Raghav is a CA working for a MNC.He wrote the following email to me:
“Over the last few years, there have been as many as 200+brokerages which have defaulted and affecting thousands/lakhs of their clients.
I hit upon an idea that the best way to protect the investor interest is to open up the financials and all hidden charges of brokerages.
For example, today there are thousands of UNICON Securities clients who have been taken for a ride. UNICON was pedigree and had Sequoia capital as an investor. If someone was tracking the financials of UNICON, it would have been easy to figure a while back before the event that there was some mess at UNICON when they lost 24 crores 3 years back. Check this: http://comparebrokerages.in/brokerage/uniconsecurities
Similarly, I have put up 70 other brokerages on this list and need your help in spreading the word.”
I checked out the site and its well designed and very useful for investors.
Would strongly recommend readers interested in researching brokerages and in opening brokerage accounts to check out this site
2 replies on “Site Review: Compare Brokerages”
I have a bitter experience with Geojit. I am an Axis Bank account holder, and after they severed ties with Geojit, I have transferred my holdings to AXISDIRECT, as I am used to it and felt convenient . A Geojit employee came to my home and collected all the necessary documents , signed by me and my holdings were transferred to AXISDIRECT. So far so good. But after TWO years, Geojit mails me that an amount is DUE for the BROKERAGE CHARGES/ ACCOUNT CHARGES. After severe complaint, and repeated mails, they say that they could not trace the documents signed by me. I said go to hell!
I think it is better we are careful regarding the new set of brokers called “discount brokers” or “online brokers”.
Better be alert and swift in out actin if we find some misdoings
Regards
Satish Mruthyunjaya