R.K.Global Cheating - SEBI CHARGES for EQ trading ???

[3DG3.7R4D3R]

Thanks for taking time to reply to my question PGDIMES, :thumb:

I guess some clarifications are in order,

I don't trade in FNO Yet!!!, cannot!!!, even if I wanted to as I have yet to subscribe to FNO trading in ODIN. But have plans to day trade in nifty options once I learn the ropes.

I only do equity intraday trading currently and have been for the past 1.5 yrs, as I am trying to learn trading, and the current choppy side-ways and highly volatile market are best to learn.

I am trading because I wish to make it my full-time job, not to earn pocket money. Having said that don't mistake me for a guy who wishes to sit from 9:00 to 3:15 to trade, I have become quite adept at finding trends in a chart, and once I reach a daily target, I get out with my money.

The only thing that I have to learn is obeying Stop loss that I set. Which I don't do, but will in time as I get burned by my greed or foolery. LOL!!! :lol:
I do however set Profitable stop losses. so once I am in profit I like to keep it that way.

The reason, I posted the thread was to know for sure whether "SEBI CHARGES" are applicable on Equity Turnover. As, I have mentioned earlier I am learning and therefore don't invest much in the market. Hence, my turnover is hardly over a lakh currently, and I am barely charged "SEBI CHARGES" to be of any significance.

But still, when I found out that SEBI CHARGES are not supposed to be taken from Equity turnover, I emailed R.K.GLOBAL to stop taking them or explain to me why they are applicable to me. They didn't reply and I came here to get some explanation on those charges. As far as I know those charges are only applicable to turnover in FNO, and its very strange indeed that they don't charge you for it.

Are there any other R.K.Global clients here that are charged sebi charges on equity turnover.

Also, Just an hour ago I emailed SEBI asking them where those 0.0002% charges are applicable, to whom and under what conditions. Knowing the current bureaucratic conditions, I am fully aware that I may probably not receive a satisfactory answer. But I will continue to pursue to find an answer until I find a official SEBI circular that states the viability of those charges on EQ turnover or make R.K.GLOBAL stop taking those charges.

 

[PGDIMES]

You could have just called the helpline given at RKG website before writing to SEBI. The helpline is of Kolkata office.Just be nice while asking your questions and I hope all your problems will be solved. I can assure you of the nice behaviour of the persons attending the phone-lines as I have done it several times. Just don't be rude and give them time to explain.

 

[3DG3.7R4D3R]

I do not believe that one should convey any emotional excitement (be rude or happy) when communicating with any person working in a organization, to solve ones problems, that person is just doing his/her job, bringing emotions in official environment is illogical. And, the proper way to solve problems would be to stay calm, composed, and logical.

Having said that, I prefer email than have phone conversations, as the prior provides some amount of "written" proof, which may be used, well as a proof :lol: , if indeed, it is found that I was right.

So, do you think that they(Kolkata Regional Office) would reply to my email ?, well what with me not being their problem and all, I emailed both Delhi and Mumbai offices, as I am registered at the Mumbai office.

Also, it would be nice if I get a reply from SEBI regarding SEBI CHARGES, as I would have it directly from the horse's mouth, as they say.

 

[PGDIMES]

You might be one of those old schools who doesn't value human behaviour and try to thrust his/her opinions on others (btw, organisational behaviour is a huge subject)... :lol: or you might be one of those newbies who think share market rules are free and fair for all... :lol:

Now wait for your e-mails to answer for themselves or wait for SEBI(the horse) to neigh... :rofl::rofl::rofl:

 

[3DG3.7R4D3R]

Yes, I am a realist!!! :lol: can't help it can I ?

I would probably have to face heavy opposition for this , but this still is the truth.

As I am typing, and I might be typing this for next few minutes,

More than 20 people in this world are being murdered for profit by other HUMANS.

More than 10 women are being subjected to horrible atrocities by other HUMANS.

More than 100 people are being robbed by other HUMANS.

countless other examples.

So, what should one do under such circumstances, should he blame all humanity, should he blame those that commit such acts, should he blame others for being so lenient towards others. Or, better yet, should he blame himself for...

Me, I mind my own business, try very hard to never judge others or myself (sometimes I have to though, LOL ), never to harm others emotionally or materialistically for fun or gain. I ONLY harm others when they harm me. Am I wrong in doing so? , is it wrong of me to retaliate ?, I don't know. If I shall be judged as the worst person ever to be born for this, so be it. But, I will not sit down and gulp that s**t.

There is a reason, science classifies humanity as animals. Humanity can never leave its predatorial instincts, they are hard coded in our genes. You, may say that I, view the world as the kind of person I am, but I prefer to hear this from a person who has come up from all the worst possible scenarios in life, only that person would be truly entitled to say that to me.

I, did use to believe that the stock market is a free for all buffet, where one could just come take the money and leave, but over the year into trading that belief has been completely wiped out. Today, I believe that the Stock Market is an arena of predators, where you either eat or be eaten, no prisoners as they say.

Yes, I shall wait, patiently I might add, I will act logically and tactfully, and I shall wait for the dawn...

 

[3DG3.7R4D3R]

SOLVED!!! :clap:

Turn's out, I was Indeed wrong about the SEBI TURNOVER CHARGES implementation! :lol: , found out this circular while searching the internet, for any one interested in SEBI TURNOVER CHARGES, download the official circular at :-

"hxxp://www.nseindia.com/content/circulars/memb12656.zip"
(Replace the hxxp with http, not sure about live link rules ?, there's a .DOC file inside you might need MS , OPEN , LIBRE office installed to view it!)

Here's the Important part from the CIRCULAR :-

(a) All sale and purchase transactions in securities other than debt securities. 0.0001 per cent of the price at which the securities are purchased or sold (Rs. 10 per crore)

(b) All sale and purchase transactions in debt securities. 0.000025 per cent of the price at which the securities are purchased or sold (Rs. 2.5 per crore)




In simple words, we will be charged 0.0001% of turnover for equity trades (Rs. 10 per crore) , and 0.000025% of turnover for Derivative(FNO) trades (Rs. 2.5 per crore).

If anybody here is charged more than that, under the pretext of SEBI CHARGES, send your broker the copy of the above (.DOC) file, the link, and tell them to reduce / adjust those charges accordingly, and refund those taken earlier, if they don't do it, you may launch a SEBI COMPLAINT, if you may choose so.

I, would like to thank everybody that took time from their busy lives to contribute to this thread, and to those who viewed it.

I hope you find it helpful, again thank you!!! and Bye!.

 

[chasingbeta]

Now i am trading like this....................

 

[respectinvestor]

Its not only R K Global..but even bigger brokerage houses like kotak also levy heavy charges...in cash intra-day they charge .02% as other charges and when asked they tell that it is .01%transaction charges and .01%stamp duty.I will explain how this makes a difference in the cost to trading...when someone buys and sells 10 lacs in intraday he pays rs.200 as other charges..which according to SEBI should be Rs.35 and stamp duty rs.20...so Kotak charges Rs. 115 extra in a trade of Rs. 10 lacs..its huge...so when Kotak says it charges 3 paisa ...its as good as 5 paisa by any other broker who charges according to what sebi and nse recommends......so its a common practice ...but can we actually do something about it?

 

[3DG3.7R4D3R]

Sorry for the late reply, but I didn't actually visit this site for a long time.

Now, to answer your question, plz let me ask you two questions first, also plz note that I am not trying to change your beliefs or offend you, just trying to present a fresh view, back to the question then, are you familiar with the term "Banality of evil" ?

If you aren't here's a copy-paste directly from Wikipedia slightly edited.

http://en.wikipedia.org/wiki/Banality_of_evil

Banality of evil is a phrase coined by Hannah Arendt and incorporated in the title of her 1963 work Eichmann in Jerusalem: A Report on the Banality of Evil. It describes the thesis that the great evils in history generally, and the Holocaust in particular, were not executed by fanatics or sociopaths, but rather by ordinary people who accepted the premises of their state and therefore participated with the view that their actions were normal.

Explaining this phenomenon, Edward S. Herman has emphasized the importance of "normalizing the unthinkable." According to him, "doing terrible things in an organized and systematic way rests on 'normalization.' This is the process whereby ugly, degrading, murderous, and unspeakable acts become routine and are accepted as 'the way things are done.'"

Spencer Rosenstein collected various uses of the phrase over the last ten years, arguing that the phrase has been overused to the point of making it, essentially, a "worsened word."

So, if you could for a moment, perceive our current condition, understanding the above term, you would come to a conclusion that, whatever "injustice" we are facing, is of our own doing, it is because we failed to act or we simply made a wrong choice in handling the matter.

Choice!!!. And, everything in our life can be pinpointed very close to this word, which brings me to my second question, what will you choose?

Now, after all the lecturing, here are some of the choices you might take,

1. Do nothing, and lend your support to the over burgeoning suffering of everyone involved.(Yes!, I do mean everyone, including me. :lol: )

2. Dump the broker and go to another, not knowing if they too would follow suit.

3. At-least, attempt to fix the problem, not caring about the result.
Ask, your broker to give you a complete breakdown of brokerages and other charges applicable to you, preferably on paper or email (I think, I read somewhere that emails are a valid form of proof acceptable in Indian courts, but you might want to recheck that). (Beware of verbal assurances given on phone or face to face, they could be phony. :lol: )

Cross check the list, with the brokerage you agreed to pay, current circulars by exchanges, stating those "other" charges. If you find inconsistencies, email your broker to fix those charges and refund those taken earlier, along-with the copy of corresponding agreement/circulars.

If the broker does not cooperate even after submitting valid proof, you can launch a complaint against him with SEBI.

http://scores.gov.in/

Do note, that I personally haven't launched a complaint with SEBI, yet!, therefore, I have no Idea about what comes after that.

But, whatever the result may be, you would have made a slight positive change in your life, by knowing that where others failed, you at-least attempted to resist and fight back.

 

[liveb4udie]

I think they are Doing some kind of Cheating like
Stealing few paises from Thousands of people....