How to Believe Commodity Brokerage Firm?

[SENTHILVELU]

Dear Gentlemen, (PLZ CLARIFY MY DOUBT)
I am New to Sharemarket, I dont Know muuch abt the Process, So my Doubt be Silly..pls Bare me and Reply Me. The Doubt is ..I Gonna start Commodity Trading in a brokearge, they said they will provide 0.02% Brokerage and will open a demat account for me ,With Minimun Of 5000 Balance, I can Start a Trade. But I like to invest 25000, they want me to give that 25000 as a Cheque in Thier Name( I mean in Thier Brokerage house Name Eg. FTC),then only they can provide margin amount and so on. My Doubt is How to Believe a Commodity Brokerage Firm In General, ?(Not Mentioning any Brokerage in Particular,). What are the Safety Side one Have to See in opening A Commodiy trading In a Commodity Brokerage, Is there any Chance for Absconding Of brokerage house.? Who Controlling The commodity market? ( I mean EQ in Under SEBI,Like Similar,)How can i make Sure that the Amount providing for Online Trading Is Safe,)

PLS HELP ME,, My Questions may Be Silly.. But Atleast I wanna Know these Basics before Starting My Trade.. Expecting the Reply Soon, Thanks in Advance..

 

[coolbrain]

Dear Friend, :thumb:

Vannakam..

you can open a demat account with any broker who got approval from SEBI (Securities and Exchange Board of India -http://www.sebi.gov.in/

And more,Asking cheque on their name is a casual one..that is the main thing that they can release u limits to trade in market.

You can belive the Broker except if he is an franchise (Sub-broker) am not blaming all the sub-brokers.If u still swim in doubt u better open an account in corporate office of some brokers like Sharekhan,Angelbroking,Aditiya Trading,Religare, etc....

Don't be afraid of brokers..just ask the same Question in person with sale executives of broking companies..u can get clear ideas.


Vazgha Tamil

-- Cool Brain

 

[SENTHILVELU]

Thank u Sir,..Thanks For Giving ur Time to Answer Me..

Nanri..

 

[SavantGarde]

Giving reply to every query will be a very long post.... here is some that should put your mind at rest...and you should be ok...

1) Check the Broker's Registration
2) Cheque asked by a Broker will get credited in your Ledger with the Broker.
3) You will be required to put your Trading ID behind the cheque for them to credit it to your Ledger
4) Any Sub-Broker/Authorised Person/Remisser cannot ask for a cheque other than in the name of the Main Broker.
5) For a properly registered Broker with legit operations...Client Capital should be safe.
6) As a client your responsibility is to check your Ledger regularly to see that Credits & Debits tally with your contract notes....in case of any debits/credits that doesn't tally immediately get after the broker to get a proper explanation for the same with which you are satisfied.
7) Also tell them in the beginning NOT to trade on your behalf.

SG

Dear Gentlemen, (PLZ CLARIFY MY DOUBT)
I am New to Sharemarket, I dont Know muuch abt the Process, So my Doubt be Silly..pls Bare me and Reply Me. The Doubt is ..I Gonna start Commodity Trading in a brokearge, they said they will provide 0.02% Brokerage and will open a demat account for me ,With Minimun Of 5000 Balance, I can Start a Trade. But I like to invest 25000, they want me to give that 25000 as a Cheque in Thier Name( I mean in Thier Brokerage house Name Eg. FTC),then only they can provide margin amount and so on. My Doubt is How to Believe a Commodity Brokerage Firm In General, ?(Not Mentioning any Brokerage in Particular,). What are the Safety Side one Have to See in opening A Commodiy trading In a Commodity Brokerage, Is there any Chance for Absconding Of brokerage house.? Who Controlling The commodity market? ( I mean EQ in Under SEBI,Like Similar,)How can i make Sure that the Amount providing for Online Trading Is Safe,)

PLS HELP ME,, My Questions may Be Silly.. But Atleast I wanna Know these Basics before Starting My Trade.. Expecting the Reply Soon, Thanks in Advance..

 

[SENTHILVELU]

Thanks savanth sir..

 

[coolbrain]

HI senthil..


Vanakkam..how r u :thumb:

 

[SENTHILVELU]

Fine Sir.. How Abt u ?