I started off my share trading career in 2001, after I turned 18. As with any newcomer in this field, I was inclined to open the innings with what was more visible to me then. And everyone will agree that ICICIDirect.com is what is most visible. Everybody knows the benefits of the integrated 3-in-1 account with ICICI. But there are many shortcomings in the product. And one realises them only after using icicidirect.com website on a daily basis. Its good for those who will login once a week but it wasn’t for me.
Then I started looking out for another broker who is focussed on the brokerage business & has decent reputation in the market. I came across Indiabulls & was soon signing the account opening forms including the now-controversial PoA. I started off with the website based service as I was a small time investor. I never faced any problems with the login procedure or with online funds transfer. The trade.indiabulls.com website was a revelation especially after using the lethargic icicidirect.com. I was assigned a relationship manager whom I could contact on her cell number with any querries.
Slowly as my trading volumes grew, I got a call from my then relationship manager that Indiabulls’ java based trading software, called Power Indiabulls, would help me. It cost me Rs.750/-. The software is really superb. I can watch real time prices of more than 35 scrips on a single screen without moving the mouse. The charts/orderbook and other details are available at just a click. All my account related details are easily available from the software itself & does not require a separate login each time.
Let me come to the much talked about pool account arrangement. I was properly explained about the pool account arrangement while opening the account. Whatever shares I bought would go to the pool account which was a separate account just for me. I was free to transfer those shares into my demat account anytime that I wanted. The only hitch was that, while selling the shares from my demat account, I will be charged Rs.17/- as demat transaction charges. That was fair practice. So, just like most other clients of Indiabulls, I too preferred keeping my shares in the pool account. Plus, Indiabulls provided margin against the value of shares in the pool account which was beneficial for people like me. I never faced any problems with the pool account. Everything is very transparent and each & every demat as well as financial transaction is visible to us in the ledger. The recent hue & cry was done by Indiabulls’ competitors to tarnish its image & they have succeded in their efforts.
Over a year ago Indiabulls setup a company named Indiabulls Financial Services Ltd.(IFSL) to finance its client base. So IFSL now provides me margin against the shares in my demat account (yes in MY demat account since Indiabulls has recently stopped keeping shares in the pool account to avoid NSDL’s wrath). Tell me which other broker provides margin against the shares held in the client’s own demat account.
I have trading accounts with Sharekhan & 5paisa.com as well. Both use the similar pool/margin account to finance the clients deals. I don’t understand why doesn’t NSDL or NSE or SEBI object to their practices. Why was Indiabulls the only one to face the music when all the brokers have a similar arrangement?!! Its really surprising.
The only thing lacking now is that I can’t get the value of my portfolio in the trading software provided by Indiabulls. I think they will include it in the next software update.
Overall, my opinion about Indiabulls has become extremely positive only after experincing the services of two of its competing brokers, namely Sharekhan & 5paisa.com. Until then I did not realise the reliability & efficiency of Indiabulls trading platform. It was only after facing a few login problems & speed issues with the other two brokers that realised that INDIABULLS is the BEST.