Can I write a review about other brokers

I am aware of a very bad and unethical discount broker and wish to share that here for others’ benefit. My sole intention is that other prospective (however few it may be) don’t get cheated like what I have seen.

Please go ahead im already fed up with the markets

Sure, I think you should really carefully describe the whole situation anyway. That way you really can make something out of it. See my point ? I do not understand what is really happening here completely and all together. Show off bad brokers.

Go ahead bro.

The broker is tradeplusonline.com owned by Navia markets limited which is a chennai based company. My relative is the client there and was lured by the 99 rupees (plus GST of course!) per month tariff that allowed unlimited trading in options. They also offer zero brokerage for investments like many other discount brokers. The demat charges are also quite reasonable at something like 100 rupees per year to be paid upfront for five years. The good thing about the company ends here.
They charge separately for software that is not mentioned. Though the 99 rupees is claimed to be collected on a pro-rata basis - that is the number of days in a month beginning on the first day you trade till month end. They did not refund the money even though the account was opened on 20th Aug. It is not a big deal because the amount involved is very low but still reflects on its ethics.
Next is the software charges for their proprietary trading platform. You must buy this because the free now online is not at all useful for trading because the quotes are not streamed and placing the orders and looking at their status is really time consuming. This is also okay because you know when you buy the software and also because they don’t mention the software as free either implying that we should ask them beforehand. The main issue is the time lag it takes to place orders and several times the screen area where quotes are supposed to be displayed goes blank. You can neither see the prices nor add any scrips nor place orders. Just wait till the issue gets resolved hoping that our account is not wiped off!
Their customer service is so dumb that they either don’t respond or close the ticket stating that their support executive indicated that the issue is resolved. Despite explicitly telling them to send an email, they will call you and give irrelevant response and close the ticket.
They just debit the account and we need to see the ledger everyday very carefully. We had to approach the SEBI which has forwarded the complaint to nse and then the company reversed some wrong debits. Even though these amounts are not big, it reflects on the company’s ethics and values.
They allow pledging shares like any other broker. This business of pledging the shares is risky because the positions in derivatives can go against our position to any extent. Despite writing to them explicitly not to provide collateral margin unless asked for and holdings are pledged, they debit thousands of rupees towards interest charges and are now claiming that it is margin funding while they replied that my shares have not been pledged. They have neither sent the poa nor the application nor ekyc (Account opened online based on aadhaar) but now claim that I have read and understood some 8 documents on the date I made the application. It appears that the poa allows them to give this funding and charge interest at a rate they decide!
They send periodic running account statements that show a positive balance throughout. They send another margin report that shows debit balances. Could not make out how a client can have debit balance in one statement and credit balance in another.
The impact of pledging the shares and the poa are the same so far as the client is concerned because the company can liquidate my holdings to make good any loss. Under these circumstances which fool will go for margin funding at such a high interest rate when pledging is so cheap. If I pledged my shares, the liability to pay interest arises only when the cash component of the total margin falls below 50%. The value of my holdings is more than 3 times the total margin and the cash element was never less than 75%. I still don’t understand as to why they are debiting interest.
They are not even sending the client master record (CMR) to enable me to transfer my shares to another broker despite repeated reminders. We do not know where should we complain.
Their back office is also very complex and difficult to use.
I am prepared to share the correspondence screenshots (between the client and company) also if anyone feels that I am pulling down this particular broker for some ulterior motives. If you are convinced about the genuineness of the content, I request you to mail them ([email protected]) that you will not open an account with them because of this mischief. My hope is not that they will return my money but at least make it known to prospective customers about their ingenious method of making money! Unfortunately, our case was heard at NSE on 12th and we could not personally be present there due to Ganesh Nimajjan processions and consequent difficulties in travel. We have now written against the NSE to SEBI as their order did not discuss the material supplied to them and thus appear to have not considered them at all.
I request the admin to delete this message in case it violates any policies of the site and I affirm that what is stated is true to the best of my knowledge and belief.

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