Confused - Sharekhan vs Icicidirect vs Hdfc vs Kotak vs Indiabulls vs 5paise

[lazytrader]

LT
I feel I'm going to do business with Interactive Brokers.
They have one of the lowest commission structures for US Markets
YOu can have one account with them and trade just anything including forex
From someone who might have mentioned here, they might be competitive with Indian brokers.

Thanks
shreenath

Don't know much about their commission structure. I only know that they ask for a starting deposit of 2.5L. However, feature wise I don't think anyone can match them. There aren't anyone here who trade with them so not much info.

 

[lazytrader]

Re: help with the brokerage!!

Hello, I'm new to the forum and i must say i didn't know that such a great forum really existed. Thanks to the creators and the contributors.

now to my que.....

what i want to know is about the brokerage at various brokerage houses.
I recently opened an account with sharekhan and they are charging 5 paise brokerage on each share i trade with.

eg. if i buy a share at rs. 5.50 then it will be counted of rs. 5.55 + the taxes

is this the norm?

as far as i know the brokerage is calculted on the total amount that you trade with.

Please clarify!!!!!

.5 is the highest brokerage many offer. you can get .2 from sharekhan go and ask them. But they might ask for higher margin amount.

If you buy Rs.100 worth shares then brokerage is 100 * .5/100 (brokerage) + taxes. Should come somewhere around 101.25.

 

[tsrinivasr]

F & O is nearing expiry now and the icici direct site is troubling me a lot .....

Desperately waiting for my sharekhan account to get activated

 

[atul_junky]

Re: help with the brokerage!!

.5 is the highest brokerage many offer. you can get .2 from sharekhan go and ask them. But they might ask for higher margin amount.

If you buy Rs.100 worth shares then brokerage is 100 * .5/100 (brokerage) + taxes. Should come somewhere around 101.25.

Thankyou for replying lazytrader.

But i'm still confused
let me tell you what the scene is.......

i bought 1000 shares of rs.5.85 each = rs. 5850
brokerage shud be on total amount = 5850 * .5% = rs. 29.25 + taxes

but they counted each share to be of rs. 5.90
1000 shares = rs. 5900
thus my brokerage came out to be rs. 50
the same happed when i sold the shares, they deducted 5 paise from each share as brokerage
this means that more the shares i buy, more will be the brokerage.

they are not calculting brokerage on the total amount of 5850 but taking each share 5 paise more than its value, thus costing me a lot in terms of brokerage.

i used to do trading but stopped it after the last market crash.

at that time i was with indiabulls and they used to calculate brokerage on the total amount. this per share thing wasn't there then.

has the trend changed or am i being cheated or i'm carrying some vague brokerage plan?????

please clarify

 

[tsrinivasr]

@Atul
How did u conclude this ?

I dont think this is the way brokerage should be caculated. CHeck the transaction details once again.

 

[lazytrader]

Re: help with the brokerage!!

Thankyou for replying lazytrader.

But i'm still confused
let me tell you what the scene is.......

i bought 1000 shares of rs.5.85 each = rs. 5850
brokerage shud be on total amount = 5850 * .5% = rs. 29.25 + taxes

but they counted each share to be of rs. 5.90
1000 shares = rs. 5900
thus my brokerage came out to be rs. 50
the same happed when i sold the shares, they deducted 5 paise from each share as brokerage
this means that more the shares i buy, more will be the brokerage.

they are not calculting brokerage on the total amount of 5850 but taking each share 5 paise more than its value, thus costing me a lot in terms of brokerage.

i used to do trading but stopped it after the last market crash.

at that time i was with indiabulls and they used to calculate brokerage on the total amount. this per share thing wasn't there then.

has the trend changed or am i being cheated or i'm carrying some vague brokerage plan?????

please clarify

I think they are charging a minimum of 5 paise per share since you bought penny stock. If you buy stocks with share value of more than Rs.10. You should not see this way of calculation. Or you can ask them to change your brokerage plan.

 

[ktimptim]

Re: help with the brokerage!!

Thankyou for replying lazytrader.

But i'm still confused
let me tell you what the scene is.......

i bought 1000 shares of rs.5.85 each = rs. 5850
brokerage shud be on total amount = 5850 * .5% = rs. 29.25 + taxes

but they counted each share to be of rs. 5.90
1000 shares = rs. 5900
thus my brokerage came out to be rs. 50
the same happed when i sold the shares, they deducted 5 paise from each share as brokerage
this means that more the shares i buy, more will be the brokerage.

they are not calculting brokerage on the total amount of 5850 but taking each share 5 paise more than its value, thus costing me a lot in terms of brokerage.

i used to do trading but stopped it after the last market crash.

at that time i was with indiabulls and they used to calculate brokerage on the total amount. this per share thing wasn't there then.

has the trend changed or am i being cheated or i'm carrying some vague brokerage plan?????

please clarify

Find below S.K's beginner level offer [as on feb 09]

For Intra-day Trades :-

0.1% on the buy side and 0.1% on the sell side. This is subject to a minimum brokerage of 5 paise per share. This means that if the share price you trade in is Rs 50/- or less, a minimum brokerage of 5 paise per share will be charged.

For Delivery Based Trades :-

0.5% or 10 paise per share or Rs. 16/- per scrip whichever is higher.

Minimum brokerage of 10 paise per share is applicable when the share price is Rs. 20/- or less and minimum brokerage of Rs. 16/- per scrip will be applicable when the traded price is Rs 3,200/-

NOTE: Minimum brokerage of Rs. 16/- will be applicable only on SELL Delivery Transactions.

For F&O trades :-

0.1% on the first leg

0.02% on the second leg if squared off on the same day and 0.1% if squared off on any other day.

Please note : Brokerage on Options trades will now be charged on the Premium component instead of the Strike Price which was levied earlier. Brokerage will be charged as Rs. 100/- per contract or 2.5% on the premium (which ever is higher) as per the SEBI circular guidelines.

The Transaction Charges are-

NATURE OF TRANSACTION - RATE OF STT (Charged on Traded Value)

Delivery based transaction in equity - Buyer and seller each to pay 0.125%

Non-delivery based transaction in equity - Seller to pay 0.025%

Derivatives ( Futures ) - Seller to pay 0.017%

Derivatives ( Options ) - 0.017% only on sell side if Squared off. (on premium)
0.125% to be paid by purchaser if Exercised. (on settlement value)

Stamp Duty 0.010% for delivery based trades and 0.002% for intra-day trades.

Stamp Duty - Derivatives (F&O) : 0.002% for Futures on actual price and 0.002% for options on premium.

Service Tax 12.36% on Brokerage + Transaction Charges ( 12% Service Tax + Education Cess 2% of Service Tax + Higher Education Cess 1% of Service Tax )

Turnover Tax 0.0035% of traded value ( cash segment ) and 0.0023% for Futures on actual rate and 0.0513% on premium.

 

[atul_junky]

Re: help with the brokerage!!

I think they are charging a minimum of 5 paise per share since you bought penny stock. If you buy stocks with share value of more than Rs.10. You should not see this way of calculation. Or you can ask them to change your brokerage plan.

Thankyou lazytrader for replying. I will surely verify this with my broker.

 

[atul_junky]

@Atul
How did u conclude this ?

I dont think this is the way brokerage should be caculated. CHeck the transaction details once again.

tsrinivasr, this is what i think.

this was my transaction summary......

for buying

Buy/Sell | Qty | MKT.Rate | Brokage |Net Rate | MKT.Value | Net Value |

Buy | 1000 | 5.85 | 0.10 | 5.95 | 5850.00 | 5950.00 |
-------------------------------------------------------------------------
for selling

Buy/Sell | Qty | MKT.Rate | Brokage |Net Rate | MKT.Value | Net Value |

Sell 1000 5.98 0.10 5.88 5980.00 -5880.00

as you can see they are charging brokerage per share.

please clarify??

 

[lazytrader]

Re: help with the brokerage!!

Find below S.K's beginner level offer [as on feb 09]

For Intra-day Trades :-

0.1% on the buy side and 0.1% on the sell side. This is subject to a minimum brokerage of 5 paise per share. This means that if the share price you trade in is Rs 50/- or less, a minimum brokerage of 5 paise per share will be charged.

For Delivery Based Trades :-

0.5% or 10 paise per share or Rs. 16/- per scrip whichever is higher.

Minimum brokerage of 10 paise per share is applicable when the share price is Rs. 20/- or less and minimum brokerage of Rs. 16/- per scrip will be applicable when the traded price is Rs 3,200/-

NOTE: Minimum brokerage of Rs. 16/- will be applicable only on SELL Delivery Transactions.

For F&O trades :-

0.1% on the first leg

0.02% on the second leg if squared off on the same day and 0.1% if squared off on any other day.

Basically you are paying .6% /leg on intraday (.1+.02)/2
That's the highest brokerage I have ever heard of previously it was SBI's .55% (.1+.01)/2
Most brokers have highest rates of .5% /leg