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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Problem with selling! is my broker a thief?

Problem with selling! is my broker a thief?

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Roboticfx

Roboticfx
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Friends! I purchased some shares and sold them in the same day. But when I checking the account details, I saw they have added fees without Gov Cess to the sold amount. My question is should whole fees needed to be removed from my sold amount or only gov cess needed to be removed as they have done. Neutral

thighrokker


Manager - Equity Analytics
Manager - Equity Analytics
Each time you do a buy or sell, you are charged gvt tax + brokers fee.
But, if both the buy and sell happens on the same day, the BROKER FEE for one of these is removed.

That aside, don't you have a talking relationship with your broker? Ask the fellow what this is etc....Cultivating some form of relationship is a must. and beneficial step.

Genting


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
broker fee for one transaction will be waived off.

Roboticfx

Roboticfx
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Thanks all! Now I know my broker is a thief. Once my adviser told me the same thing what all have said. I think account division is doing a secret program. They have only removed gov cess. Not other fees such as broker fees from sold stocks. They don't know who am I. I'm small in age but I'm not small in wisdom. I get immediate actions against this very soon. Evil or Very Mad

Roboticfx

Roboticfx
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Thanks all! Now I know my broker is a thief. Once my adviser told me the same thing what all have said. I think account division is doing a secret program. They have only removed gov cess. Not other fees such as broker fees from sold stocks. They don't know who am I. I'm small in age but I'm not small in wisdom. I get immediate actions against this very soon. Evil or Very Mad

RIO

RIO
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Roboticfx wrote:Friends! I purchased some shares and sold them in the same day. But when I checking the account details, I saw they have added fees without Gov Cess to the sold amount. My question is should whole fees needed to be removed from my sold amount or only gov cess needed to be removed as they have done. Neutral

Usually very trade real-time up dates will be as normal transactions and if its a day trade then your account will be adjusted in par with one way charges on the following day, just check the online accounts on the following day and verify, if its not updated as a day trade then you can make a complaint to CEO of the said broker firm re the miscalculations of the Accounts.

karu


Senior Equity Analytic
Senior Equity Analytic
Brother what is your broker firm ?

Roboticfx

Roboticfx
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
S C Securities! Mad

swan03


Vice President - Equity Analytics
Vice President - Equity Analytics
@Roboticfx wrote:S C Securities! Mad

Apoo, You had better choose a new one at once.

investor1984

investor1984
Manager - Equity Analytics
Manager - Equity Analytics
@Roboticfx wrote:Thanks all! Now I know my broker is a thief. Once my adviser told me the same thing what all have said. I think account division is doing a secret program. They have only removed gov cess. Not other fees such as broker fees from sold stocks. They don't know who am I. I'm small in age but I'm not small in wisdom. I get immediate actions against this very soon. Evil or Very Mad


Cmon people, this guy is just trying to get the attention.. Those settlements are not manual , they are system generated. If such a colossal error is happened on the side of the broker they must have already rectified it ( bcoz this guy is saying the CESS is not deducted ) , i dont think even if a broker want to cheat, he will choose to not pay taxes to government.

Roboticfx

Roboticfx
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Cmon people, this guy is just trying to get the attention.. Those settlements are not manual , they are system generated. If such a colossal error is happened on the side of the broker they must have already rectified it ( bcoz this guy is saying the CESS is not deducted ) , i dont think even if a broker want to cheat, he will choose to not pay taxes to government. [/quote]


I bought 500 shares of ACME.N0000@ 21=Rs.10620.08 and sold them at 22.20 in the same day. So, the sold price should be Rs.11100. But they showed it as Rs.10968.34 .
After calculation of all other things, the account balance equals to the current account balance. Then now What do you think? I am using online trading system. I asked my account balance from my adviser on Friday(we didn't have electricity on Friday as of a repair), it equaled to the current amount which is showed on their online trading system. If you want, I can send you a copy of account details page related to the mentioned stock above. Question



Last edited by Roboticfx on Sat Aug 20, 2011 8:03 pm; edited 1 time in total (Reason for editing : word splitting error)

limestone

limestone
Manager - Equity Analytics
Manager - Equity Analytics
as far as I know , for the second trasaction , only the govenment cess will be charged . so you must get 11066.70 (11100-33.30).

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
We have no reason not to believe your story.
Lodge a written complaint ASAP.
Any system can be manipulated and many unsuspecting can be cheated!

Roboticfx

Roboticfx
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@limestone wrote:as far as I know , for the second trasaction , only the govenment cess will be charged . so you must get 11066.70 (11100-33.30).


Bro! you are correct. Smile They showed only gov cess has been charged in the settlement letters. But they don't show the account balance. It says that they are trying to do an illegal thing. Mad

Roboticfx

Roboticfx
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Kithsiri wrote:We have no reason not to believe your story.
Lodge a written complaint ASAP.
Any system can be manipulated and many unsuspecting can be cheated!

Thanks Aiya! Smile You showed me kind and gave me correct information always.(such as the post of changing broker)I am very happy about you to help new investors like me kindly. Best wishes for happy trading. Exclamation

uanuradha

uanuradha
Senior Equity Analytic
Senior Equity Analytic
According to my knowledge only STL charges will apply when selling it in same day, am I correct? any one please...

karu


Senior Equity Analytic
Senior Equity Analytic
@investor1984 wrote:
@Roboticfx wrote:Thanks all! Now I know my broker is a thief. Once my adviser told me the same thing what all have said. I think account division is doing a secret program. They have only removed gov cess. Not other fees such as broker fees from sold stocks. They don't know who am I. I'm small in age but I'm not small in wisdom. I get immediate actions against this very soon. Evil or Very Mad


Cmon people, this guy is just trying to get the attention.. Those settlements are not manual , they are system generated. If such a colossal error is happened on the side of the broker they must have already rectified it ( bcoz this guy is saying the CESS is not deducted ) , i dont think even if a broker want to cheat, he will choose to not pay taxes to government.
Hey Brother i think if he want to get attention he can get it in lot of other ways....like i want to hang my self or I'm in huge lost ect Very Happy Very Happy.... i have a story to tell you....if you believe me or not it doesn't matter .....last week i calculate some of my trades by calculator & got different figures then i checked their charges one by one & found BROKERAGE & CDS fees were wrong....then i called to my broker & told about this case...He also wonder about it & told me "ITS YOUR RESPONSIBLE TO CHECK THOSE NOTES" ( i think he is right)....anyway he told me to send copies of those notes. last Friday i send those to him. still no any message form him....those are not manual generated so can anyone tell me how its happen Question Question Question Question Question Question Question

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@karu wrote:
@investor1984 wrote:
@Roboticfx wrote:Thanks all! Now I know my broker is a thief. Once my adviser told me the same thing what all have said. I think account division is doing a secret program. They have only removed gov cess. Not other fees such as broker fees from sold stocks. They don't know who am I. I'm small in age but I'm not small in wisdom. I get immediate actions against this very soon. Evil or Very Mad
Cmon people, this guy is just trying to get the attention.. Those settlements are not manual , they are system generated. If such a colossal error is happened on the side of the broker they must have already rectified it ( bcoz this guy is saying the CESS is not deducted ) , i dont think even if a broker want to cheat, he will choose to not pay taxes to government.
Hey Brother i think if he want to get attention he can get it in lot of other ways....like i want to hang my self or I'm in huge lost ect Very Happy Very Happy.... i have a story to tell you....if you believe me or not it doesn't matter .....last week i calculate some of my trades by calculator & got different figures then i checked their charges one by one & found BROKERAGE & CDS fees were wrong....then i called to my broker & told about this case...He also wonder about it & told me "ITS YOUR RESPONSIBLE TO CHECK THOSE NOTES" ( i think he is right)....anyway he told me to send copies of those notes. last Friday i send those to him. still no any message form him....those are not manual generated so can anyone tell me how its happen Question Question Question Question Question Question Question
Computer programmes are only capable of doing what they have been instructed to do.

If there is a deliberate attempt to swindle unsuspecting, the same instructions can be given by the programmers.

Such issues are to be reported promptly and if found guilty, their brokers licence should be revoked.

maalinda


Manager - Equity Analytics
Manager - Equity Analytics
Talk to the Account section. But wait when did you Bought and sold ??? Friday ?

if Yes wait till Monday and see. they may have not updated the account statement yet...

If they have updated the statement and still it shows same figures ask them the reason and ask them explain the thing..

it wont be a issue buddy. Talk in a decent way and see how it goes.

Good luck.

brokers are culprits. Everyone Must check the Buy Sell figures daily basis...

Dileepa


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Roboticfx wrote:Thanks all! Now I know my broker is a thief. Once my adviser told me the same thing what all have said. I think account division is doing a secret program. They have only removed gov cess. Not other fees such as broker fees from sold stocks. They don't know who am I. I'm small in age but I'm not small in wisdom. I get immediate actions against this very soon. Evil or Very Mad
Man, do not jump in to conclusions that fast. Your broker may not have any thing to do with that.
As some of other members have pointed out broker fee has to be applied only one transaction.
As for the system it is considered as two transaction and fee will be applied accordingly.
But later on it is automatically adjusted. You should give some time for the system to update.
I have had the same experience before. I believe this is the first time you have done day trading.

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