Karvy Stock Broking's Reversal of 50% brokerage issue

I opened a Freedom Account in Apr'14 with Karvy with an attached benefit of "Reversal of 50% brokerage amount every month". Everything was fine until Karvy informed me that the said benefit would stop from Oct'16 and that I can get it provided I use their mobile application. Screen shot of their email dt 10 Aug'16 enclosed (https://scontent-sit4-1.xx.fbcdn.ne...=4e418e8590e4a9ea014af0fce7722520&oe=590FE636)

With "Reversal of 50% brokerage amount every month", my net brokerage was getting slashed by 50%. But by stopping "Reversal of 50% brokerage amount every month", my brokerage has virtually doubled.

This amounts to nothing but a monopolistic trade and an arm-twisting tactic.

My mail to the backoffice and to Compliance Officer has remained unanswered without telling me the reason why a client must use mobile app. and not desktop app.

I caution people to get every special condition or benefit duly incorporated in the agreement with any broker (especially Karvy) clearly mentioning the validity period, if any.



Well-Known Member
There is no monopoly left in the stock broking industry.

You being on this forum I assume you are computer literate and can execute your trades at your end without any need to contact broker each and every time.

Switch to any discount broker.
But I do not understand what you were gaining, even after reversal of 50% of the brokerage as per their plan.

Go through the threads of various discount brokers here in TJ and pay as you wish (from almost free to 2000 R per month for unlimited trades in equity and F&O)