Online trading services are a relatively new phenomenon in India. This is mainly due to Internet proliferation in India being relatively new, as the country has seen growth in that sector in the past decade. With it, Indian citizens have started becoming more curious and aware of the prospect of online trading. Major players such as India Bulls, Religare, ICICI, HDFC and SMC are regarded by some to be at the forefront of this wave. As more and more people connect to the internet and are becoming aware of the market’s nature, online platforms in India have started seeing a surge in clientele.
The name Sharekhan may pop up among various trading circles. From its humble beginning, the company has now grown to be the country’s leading online brokerage services and a reliable name in the market. It is one of the most circulated names among Indian trading circles and it seems only fair that we conduct a Binomo Sharekhan review for those who are unfamiliar with it. We will discuss various aspects of the platform, including its quality, how its regulated and whether its reliable or not.
Sharekhan: A brief review
Sharekhan was originally under the SSKI Group and is now under the BNP Paribas Group. It is one of the biggest online brokerage service providers in the country, having a presence in over 550 locations in India. Brokerage services are provided through their website, sharekhan.com. Share khan has a customer base exceeding 14,00,000 and consisting of diverse clientele such as individual and institutional investors, corporates, non-resident Indians and traders. Sharekhan also offers commodity trading on National Commodity and Derivatives Exchange(NCDEX) and Multi Commodity Exchange(MCX) via Comtrade.
There are many compelling reasons to go for trading with Sharekhan, especially if you are an Indian trader. We’ve decided to highlight a few reasons below.
- They are the pioneer when it comes to raising awareness about online trading among the Indian populace.
- Their network consists of a web of 2600 outlets across 570 cities and 28 states. Physical addresses of the offices of Sharekhan can be found at the Sharekhan website.
- Sharekhan has been the recipient of multiple accolades over the years.
- They have a separate trading platform for suit customers, which is an installable terminal. It provides features such as mobile call & trade and in-person trade via branch offices and online services.
- Sharekhandoent charge for any DP transactions as transferring shares from and to DP accounts is free.
- The brokerage slabs are set in such a way that the brokerage fees get reduced as your trading capital increases.
- They offer educational assistance to their clients via webinars, seminars, workshops and classroom training.
- The broker offers Call&Trade facilities for free.
Is it legal and does it accept Indian Clients?
Sharekhan is an Indian-based online broker which exclusively targets its services to Indian clients. It is safe and legal, just like any stockbroker in India. On top of that Sharekhan is owned by BNP Paribas which is one of the most reliable European banks in existence which has offices across 72 countries.
Is it regulated?
There are a number of regulations with which Sharekhan complies.
- Sharekhan is registered under the Securities and Exchange Board of India(SEBI) with registration no. INZ000171337. You can check out SEBI’s site by visiting the SEBI website.
- Sharekhan is also registered with the Central Depository Services and National Securities Depository Limited of India, which allows them to offer Demat account services.
- Sharekhan is also a member of the National Stock Exchange (NSE), Bombay Stock Exchange (BSE), Multi Commodity Exchange (MCX) and National Commodity and Derivatives Exchange (NCDEX) in India.
What kind of broker is Sharekhan? What are the tradable Markets?
Shrekhan operates as a full-service broker in India, providing services such as financial planning, facilitating trading, portfolio management, wealth management and customer support. It also provides educational resources for investors and traders who are new to space. The broker provides several trading platforms for different types of traders:
- Sharekhan TradeTiger: Trade Tiger is the desktop-based trading platform of Sharekhan. It allows trading in multiple market segments across multiple exchanges from a single comprehensive platform. It is tailored to be fully customizabke and ready to be tradable in a live market enviornment, fitted with all the trading tools one would need.
- Sharekhan website: The Sharekhan website acts as the web-based trading terminal where traders and buy and sell stocks.
- Sharekhan Mobile App: The Sharekhan mobile app provides as much functionality as the main desktop and web-based apps. It lets users view charts, trade and manage their portfolio from a single terminal. Users can also trade in advanced orders.
Let’s take a look at their tradable markets:
- Stocks and ETFs: Sharekhan provides 2 stock markets and 130 ETFs for trading. Users get access to shares on the National Stock Exchange(NSE) and the Bombay Stock Exchange(BSE).
- Forex: Sharekhan forex trading in India is legal and available to all Indian traders. There are 6 currency pairs available: USD-JPY, GBP-USD, EUR-USD, JPY-INR, USD-INR and EUR-INR.
- Funds: Sharekhan offers funds from more than 50 fund providers which comprise mostly local funds providers such as ICICI Prudential and some international fund providers like Goldman Sachs.
- Options and Futures: Sharekhan offers 2 markets each for options and futures from National Stock Exchange and the Multi Commodity Exchange.
What is the Minimum deposit?
Sharekhan does not have any minimum deposit requirement. This makes it an ideal broker for novice traders because it allows them to access the markets with a very low initial deposit.
What are the Spreads and costs
Sharekhan charges a fee of 5p(paisa) per share for Intra-day traders, 10p per share for delivery based trades and 16 INR per scrip for DP charges. The chargest for Equity Options is 50 INR per lot and that of currency options is 30 INR per lot. Brokerage fees for currency futures and commodities are 0.10% and 0.03% respectively.
What Account Types do they offer?
Sharekhan provides a very simple and streamlined signing up process. But first, you must decide what type of account to open: A Insta MF(Mutual Funds) account or a trading account. The trading account can be categorised into 4 sub-types which can be selected by the trader.
- Beginners can go for First Step Account
- Investors can go for Investor Classic Account
- Active traders can go for Trade Tiger
- High net worth traders and individuals can opt for an Advisory Account.
Information related to deposit and withdrawal timing and costs
Sharekhan credits the returns that traders earn directly to their respective trading accounts. The proceeds are usually credited to the trader’s account within two to three days. RTGS transfers are instantaneous with no time delay. Transfers via NEFT and RTGS are free as banks do not levy charges on them.
Withdrawing funds from the Demat account to a bank account generally takes up to two or three days after which funds will be reflected in their bank account.
Why choose Sharekhan?
The biggest reason to choose Sharekhan is because of its wholesome approach to online trading and catering towards all classes of investments.
- It provides support to beginners via local support and personal relationship managers.
- It provides a range of add-ons to active traders such as research, tips, local support in addition to lowered brokerage fees.
- It also provides in-person and free call and trade services to individuals who are not quite comfortable with trading and investing online.
Visit the broker and experience Sharekhan for yourself.
Final Verdict
Sharekhan is one of the pioneers and front runners of the Indian online trading market. It provides Indian citizens and non-resident Indians a safe and reliable platform to access the exciting world of trading. Combined with a user-friendly interface and a highly functional trading platform, Sharekhan is one of the top brokers that Indians can choose.