Best Demat Account for IPO/FPO

[trader_man]

Hi Guys,

What would be the best demat account in terms of applying for IPO/FPO? By best, I mean the following factors:

1. Gives refunds quickly after IPO has been allotted.
2. Option for applying to IPO/FPO online.
3. Good customer service.
4. Reasonable charges.

Thanks.

P.S. Sorry moderator for double posting this but it is very important.

 

[swati23]

Hi trader_man,

1. As far as I know, the refund is given by the company not the broker. I applied for Coal India IPO and Power Grid FPO and the refund amount was sent to my bank account in the name of the company.
2. I'm with Sharekhan and they provide online IPO/FPO.
3. I haven't had any problem with them.
4. There are no charges for applying for IPO/FPO. Only brokerage charges apply when you sell the alloted shares.

PS: Not sure if this is what you were looking for. My demat account is with NSDL which was provided by Sharekhan when I opened an account with them.

 

[trader_man]

Thanks Swati.

By charges, I mean Annual charges, and debit charges. I am paying Rs.675/year with SHCIL. Still no refund for Powergrid FPO. When did you receive the refund?

 

[swati23]

Trader_man,

I'm paying Rs 495/ year. I got the Power Grid FPO refund on Thursday. Have you applied online or offline?

 

[trader_man]

Hi Swati,

I had applied offline. Does it take longer if done offline?

I guess I need to go for another demat account. Is ICICIDirect any good or perhaps HDFC?

 

[vmonu]

Hi trader_man

Since you just want to apply for IPO/FPO, why don't you try ASBA?
Your funds will just be blocked in your account wrt the number of applications that you have applied. If you don't get allotment, they will unblock the funds.
I think ASBA is much simpler than transferring your money to your trading account and then applying it.

 

[swati23]

Trader_man,

Yes, it is. I applied for Coal India offline and funds were transferred to my account 3-4 days later through ECS.

 

[jaypee_1320]

hey...I too have my demat account with sharekhan....but still haven't received refund of powergrid fpo..I applied offline by calling them..

 

[swati23]

Hi jaypee_1320,

Don't worry, it will be transferred to your account in the next few days. If that doesn't happen you can contact Sharekhan.

 

[trader_man]

Thanks guys.

Didn't know about this ASBA facility. Just reading about it and it seems really good. That is why I like this forum. I always learn something good here.