Hi All,
I recently started trading in options and I was under the impression that I was doing well until today when I want out that my demat brokerage firm has been charging 16x commission( rs 4 per quantity) which I know for sure is very high. My mistake here is that I didn’t go through the contract note regularly. Qns 1. Is there a SEBI rule which prohibits brokerage firms to charge such high fees? Qns 2. SHould I keep the hope of getting back the excess brokerage fees ?
There is a max limit, but its set high. As per the BSE & NSE Bye Laws, a broker cannot charge more than 2.5% brokerage from his clients.
If the broker has stated his charges upfront, he hasnt done anything wrong, there is nothing more you can do other than not dealing with the said broker again.
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Did you join any full house brokerage like HDFC, SBI , ICICI
etc…
if so you will be facing this issue.
If you would have joined in discounted brokers like zerodha 5 paisa fyers alice blue etc…
There is only one way they charge hell like that. That one way is “financial influencers”. Joining discounted brokerage via financial influencers link/referral may lead to per lot brokerage than normal 20Rs per trade brokerage.
So beware of joining via any financial influencers(Youtube,instagram freaks)
Since the name of icici was mentioned, i am commenting. The charges are predetermined and as per my brokerage plan, i will be charged. My broker is icici direct. Till date what is contracted is charged.
Maybe its different when u trade. I buy sell in cash segment
Even I buy/sell in cash only. The likes of ICICI, hdfc, kotak are doing daylight robbery. The may be good for f&o but definitely not for cash.
How much brokerage you are paying at ICICI for delivery buy/sell transaction
Thankyou all for sharing your views. I highly appreciate it.
I’d like to narrate the entire story and try to gather any relevant information which will help me to recoup at least a certain percentage of the excessive brokerage charges charged by Motilal Oswal.
Here it goes:
My grandfather opened this account in early 90’s and I’m not sure what were the rules and obligations for trading.
Very recently-April’23 I started doing options trading and I can confidently say that 80% of my trades were profitable. However, the amount in my portfolio kept on going down. On 2nd June, I went to the regional office of Motilal Oswal and discovered that they are charging out-of-the-world brokerage charges. I have lost Rs 4,30,000 in the last few months.
I would be forever grateful if you could help me devise a strategy through which I can put forward a case in front of MO to refund a certain percentage of the excessive brokerage charges.
I’m asking for a lot but please please please help me out here. Thankyou
please clarify this amount outgo is just for brokerage?