My journey with SMC India

[GREENCANDLE]

I have opened a trial account with SMC India ,just before one month. Before then I had no Odin basis trading terminal. Now I am going to express my experiences, difficulties with them so that someone can suggest me to rectify them. The problems may be due to my less experience or may be deficiency lies within their system

The first thing I found difficult to check the fund available and limit of margin. Their A/c statement is very confusing to me .Here is my unedited account statement .Can anybody guess how much I have left now (though it should not be a guess work) and how much I have deposited. Why they make the statement so confusing ,Is my fund will be safe with them.

 

[alroyraj]

Its quite confusing I would agree. But in the end of the contract note iN indiabulls they have a list of the abbreviations and acronyms.
I think N means that the amount is transferred (credited) by cheque or net banking.
A means the amount is transferred to the trading account.
The credit is toatlly how much u have paid into the a/c.
Balance is ledger balance.
Debit is the amount used.

 

[GREENCANDLE]

thanks@ alroyra , To day I faced an another issue, I have switched my OS from vista to Win7,after then when I reinstall Odin diet , I unable to find any script in work space, Problem is most probably due to missing masterfile,but I dont find any option to download them.

I have sent intimation to smc customer care to fix it with their show my pc gadget but no response from them. I guess their support system is too weak .Even their customer care personal never haired about amibroker.One of their system expert once told me AMIBROKER KEYA HE
Here is the screenshoot of my problem

 

[alroyraj]

On these forums someone found a solution to Windows 7. Search in google typing that and traderji. It is better than the forum search function.

 

[GREENCANDLE]

Thanks for suggession but I resolved the problem just by downgrading my os to vista. One good thing about smc they providing odin almost for free, Icant say if ther is any hidden charge as still I cant understand their account keeping system.So it is difficult for me to say for any deduction they make why how and when.

 

[GREENCANDLE]

It was more than one month I have deposited 2k cash (DD) in favour of smc ,and also a check (a/c payee )of 25k which was deducted from my bank a/c on 18/11/2010 , none of them still deposited in my trading account. what to do now?customercare doesn’t responding properly they are demanding me PAN,DP ID ,DOB etc.I have scene copy of both.

 

[GREENCANDLE]

Trading is a game of uncertainty ,Broker like SMC makes it more uncertain unreliable. we are trained our eye to look in to loop holes so that money cant poured through it but what to do if main hole is open?Subbroker is authorized by main broker, so depositing any money in cash or check to sub-broker is like to depositing it directly to broker.any fault from sub broker or broker is same thing. They are sharing profit ,earned through it.So they should share liabilities too.

Now SMC customer care acting like corrupted govt officer. They are asking me to produce evidence of payment one after other I made to them .Instead they can resolve the problem just by asking their subrokr if they have good will to reslve it.

Now they are asking me for my bank statement,and also the account no of bank where the check was liquidate.I am bit confused the check was made payable to SMC Global Securities LTD. Without mentioning any ac no.It was inter city check ,so I think they liquidate it in their local branch.I am bit confuse ,cant trade today .I need to go my local branch SAN BIN KI LIE .

 

[GREENCANDLE]

At last the problem resolved, it seems they have serious problem with their accounting system, but they doesn’t admit it, they even don’t care about inconvenience made by them. After opening the account I made 4 payment to them 500+3000+2000+25000.Each time I faced the same problem. However it is still pending to test how they react if I make a request for withdrawal check.



Besides several problem I realize it is much more convenience for intraday trading than browser based trading. it is much more faster ,versatile.

 

[GREENCANDLE]

Today SMC refund back my Rs.1500 which was charged for ODIN .Hence my up-to-date balance is Rs. 31,294.16. I have decided not to pull or push any money to or from my account in next one year. I shall go on update my account once in each month.

HAPPY TRADING​