I opened a Freedom Account in Apr'14 with Karvy with an attached benefit of "Reversal of 50% brokerage amount every month". Everything was fine until Karvy informed me that the said benefit would stop from Oct'16 and that I can get it provided I use their mobile application. Screen shot of their email dt 10 Aug'16 enclosed (https://scontent-sit4-1.xx.fbcdn.net...20&oe=590FE636)
With "Reversal of 50% brokerage amount every month", my net brokerage was getting slashed by 50%. But by stopping "Reversal of 50% brokerage amount every month", my brokerage has virtually doubled.
This amounts to nothing but a monopolistic trade and an arm-twisting tactic.
My mail to the backoffice and to Compliance Officer has remained unanswered without telling me the reason why a client must use mobile app. and not desktop app.
I caution people to get every special condition or benefit duly incorporated in the agreement with any broker (especially Karvy) clearly mentioning the validity period, if any.
With "Reversal of 50% brokerage amount every month", my net brokerage was getting slashed by 50%. But by stopping "Reversal of 50% brokerage amount every month", my brokerage has virtually doubled.
This amounts to nothing but a monopolistic trade and an arm-twisting tactic.
My mail to the backoffice and to Compliance Officer has remained unanswered without telling me the reason why a client must use mobile app. and not desktop app.
I caution people to get every special condition or benefit duly incorporated in the agreement with any broker (especially Karvy) clearly mentioning the validity period, if any.
Karvy Stock Broking's Reversal of 50% brokerage issue
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