Indiabulls accounting?!

[John]

I dont really have a grievance but does anyone know how Indiabulls handles client accounts?

They have this rather complex structure involving ISL (indiabulls securities limited) and IFSL (indiabulls financial services limited) and all accounting seems to be split between these two entities.

Does anyone have any idea/documentation on exactly how funds are accounted for?

thanks!
John
p.s. i've already asked my sales rep and he's as clueless as they come..

 

[desiraja]

I also want to know the, is they provide all details about brokerage, charges, taxes briefly in their statement. also please mention which bank's demat a/c is needed to trade with indiabulls.

 

[market_punter2000]

Intraday Delivery Future
Buy Stamp Duty 0.00201 0.01 0.0021
Buy Transaction Charges 0.0035 0.0035 0.002
STT Buy 0.125
Sell Stamp Duty 0.00201 0.01 0.0021
Sell Transaction Charges 0.0035 0.0035 0.002
STT Sell 0.025 0.125 0.017


indiabull has its own demat account

 

[sdebu_2000]

Indiabulls is charging Service Tax @12.24%on Stamp Duty and Transaction Tax(Charges) and the total comes to about 0.0023% and 0.0067% respectively(though they dont mention it separately ) of market price.Is it correct? If the answer is in the negative,what should be the correct per centage of stamp duty and transaction tax (charge) recoverable by the broker in respect of share transactions under cash and derivative segments? and does it attaract Service Tax? As per as my knowledge is concern only Brokerage attracts service tax. Please confirm.

 

[desiraja]

Thanx, for nice information...

 

[sdebu_2000]

Please tell me if anybody know the right charges.
Does Stampdutu and transaction charges attract Service Tax?Indiabulls is charging S.T on stampduty and Transaction charge.But no other brokers are charging the same.(Others charging only on Brokerage)

 

[SavantGarde]

Please tell me if anybody know the right charges.
Does Stampdutu and transaction charges attract Service Tax?Indiabulls is charging S.T on stampduty and Transaction charge.But no other brokers are charging the same.(Others charging only on Brokerage)

It is illegal for any broker to charge Service Tax on anything except Brokerage. I would suggest approach the Investor Grievance Cell of NSE & BSE with Proof.

SavantGarde

 

[sdebu_2000]

It is illegal for any broker to charge Service Tax on anything except Brokerage. I would suggest approach the Investor Grievance Cell of NSE & BSE with Proof.

SavantGarde

SavantGarde
Thank you for your comment.Could you please give me the email address of the Investor Grievance Cell of NSE & BSE. Again I have doubt whether that they will response my mail or not.
Would you plz give me the actual Rates of STT, StampDuty, and Transaction charge?I think they should be same for All Brokers in India.But Indiabulls is charging different.
Please put some light on it.
Thanx again
Debdulal Bhattacharyya
Kolkata