Beware of ShareKhan!
Here is a most sincer advice to potential traders who are planning to get into ShareKhan(SK). Beware, these guys goof up big time.
I can sum up my experience with ShareKhan in one single word - Miserabel. I opened an account with SK in the last year. The services were good at that time. But then, suddenly one fine day, the new website was put in place. The trading applet was also changed. And all this was without prior notice to the users. The new applet, which is still running, is useless. I invested Rs. 120000 and with exposure my trading limit was 120000 * 4 = 480000. The applet somehow traded unimaginable volumes from my account. For example there was a trade of 2000 sesagoa at the rate of 1000+ (total trade of around 20L, which my all means I could not trade because I did not have the capital). Similarly there are another 2 trades of such nature. And these trades show a total loss of Net Rs. 20000.
I wrote about this to the CEO of SK and he put me on to an executive. Now, the execute says that ShareKhan can only settle 50% of my losses. Now, if this is not cheating then what is?
I have taken up the matter with SEBI, NSE and Investors Greviences Forum (Mr. Kirit Somayia), I am still awaiting action.
There is NO MIS in this website and I think it has been made so intentionally. The idea is, ’’if the user does not get information, how will he complain’’! The website has been strategically made in such a way that reports are so complicated to receive that the user will just give up on it.
I have documents to support all that I have said.
If needed, you can contact me on ping_manoj@hotmail.com.
DO YOURSELF A FAVOUR, DO NOT GET INTO SHAREKHAN.