Saturday, March 7, 2009

Review of SBICAPSEC online trading account

After seeing the news that the stock market is in high volatality, I got interested in stock market and opened DEMAT account and online trading account with SBI.

Before opening DEMAT account, I asked several questions within myself...
If it is really needed now, as there is annual account maintenance fees. If I get into stock market now, will I lose money, or can i make very good money. After reviewing so many forums, articles, I made up my mind to go with SBI for opening DEMAT account and online trading account. I saw some leaflets at some SBI branches telling about their product ez-trade. I went and enquired at Chennai Adyar SBI branch. The customer relationship executive gave me a contact number of a person and asked me to get in touch with him. So, I went to another branch called Indra Nagar branch nearby which has kept a big board showing sbicapsecs. The people asked me to come around 11.00 am, as the responsible people for sbicapsec didn't arrive yet. I went to them in the afternoon and enquired to the lady sitting there. When I asked her few (2 or 3) doubts, she showed bit of angry and asked me do you have any experience with trading ? I said, No, I am just beginning. Then I asked her for the account opening form, and was surprised by her answer saying, they don't have forms right now, and asked me to some the next day. I got frustrated, and even thought of not opening account with them. Meanwhile I sent email to helpdesk of sbicapsec asking for what is the difference between ez-trade and sbicapsec. Then I came to know that ez-trade was SBI providing trading account with Motilal Oswal broker. And sbicapsec was SBI's product. I am not sure if they still open account for ez-trade. When I got a reply from them, they asked me my contact number so their executive will call me. I replied them also saying that there was no form available in Chennai Indra Nagar branch SBI when I went there. Then got a call from one executive of sbicapsec, and after 2 days submitted the required forms. After 3 weeks of submitting the form I got an sms from SBIDP that my DEMAT account was opened, and received the starting kit later. Then after about 2 weeks, I received the welcome kit from sbicapsec. I am finding it difficult to set the initial settings like adding script to market watch in the terminal. I am not getting any valid error message.
Regarding the fees, they charge Rs 400 as one time fees for online trading account opening. But I heard from one other person that he was not charged anything. I followed up it with them, they said the charge is applicable for everyone. I signed the form initially for deducting Rs 400 from by savings bank account, but that form was with SBI Demat application form. I didn't sign any form with SBICAPSEC for deducting the amount. Since these two are different entities, I didn't understand how they can deduct the amount.
If you have experience in sbicaps, and the fees deducted why not post it in Comments section. I will post my experience with sbicapsec later.
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9 comments:

BULTI April 24, 2009 at 2:06 PM  

i HAVE AN ONLINE TRADING ACCOUNT WITH SBICAPSEC BUT ALMOST EVERY DAY I HAVE FACED PROBLEM TO ACCESS YOUR SITE. YOUR SITE GIVE VARIOUS TROUBLE TO OPEN EITHER SERVER DOWN OR OTHERWISE. IT IS VERY DIFFICULT TO TRADE SUCH A SLOW SITE.
COMPETENT AUTHORITY IS REQUESTED TO PLEASE LOOK INTO THE MATTER PERSONALLY

Anonymous,  April 26, 2009 at 2:32 PM  

i guess i completely identify with your problem. in fact even i went to the same indira nagar branch and i was made to sit for quite a long time as that lady was busy trading. finally i got done with all the formalities around a month and half back but till now i haven't been able to trade. finally i received 3 letters from sbicap securities(not any welcome kit)around 2-3 days back. 1 letter mentioned that i've been registered at sbicap securities and will find the username as annexure but there is no user name to my surprise. the other letter had the password and the third letter was carrying ez registration form that i had already filled when i was opening account at the branch.then was wondering what is this sbicap security username and password as i was expecting the log in details from ez trade. so i tried calling the sbi cap securities no.s but all in vain. they're either busy or no one was picking them. then i logged in to the sbicap site and realised it's a trading site. so then was thinking what is it the ez trade thing. there is so much of confusion. if they're sending the login details of sbicap sec then why an accompanying letter for ez trade registration is sent. then i googled snicap sec and thats how i landed to this blog. i don't know whom to contact about my user name. and the indira nagar branch officials have very poor knowledge about the demat and trading aspects. but at the same time they're quite courteous but i don't hold the same opinion about the lady who sits there at ez trade counter.

Anonymous,  April 26, 2009 at 2:35 PM  

and forgot to mention i'm totally regretting my decision of not opening an account with icici direct. the main reason that made me not to go with icici direct was the icici branch at adyar signal always used to be flooded with people like a fish market but i'm totally regretting my decision.

Sameer N April 26, 2009 at 4:38 PM  

Hi Bulti,
You may contact the sbicapsec helpdesk for the same, and can post your experience here.

Anonymous,  August 16, 2009 at 7:57 AM  

My experience with SBICAPs executives is no different. It took more than twleve weeks to open online trading. Still struggling as local executives are half-trained. The problem with them is their inabilty to understand the initial teething problem a new customer would face.
For the last one week I am struggling with local people of SBICAPs to use my DP lien. Everytime I try I get a link problem- Page cannot be Opened- This puts me off. Tollfree number is another hassle.
They don't realise that one satisfied customer is equivalent to 1000 pamphlets. Ashok Bhatt, Ahmedabad

rajiv September 22, 2009 at 10:21 PM  

I HAVE BEEN USING MY SBICAPSEC ACCOUNT FOR LAST FOUR MONTHS.

NOW I CAME TO SEE HOW WRONG THEIR DAILY ACCOUNT IS.

THEY HAVE AUCTION MY SHARES WITHOUT MY ANY ACTION. AND POST THE BILL.

ANOTHER I HAVE NOT GOT REFUND OF ADANI IPO OR SHARES.

ANOTHER THIING THAT ONCE I MADE SOME ORDERS (AFTER MARKET ORDER) AND CANCLED THE ORDERS BEFORE OPENING OF THE MARKET. SO THERE SHOULD NOT BE ANY PENDING ORDERS.
BUT WHEN I RECEIVED THE BILL IN NIGHT I WAS SURPRISED TO SEE THAT ALL THE ORDERS WERE INITIATED.

MAY BE MOTILAL OSWAL IS PLAYING BIG WITH OUR MONEY.

IF THINGS NOT SORTED OUT I WILL GO TO CONSUMER COURT.

master mind November 26, 2009 at 8:58 PM  

Yes, I have also been charged rs 400/- towards account opening charges .they debited this charge directly from my SBI Saving account without any prior intimation.When I asked them why are you charging this 400 rs. they replied that they are charging as the account opening charge. I had no idea about the same until it has been debited. Not even the sales executive intimated me while opening the account. Even they do not mention anything about the same in any of their websites. I hope that they are not fooling us with our money. If anybody has charged the same one can mail me in my personal e-mail id pumarim@gmail.com

diaslancy February 25, 2010 at 2:53 PM  

Hi, Even i have same problem with SBICAPSEC, I cannot to see share prices against company code.Complete grid is emty.

I use Windows vista,IE8 and downloaded Java 1.6 udate 18 newer version.I even downloaded and installed Microsoft virtual machine.I cannot see even Java under IE options->Advance tab,And i configured all the setting as suggested by SBICAPSEC browser settings.In java console,Default browser is Internet explorer.

I even checked with a xp machine,with internet explorer 8 first and then i downgraded internet explorer to version 6 service pack 3 but no changes at market watch.No prices displayed. I even checked with FireFox Latest version. I Can Login to trading account and with no market watch/Share prices. I can add/Insert securities but with no prices displayed.

I have wrote helpdesk@sbicapsec.com but no answer till now.

I dont understand what setting need to get market watch prices.I have one doubt whether i could be some ports to be opened for this site...i'm not sure.I've not tried it and i dont know how to do it...!Please a genuine answer will be appriciated !!!
I've posted this query in Fixya...waiting for answer....

Anonymous,  December 19, 2010 at 8:18 PM  

Hi,
I hold a trading account with SBI through MOSL. Recently I received a communication from SBI stating that they will discontinue relationship with MOSL and hence the mail requested to contact SBICAPSEC to open a new trading account. I am being a NRI, I sent mails (atleast 10 mails) to SBICAPSEC, but no response. I tried contact them by filling the details using "Contact us", but unfortunately the page doesn't accept a phone number with ISD code. At this juncture we have to conclude that SBICAPSEC is a immatured orgainisation opened without any professional experience or ethics but started operations with obvious reasons only to rip off their customers. Be aware of these kind of ill managed institutions.

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I am a Software Engineer based in Chennai, India. My hobbies are blogging, driving. You can contact me here, http://sameerbloggs.blogspot.com/2009/03/contact-me.html

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Disclaimer

Disclaimer: All the information given in this blog is only my ideas and knowledge what I got from internet or other sources. For any interest rate, charges etc check the particular service as the charge might have changed. Regarding the intraday trading tips, this is applicable for that day only and also shouldn't be taken as advice. All the actions taken by you is responsible by you only. Thanks.

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