Cheated on brokarage charges

sauravkeshan · #1 19th July 2010, 10:28 AM

I previously had a Dmat account in Religare where my brokerage charges were 3/30....Then I shifted to Nirmal bang where my charges were supposed to be 2/20 as per the deal ..I have been trading there regularly for last 2 months but the mistake which I commited was that I never checked my statements..2 days backs when I checked I found that the brokerage being charged to my account was 5/50...Now the company Nirmal Bang people are hesitating in correcting the previous deductions..What should I do about it?

gulshanranjan · #2 19th July 2010, 11:25 AM

made a complain in written to branch manager & mention d persoan name who committed u 0.02 bkg. ask him how he can help u & incase if he dont show interest, tel him u will approach higher authority.

It was ur mistake too, not to check ur bkg once ur new a/c get opened as they send u welcome kit which mention ur bkg slab. if in welcome kit its is mention 0.02%, then u needn't worry, u wil get all excess bkg paid as refund.

Wish u all the best
Gulshan Ranjan

stocksplacement · #3 1st August 2010, 09:49 PM

Quote:

Originally Posted by sauravkeshan

I previously had a Dmat account in Religare where my brokerage charges were 3/30....Then I shifted to Nirmal bang where my charges were supposed to be 2/20 as per the deal ..I have been trading there regularly for last 2 months but the mistake which I commited was that I never checked my statements..2 days backs when I checked I found that the brokerage being charged to my account was 5/50...Now the company Nirmal Bang people are hesitating in correcting the previous deductions..What should I do about it?

sauravkeshan, if you have signed on the dotted line and they have put the brokerage percentage then you should check the form and see what brokerage rate has been given to you, if there is a difference from the signed amount and the statement then you have every right to complain, first complain by email, to the branch, wait for 1 week, then again complaint to their manager, wait for 1 week and then next time, mark a cc to SEBI, giving the facts and figures and then see the reply.

accentindia · #4 2nd August 2010, 08:39 PM

Quote:

Originally Posted by stocksplacement

sauravkeshan, if you have signed on the dotted line and they have put the brokerage percentage then you should check the form and see what brokerage rate has been given to you, if there is a difference from the signed amount and the statement then you have every right to complain, first complain by email, to the branch, wait for 1 week, then again complaint to their manager, wait for 1 week and then next time, mark a cc to SEBI, giving the facts and figures and then see the reply.

well many brokerage houses are rounding off each share brokerage charge to the extent of half a paisa for each share , what a scam !!!

gansal · #5 6th August 2010, 08:04 PM

When you change brokerage plans or when you open a new account, always trade with smallest quantity on the first day and check the brokerage. Keep in mind!!! They sent you the trading contract and you should have checked it...or atleast it was eacy to guess from the money that was being credited/debited from your account after making a profit or loss.

stocksplacement · #6 7th August 2010, 08:58 PM

Quote:

Originally Posted by gansal

When you change brokerage plans or when you open a new account, always trade with smallest quantity on the first day and check the brokerage. Keep in mind!!! They sent you the trading contract and you should have checked it...or atleast it was eacy to guess from the money that was being credited/debited from your account after making a profit or loss.

Instead of checking the brokerage after you make the first trading, is it not advisable to check the brokerage charges form and sign only when the rate is as per discussed and finalised with the Executive of the Brokerage.

aryan. · #7 7th August 2010, 09:02 PM

Most agents dont fill the brokerage in front of the customer, they say it will be filled later.

stocksplacement · #8 7th August 2010, 11:20 PM

Quote:

Originally Posted by aryan.

Most agents dont fill the brokerage in front of the customer, they say it will be filled later.

The brokerages should be filled in front of the customer and the customer then signs the form as having read the brokerages, if they dont then one should not sign.

agentgsn · #9 8th August 2010, 12:03 AM

1) Make a complaint to the branch manager in writing/email. Dont make verbal complaints.

2) As per SEBI rules, broker has to reply to your complaint within 30 days of the receipt. If no reply has come then file a complaint at the exchange where the transactions took place.

Eg. if you have traded on NSE, then file complaint with NSE.

3) Exchange will take up the matter with the broker who will explain the reasons for your complaint.

4) If matter can be solved amicably then good else you will have to file for arbitration.

5) You can file complaint with SEBI as well. The complaint will be sent to the respective exchange from SEBI but that may take time. So file your complaint first at the exchange and then at SEBI.

6) Make sure you have a copy of your KYC form.

saurabhgotyou · #10 30th August 2010, 11:21 PM

Excess Brokerage Charged by Trading Member (Angel Broking)

I was charged whopping 4000/- brokerage on a trade of contract value worth 5000/-(approx.)

I was long on 16000 shares of Cals Refineries @ Rs. 0.31/- per share
But what they did is, they added .25 per share and WHOA ! 16000*.25 = 4000/-

As far as I know, 2.5 % is the maximum brokerage that can be charged.

Anyone who has faced similar problem, please do suggest

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