Reivew of SBICAP securities

I've an online trading account with sbicap securities which is linked to my SBI Demat account. Here are details of my experience with them till today.

Brokerage :
1) Brokerage of 0.5% for deliver and 0.1% for intraday.
2) Brokerage for Options: 2.5% of Options premium or Rs. 100/-, whichever is higher.
3) Brokerage for Futures: 0.03% for square off (i.e. intraday) and 0.05% for carry forward.

Positives :
1) Good connection, never had problems of server failure.
2) I am located in Mumbai. Good customer service. I have always found someone to answer my complaints.
3) Can apply for IPO online. IPO and derviatives trading has been recently added. So shows they are trying hard to improve their services. Their customer service through email has also shown noticeable improvement.
4) Trading in both BSE and NSE possible.

Negatives :
1) Have had problems with stop loss order not working.
2) Whenver I have traded in options, they have miscalculated my profit and then later corrected it the next day. This problem can and should be solved soon.
3) Cannot apply for all mutual funds online. I think they have recently added the facility of applying for reliance mutual funds, but i have myself never used that. Anyway other mutual funds are yet to be available online. (update: The list of Mutual Funds available for buying through SBICAP Securities is growing. Read my post on Buying Mutual Funds through SBICAP Securities)


SBICAP Securities Online Trading Platform :

This is how SBICAP Seucirites internet trading platform looks like. This picture is taken after market hours. During market hours the quotes / tickers are live and as in any other trading platform they are blue or red in colour accordingly as the ticker increases or decreases in value.

SBICAP Securities Online Trading Platform

Some highlights of my experience with Internet Trading Platform of SBICAP Securities :
1. Overall I am happy with the experience. But if you are a heavy volume active Intraday trader, i am not sure you will be as satisfied.
2. Have had problems with this platform working on linux. I can watch quotes but the screen hangs while placing orders. With windows it works perfect. However I have been able to modify orders on linux machines. Strangely not been able to cancel orders there. But then to cancel an order i just modify the status of the order from "DAY" to "IOC". An IOC order means Immediate or Cancel order.

Recently SBICAP Securities have also launched one more trading platform called as "LITE" which is mainly meant for dialup users or users who do not care about live streaming quotes. You can still get quotes of stocks but you have to click on 'refresh'. You can place all buy / seel orders for equities as well as F&O as you can for the normal internet trading platform. For me, LITE has been useful because i am unable to place orders with the normal internet trading platform on linux machines in my office. The snapshot (taken after market hours) of LITE trading platform is shown below.

SBICAP Securities Online Trading Platform- LITE
Some highlits of my experience with LITE.
1. The quote shown in LITE is sometimes not updated, i.e. it shows wrong quote. LITE is definitely not suitable for Intraday traders. For other traders it is good enough.
2. Once I suspect my sell order for a nifty option did not go through even though the price of the option , at least according to the NSE website went higher than my sell price.
3. Other than the experience mentioned in 2., LITE has worked ok. But I recommend watching / keeping an eye on nse website for quotes while using LITE.


Experience with customer care service of SBICAP Securities :

Here is some practical information which is not so easily available even on the webpage of SBICAP Seucirites at the time of writing this.

Customer Care number for any questions / issues related to Ebroking : 022-30273342
Currently their website mentions customer care numbers here and they will transfer you to Ebroking account once you tell them your situation. (if your situation is related to ebroking ofcourse :) ). Instead you can directly call them on the above number (try even if you are not located in Mumbai) and there wont be any transfering.

Even if you are located somewhere else and call their brach, in order to avoid delay, you can quickly ask them to transfer you to Ebroking section immediately to save time and energy.

Customer Care Email Address : helpdesk@sbicapsec.com
Currently their website mentions two email addresses : sslcare@sbicapsec.com and complaints.ssl@sbicaps.com . Dont use these email addresses. Use helpdesk@sbicapsec.com

Experience with online customer care : helpdesk@sbicapsec.com

1. I had sent them an email complaining no one responds to my complaints sent by email. I recieved a call from them within one day (the lady tried to call me thrice, with two failed attempts). I felt good. Then she gave me the above ebroking number for any further issues i might have.

2. I had sent an email complaining that they charge 10% brokerage for options. Noone responded. By the way i was wrong. they do not charge 10% but a flat fee of Rs.100 per option trade, which just happened to be 10% in that particular trade. (update: the customer service of SBICAP seems to be improving. A few days ago i sent them an email asking brokerage for futures and options, i got a response within 2 hours!)

Experience with customer care ( phone ) : 022-30273342

1. Prompt and immediate resetting of password when i called them.
2. Immediate explaination of something i did not understand in their online trading system. I did not know what AMO meant. By the way it means After market order (orders you can place after market hours).
3. Immediate help offered to sell praj shares i had bought when i was unable to access a computer.
4. One slightly less satisfactory experience. I had called them to ask what is the difference between buying shares in 'margin account' and 'Intraday account'. The lady told me dont use margin account for cash market , use it only for F&0. She patiently talked to me, but failed to convince me why is Trading in Margin account shown as an option for the cash market if I am not supposed to use it. Anyway, the positive thing is the lady did talk to me for a while patiently.

Overall : full points for the customer care phone number. My issue was more or less always resolved.

Related posts :

Aug 13, 2008

31 comments:

abhinav September 19, 2008 at 6:35 PM  

Sir,
I am planing to take SBI demat account. Can u give me suggestion about this?
Thank you

Regards,
Narendra

AH September 24, 2008 at 9:56 AM  

I recommend SBI Demat account. If you enable internet banking of SBI, you can access your Demat account online. If you have any particular querries, post them as a comment.

Gautham October 30, 2008 at 12:41 PM  

Nice readable review, answering questions that matter.

A few questions remain though. Is there an annual maintenance charge for the SBICAP securities trading account ? I know there is a charge of Rs250 for the demat account with SBI, but what about the trading account ?

Is there a separate demat transaction charge apart from the brokerage charge ? ICICI seems to point out that their brokerage charge includes the demat charge too.
http://content.icicidirect.com/Brokerage.asp

What is the relationship between
Motilal Oswal securities and SBICAP ? is the brokering done through them ?

It would be very helpful if you could answer the above queries.

Mitran November 4, 2008 at 12:27 PM  

How about stamp duty charges? Is it there for all broker houses?
they are asking me 400 in bangalore.

iinvestor November 4, 2008 at 3:19 PM  

@gautham
no charges for trading account.
ICIC is way too expensive. SBICAPSEC and i guess a number of other brokers do not even have anything like demat charges.
Earlier SBI together with Motilal Oswal had a joint venture called e-z trade. Maybe it is still available. Now SBI has launched its own online brokerage house SBICAP Securities. So for example, i do not deal with Motilal Oswal at all.

@Mitran
I do not remember paying any stamp duty charges.

Options Broker December 8, 2008 at 1:58 PM  

what do you mean by stop loss order not working? how would we cut loss then?

Admin December 8, 2008 at 3:18 PM  

In stop loss buy order, when the price rises above your stop-loss-limit, the order must be automatically squared off by the systm. This did not seem to happen. But that was about 5 months ago. They may have fixed this problem. I haven't really tried placing stop-loss order after that as I dont do Intraday nowadays.

Mitran December 12, 2008 at 4:42 PM  

Hi
can i have your guidelines how to do intraday transfer with SBICAPSEC? i am new and able to do Buy and sell for delivery. It will be useful if you publish with screenshots. (add more deatils more than SBI DEMO)

Anonymous February 23, 2009 at 6:49 PM  

I had d-mat A/c with SBICAP but facing lot many problems..

major is - you have to do many settings in your browser to make it work.
Once after login nothing is getting displayed in middle flash screen except the list of companies listed in my watch list i.e. prices are not appearing.

When i consult with an executive in SBI he as me to do many settings in browser, but still its not working..
so if i need to get the latest price of any stock. I have to get quote from ICICI or from rediff.

Another problem is prices shown in SBI are delayed by 15mins...which means no one can go for market value. one has to make a limit trade always.


I am working on JAVA technology in a software firm and mostly have an updated java version but still ask by an executive that I need to install java from the link mentioned in SBICAPSEC website.

Actually one need to be sure that it is asking you to download JavaFX not plane java..

I installed javaFx also but still facing the same problem.

In short after having this terrific experience I am planning to go back to my previous broker ICICI after making a loss of Rs400 + transferring scripts into SBI demat A/c.

Sameer. N. March 12, 2009 at 11:13 AM  

I just started with sbicaps, but I am finding it difficult to set the initial settings. It says 'Loading Images...' and nothing happens after that, only a blue screen, unable to view the dropdown menu of market watch too. I am using recommended java version and IE 6. Please help me how to clear this.

Anonymous March 30, 2009 at 8:48 PM  

sir ,i hav normal savings a/c .no iternet option.i now want to hav this
demat and trading a/c and wnt to use sbicapitalserv.plz guide me

Prasad April 11, 2009 at 8:42 PM  

Hi iinvestor,
A user has mentioned that displayed quotes on SBICAPSEC are delayed by 15mins!

Is that true? I intend to open an sbi trading ac soon...would help if you could clarify this.

Thanks
Prasad

iinvestor April 12, 2009 at 8:34 AM  

I never experienced a delay in prices. 15 minute delay in prices would be ridiculous. I dont think thats true, not in my case definitely.

Anonymous April 22, 2009 at 9:39 PM  

I have just open new demat & trading account in sbicapsec but when i tried to buy shares at market prices it say inadequate cash Rs.2500.21 . ichecked my account there is enought cash to buy these shares

Sandeep May 22, 2009 at 3:01 PM  

Hello, I have been using SBI trading tool. But problem is when I log-in into sbicapsec, the market updates are not coming up on the display i.e. blue red colors never come and it was showing "images are loading" but that never happened. I'm browsing through mozilla and installed Sun JAVE. I also tried with by disabling the CyberArmour client firewall and Symantec Anti-virus. But no use.
What is problem with my system? Looks problem with Java OR What?

Anonymous May 25, 2009 at 11:11 PM  

Don't feel SBI capsec is the best thing in the world. One week before i purchased 100 ICICI through them. Normally i should see those in my DP after T+2 days or a SHORTAGE notice should be issued. Now it is being one week. I send 5 or 6 emails to their customer service, nobody responded. Then i called them up and the person who attended my call promised me they will hand over that evening.Still i am waiting .

Soumik June 16, 2009 at 10:09 AM  

Sir,

I am also having a SBI demat account and my exp is satisfactory.
But, the problem is that I do not know how to do the Short Selling in SBI DEMAT AC.
Can you help in this regard?

Will be thankful to you.

Regards,
Soumik

Shailesh Joshi July 6, 2009 at 11:22 AM  

Hello,

I have a question with regards to SBI. The sum of the Totaly Buy Qty and Total Sell Qty in the SBI ticker does not tally with the total traded volume on the BSE site or Rediff. What figure is being displayed by SBI??

Anonymous August 3, 2009 at 5:03 PM  

Hello,

where can I find more information about trading in futures with sbicap securities?

Regards,
Shailesh

Vivek Dwivedi August 4, 2009 at 11:56 AM  

I have sbi DEMAT account when i login to sbicapsec website i was not able to see the value inside the gridview(market value of any compnay it is coming balnk) is that any broswer seeting for that , i am using IE 6 version

Please help for same

Thanks and Regards
Vivek

Anonymous August 7, 2009 at 6:33 PM  

I got passwords for my sbicapsec trading account 2 days ago. But while typing the passwords, I made some mistake in capital & small letters. As a result my password is locked. I tried to unlock my password
but it did not work.
What should I do now?

Ragu's March 15, 2010 at 11:34 PM  

How can I can make a short sell in SBICAPSEC

Abhijeet March 30, 2010 at 10:14 AM  

how to do delivery transaction in sbi?

Anonymous April 6, 2010 at 10:16 PM  

Abhijeet, to do delivery, while buying securities, select DEL in the Market Type. Better go through the Demo and FAQ's in SBICAP sec. for information and clarification.

Rajendra April 8, 2010 at 11:24 AM  

My demat account no.1301930001836357 is activated on 11/03/10 but I didn't get niether the wei-come kit nor the pass-word nor the ezitrade account. please do the need full.Though I got the DIS booklette.

Mohan April 19, 2010 at 4:30 PM  

Hai,
I am using sbi account for last 1 year..
If you recommend sbi account there may be 2 reasons
1.you are not known about the true efficient stock brokers
2.yor are sbi sales person
The major negatives
1.They using website for trading not software like others
2.No charts,graphs deatials about price movements
3.Lot of change in settings required
4.No automatic update about profit and loss like others(For reading its simple but for intraday traders its very strange)
5.Brokerage very high in industry (.5% for delivery,.14%for intra but the average brokerage for intaday in industry average will be .06%)
6.Definetly not good for day and F&o traders
7.Customer care is not providing service in regional launguage
8.The tips are utter waste.they provide atleast 4 tips per day none will acheive the target.
9.No follow up of tips
10.And many more


positives
1.Brand name


I already opened account with some other broker

now planned to close the sbi account

My recommendation
Please do not open the account with sbi
Thank you for reading

Prasad April 21, 2010 at 1:43 PM  

@ mohan

I would definitely not agree with you. Perhaps you are speaking only from an intra-day perspective, perhpas you are right from that perspective. But I too have been using SBICAP for some time now and I would say that its working fine for me.

I usually trade BTST, short term and long term.

I have also been using ICICIdirect and the brokerage is damn high. Thats what motivated me to go for SBI in the first place. Its not so user-friendly in the beginning but once you know your way around, its a dream.

I would definitely recommend SBI for new members. But yes, maybe not for intraday, but then I do not know much about intraday and I trust that you know better about intraday than me.

Regarding market tips, not even ICICI gives good calls, the calls that are given are all crap, in fact, free calls given by all brokerages are crap, thats why they are free. They wouldnt have a paid service if they have to gve it away just like that, right?

Regards
Prasad

Mohan May 13, 2010 at 10:22 PM  

yes prasad now one simple calculation
suppose if we invest 100000rs for short term..and we rotate for 10 times/year...so total trading 10 laks/year...total brokerage in sbi
(.5%)10000/year for both buying and selling..+ ST 1000(10%)=11000

Take Ventura another broker in industry for same 10 laks(.2%)
4000/year + ST 400 (10%)=4400

Here we can save 6600/year for 1 lak...with best service...

So better things are there why we have to compromise with worst brokerage and technology

Thank you for reading Have a nice day

sss July 27, 2010 at 10:41 PM  

CONCLUSION: SBI D-Mat software and terminology is not users friendly.

Anonymous August 28, 2010 at 5:02 PM  

Hai,

This is Parthi from Chennai.
I opened my Trading account and reseived the password but still I am confused how to do trade can you please explain me mail id parthigetz87@gmail.com

kannan November 11, 2010 at 8:24 PM  

Dear Sir,
I am have newly opened an trading account with SBICAPSEC. I am new to Capital Market and Trading, hence am finding it difficult to understand certain terminologies. can you please explain me the following terms,
1)In the LITE platform,
a)When BSE is choosen in the 'Exchange' tab; there are four terms mentioned in the 'order terms' tab. they are DAY, EOS, PFC and PFK. please explain these four terms and there full forms.
b) When NSE is choosen in the 'Exchange' tab; there are two terms mentioned in the 'order terms' tab. they are DAY and IOC. please explain the two terms and there full forms.
c) When 'SELLING' of a share, in the 'trade type' tab, there are three terms, namely 'DPF', 'DPH' and 'BEN'. please explain these terms also.

thank you..

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