Jun 14, 2009 04:04 PM
5707 Views
No doubt that Reliance Money has redefined theIndian Broking Industry. Their unique Limit Card ( Rs.1000/2months) andSecurity Token (A third level password which automatically changesevery 32 seconds) are new to India.
Cons of Reliance Money
If you trading volume is less than 2 lakhs/month then the effective brokerage would be very high Forevery telephone order you will be charged Rs.15/order. ( Otherbrokerages are giving a toll free number and free 50-100 orders/month) Ifyou place fund withdrawal request, the amount would be debited fromyour ledger instantly, but you have to wait for 2 working days to getcredit into your bank account Ifyou place margin orders ( intra day orders) you need to manually squareoff before 3.10 PM otherwise there is no guarantee that your openpositions are squared off. You may be made to pay auction charges.
If you place intra day orders, you will not be allowed to place stop loss orders. Sharesin you Demat accounts would not taken for consideration whilecalculating your daily limit ( others give you atleast 50-80% limit) Forintra day trading, they give only 4 times exposure of your ledger cashbalance. For F&O, only one time exposure is allowed. Sometimes their Insta, Fast platforms did not load properly or rates maynot refresh automatically. Their easy platform is very slow. Their DP A/c is not free.
They are also charging AMC and for every debit instruction. They didn’t have any EXE software for trading. All their platforms are browser placed. Hence very slow. Their trading calls and investment tips are not free for even high value customers. If you make a service call, their customer care employees would take more than 48 hours to initiate action. Increase the charges every year For every request to change your bank details, you will be charged Rs.20 You have to carry security token all throughout a day (wherever you go) with you for trading. Ifyou miss security token, it would normally take 15 days to get itreplaced. You will be charged and have to miss trading opportunitiesfor this 15 days. You have to pay full limit card charges even if you trade only one day/2months Compulsory Power of Attorney for your Demat A/c and Bank A/c?!!!!! Pros
Low cost for frequent and high value traders Mobile trading through GPRS enabled handsets You can access trading site even in the firewall protected networks and offices Online seamless, paperless Mutual Fund Purchase and IPO subscription It.
