SHAREKHAN new account

[nac]

I think he (trade man) bought shares of Cals refineries worth Rs. 45000. (Cals refineries is a penny stock. Its market price will be below 1 Rs.)
I guess for 45000 Rs , brokerage charged was 20000Rs. by sharekhan.
I think there is a min. brokerage like 0.05Rs. per share when the share price is less than 100 Rs. This mode of calculation hurts the trader when trading in really low cost stocks.

If that's case, broker has violated by charging higher brokerage from his customer. I think here the victim (trade man) can make a complaint to SEBI. Broker can charge brokerage subject to maximum of 2.5% of the trade value, here its nearing 50%. I think trade man should explain in detail or else we might have to think something like this...

 

[nms]

Hi Ragav,
I think it is a mistake. Pl mail to them. I am also continuing Sharekhan as my online broker. For penny stocks they are chargeing minimum as per their minimum fixed price, if brokarage is less than fixed minimum, otherwise they will charge as per their brokarage slab.
Thanks

 

[RAGAV]

hey nms, I did not face this problem as I don't trade in penny stocks.I just suggested/guessed the approach taken by broker (sharekhan,others...etc) while calculating the brokerage for (trade man's) purchase according to the charges mentioned by (trade man). Cheers for trying to help out fellow traders!