Selecting a broker

(JKS) #346

Who will be the best broker service for SME IPOs? I have Kotak sec and they don’t have the option for SME IPOs. Seeing the endless discussion on zerodha, I want to avoid them as much as feasible. Any other comparable broker (preferably, where the charges will be less) is much appreciated…Hoping for a quick answer here…thx



Time and again, I’m facing poor service delivery with Zerodha. This is even after putting up when your server is busy during high volatility/trading volumes days like bank recap news, demonetization, election results, etc.

I’ve requested for change in my Demat account and still not done even after mailing three times (two times to [email protected]). Also your call center number is perennially busy.

@ all other VPees,
There are no free lunches. :slight_smile: I feel it is better to pay up and get some services like margin trading, GTC orders, free call and trade, no “server busy” during high trading volume days, better customer support, etc.

(GSApte) #348

For investing in Direct Plans of Mutual Funds, I would recommend CAMS for most of the mutual funds, and KARVY for the remaining funds. You have to use Franklin web site for Franklin Templeton.

Now-a-days investing directly using MF websites is also simpler. Only drawback is that, one has to remember and keep track of multiple (at least 5-6) user ID and Passwords, which is cumbersome for some investors.

I am not sure about any other portals, as they do have some fixed charges, taxes and hidden charges.

MF Utility is not very user friendly and they do not respond to your mails if you face any issues. You need to mostly call them. They were not able to give me Login access in spite of multiple reminders once they linked my existing mutual fund holdings to e-CAN. It seems that, it is still in early stages of development and will take some time to become more mature platform. This is based on my actual real life experience.

(JKS) #349

never ever go with MF utility. They keyed in my email wrongly and I had the horror of correcting it in AMCs (maybe I had to do it with all the AMCs, some 5-6 times, over 2 years of horror)…I canceled my MFU a/c immediately but they still had the power to update my detail automatically, inspite of cancellation…the worst is that they kept blaming the backend RTAs…imagine, if this power of auto update …and it not only is for email…obviously, they can update your bank a/c too without knowing and overwrite…

(Pradeep Kumar Arora) #350

As of now he is absolutely free. For a small charge, he will let you have multiple CANs in one login. For a slightly larger price he will give you a detailed analysis of your investments with sample portfolios to emulate. For a larger price he will conduct a personal session and model your portfolio along broad lines. Additionally, he conducts roadshows which are good (second-hand info from a friend) and obviously advertises on his website. He also does one on ones for people who want it

Be clear about one thing - his website functions through the MFU and AMC websites - so your records are only reflected here but are actually held with the AMC. Tomorrow, if Vipin hikes his prices to an uncomfortable level, i will just stop using his site and get back to the MFU site or direct to the AMC. Walking away is no big deal

Vipin is intelligent enough to know that and i doubt he will impose any fees for the basic service and even if he does, he cannot afford to keep them high.

My advice is to try it - you can walk away any time at no cost even if you have used him for a year and made multiple investments without a worry. Your investments will always be available to you through the MFU and the AMC sites - FOC

I will just leave you with one fact - I find his service so good that I actually subscribed to the multiple CAN service, just to make a payment, even though I have no use for it. I just felt that I would be better served if his website succeeds

(Pradeep Kumar Arora) #351

I set up my MF utility account through Unovest and mercifully it all went well. i agree that its not user friendly and has very little useful reports. Unfortunately, the power they have of allowing you to invest in the Direct Option across practically all funds (barring Mirae) makes them much better than CAMS or Karvy. In fact they also have FTempleton available which does not work through CAMS or Karvy

I have been investing for over 20 years in MFs and was finding it a challenge to keep track of my investments which got spread out with time. Now i am much better off in getting to see all my investments holistically to decide what to do next. I would recommend you try Unovest for its interface - that way you dont have the badly designed MFU portal to work with

(JKS) #352

It’s a fallacy. I won’t even sleep in the direction of MFU. If you want consolidated reports, it’s available for all your MF holdings ( independent of whether CAMS handles it or not) in CAMS under menu, statements- all RTAs and there are 2 excellent reports there.
Once you download that pdf, upload in Unovest and bang, you can do all the analysis. Pl remember that SIPs done outside unovest doesn’t directly update

(Pradeep Kumar Arora) #354

If you are a Motilal Oswal customer - pse be aware of the following

I have been investing with Motilal for a number of years and blindly used their Capital Gains report to compute my Taxes. This year i sold my CANFIN homes holding after the recent stock split and since i held it for a long time, i was sitting on considerable LTCG. When i logged into MOSL website, i saw this was reflected as STCG, which meant a considerable loss for me

I mailed, called and told them about the error. To my horror, the staff was not aware of the difference between a stock split and bonus and the CG implication. After several weeks i got somebody to agree that their website is incorrectly programmed and they will rectify it. That was a month ago and still nothing has happened. This time i will NOT TRUST the report from their website and do my own CG calculations. Would be interested in knowing if others have also experienced a similar challenge with their broker

Further, i need some advice
The stocksplit action is also being charged with an STT by MOSL. In the case of YES bank, i noticed that they show a zero sum transaction (No gain/ loss) and levy STT on the entire holding. Is that supposed to be charged to the customer? I have not done any transaction - it was just a stock split of 100 YES shares to 500 shares and i have been charged with an STT of Rs 169!!

(g1) #355

I was a happy user of Zerodha, I dont trade, so I dont know about the server issues. Recently, I placed a buy order and cancelled it 2 mins later as I felt the price will go much below. To my surprise, they went ahead and purchased the share 3 minutes after cancelation. Emailed customer support, they claim that I have placed 4 buy orders at exact same time down to milli seconds and cancelled only 3, that too at exact same time leaving 1 open which they executed! Clarification request for how it is even humanly possible, they dont bother to respond.

Quantity was small luckily, so I can foot the losses, share went down 17+ rs below the wrongly executed buy, but now I feel that thier ethics are questionable.


(Nikhil.A) #356

That should never happen. Can you share your client ID and order details in a PM? Will have this checked.

(Multiplier777) #357

Does anyone know which brokers allow you to buy stocks in GSM2 (100% security deposit)? Thanks in advance

(Nikhil.A) #358

I guess all brokers allow you to purchase these stocks. At Zerodha, we don’t block purchasing these stocks, simply block the ASD once the purchase is made.

(Multiplier777) #359

Nikhil: Just spoke to Zerodha (Sadiya in customer service); they continue to say that buying of GSM2 stocks is not allowed in Zeodha. Can you help? Thanks

(Whipsaw) #360

@Nikhil.A Lots of issues with Aadhar linking in Zerodha.

I linked my aadhar successfully and when my wife tried it to do it, even before linking it shows “Aadhar has been linked successfully.”. Weird. There is no way to verify which Aadhar is linked to her account. Profile page doesn’t even show the Aadhar # that is linked with account (even the last 4 digits).

Called the Support. They asked to mail to the support. Support says they are not allowed to do delink and allow customers to redo linking.

Any guidance on this? Thanks.

(g1) #361

Sent you a PM with details. Please fix if it is a bug or backend issue.


(Gaurav Agarwal) #362

Anyone having experience with Interactive Brokers.

I see a weired condition for opening an account on their website

You can hold only one margin trading account at a time. Hence if you hold an existing margin trading account with another broker, you need to obtain an NOC from that broker for opening a margin trading account with us.

Any inputs from the community will be useful.


(Yogesh Sane) #363

I am sure it’s a SEBI requirement. A broker will never stop you from opening an account.

But I would caution you on opening a ‘margin only’ account . I had a margin only account with IB. This account is suitable only for traders. Your shares will be held in the client beneficiary account and not in your demat account and you will get a margin exposure against those. If you use margin this is the best account for you. But if you buy with cash and hold it for long term, you will have to request a delivery every time you buy to transfer shares in your demat. They promptly give you delivery but the fact that you have to request a delivery for every buy trade was an extra activity for me.

If IB ever goes bankrupt I am not sure if your assets are protected since they will be held as collateral against margin exposure. In US it works because account is insured by SIPC, not sure about India.I switched to Zerodha only for this reason.

IB may have started a cash account. Check with them. that will work just like any other broker account. I have seen few ads where they are offering 20 rs per trade. they otherwise charge 0.05% which was cheapest until Zerodha came along. Their trading platform is far superior than anything I have seen but again if you are not a trader, it doesn’t matter.

(jdg) #364


Did you try out RKSV or Zerodha??

I am having DMAT with RKSV and can say that they are pretty good.

I am assuming that you are fully aware of which stocks you exactly know which stocks to pick and hold.

Rest all that I would say is, give the a try.

They are the cheapest.


(chetanb) #365

I used to like Zerodha but no longer. Everything about Zerodha is good except the contract note format. Earlier its contract notes could be imported directly in my accounting software MProfit but a few months back Zerodha made changes to contract notes format and these can not be imported now. This has increased my workload. I now need to download peroidic contract notes from its site separtately for bse and nse (and its cumbersome as download does not work most of the time). Looking for an alternative. Opened a trial account with RKSV, its contract notes can be seamlessly imported. Looking for a no-frill broker with strong balance sheet. RKSV refused to share its balance sheet.

(rahulshares) #366

You can get the Balance Sheet by accessing it from MCA website by paying Rs 50.But you wont be able to access the P&L statement if its a private company.