Sharekhan Limited-Feedback

#1
Hello,
I am client of Sharekhan Limited who has renowned stock broker in India. My name is Dipak Doshi have client ID 21074705 and client code is 1560255 with an account at Sharekhan Limited, Vastrapur Branch, Ahmedabad-Gujarat-India.
I have drawn attention to his officer Mr. Dhaval Panchal and Branch Manager Mr. Pradeepsingh Sarawat regarding many trades which I through at sharekhan and there was some error in their trading software named Tradetiger. Mr. Dhaval has accepted that there is some problem in our software Tradetiger while same time when I urge justification from Mr. Pradeepsingh, he replied that I have not time to listen your complaint.
I have requested them to solve following complaints since last 10 days and subsequently mail to their head office and toll free number of customer care but all are in vain same as branch personnel has no time to listen and their customer care executive at their Head Office.
I have mailed my complaints which consist following:
1) On dated 05/08/2013 I have purchased 100 shares of Titan Industries which is in my pool while on dated 08/08/2013 there is short fall of 4 nos. of share. Since I chase up their branch officials for the matter he has reverted that this is problem of exchange we can’t do anything on subject matter. I have write mail to their office Head Office address [email protected] regarding the matter and then on dated 13/08/2013 and then 4 shares of Titan Industries has been credit to my account. The same thing happened with Hero Motocorp earlier.
2) There is 2 option in their software Tradetiger for trade, i.e. Maxtrade and Investment. As per them we have given facility to client to do intraday trade in Maxtrade and holding in Investment as they are fixed up some limit as per client’s credit balance and holdings.
Here are some big loop holes in their software Tradetiger is if you have done Maxtrade to Investment and you are upper capped of your cash limit then share has been automatically square off from your intraday position though you have done from Maxtrade to Investment. Once this transaction happened then client understand that due to limit my shares has been squared off now I have no position of that particular shares. But astonishingly the same shares which have been squared off shown in holding account very next day!!! Also the height of great Tradetiger software shows of your profit/loss of that particular share in same day which they called MTM account!!! And they are demanding money next stating reason shortfalls in your accounts!!!
3) I have gone thru many software of various stock broking houses wherein I am not found single broker have this type of Maxtrade and Investment facility which the great Tradetiger of sharekahan provides client to make fool. ..!!! I think from this way they are make fool to client and making big money from brokerage and take extra money from client.
4) At the time of account opening they are promised to give 10 times trading limit, i.e. if you pay 50,000 then they are providing limit up to 500000. After done some transaction they are saying that we have to give credit limit up to 100000 in our Maxtrade and 5 Lacs as investment it is mean that you have to trade only up to 100000. I know it is depend on company to company policy then why they are given wrong commitment and this MAXTRADE and INVESTMENT categorize? While in other brokerage house there is no any option.
5) There is no facility in their software Tradetiger that you can’t show your individual trade P&L. It means that you have 100 share of Titan in your holding and you sell off today and also you done intraday of 100 shares of Titan today and you wish to show P&L of both transaction separately then there is no facility to show the same.
6) Whenever I urged for solution they are always saying “Wait for tomorrow” and tomorrow never comes for Sharekhan.
7) I urged Mr. Pradeepsigh Sarawat who has branch manager over Sharkhan at Ahmedabad to give answer to all my queries then he has saying that I have “No Time”. The same time I have dialed toll free customer care number wherein Ms. Anju Luthara said all things are properly in our system so your query has been closed!!! This is attitude and behavior of their officials wherein client has never raised query better to close their relationship with sharekhan as there are many brokers in market who are much better in their trading software as well in customer services.
Hereby I urge to precede detailed scrutiny of Sharekhan’s software Tradetiger, particularly in my account and also some other client accounts then you will find some big malpractices what they are doing with customer. It is same like scam of NSEL. Also urge to stop this Maxtrade and Investment option with immediate effect as they are doing same with this option.
I already write this thing to Sharekhan, SEBI, NSE and now in your complaint board forum for traders and investor to be cautious if you have an account with Sharekahan.
 

mastermind007

Well-Known Member
#5
Hello,

I am client of Sharekhan Limited who has renowned stock broker in India. My name is Dipak Doshi have client ID 21074705 and client code is 1560255 with an account at Sharekhan Limited, Vastrapur Branch, Ahmedabad-Gujarat-India.

I have drawn attention to his officer Mr. Dhaval Panchal and Branch Manager Mr. Pradeepsingh Sarawat regarding many trades which I through at sharekhan and there was some error in their trading software named Tradetiger. Mr. Dhaval has accepted that there is some problem in our software Tradetiger while same time when I urge justification from Mr. Pradeepsingh, he replied that I have not time to listen your complaint.
I have requested them to solve following complaints since last 10 days and subsequently mail to their head office and toll free number of customer care but all are in vain same as branch personnel has no time to listen and their customer care executive at their Head Office.

I have mailed my complaints which consist following:
1) On dated 05/08/2013 I have purchased 100 shares of Titan Industries which is in my pool while on dated 08/08/2013 there is short fall of 4 nos. of share. Since I chase up their branch officials for the matter he has reverted that this is problem of exchange we can’t do anything on subject matter. I have write mail to their office Head Office address [email protected] regarding the matter and then on dated 13/08/2013 and then 4 shares of Titan Industries has been credit to my account. The same thing happened with Hero Motocorp earlier.

2) There is 2 option in their software Tradetiger for trade, i.e. Maxtrade and Investment. As per them we have given facility to client to do intraday trade in Maxtrade and holding in Investment as they are fixed up some limit as per client’s credit balance and holdings.

Here are some big loop holes in their software Tradetiger is if you have done Maxtrade to Investment and you are upper capped of your cash limit then share has been automatically square off from your intraday position though you have done from Maxtrade to Investment. Once this transaction happened then client understand that due to limit my shares has been squared off now I have no position of that particular shares. But astonishingly the same shares which have been squared off shown in holding account very next day!!! Also the height of great Tradetiger software shows of your profit/loss of that particular share in same day which they called MTM account!!! And they are demanding money next stating reason shortfalls in your accounts!!!

3) I have gone thru many software of various stock broking houses wherein I am not found single broker have this type of Maxtrade and Investment facility which the great Tradetiger of sharekahan provides client to make fool. ..!!! I think from this way they are make fool to client and making big money from brokerage and take extra money from client.

4) At the time of account opening they are promised to give 10 times trading limit, i.e. if you pay 50,000 then they are providing limit up to 500000. After done some transaction they are saying that we have to give credit limit up to 100000 in our Maxtrade and 5 Lacs as investment it is mean that you have to trade only up to 100000. I know it is depend on company to company policy then why they are given wrong commitment and this MAXTRADE and INVESTMENT categorize? While in other brokerage house there is no any option.

5) There is no facility in their software Tradetiger that you can’t show your individual trade P&L. It means that you have 100 share of Titan in your holding and you sell off today and also you done intraday of 100 shares of Titan today and you wish to show P&L of both transaction separately then there is no facility to show the same.

6) Whenever I urged for solution they are always saying “Wait for tomorrow” and tomorrow never comes for Sharekhan.

7) I urged Mr. Pradeepsigh Sarawat who has branch manager over Sharkhan at Ahmedabad to give answer to all my queries then he has saying that I have “No Time”. The same time I have dialed toll free customer care number wherein Ms. Anju Luthara said all things are properly in our system so your query has been closed!!! This is attitude and behavior of their officials wherein client has never raised query better to close their relationship with sharekhan as there are many brokers in market who are much better in their trading software as well in customer services.

Hereby I urge to precede detailed scrutiny of Sharekhan’s software Tradetiger, particularly in my account and also some other client accounts then you will find some big malpractices what they are doing with customer. It is same like scam of NSEL. Also urge to stop this Maxtrade and Investment option with immediate effect as they are doing same with this option.
I already write this thing to Sharekhan, SEBI, NSE and now in your complaint board forum for traders and investor to be cautious if you have an account with Sharekahan.
Dipakbhai,

I am also a Sharekhan customer and my account is also from Gandhinagar and Vastrapur branch. Some points you've raised are valid. Some points are not.

Others brokers also have a concept of MAXTRADE and INVESTMENT although they use different names. I have worked with CD Equi and with Ventura and they also have it. Angel also has it but I never had my account there. In other brokerage houses, trades taken under MAXTRADE will be squared off automatically at certain time of day. SK has 3:15 PM. CD Equi has cut off time 3:22 PM.

NSE Exchange site does show a Delivery/Trade ratio which I believe is computed by totaling up without "MAXTRADE" tag and totaling up trades with "MAXTRADE" tag.

Brokers give you higher margin when you are going to close off trades on same day and it is sometimes negotiable. When you take shares for delivery,
you have to pay in full within certain number of days.

I also was given 10 times Margin for Intraday Trades for certain limited scrips which are listed separately in marektwatch named MAXTRADELIST. On some days, I did execute trades that used up 10 times the capital, but I because squared off my trades, no one came to ask for extra money.

TT does have a feature to convert MAXTRADE to Investment and vice-versa which I have used, but very rarely.

I agree with the multiple trades in same scrip getting collapsed into one and there is no way that I know in which I can view trades separately.

There are many things that I have complained about TradeTiger to SK and I am probably the only customer who used to send feedbacks from TT's help menu regularly for about 6 months. Even I have one complaint pending with them for over a year and I keep reminding them.

One thing that I agree with you is that TT's Net positions tab gets confusing if you take multiple trades in same scrip and it attempts to average the price which creates a mess. On such days, I extract data from "Orders" tab into Excel and then add formulas to do my calculations there. Excel can be connected to TT live feed which I use if I have more than 10-12 scrips to monitor.
 

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