[Resolved] Karvy Stock Broking — Misinforming brokerage charges | |||
Karvy said that the charges for delivery was 0.3% of "trade value" or minimum of Rs. 25 + Taxes When I did the trading I realised that the brokerage was very high. I asked for the reason and got following information - KARVY charges 0.3% on "per share value" or minimum of 30 Ps per share. WHAT that means to investor - for share price Rs. 10/- and single trade of 1000 shares KARVY will charge brokerage of Rs 300/- (and not Rs. 30/- as your may be thinking using logic of 0.3% charges) THAT IS 3% BROKERAGE JUST IMAGING CHARGES ON STOKES THAT ARE BELOW Rs.10. SIMPLE PUT AVOID KARVY FOR ANY TRADING OF SHARES AS THEIR CHARGES ARE VERY VERY VERY HIGH Was this information helpful? | |||
Complaint marked as Resolved
Verified Support Mar 19, 2015 Karvy Customer Care's response "Dear J K Tiwari,
As discussed with you, we would like to explain this better once you are back in town. We will call you back as per your request.
Thanks,
Team Karvy"
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 2 Comments | |||
Comments
Its Correct
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Karvy House, No. 46, 8-2-609/K, Avenue 4, Street No. 1 Banjara Hills, Hyderabad, Andhra Pradesh, India - 500034
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I have given my portfolio to Karvy for Portfolio Management. They are charging 0.5% brokerage whereas from others they are charging less.
Not to talk about their portfolio management performance.
I handed over two portfolios about two years back and the hypothetical current value of those portfolios (i.e. The passive portfolios without any transactions which can be set as bench mark) is about 5% higher than the portfolio managed by Karvy, ( Karvy has asked me to wait for 3 years which I am patiently waiting for !!).
At the time of taking over the Portfolio, it was told that the Portfolio Manager will be backed by Karvy Research Team. In practice, it does not happen since Portfolio Manager has to pay for the services from the Karvy Research Team, which he prefers to avoid- leading to portfolio management by an Individual without any back up of a research team !!.
Further Karvy forces you to open a current account with Kotak Bank ( Not a savings Account) and thus you loose interest on any liquid cash.
Karvy also does not allow the investor to "observe" his bank current account through Internet ( No operation of the account ).
Above is for information for the persons who may give their portfolio to Karvy for management.