How to ensure the brokers claims are true?

#1
I have a demat and trading account with karvy. while opening the account i was new hence not so much aware of different charges.

While opening account they mentioned only 0.30 delivery and 0.03 intraday brokerage and that my AMC is free during the first year. i opened the account last october. they also said that their office boys will do all the delivery work.

All the year they have been charging me different types of charges and whenever i ask for the clarifications they give me something and when i say why didnt you tell me before, they say we thought you were informed by the person who opened your account who left his job. basically they twist the facts to make their reason believable.
I was charged Rs.10 transaction charge on each scrip when i sell it
Rs.10 transaction charge on every scrip when i transfer it from pool a/c to demat a/c
Rs. 13 transaction charge on every scrip when i sell it out of my demat a/c.
AMC charged even if my first year isnt yet complete. when i ask them they say this is AMC for the second year.
Their service is terrible as they make me call a dozen numbers to get 1 single query solved and worse part is no two persons give the same answer. There is no office boy who can come to my house and everytime there is some need i myself have to go to their office.


Now i want to switch to Indiabulls. they claim that they wont charge any AMC or transaction charge. they claim they will give me 0.25 delivery brokerage and 0.025 intarday brokerage. they claim that i wont have to visit their office at all which is very far away from my house and they have their office boys who will take care of all the work.

Should I trust them? I want to make sure that they stand true on their claims and they dont twist the facts to charge me with different charges. Is there any way in which i can get it written or get some solid proof of their claims so that i can get them if they dont stand true. I told them to mail me these details to which they denied saying we are not allowed to.

Please tell me a way in which i can make sure that their claims are true.
 

alroyraj

Well-Known Member
#2
I have a demat and trading account with karvy. while opening the account i was new hence not so much aware of different charges.

While opening account they mentioned only 0.30 delivery and 0.03 intraday brokerage and that my AMC is free during the first year. i opened the account last october. they also said that their office boys will do all the delivery work.

All the year they have been charging me different types of charges and whenever i ask for the clarifications they give me something and when i say why didnt you tell me before, they say we thought you were informed by the person who opened your account who left his job. basically they twist the facts to make their reason believable.
I was charged Rs.10 transaction charge on each scrip when i sell it
Rs.10 transaction charge on every scrip when i transfer it from pool a/c to demat a/c
Rs. 13 transaction charge on every scrip when i sell it out of my demat a/c.
AMC charged even if my first year isnt yet complete. when i ask them they say this is AMC for the second year.
Their service is terrible as they make me call a dozen numbers to get 1 single query solved and worse part is no two persons give the same answer. There is no office boy who can come to my house and everytime there is some need i myself have to go to their office.


Now i want to switch to Indiabulls. they claim that they wont charge any AMC or transaction charge. they claim they will give me 0.25 delivery brokerage and 0.025 intarday brokerage. they claim that i wont have to visit their office at all which is very far away from my house and they have their office boys who will take care of all the work.

Should I trust them? I want to make sure that they stand true on their claims and they dont twist the facts to charge me with different charges. Is there any way in which i can get it written or get some solid proof of their claims so that i can get them if they dont stand true. I told them to mail me these details to which they denied saying we are not allowed to.

Please tell me a way in which i can make sure that their claims are true.
These charges charged by Karvy is a common practice followed by other reputable broking houses like Sharekhan, Angel etc. But it is never communicated to the customers. Indeed I doubt that many of these RMs are aware of it even. Karvy is one of those old school type brokers, most of their customers trade by visiting the branch.
However In Indiabulls there is no charge for transfer from pool to demat, but charge on selling from demat is a normal practice since part of this amount is given as transaction fee from the broker to the depository like CDSL. CDSL has lower charges compared to NSDL of course it's services are availed through the broker.As far as I know Indiabulls does not take annual AMC because its high brokerage compensates for this. I use Indiabulls so i am speaking from experience. Also fund transfer is online so no need of office boys to do this unlike in Angel where these things are done though cheque. Also of those mentioned Sharekhan and Indiabulls have good online customer care (needed for receiving contract notes on time) others like Angel is ok.
Hence go for a technology equipped broker. check for online fund transfer and payout and also stable trading platform . Choose among these Power Indiabulls, Sharekhan Trade Tiger,or Odin.
 
#3
The person in India bulls is saying that there is no charge even when i sell the shares. And the brokerage is 0.25 delivery and 0.025 intraday... do you think it is reasonable.
 
#4
Sharekhan charges Rs. 16 as minimum brokerage when u sell shares from demat.
If the brokerage is calculated to Rs. 10, then Rs. 6 will be the DP charges.
If the brokerage becomes Rs. 16 or more then there will be no DP charges.

There is no minimum brokerage for intraday transactions or pool to demat charges.
 

alroyraj

Well-Known Member
#5
The person in India bulls is saying that there is no charge even when i sell the shares. And the brokerage is 0.25 delivery and 0.025 intraday... do you think it is reasonable.
Indiabulls charge 11.06 each time I sell a share this amount is deducted towards CDSL charges. This amount is fixed irrespective of the brokerage generated.
 

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