deal with the main branch or head office rather than your local office

 

[pasha]

Their Sales Manager, who is aquainted with me, approached me with this super offer. I asked him to show me some literature wherein this scheme was mentioned, but he said that we can't do that because our competitors would know of this scheme and could complain to SEBI and our brokership would be cancelled. I persisted and he promised me that if what he was saying was not true, he would resign from the co. and personally reimburse Rs. 10,000. I got taken in and relented. In this context, I would like to advise my fellow investors/traders who wish to open an account, to take in writing the exact percentage brokerage they are going to be charged, stamped and signed by the local branch head. Also any extra charges like levies, turnover charges, etc. should be clearly mentioned. Otherwise, don't open the account. When we open an account, they make us sign 30 to 60 signatures on documents we don't even read. Surely, we have a right to get one document signed in return.
Anyhow, now when I ask them for clarifications, they indulge in diversionary tactics, like the boss is going to come very soon and sort out your problem. They try to convince me that I am being charged exactly what they promised. I asked them to show me my "Advance Brokerage Account", so that I can know how much brokerage is being adjusted, but they have expressed their ignorance about the existence of such an account. So much for "transparency".
The fact is I have been suckered and I'm going to SEBI with my complaint, and I won't give up till I get justice.

From experience, none of the brokers will give the brokerage % in writing. The 10k advance scheme started long back, I don't recollect what brokerage I was offered then. Aren't you getting your contract notes by email?
You can work out the % charged.

 

[vasa1]

When Brokers Make You Broke
Jan 13, 2010
Seven rules to ensure that your broker doesnt give you a raw deal

************​

Well, we all wish you the best of luck ...

 

[mozillan]

I think he has cheated you since the website has no such scheme listed ...

Check the balance ledger in you geojit customer care panel to check whether 10,000 has been taken by geojit or not ?

How did you paid the 10,000 ?

Also first complain it to geojit using phone,email and best way--> written letter with all details to head office.

Wait for a while to get their official stand about this issue and then if you are not satisfied SEBI is the destination...
And whatever you do,do everything in writing and through proper channel..
I recommend you to deal with the main branch or head office rather than your local office

I paid the amount by cheque. And, by the way, things have been sorted out now. Earlier, I was being charged the minimum brokerage because the trades were small. Now, I'm trading big and the brokerage is what they had promised. I am receiving the Contract Notes by email, and that's how I came to know the brokerage. I thank all who participated in this discussion.

 

[vasa1]

Geojit's FLIP official launch: link

Apparently, it is similar to the one recently launched by ICICI Direct.