Do not go for Sharekhan at all for the following reasons:
(1) Money transfer in and out are very troublesome. Their connectivity to Bank funds transfer gateways are always down, so you need to call their customer care executive to get your funds updated. This definitely causes lot of irritation and shows the level of incompetence present in Sharekhan.
(2) Their brokerage structure is not good for small investors. If you are planning to buy a stock of price less than Rs.20/- than you will end up paying a brokerage of more than 1% while buying or selling. So it makes it more than 2% for both buying and selling. Also, a minimum amount of brokerage has to be paid.
(3) A lot of links on their website lead nowhere.
My pick is either KotakStreet or ICICIDirect. Indiabulls is also good but does not provide online IPO Application facility.