Demat Account, Which broker?

Demat a/c is where all your shares are electronically deposited. Trading a/c is from where you can buy/sell shares.

In my expereince its better to open a trading a/c with a bank, HDFC and Kotak offers you some competitive rates and good service. Many of these Indian brokers have known to mis-use the power of attorney, I have heard nightmares where friends were asked to pay margin money (in the tunes of lakhs) on trades which they were not even aware of...
 
Gaurish said:
Avoid ICICI Direct. it has the highest brokerage charges and its reputation is also bad. check traderji or mouthshut for review.This might help you decide:
Confused - Sharekhan vs Icicidirect vs Hdfc vs Kotak vs Indiabulls vs 5paise
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well you have to pay for good service. Who says their reputation is bad ??. I've been using it for 3+ years never got any issue and there intraday call and positional call are much better than those of Motilal, Sriram, Indiabulls.
And brokerage is not at all "high".

If you have a salary account in ICICI opening fee is 1rs for demat opening.
Also they have different brokerage plans according to your usage.

Definitely icicidirect's brokerage is more than other small/newly opened brokerage firms.
 
What would be suitable for me ? (Sharekhan/ICICI etc)

Because volume in my case is going to be extremely low as I have modest capital of only 10K and I don't wanna make huge money by frantic selling/buying. Just wanna learn the process and want to stay at "break even" in the process.

Also yes I only have SBI Savings Account So I suppose I will have to open a new bank account to go with Demat Account.
 
^ SBI has tie up with Motilal oswal. So you can check with SBI what brokerage plans they can offer you.

For demat you don't have to open a current/saving account in other banks. Only demat account is required. You can transfer money from your SBI account to other bank's demat account.

Sriram Insights has low brokerage. But don't have Call&Trade option.

If you are planning to open a new account is some other bank then check first what are min. balance you have to maintain in the current account. For ICICI it's 5k and 450rs for demat opening.
 
foruamit2004 said:
RBS Trading Account -
Brokerage on Trades done in equities - Delivery Segment and Inter-settlement 0.50%
Brokerage on Trades done in Equities Margin segment 0.05%

RBS Demat account -

Sale (Market/ Off Market/
Inter Depository) 0.04% (min Rs. 25/-) per instruction for Instructions submitted at Branches
Please tell me the difference between those charges(In bold).
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There are two depositories in India : NSDL and CDSL.

A demat account provider would be affiliated with one or both of these depositories. For example, ICICI/Kotak Securities are NSDL, Angel/MOSL are CDSL.

Inter-Depository means transferring shares from NSDL to CDSL or vice versa.
There are also two types of trades - Delivery and Intra-day.

Delivery is when you buy the stock for a few days/months/years and then sell. Intra-day is buying and selling on the same day.

For delivery, you need to settle the amount in full (usually debited from the SB account in a 3-in-1 system or from the Margin amount maintained with the broker automatically).

Sometimes, your cash may be only Rs. 10K and your share holding could be say, Rs. 30K. The brokerage could give you a "margin" of 40% of your share holding and so you can purchase shares for 10K + 12K = 22K. Usually, brokerages like ICICIDirect "square off" the trades at 3 PM (Square off means it would sell the stocks bought using Margin at 3 PM).

I never have done margin trading, so my explanation could be way off the mark too :)

And being new, I'd ask you to avoid derivatives completely.
 
i have icicidirect and reliance money. I found both good, whereas brokerage in reliance money is less...

Although i've heard lot about religare... seems to be good.

visit traderji.com you'll get good info abt all this
 
47Shailesh said:
well you have to pay for good service. Who says their reputation is bad ??. I've been using it for 3+ years never got any issue and there intraday call and positional call are much better than those of Motilal, Sriram, Indiabulls.
And brokerage is not at all "high".

If you have a salary account in ICICI opening fee is 1rs for demat opening.
Also they have different brokerage plans according to your usage.

Definitely icicidirect's brokerage is more than other small/newly opened brokerage firms.
Click to expand...

Guess you have not had a bad day with ICICI then. On very important days like the beginning of market crash in 2008, ICICIDirect would overload and state that "Site not available due to Technical reasons. Contact Administrator" :)

The shlooow web site used to creep me out. Luckily, the speed has not been that bad in the past few months. They also have the low bandwidth site, which is useful.

I-Direct's brokerage is steep. But, they now have both variable brokerage (old plan) and a fixed brokerage of 0.55%. 0.55% is ok for those who do not trade too much like me.

As far as calls are concerned, I never listen / act on calls from brokers. So do not know :)

But, support? I had some horrible times with them in these 5+ years :)

47Shailesh said:
^^ for ICICI saving a/c it's still 5k and if you want to save money on that, open it from rural branch for 2k.
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Guess you should see this: ICICI Bank Online
 
Can I apply to an IPO even without having Demat/Trading Account.

Weirdly enough, SBI Internet Banking was allowing me to do the same ? And no mention of Trading/Demat Account anywhere..? Only normal details like PAN Card etc..

Also at SBI Demat Online Trading - they have mentioned that SBI offers Demat as well as Trading account... So whats the role of Motilal Oswal.

Another thing was nowhere at Motilal Oswal's Site have they mentioned anything related to SBI ?
 
Have done quite a lot of research on this.

Finally came to conclusion - Strict NO to ICICI, HDFC, SBI chaps.

Reliance was cheapest but now they increased their charges very high.

Best one to deal with - Sharekhan, Angel Broking & Indiabulls,

Still bargaining with agents on charges for intraday & delivery. Keep posting here & share more knowledge.
 
@Dipen SBI might have developed there own demat system. Earlier when SBI didn't have it they tied up with motilal to provide demat services to their customers.

Motilal is independent broking firm they will nowhere mention about SBI.

For any subscribing any IPO you must have demat account.

@esantosh

I not trying to support ICICI or offend you but during 2007 end and along 2008 too I had no issues with ICICI websites neglecting fewer glitches faced. Also if website is down you can always call&trade.

A week ago my friend opened a savings account in ICICI for 2k from ITARSI(rural area). He was quoted 5k for a/c opening from mumbai.
 
^

I almost did bid for IPO today through SBI Internet Banking. Can anyone please confirm if one can subscribe for IPO without Demat/Trading acc..

Praks said:
Have done quite a lot of research on this.

Finally came to conclusion - Strict NO to ICICI, HDFC, SBI chaps.

Reliance was cheapest but now they increased their charges very high.

Best one to deal with - Sharekhan, Angel Broking & Indiabulls,

Still bargaining with agents on charges for intraday & delivery. Keep posting here & share more knowledge.
Click to expand...

Your criteria for rating was strictly brokerage and other charges ? or Service/Customer Care etc etc ?

I am looking for something of the sorts --

What would be suitable for me ? (Sharekhan/ICICI etc)

Because volume in my case is going to be extremely low as I have modest capital of only 10K and I don't wanna make huge money by frantic selling/buying. Just wanna learn the process and want to stay at "break even" in the process.

Also yes I only have SBI Savings Account So I suppose I will have to open a new bank account to go with Demat Account.
Click to expand...
 
47Shailesh said:
@esantosh
I not trying to support ICICI or offend you but during 2007 end and along 2008 too I had no issues with ICICI websites neglecting fewer glitches faced. Also if website is down you can always call&trade.
Click to expand...

You cannot offend me with facts - as simple as that :)

Experiences can always differ. It always depends on what one expects :)
 
Well what you know, I was looking here for answers and when I went home, my father already started full fledged trading 3-4 months back(not from home). He has DP account with SMC, I also got to know that their no annual charges with SMC for Demat account. but brokerage charges are little high(0.05% both buy and sell). Also for margin trading they allow upto 500% of your current avg. transaction(or whatever you call that :p).
Never saw him loosing any money in marginal trading for 12-13 days, but lost quite a bit more in future trading :p .

So my question, I wanna have one more bank account(Current one is in ABN AMRO), a Demat accont, a trading account, and may be a credit card too. Any advise like all in one package?? To me HDFC seems to be better option, I can link every thing with my bank account and transfer some money from my current account(ABN) as required, no need to worry about missing bill due dates etc LOL..

How is intraday trading in HDFC? any info about HDFC saving account(It will not be my salaried account)
 
log 1 = 0 said:
^

I almost did bid for IPO today through SBI Internet Banking. Can anyone please confirm if one can subscribe for IPO without Demat/Trading acc..
Click to expand...

I do not think you can apply for an IPO without demat account. If the shares are allotted where would they go?

Without a Demat account, your application bid even if it makes through will be rejected.
 
@forumamit,

Open account in name of family person who is not working that way you can save tax on all earning from shares. limit 1.6lac for men and 1.9 for women.
 
^^^ Thanks, but I already have that Idea, may right now won't do this :), SO how is Online Intraday trading in HDFC(Is it OK enough :)? What about HDFC saving account(I can easily maintain 10k min balance), but they say debit card(normal one) has 100rs annual fee, but Debit card GOLD has 500/- per annum? Whats the difference? though only on rare occasions I will be using their debit card.
 
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