[Resolved] Axis Direct — High brokerage charge | |
I purchased 50000 shares of a stock at 30 paisa per share. Total investment of Rs 15000. Axis Direct charged me brokerage of Rs 5000 on purchase of shares worth Rs 15000 only. They have a clause in their contract where 10 paisa per share is charged for all shares worth Rs 10 or less. The person who helped me open the trading account never informed me about this. When I put a compalint against this, the bank said its there in the contract I signed. There are 60 pages in the contract and how can a normal person spot a clause like this if not informed by the bank. When I sell the shares, they will again charge me the same rate. So for a 30 paisa share a end up paying 20 paisa as brokerage, which means 66%. How can an investor make profit on his investments if he/she is charged do much. No other bank has such high rates. Was this information helpful? | |
Aug 13, 2020 Complaint marked as Resolved | |
 10 Comments | |
Comments
I have the same problem.. The Axis direct with all its charges has robbed me for good.They not only charge maintenance fee, but 2.5% brokerage charge for both purchase and selling and add all other fancy charges. I some time feel its better to deposit the money in some bank.i would get better interest
Reply
Ponnuvel Subbarayan's reply, Jul 25, 2017
One solution... you have to ask account opening form copy. Most of time they have did fraud by put Customer sign due lot of sign what to get from customers. So mistakenly Broker sign instead of customer. So you can make Complaint because of signature fraud. You can get all charges what they debited from your account. Its a possibility. If you found it, You are dominate. Sure.
worst bank i have ever seen in my life, Both banking service and also demat service and charges are highest among all the brokerage hosues of india.
i will get out from this bank within next 2 week, i don't want to listen name of this bank after that.
i will get out from this bank within next 2 week, i don't want to listen name of this bank after that.
Ponnuvel Subbarayan's reply, Jul 25, 2017
One solution... you have to ask account opening form copy. Most of time they have did fraud by put Customer sign due lot of sign what to get from customers. So mistakenly Broker sign instead of customer. So you can make Complaint because of signature fraud. You can get all charges what they debited from your account. Its a possibility. If you found it, You can do. Sure.
AXIS DIRECT TOO COST COMPARE TO OTHER SECURITIES.
Please read the documents carefully before opening an account.
Some more facts about axis direct for new customers.
1.Minimum of Rs.20 or 2.5% for an order.
2.Not suitable for intraday scalping techniques.
3.No real time charts for technical trading.
4.Annual charge of Rs.400.
Some more facts about axis direct for new customers.
1.Minimum of Rs.20 or 2.5% for an order.
2.Not suitable for intraday scalping techniques.
3.No real time charts for technical trading.
4.Annual charge of Rs.400.
I have faced the same problem. while opening account, the executive told me the brokerage in 40paisa/4paisa per share. after opening the account and after doing transaction for first 2 days, I realised they are deducting .5%/.05%...and minimum brokerage in rs.20 or 2.5% per transaction. so for intraday trading, one has to pay 5%... all these were never disclosed when opened the account... I am also planning to switch to some other broker...
it open demat service without apply and charge 499 rs.
i will get out from this bank within next 2 week, i don't want to listen name of this bank after that.
i will get out from this bank within next 2 week, i don't want to listen name of this bank after that.
This is what same happened to me, i planning to shift my trading account to zerodha., , all my profits going to brokerage, this is the worst bank i ever seen, first they told for 3 in 1 account the total charge will be 5555 but they charged me 6800, later i purchased their software they asked me to pay 1500 but they charged me 1800 and the software is so dumb. ...is any one using zerodha how is the brokerage charges in it, is it reasonable or its going to cost the same as axis.
I've been Using an Axis Direct Account for the Past 2 Years, they have Only 2 Flaws, High Brockerage Cost of 0.5% for Delivery, No BTST Facility Available, Options trading Brockerage per lot of rs 100 is too Expensive, they say that the AMC is rs 400 But I get Charged almost rs 1200, I've Started an Account with Nirmal Bang Securities, If all goes well, Will Deactivate my Axis Direct Account...
@ thararuday, First of all, Ur Investment Style is Ridiculous, Buying 5000 Shares of a penny Script, Second the Brockerage of rs 5000 is absolutely ridiculous, No one is Stupid to charge u 30% Brockerage, Max Ive been Charged for an Order of rs 20000 is around rs 150 Inclusive of 0.5% Brockerage, STT, Stamp Duty etc... Please dont blabber without any sense !!!
One solution... you have to ask account opening form copy. Most of time they have did fraud by put Customer sign due lot of sign what to get from customers. So mistakenly Broker sign instead of customer. So you can make Complaint because of signature fraud. You can get all charges what they debited from your account. Its a possibility. If you found it, You are dominate. Sure.