Indian Stock Market News and Analysis

I too face same problems with ICICI trading site.Also many shares like Accur= ate transformer could not be traded.How does one buy such shares.

On 9/13/07, Bosc= o Menezes <boscom@gmail.com> wrote:=

I do my trades through my broker & my HDFC Securities online trading acc= ount.

 

But i find that the online platform provided by HDFC is quite rudimentary &a= mp; places it's users at a disadvantage vis-a-vis others.

 

The issues that I am facing with HDFC Securities on-line trading account are= as follows :

(a) Not being able to see the best 5 buy/sell quotes & not being able to= see the total buy / total sell quantity for various scrips on BSE (particul= arly non-index scrips like Magma Leasing, Saboo Sodium etc), which is c= rucial information for making any buy/sell decision. See attached screenshot= & see the table on the left showing Magma Leasing quotes on BSE - only = best buy & sell is shown, and note that no total buy/sell qty is shown.

 

I had complained about this earlier to HDFCSec, in response to which they ha= d replied that "for certain scrips, the broadcast from BSE was limited = to the first best buy/sell rate".=20

 

However i find that for the same scrips where HDFCSec is unable to provide t= hese best 5 BSE quotes in the online trading suite, other online trading ser= vice providers are able to do so !!

 

I got the proof of this in the form of screenshot's from a friend who wa= s using Geojit's platform & I have complained again to HDFC Securiti= es, attaching the screenshots.

 

Obviously a user of HDFC Securities online platform is put at a substantial = disadvantage vis-=E0-vis most other investors   & for all that, he actually pays a higher brokerage = !! 

 

(b) Lack of a single screen "MarketWatch" option to track multiple= scrips. One can only see the information of one scrip at a time, that too i= n the quotes screen.

 

I had complained about this too earlier to HDFCSec, in response to which the= y had replied that the same was "under development stage" & th= at they would keep me informed as & when it was implemented.

 

Almost 9 months have passed since, and i still do not see the same in m= y options, nor has HDFCSec updated me on anything.

 

I have noticed that most other online trading platforms like MOST, Geogit et= c provide this sort of a screen . I have once again complained to HDFC Secur= ities, attaching a screenshot of the screen in Geojit & asking for an ex= planation.

 

(c) For NSE quotes, i find that the refresh is often delayed (even insp= ite of clearing cache etc) - not sure if it is only for non-index scrips or = what, as my universe of stocks are the mid/small-caps. For example i may see= a best buy for 100 shares of "A" at (say) 200 bucks & my= Sell order is pending at 205 bucks, but when i change my order & try to= sell the same at 200, it often does not executed, the order is visible as p= ending in my order book at 200 bucks, but the quotes screen still shows a be= st buy of 200 bucks & my earlier ask at 205 bucks. After a minute or so = of constant refreshes, suddenly the screen refreshes & i find the best b= uy is now (say) 199 & my sell is at 200. Obviously i could have sold at = 195 if my screen had only shown me the correct information in real time. Thi= s problem often causes me to miss out on execution of my trades at optimum r= ates, because of the time lost.

 

Luckily i do most of my trading on BSE, where i have not noticed this issue = thus far. I had intimated my HDFCSec RM about this but nothing was done abou= t that either, in any case I have not traded much on NSE in the last few mon= ths.

 

(d) In addition, i have the usual problem of non-receipt of bills - the bill= s are often returned by the courier if no one is at home - they say that the= y are not authorised by HDFC to "drop" the same in the house - thi= s would surely cause a lot of problems for working couples - in my case= this has become less problematic now that i am at home most of the time, bu= t it still happens. The bills can be printed from the website also, though.= =20

 

However, there ARE a couple of good points regarding the account which i mus= t also reproduce, to be even-handed : 

1.       Seamless Integration b/w t= he trading account & the bank/demat accounts. So if one buys or sel= ls shares, the transaction happens very smoothly -=20 there is no need to put a HOLD on the money or the shares well in advance= . Just an extra pop-up comes up when you place the order to do the hold= , which only involves an extra button-click, and hence no extra time is wast= ed. This is very helpful if one wants to act on news & hence needs to pu= t in a trade in seconds. Once the trade is done, the shares are either debit= ed/credited to the demat account & likewise the money is either credited= /debited to the bank account on the afternoon/evening of the T+2 settlement = date, automatically.=20

2.       The moment one does a buy = or sell, one is allowed to do the reverse in part or in full anytime th= ereafter, not just on the same day. If one has bought some shares, one can s= ell the same on the same day, the next day or even on the settlement day, wi= thout the shares having beem credited to the account - how HDFCSec handles a= short delivery in such a case i am not sure. Similarly, if one has sold som= e shares, one can buy shares of an equivalent value immediately & anytim= e thereafter, even before the funds are credited to the bank account.=20

 

 I would request members who are users of HDFC Securities to let me kno= w if they too have complained regarding the above, if so give me the complai= nt numbers so that i can consolidate & take up the issue with them.

 

I would especially request members (non HDFCSec users) to let me know regard= ing the following points with respect to the online trading platforms being = used by them (please mention which platform you are using) :

i. Integration b/w the trading account & the bank/demat accounts - how s= eamless is the integration - does it work the way I have described above in = pt 1 above ?

ii. Can you sell/buy shares immediately after you have bought/sold the same,= and can you do so any day thereafter, even before the settlement happens (s= ort of BTST) , as described by me in pt 2 above ?

iii. Does your platform show you best 5 buy & sell orders on BSE even fo= r smaller scrips like Magma Leasing, Saboo Sodium etc ? And Total Buy/Sell Q= ty too, in all cases ?

iv. Does your platform allow you to buy Z-group shares that are in demat ?

v. What is the delivery brokerage charged to you ?

 

I look forward to receiving your replies to my above queries, and any additi= onal information regarding good/bad points about your respective online trad= ing platforms.

 

Regds,

 

ZeeNut