Selecting a broker


(tbhavesh) #304

Thanks Nikhil. Appreciate your quick response


(Raj) #305

Hi Nikhil, please can you update on zerodhas plan for valid till cancel orders for equity delivery,?


(DHARMESH) #306

which broker houses allow sme stocks to buy or sell?


#307

Zerodha’s server/app couldn’t support the surge of logins at start of trade today and around 10 AM also still down. This is the big issue and that’s why only having Zerodha account for trading is a bad idea. Whenever there is a gap up/gap down market movement, we can almost be sure it will NOT work. Funds transfers also will not be seamless and phone support will also be down/busy. :smiley:


(GSApte) #308

Hi All,

You may like to view my article listing all Discount Brokers in India, with their charges.

http://prudentmoneymanager.com/why-you-should-not-ignore-discount-brokers-in-india/

I have made an attempt to give important information in one article.
(Some of you might be aware about these brokers already).


(Roy) #309

Not really. Zerodha’s system glitches often. The most recent one was during the NLC India OFS. After spending hours bidding and revising bids and finally placing the most optimum bid, I get an email saying due to a glitch in their systems the OFS order was not processed even though they placed it. The same email was sent to 3 other accounts belonging to my family members.

The worst part was the way Zerodha handled this issue. There was no email from any senior management explaining what caused the issue and how they plan to prevent a repeat of the same in future. All I got was an email saying the NLC OFS order did NOT get processed due to a glitch and that they are sorry “if” it caused me any inconvenience.

Although they are the best in terms of brokerage rate, one glitch can cost you more in losses/opportunity costs than what they saved you in brokerages over several months/years.


(Aksh) #310

@Nikhil.A

I didn’t receive any response from your end on the above issue.

And now this has happened again. It seems Zerodha is finding one or the other issue to withhold the clients’ funds illegally. I placed funds payout request on monday at 6.30 PM and have not received the funds yet. The support guy just hung up the phone after making me on hold for 15 minutes.

Pass me senior officer’s direct nos. I can’t tolerate your support staffs who can’t answer a thing satisfactorily.

Is the court only solution to stop this illegality?


(Arnab) #311

A recent issue I am facing with Zerodha is with the Aadhar Link.

When my Aadhar card was created the officials did not register my mobile number or E-Mail ID, like is the case for a lot of people, so it is not in the Aadhar database.

Now since, Zerodha does not have any verification facility by uploading my Aadhar Card scanned copy which most of the other DP has like Religare, MOSL etc, so it has has become impossible to link my Aadhar card unless I get my phone number registered with my Aadhar and to go through the usual hassles of Government proceedings.

Hope that someday Zerodha will introduce the facility to upload scanned copy of Aadhar and get it verified that way.


(suhas ) #312

same problem facing ,waiting for 31st dec if they disable my a/c then simply i m going to sold my holding & i just close my a/c .


(Gurjot) #313

Now been 3 years since I started using Zerodha and whilst there are some really good aspects about it, I cannot understand for the life of me why Zerodha’s Q - Backoffice is such a pain to work with and seems like there have been absolutely no new upgrades and features in 3 years.

Whilst the day-to-day trading experience has improved vastly - it’s reporting is just TERRIBLE!!!

They can’t seem to adjust Corporate Actions - IPO, Demerger, etc. to reflect correctly in the overall portfolio. And when I try to personally do it - the tradebook history or some other thing doesn’t work.

Have already highlighted previously about their LTCG / STCG numbers being all messed up. Only thing left is for them to start promoting some CA firms and offer a discount for tax-filing purposes because filing returns on your own seems impossible with Zerodha’s current reporting tool.

Thought of closing my IDirect account many times in 3 years but now pretty clear in my mind - when my portfolio crosses a certain size, will be shifting everything back to I-Direct for a more expensive seamless, convenient, easy to use, pain-free investing experience.


(Yogesh Sane) #315

I have no view on Axis direct or any other broker when it comes to security of your assets. You need to understand the fine print of your agreement with your broker, POA and related laws, rules an regulations and come up with the best ways to secure your own interests. Things can go wrong even with the most trustworthy brokers. There are many rules and laws that will protect the interest of small investors but we all know how these rules are enforced.

All the SMSs, contract notes and online access etc is useless when it comes to security of your account because you get notification AFTER securities are debited from your account and not before. No online broker will take your (sell) order if he is not authorized to debit your account. Authority to debit a demat account is the biggest risk. I have explained my account setup earlier in this thread. This is a cost effective yet online way I found about securing my account without going for a custodian or going offline.

Remember that most retail trading accounts (especially with discount brokers) are set up for easy trading activity. Most traders either lose their capital or regularly withdraw their profits so there is little compounding and their account balances does not grow large over time. Most investors with large accounts either invest through mutual funds, PMS, AIF or other structures that use a custodian for safekeeping of their assets. When I spoke to few custodians they all told me that they don’t even have individuals as clients as no wealthy individual invest directly in equities. Most wealthy investors I know have account with big name brokers like ICICI, Kotak etc and they are willing pay high trading costs in return for perceived safety and other advantages of full-service brokers.

I don’t like the idea of keeping trade execution and custody with the same entity the way it happens in India for retail investors. Its like buying gold and leaving it in jeweler’s vault so it can be easily sold online. You should do that only if you trust the jeweler else keep your gold in your bank’s vault (if you trust your bank more than the jeweler). A fraud can happen at any end though.

Finally, classic diversification will help here. Open 3-4 demat accounts with separate DPs and spread your assets among them so even if a fraud happens at one place, your other accounts are protected.


(AB) #316

Thanks for responding Yogesh. I will try to setup my account as suggested by you.

I couldn’t understand the below mentioned part. What advantages wealthy investors receive when they too are trading through big brokers like ICICI or Kotak for paying higher trading costs? How large investors are buying at least 1% percent stake in companies if they don’t directly invest in equities?

Most investors with large accounts either invest through mutual funds, PMS, AIF or other structures that use a custodian for safekeeping of their assets. When I spoke to few custodians they all told me that they don’t even have individuals as clients as no wealthy individual invest directly in equities. Most wealthy investors I know have account with big name brokers like ICICI, Kotak etc and they are willing pay high trading costs in return for perceived safety and other advantages of full-service brokers.


(vij) #317

I think @Yogesh_s is suggesting that big brokers who are also banks give us a feeling of security and that many opt for them for this reason even though their fees are high. Discount brokers are mainly used by traders.


(vij) #318

@Yogesh_s
You have a hdfc sec demat account without POA. Can you see the assets you hold there online? Would it be possible to post a screenshot? (Blacking out important details)


(Dr Kurian Joseph) #319

Hi I have account with zerodha


(parthibansubramanian) #320

I have an account with Zerodha,…

My holdings since Friday isn’t updating… today, the BSE holding all were either NA or some had wrong holding information…

on friday, the customer care said they have settlement holiday on friday. what does that mean?.

today customer care is not responding…


#322

I need help from fellow VP members in understanding how ICICIdirect or other brokerage firms/banks charge AMC for their demat account.

My billing cycle for ICICIdirect demat account is Sept to Oct usually.
But I had received a mail from ICICIdirect in June 17 with an advance bill which looked like this:

When I raised a complaint, they said that this is an amount they charge when the portfolio value goes above Rs. 2 Lac.
And from there my account got converted to Regular account from BSDA.

Amount was deducted from my account (In addition there was brokerage for TCS buyback):

What was surprising was that they said they will take this advance fee and adjust the rest when the billing cycle completes. They charge on pro-rata basis whenever the holding goes above Rs.2 Lac.

All fine.
Surprisingly my account gets debited in Nov 17 for AMC of Rs. 826 without any prior email or intimation:

In any case the total amount deducted during a year should not have exceeded Rs.700 + taxes. In this case it is around Rs.950 + taxes (Rs. 250 in June and Rs. 700 in Oct + Taxes).

I have written to ICICI customer care for clarification. I had chosen ICICIdirect thinking that they will be transparent in their charges and I won’t have to worry about these details.
Also after June, my holdings in ICICIdirect have come down below 2 Lacs since I have opened an account with Zerodha.

I want to know from VP members if this has happened to anyone else.


(sarthak kumar) #323

Have a question.

Which brokers other that icici direct and sharekhan offer a “Good till Date” order facility.

Thanks


(paraa) #324

Kotak securities and Angel broking too provide good till canclled facility


(Raj) #325

Angel brokers don’t provide for GTC in equity but only for commodity from what I heard from their local office ( Trichy, Tamil Nadu).