Selecting the right broker?

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Stock market is soaring high and breaking records every day.  Making huge bucks out of it, is a lucrative prospect.  All of my friends are having online demat account with almost all the leading brokerage houses in India. All of them are providing online trading facility along with many other facilities like online investment in IPO, commodities, mutual funds and currency, etc. All of them claim to be the best one and being awarded by some award. Infact top 10 among them are well known and huge groups. ICICI Direct, Reliance Money, Sharekhan, Motilal Oswal, Edelweiss, Geojit Bnpparibas,  Kotak Securities, HDFC securities, Angel Broking, Karvy and India Infoline, they all are well famous and renowned firms.

On paper, they are offering almost similar brokerages and other charges like few are charging higer brokerage but lower account opening and maintenance fee where as few are offering low brokerage with high account opening with low brokerage charges.  I want to go for the best one. A group which is providing efficient services at economical charges. Charges can be determined but determining service is a tedious task. In my personal interaction, all of my friends appreciated their service providers for their good services like Sharekhan, Edelweiss, ICICI Direct, Reliance Money and Geojit. Praise for all these groups from my friends added to the confusion.

So I decided to go online to look for reviews and suggestion. I thought online community would be able to help me out. There are so many out there that I will be able to reach at some conclusion, but I ended up in more misery. There are hardly any positive reviews about all service providers. All seems to be just big name and but nothing more than big scams. Customer service is the area for concerns and all reviews for all service providers complain about that. I did some further R&D on the issue and short listed some companies. Here are their names and comments about them would be highly helpful.

1)      Reliance Money

2)      ICICI Direct

3)      ShareKhan’

4)      Motilal Oswal

5)      HDFC Securities

If you have any specific query related to share trading, mutual funds or share brokers in India, click here to post your question.

These are top five picks from me but I want to know further if some of you can advise further. Online broker is a very important step towards entering the stock market. A right broker can enlighten the journey and a bad can create disaster for you. The reason I chose these groups are listed below;

  • Reliance Money – It is a huge brand and reliance capital is one of the leading market players in this segment. So I am expecting good customer support from them. There brokerage charges are competitive and provide online investment facility in most of the financial instruments. They are secure as they provide a security device to increase the security for login and its usage.
  • ICICI Direct – ICICI is the biggest private bank and group has got huge presence financial services sector in India. There brokerage rates are high but looking at the groups and its presence one can still thing about them. The most common negative review which I came across for this is that the site crashers too often and may not be available during peak hours.
  • Sharekhan – It comes from the one of the oldest share brokerage house, SSKI.  They are well known for their efficient services and very competitive brokerage rates. They have tie up with almost all the mutual fund houses and offer online investment in mutual fund free upto a certain limits. They also offer weekly SIPs and Stock SIPs. Visit Sharekhan


  • Motilal Oswal – Motilal Oswal is one of the most respected names in industry and is known for their market research and stock picks.Their brokerage is in line with its peers but require Rs 10000 at the time of account opening as margin amount. I am not very sure about the reason behind that as most of the other players don’t ask for that.


  • HDFC Securities – Just like ICICI bank, HDFC also doesn’t require any introduction in India. They are one of the biggest and most trusted brands in India. They have good team for market research and provide good tips. But like ICICI Direct, they are also charging higher brokerage rates.


 I will try to get some more details about these groups and few others. In the meantime, any type of suggestion/comment would be really helpful.

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About akhilendra

Hi, I’m Akhilendra and I write about Product management, Business Analysis, Data Science, IT & Web. Join me on Twitter, Facebook & Linkedin


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      Well i prefer professional stock brokerage firms instead of these nationalized banks, but i have never experienced them personally so can’t comment upon any specific bank.

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  1. […] Once you are done with these questions and want to proceed ahead, you need to open a account with any broker of your choice to invest in shares. Brokers are a very critical part of the investment process so be careful before you select your broker. You can open offline or online investment account, but in today’s world, I will recommend to go for online trading account. To read more about HOW TO CHOOSE YOUR BROKER, CLICK HERE. […]

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