I have heard lots of negative reviews about Nirmal Bang and unfortunately I too fell for it without knowing about it.
My Story
I was told by the RM of Nirmal Bang about cheapest brokerages at 0.012 for futures and commodities and only thing is that I need to pay advance brokerage of Rs. 10,000 for it for each equities and commodities. And he promised that the same Rs. 10,000 will be refunded to my margin account every month.
But what he did not tell me when signing up was that the brokerage will be charged from my regular margin account + the government taxes. And at the end of the month whatever brokerages being deducted will be brought back to the account from the Rs. 10,000 already paid from the advance brokerage scheme. The amount refunded will also only be the brokerage without the tax and hence there is no point in getting a discounted brokerage charge of 0.012 as you will have to be a very heavy volume trader for one whole year to get the Rs. 10,000 exhausted or else that amount will be lapsed and will be pocketed by Nirmal Bang.
I was of the notion that the Rs. 10,000 will be refunded as that stupid RM from Chennai told it as that way hiding the real fact. Now I ended up losing on my trades as well as on the brokerages this way!
Why is SEBI being so silent on such unethical practices put forth by these cheating brokerages. Already all the retail investors are suffering a great deal with their trading and besides these brokerages cheat them from the outset which will only make the matters even worse for them and all the retail investors and traders will be driven off from the market soon with such practices!!
Also be extra careful with these Nirmal Bang guys, they are the number theives in the market now....
My Story
I was told by the RM of Nirmal Bang about cheapest brokerages at 0.012 for futures and commodities and only thing is that I need to pay advance brokerage of Rs. 10,000 for it for each equities and commodities. And he promised that the same Rs. 10,000 will be refunded to my margin account every month.
But what he did not tell me when signing up was that the brokerage will be charged from my regular margin account + the government taxes. And at the end of the month whatever brokerages being deducted will be brought back to the account from the Rs. 10,000 already paid from the advance brokerage scheme. The amount refunded will also only be the brokerage without the tax and hence there is no point in getting a discounted brokerage charge of 0.012 as you will have to be a very heavy volume trader for one whole year to get the Rs. 10,000 exhausted or else that amount will be lapsed and will be pocketed by Nirmal Bang.
I was of the notion that the Rs. 10,000 will be refunded as that stupid RM from Chennai told it as that way hiding the real fact. Now I ended up losing on my trades as well as on the brokerages this way!
Why is SEBI being so silent on such unethical practices put forth by these cheating brokerages. Already all the retail investors are suffering a great deal with their trading and besides these brokerages cheat them from the outset which will only make the matters even worse for them and all the retail investors and traders will be driven off from the market soon with such practices!!
Also be extra careful with these Nirmal Bang guys, they are the number theives in the market now....
