Changing demat account

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6pack

Northstar
I have an ICICI demat account and I want to close it. The RM's keep pestering every now and then and are a real bother. Everyone of them gives bad advice like putting money on bank shares like sbi (don't know why they are fixed on that particular bank).
Also how nonchalantly they miss sell and use fraud tactics on their own customers. I read on consumer court forum of a lot of fraud cases committed by icici direct rm's and people loosing money. And icici direct not batting an eye in such cases.

Can you give advice on which demat provider to choose now. How is standard chartered & axis bank demat account?
 
A lot of people I know have demat accounts with Karvy. They seem to have no complaints. Have u tried them earlier?
 
No. I only know them by name. Their name keeps coming up in many mutual funds portfolios. Maybe they manage portfolios of other companies I think.
 
HDFC also has similar services, a few colleagues have that and there are no complaints yet. It would help if you separate your primary banking account and the demat account. No personal experience with any of those mentioned above.

slightly O/T but I just wanted to add a positive note regarding ICICI.
I have always had a good experience with my ICICIDirect RM. In fact when my RM was changed last time, the guy checked my portfolio and made a few suggestions which I didn't follow anyway. Well, he was right in that case.
The usual suggestions will come as they have their own targets to meet but I mention every time that I'll do my own research and end with a polite 'thank you'. I was never bothered by any one repeatedly, and was always helped if/when I had a query.
 
Won't payment be problematic if primary bank account and demat account is separate? Every time I need to buy I'd have to deposit money first. Won't be able to buy stocks when I want.
 
I would advise Angel Broking, quite satisfied with their service, low brokerage & RMs did not pester me once I told them that I dont need their guidance for investments. Also Multi platform Apps make trading much easier.
 
6pack said:
Won't payment be problematic if primary bank account and demat account is separate? Every time I need to buy I'd have to deposit money first. Won't be able to buy stocks when I want.
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I had suggested that since that is my case. The reason I'm not getting pestered "maybe" because I don't have too much networth in a single account. NEFT transfers hardly take 3-4 hrs in my case, but you will have to plan this at least one day in advance. If you are into heavy trading and not just accumulating, then there are other brokerages which offer better rates as compared to ICICI.
 
RM- Relations Manager

My views - investing in stocks is very risky and no RMs would guide you perfectly. In my family have 2 accounts with icici direct and one with motilal oswal.

I believe all investing decisions needs to be driven by yourself rather than relying on RMs.

Icici direct interface is easy to understand for new comers. Its linked to your existing icici bank account so money is allocated instantly.

On the other hand, icici direct is very much costly in terms of brokerage charges, not all listed stocks are available for trading compared to other specialized demat service providers. Its always better to find specialized demat service providers rather than provided by banks.

You can select those based on following,

- How much investments you will doing per year (to consider / calculate brokerage, annual charges)
- Will you be trading (needs quick interference sites with live screens, stocks availability etc) * If you are new to stocks - strictly avoid trading.
- Ease of use (need everything online, call n trade, etc)
 
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