Need New Broking Company with Low Brokerage

#1
Hello All,

I am new to this forum but I have been following the posts here for quite sometime as a guest and I find the posts/suggestions/advices very helpful and hence decided to join.

I am an online trader and my broking account is with Angel Broking. I am a bit fed up with their laziness on providing solutions for my queries and am searching for a new and economic broker with low brokerage.

I started online trading from the month of April 2011 with an margin of Rs.5.50 lakhs.

My Current Brokerage Set Up is as below with Angel Broking:

ST = 10.36%, Turnover Tax = 0.00325%, SEBI Tax = 0.0001%, Stamp Duty = 0.002%, STT = 0.125% of Delivery Turnover value & 0.025% of Sale Trading Turnover value.

Brokerage Intraday = 0.01p Both Legs, Delivery = 0.15p, Futures = 0.01p Currency = 0.01p, Options 25/- per lot.

My Total Turnover from 01st April Till date is :

BSE Turnover = Purchase Rs. 51,90,076.86 Sell = 50,27,282.18 Total = Rs. 1,02,17,359.04, Qty Buy 19375, Qty Sell 19375 Total Charges Paid Rs. 20,119.45 Including Brokerage and all Exchange Charges.

NSE Turnover = Purchase Rs. 1,95,25,245.10 Sell = Rs. 1,94,26,948.78 Total = Rs. 3,89,54,127.50, Qty Buy 1,78,253, Qty Sell 1,78,253 Total Charges Paid Rs. 40,819.50 Including Brokerage and all Exchange Charges.

This is only for NSE & BSE Cash Segments, I do not know the exact turnover on my F&O and Currency Transactions.

On basis of the above figures the brokerage I find is eating into my profits as well my margin.

I got an offer from BMA Wealth Creators but as they are a new Broking Company I am not able to verify and be satisfied with the services.

The offer they gave me is: Intraday Cash, F&O 0.0003%, Delivery 0.03p, Options Rs.10/- per lot, Currency Rs. 10/- per lot on a PREPAID Scheme of Rs. 50,000/- with a validity for a year and extendable.

I need help from my fellow members to guide me for a new BROKING COMPANY and if anyone can inform me whether BMA are good to join.

Regards
CC LINK POINT
9702011350
 

Capricorn

Well-Known Member
#2
I would never go for a prepaid scheme. No idea about BMA any way.:)

I use a local broker...no frills and very cheap. Look around your neighborhood for one or

Why don't u check out the brokers section here.
 
#4
Hi Capri, Thanks for the advice but as I am new here in fact today is my first day, can you guide me where and how would I find the brokers section?
 
#6
The amounts that you charge are crazy. It's a steal. It is impossible and win something in the financial markets. You have duties and taxes on all sides. That is not the way you invest. You can invest in the Indian domestic market or international market, from an account abroad. Then you clean all the fees and costs. When you return the money to your account from outside the country, then you pay taxes on the amount you enter on the bank account in your country. You will not pay for the benefits or operations. I can further expand the information within a few days.