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Multiple Demat and trading accounts - another problem to resolve!!

Just like multiple email accounts, I have opened multiple demat accounts in the last 3 years. As per the last count, I have in my name demat accounts with the following brokerage houses:

1. ICICI Direct - Online account - It is hardly used. (I dont rate very high of the online share trading platform of ICICI Direct because it is very slow and I find it not very user friendly)

2. Sharekhan - Online account - Occasionally used. The functionalities are good including a portfolio tracker. But the problem here is it sometimes fails to connect to the server. You dont get quotes at all.

3. India Infoline - Online account - Hardly used in the last 1 year. This is a software based application cant be used in a networked environment because of restrictions.

4. Geojit Securities - Offline account - Actively used.

Of the four mentioned above, I have initiated steps to close the India Infoline account. It should be completed within the next 15 days. Then I would be left with 3 Demat accounts. Even that I feel is too much.

Of the online trading accounts I have seen, Kotak Securities provides you with an option to use their software based application (KEAT) as well as a browser based trading window. Particularly where there are severe network restrictions, you can atleast use the browser based window for accessing your online trading account either from office or from a internet browsing centre.

When I tried to inquire about the browser based trading window, India Infoline, Angel Broking, ILFS Investsmart etc came back saying that they dont provide that facility. I cant really figure out if they dont have this facility or the salesperson doesnt know about the availability. The quality of guys who you meet while you open trading accounts leaves a lot to be desired. They lack basic knowledge of the share markets, the desired functionality of the users like online Portfolio tracker, fund position etc., They keep talking about the brokerage rates which hardly matters if you are not a day trader working on small margins. It is also difficult to get a complete demo of all functionalities from a brokerage house on their online accounts.

Anybody who has a satisfactory online brokerage account with all features like browser based and software based trading windows, one-click access to funds status, portfolio tracker, past transactions history, tie-ups with big banks for funds transfer and most importantly a easy to understand ledger can suggest the name of the online broking house and share their experience here so that others can also benefit.

1 comment:

Firoz Khan said...

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