I decided to open a trading account with sbicapsec (in Nov 2010), because I had a very good experience using the online banking portal for my SBI savings account. But I am totally disappointed and frustrated after my experience with sbicapsec.
I contacted the sbicapsec executive who collected the application form and the amount from my office. After that I had no update on what happened with my application for 3 weeks until I got SMS from CDSL that my demat a/c has been created. I received the welcome kit with username 5 weeks after I gave my application. Then I found that my demat account was not linked to my online banking username, which took another 10 days and several phone calls to resolve. It took almost 6-7 weeks to get my account ready for trading.
Starting with my first trade order, I faced issues with their online portal which is not at all customer friendly. On top of this, the helpdesk team not providing the correct information irritated me. Here are some of the problems I faced.
- I have never seen such a poorly designed web application with 21 buttons stacked together right on the front of the screen, which takes you to the various screens. It will not work on Firefox that I generally use for browsing. IE is required.
-an aftermarket order I placed got rejected and when I checked with helpdesk they replied that the reason was because I entered a wrong scrip symbol. I questioned them how could I enter a wrong symbol when the scrips have to be selected from the dropdown on the screen. Then they came up with the explanation that the order was rejected because it was placed at 5:15 PM - aftermarket orders should be placed only between 8 PM and 8 AM. If that were the case, the software should have informed me about it at the time of placing the order.
-The orders that were rejected or did not get executed are not displayed anywhere. Every time we need to contact Helpdesk to know what happened to such orders.
I have decided to close the sbicapsec account and open some other trading account. Even if it costs me more, I hope atleast I will get improved customer service and better trading software. My advice is to stay away from sbicapsec, until SBI makes honest attempt to improve their trading services.