I am Editing it, just to let you know that Apollo Sindhoori is now Aditya Birla Money, only the name has changed, Frustration continues.
I opened a trading account with apollo sindhoori in May 2009 with hope of getting a better brokerage and service. At the time of opening the account the Apollo sindhoori executive mentioned that there would be no hidden charges and AMC of 1re per day charge if I hold any stock in my DP or take delivery of the stock. The first month went on fine with no hidden charges and good support. As time progressed apollo sindhoori has started charging various hidden charges under the head DP Inst charges every second month.
For Eg:
1) DP Inst. Charges - BOS - Debited from July
2) DPDEBIT - Debited from July
3) DP Inst. Charges - BOS-Demat Bills Charged to
Clients - Debited from August
When I called my RM or customer care they dont have any clue why these charges are being deducted from my account. Everytime I call, they give me very unsatisfactory response or say that they will call me back after enquiring with their head office and never call me back.
Every month I see a new type of deduction and new hidden charge being applied. The very reason I opened an account with apollo sindhoori is low brokerage and assurances from their executive of no hidden charges. Im wondering what their next hidden charge would be in the month of September. Shortly I will be closing my account with them and will look for be better brokerage house.
Moreover the calls given by Apollo are pathetic, 9 out of 10 times end up in loss. I have observed that the entry price they give for a stock, at that price the stock starts to move in the reverse direction. Funny isn’t it.
Marketwatch is the worst I have ever seen compared to one’s provided by other brokerage house. Can add only 25 securities in a marketwatch. Dont provide intraday charts. Have only 6-8 field "Stock code, Buy price, buy quanity, sell price, sell quantity, LTP, total traded volume". Worst of all the data is delayed by 2-3 seconds which makes intraday trading a lot difficult.
I suggest everyone not to open an account with apollo, and also while opening an account with any brokerage house ask them in detail about the demat charges and have a demo about the web interface they are providing. Don’t get fooled by their low brokerage plans and executives assurances.