brokerage of 21 lakhs charged for trading turover of 45 lalkhs – Brokerage plan assigned by Broker without Consent
High Brokerage Charged: ₹21 lakh on ₹45.7 lakh turnover — this is ~46% of the total turnover, far exceeding SEBI/NSE’s 2.5% cap.
Violation of SEBI Bye-laws:
Maximum brokerage allowed: 2.5% of turnover per trade
For ₹45.73 lakh turnover → Max brokerage = ₹1,14,338 (approx)
Actual charged = ₹21,07,392 → clearly illegal
Breach of Fiduciary Duty: Broker unilaterally assigned an expensive plan without investor consent, which:
Violates SEBI’s Code of Conduct.
Likely breaches Exchange Circulars on plan choice and client interest.
my question : June : brokerage plan assigned by broker costed me 21 lakhs approx for trading turnover of 45 lakhs ( they assigned me rs 49/lot even though rs 20 per order was available)
later in july i change my brokerage plan and did trades worth 2 crores worth turn over …but this time brokerage is rs 3 k max …( this time i selected a plan rs 20 per order based on my trading needs, trading exp, risk tolerance)
you can see diff between brokerage plan assigned by broker impact on retail investors …currently fighting …any suggestions or questions …much appreciated. Thanks Women Investor
hi siv its one of the top brokers …concern is …sebi says investor consent must be explicitly taken to assign any brokerage plans , also must follow fiduciary duties (in best intrest of investor ) as per sebi brokers code of conduct 1992, also sebi has a limit but nothing followed. here …thanks for reply
SEBI scores, cancellation , arbitration all done …during arbitration they offered 75% refund settlement out of arbitration …which i refused …i asked for full refund as its my hard earned money.
This is BIG: due to their system deliberate design & programming , (i can provide code with evidence), many millions on their platform who activated F&O segment till oct 2024 also got assigned standard plan rs 49/lot unilaterally without giving choice to user / investor …sebi mandates explicit consent but its not followed here . …many millions who activated F&O before oct 2024 all impacted and lost crores of hard earned money as highest plan get assigned by their systems even though cheaper plans are available . Users are not even given a choice to make informed decisions,
note : why i am referring before oct 2024 is , during cancellation meeting i showed them this and after cancellation meeting they made changes to hide away their no compliance with SEBI
: Evidence of video recordings of their F&O activation process before oct 2024 and after oct 2024 are available for Verification with date, time stamps.
Yes, could be ICICI Direct. They are such a bunch of (insert expletive).
Once they kept on selling my pledged shares on a daily basis, of small amounts (50k daily). I had minor positions in currency and commodity as I was testing their platform, and their support could not even tell me which segment has a margin shortfall. They kept on forwarding my support call from one department to the other. Then, I did my own calculations and there was clearly no shortfall. Finally I did a SEBI complaint about the selling of pledged shares without a reason, had a very good talk with the NSE person who was assigned to the case, and settled for a 16k penalty reimbursement from ICICI Direct. Could have gone for even more as by now they had realized that their system was wrongly configured, but I softened my stance and obliged.
Not necessary. Not everyone tracks their finances that closely, which is a big reason why that people end up in debt/overspend.
Financial literacy is lacking in our country.
OP is hit hardest due to high brokerage. A simple case in SEBI and release to news media would be good enough to get them on their feet and pay back to all people who were wronged. But OP definitely needs to gather the courage to stand up and name them. Fear of retaliation will only keep OP in losses.