Online trading platforms are arm twisting the customers and despite agreeing to a different rate structure, they at a drop of hat drop a mail where they announce change of their policies and an example of same is listed which shows a blatant violation of the rights of the traders associated with them.
The below email from SMC global online is a testimony to said fact and same is as appended below for your consumption and to be on safeguard against the nefarious design of these arm twisters we will request SEBI or NSE or BSE should take them to task..
The circular of SMC global sent to its clients in email is as below: Dear Customer, Kindly note that where the gross brokerage calculated at the agreed rates is less than Rs. 20/- for all transactions of any day in each segment, the same will be rounded off to Rs. 20/-. In case of petty transactions it would be advisable to bunch them in a single day so as to minimize the effect. It shall take effect from 01.10.2010 Assuring our best services always
SMC Global Securities Ltd.
Thanks, Customer Support - Offline SMC Group of Companies Board
Line 011-30111333 Extn 7401,7402,7403
Note: Submission of financial documents has been made mandatory by SEBI for all customers trading in the Derivative segment. Please ensure that the mandate form and self attested copies of your financial proofs are submitted to any of our nearest branch as soon as possible.
Implications: It means that now one has to deliberately trade for a higher amount else the brokerage for the sale of shares for smaller amount will be higher than the contracted rate as one will be charged for minimum Rs 20. Access details about all online trading account here and also make your own judgement about best online trading platforms and be an informed investor and a trader par excellence as money saved through brokerage is money earned.
