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Wednesday, July 12, 2006

DO YOU THINK ONLINE TRADING IS SAFE?

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posted by Concerned Citizen at 7:54 AM

4 Comments:

Anonymous Anonymous said...

A very apt story considering whatever is going on in the BSE:


Once upon a time in a village a man appeared who announced to the villagers
that he would buy monkeys for Rs. 10. The villagers seeing that there were
many monkeys went out in the forest and started catching them. The man
bought thousands at 10 and as supply started to diminish and villagers
started to stop their effort


He announced that now he would now buy at 20 rupees. This renewed the
efforts of the villagers and they started catching monkeys again. Soon
the supply diminished even further and people started going back to their
farms.


The offer rate increased to 25 and the supply of monkeys became so
Scarce that it was an effort to even see a monkey let alone catch it.

The man now announced that he would buy monkeys at 50! However, since
He had to go to the city on some business his assistant would now buy on
behalf of the man.

In the absence of the man, the assistant told the villagers, "Look at
All these monkeys in the big cage that the man has collected. I will sell
Them to you at 35 and when the man comes back you can sell it to him for
50." The villagers queued up with all their saving to buy the monkeys.

Neither did the man come
Nor his assistant
Just only monkeys all around....
That's how the Share Market Functions

8:26 AM

 
Blogger shabeeth said...

i just came acros this blog.. so thought of posting a series of interaction with sski,which i forwarded to all my friends and certain yahoogroups..
28.06.06
pls find chat session b/w a client &the GREAT sski ...this is the kind of service being given by sharekhan online team..pls forward this to all as it is the only way we (as retail trader) can retaliate


The session has been accepted.


{Meher} Good Morning

{Meher} May I have your customer id and email id please ?

{Visitor 0} wait

{Visitor 0} 103378,

{Meher} May I have your query please ?

{Visitor 0} due to the error from ur side(speed trade) i had a loss
i punched buy 100 wipro@463.25 (10.08 am) then cancelled it 10.10 am .. but it did not execute ... i got trade cofirmation at 11.25 by that time scrip was trading between 455-458..

{Visitor 0} loss of 660+tax+brokerage etc

{Meher} W e regret any inconvenience caused to you sir.

{Visitor 0} a mere regret won't do it... this is not for the first time..

{Meher} Just a moment please.

{Meher} Sir you had placed buy order for 463.25/- which is executed on same price sir

{Visitor 0} my complaint is that , cancellation did not execute in time

{Meher} Sir our concern department is looking into the error

{Visitor 0} how long will it take to get an answer from 'concernend dept'

{Meher} Just a moment please.

{Meher} Sir due to technical glitch from our end you were unable to modify or cancel the same

{Visitor 0} ok, who would bear the loss now?

{Meher} We shall be unable to bear the notional loss from our end

{Visitor 0} this is not a notionalone... it is the techinical mistake ... and i pay brokerage for ur mistake too

{Meher} We would also like to inform you that we are taking adequate steps to ensure this kind of disruption in trading does not happen in future. We assure you that we are committed to provide high quality service to our customers .Be rest assured that the Sharekhan team is on the job and working very hard to keep our commitment.

{Visitor 0} this does not solve problem.. i understand ur limitaitons, i want brokerage to be waived off

{Meher} We would further like to inform you that compensation towards the same would not be possible as disruptions of services due to temporary system failures /disruptions /breakdowns are not covered.

{Meher} Is there anything else i can assist you with?

{Visitor 0} what aboput the brokerage

{Meher} Just a moment please.

{Meher} We would further like to inform you that compensation towards the same would not be possible as disruptions of services due to temporary system failures /disruptions /breakdowns are not covered

The visitor has ended the chat session.
28.06.06-meher,phoned me andreiterated that they cannot do anything
28.06.06-RM of SSI calicut br. Mr.Santhosh replies me..pls find it
Respected Sir....

Got ur mail and we appologize very much for that error which hapnd.

I would like to add some points as mentioned below for your kind perusal....i m attaching the file which is prooving that ur trade has been done by 10.07 am and I think it has hpnd only due to ur Net connection problem. And the second thing regading the trade delay whch u hv mentioned in ur email, it is happening in NSE and BSE which r trading through VSAT also some times. Even the trades r getting confirmed after market hours (ie After 3.30 pm up to 4pm, some times).But in this case we won't get any compensation from exchanges or any other Brokers. For the same (Compensation regarding teh technical problem)it has mentioned clearly in our KYC (Know Your Client Agreement which is the agreement between the client and the broker)..
pls go thrgh that.

Anyway Thank u for ur GR8 mail, and to adressed all. keep it up

Regrds,
Santhu
28.06.06-7pm
my reply
dear santhosh,
thanks for ur mail.. i like to point few things
1) u attached a file proving the buy order executed at 10.07 am.. in fact it is the time speedtrade accepted the buy order .. trade executed at 10.32 am (i am attaching SSKI digital contract , a document from ur end,,,u go the bottom most , there u would find annexe ..see the timing there)
10.07 gave buy order
10.10 gave cancellation order(did not execute)
10.32 buy order got executed Purchase Quantity Sale Quantity Rate
200606275157941 5221962 10:32:1 WIPRO LTD. 100 463.25
200606275796403 5574058 11:38:3 WIPRO LTD. 24 458.20
200606275849418 5627655 11:46:3 WIPRO LTD. 49 455.10
200606275796403 5574694 11:38:3 WIPRO LTD. 24 458.20
200606275796403 5574428 11:38:3 WIPRO LTD. 2 458.20
200606275849418 5628179 11:46:4 WIPRO LTD. 1 455.10

2) u said it could be my net connection problem, then how come the person sitting in ur branch office could not execute the cancel order(i had phoned him and asked to give cancel order from there)... and sski IT dept has admitted the tech glitch.find it in the next sentence
{Meher} Sir due to technical glitch from our end you were unable to modify or cancel the same

3) I agree for this point- KYC agreement.. there is always a fine print in every form we sign, it is a kind of bail... but there should have been a PRUDENTIAL act(machines does not have it , only the man has) ...and remember if u read the fine print on reversal of the receipt of a courier company, u would not send anything...
- Show quoted text -
then on 20.07.06
Dear Sir/ Madam,

Greetings of the day to you.

As per our telecon and further to our chat conversation we would like to inform you that we are reversing the brokerage levied in your Online trading account for the trade of 100 WIPRO on 27/06/2007 and the same shall be credited to your Online trading account at earliest.

Please feel free to write to us in case of any further query and we shall be glad to assist you.

Thank you for visiting www.sharekhan.com

Assuring you of our best services at all times and looking forward to a long and pleasant association.

Regards,

Team Sharekhan
dear all
You must be remembering my previous mail and 'chat session' forwarded... now sski has decided to return at least the brokerage.. this shows the power of collective bargain, when injustice done.. thanks to all of you

shabeeth

8:00 PM

 
Anonymous Rajesh Jain said...

I invest small amounts in shares as Bank interests does not cover even the inflation cost – During my small stint I have personally experienced this many time that whenever I have accepted tips from my stock broker/agent I have shelled out the highest rate and if I have taken tips on selling I have always sold at lowest or at a very low price. I changed my dealing to a bigger National level stock Broker but I again lost out I am recently told that these tips often benefits there big investors who gain at the cost of small investors like us. Pl guide me whom can I turn to for a trusted advice since I myself is not aware of the field nor will I have time to invest into this given by busy schedule

6:09 AM

 
Anonymous Paresh said...

Dear all,

I wish to know which is the best service provider for online trading terminals and also prompt responder as RM?
I believe Kotak is very good but no feedback. Idirect has also slashed the brokerage rates recently. Do all of them give both BSE & NSE terminals?

Regards,

Paresh Joshii

3:04 AM

 

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