I am very much upset with the 5paisa back office systems. The amount which is credited into the account is not updated properly. Eventhough they have payment gateway facility with ICICI, HDFC etc., the amount is not available for trading even the next or 2 days after. While online brokers like icicidirect or sharekhan or truly online crediting the amount instantly to your trading account, these people claim a ’’cheap service’’ touting the cheap brokerage but a cheap brokerage doesn’t mean you will make profits. When you cannot trade instantly what is the use?
Their back office is so horrible that their online ledger there is some credit limit and their helpdesk after checking the account will tell some other limit. But their system is so efficient that transferring your money is just a matter of seconds and crediting to the account can take days !!! You have to send emails to their back office (software cannot do it). Their back office will claim that the amount is credited to the account but it doesn’t happen. So instead of trading your time will be wasted in sending emails.
I am planning to take this kind of ’’online broker’’’s case to SEBI with proper proof.
Even if the brokerage is a bit higher better stick with quality ones like sharekhan or icici.
Regards