SUB-BROKER SERVICING

AND
COMPETITIVE ANALYSIS

SUMMER TRAINING REPORT

Roll No. : 332

Batch : 2009-11

In partial fulfillment of the requirements for Master Of Management Studies (MMS) two Ye

Rajiv Gandhi Institute of Technology,

Dept. of Management Studies
( affiliated to University of Mumbai )

Year 2009-11

INSIDE COVER PAGE REPEAT

COMPANY CERTIFICATE
 DECLARATION

I declare that this report entitled’ SUB-BROKER SERVICING.’ is my original work and not
copied from elsewhere nor submitted before for any degree, diploma or course to any Institute
or University and due acknowledgement has been given in the bibliography to all ALL sources
be they printed ,electronic or personal.

Name of the Student :- CHAITALI S. MEHTA Signature

Date-

ACKNOWLEDGEMENT
ABSTRACT
 TABLE OF CONTENTS
Chapter 1. : Introduction Page No.

Chapter 2 . : Review of Literature

Chapter 3: About the organization

Chapter 4 : Research Methodology

Chapter 5. : Findings & Analysis

Chapter 6. : Conclusion

Bibliography
Annexure ( questionnaire, pictures, etc.)

 Include a one-page abstract of the report just before the contents page.
 Also include a list of tables after the contents page.
CHAPTER 1 INTRODUCTION TO THE TOPIC

1.1 Importance /Significance of the topic studied:-

With a thorough study of the topic SUB-BROKER SERVICING AND ANALYSIS Of
COMPETITORS we would be in a position to understand and solve the problems faced by the
sub-broker as well their client.
In this project I have done the following things:-
1. Updating the contact list of the sub-broker for the advisory team.
2. Giving the feedback form to the sub-broker.
3. Activation of ECN/RTGS for the client as well as the sub-broker.
4. Circulating the SEBI authorization letter which is for the broking firm in case the client
does any action against the firm they have legal document which says that all the trade,
payouts etc are done as per the knowledge of the client.
5. Analyses of the competitors in terms of brokerage, AMC, account opening charges,
initial deposit.
It with the help of this analysis that the company will be able to put down its competitors in those
fields where it is lacking behind.

Such an act will help the organization to gain more clients as well as good competition in the
market.

Objective/s and scope of the study:-

CHAPTER 2 : REVIEW OF LITERATURE

2.1 Conceptual/ theoretical background of the topic:-

In this topic we understand the exact system that the sub broker and the client use to trade in the
market. There are various system used for the day to day transaction for trading are BOLT,
NEAT, ODIN.

BOLT is used for transaction in BSE cash segment. NEAT has two features in it i.e. it is used for
both Cash and Future and Option of NSE segment. ODIN is to trade in Cash and Future and
Option of BSE segment. But to put transaction in ODIN the client code is to be mapped in
surveillance whereas for NEAT no such restriction are there.

In this project we have tried to improve our services towards the sub broker. The sub broker
faces various problems based on the various department that the sub broker has to go through in
his total transaction for each client code.
CHAPTER 3: ABOUT THE ORGANIZATION :-

Angel Broking's tryst with excellence in customer relations began in 1987. Today, Angel has
emerged as one of the most respected Stock-Broking and Wealth Management Companies in
India. With its unique retail-focused stock trading business model, Angel is committed to
providing ‘Real Value for Money’ to all its clients.

The Angel Group is a member of the Bombay Stock Exchange (BSE), National Stock Exchange
(NSE) and the two leading Commodity Exchanges in the country: NCDEX & MCX. Angel is
also registered as a Depository Participant with CDSL.

Our Business

 Equity Trading
 Commodities
 Portfolio Management Services
 Mutual Funds
 Life Insurance
 Personal Loans
 IPO
 Depository Services
 Investment Advisory

Angel Group

 Angel Broking Ltd.

 Angel Commodities Broking Ltd.
 Angel Securities Ltd.

The branch where we have studied is a B2B branch here there is no direct contact with client as
the client has to come or trade through some sub broker under which he has a account. No client
can trade directly from his end if he is in offline mode. He has to come only through the sub
broker. If he wants to trade directly than he has to take in code in online mode i.e. ANGEL
DIET. Otherwise the client will be a part of ANGEL TRADE. Some client are part of both
ANGEL DIET as well as ANGEL DIET when the sub broker puts a request to the Risk manager/
relationship manager for the activation.
 CORE VALUES

Our Vision

To provide best value for money to investors through innovative products,

trading/investments strategies, state of the art technology and personalized
service.

Our Motto

To have complete harmony between quality-in-process and continuous improvement to deliver

exceptional service that will delight our Customers and Clients.

Our CRM Policy : Customer is King

“A Customer is the most Important Visitor on our premises. He is not dependent on

us, but we are dependent on him. He is not an interruption in our work. He is the
purpose of it. He is not an outsider in our business. He is part of it. We are not
doing him a favour by serving him. He is doing us a favour by giving us an
opportunity to do so.”
- Mahatma Gandhi

Business Philosophy

 Ethical practices & transparency in all our dealings

 Customers interest above our own
 Always deliver what we promise
 Effective cost management

Our Quality Assurance Policy

We are committed to providing world-class products and services which exceed

the expectations of our customers, achieved by teamwork and a process of
continuous improvement.
 ONLINE TRADING

The various products of ANGEL are:-

1.Angel investor
Highlights

 User-friendly browser for investors

 Easy online trading platform
 Works in proxy and firewall system set up
 Integrated Back office to access account information – anytime, anywhere
 Streaming quotes
 Refresh static rates when required
 Multiple exchanges on single screen
 Online fund transfer facility

System Requirements

You'll need access to a computer which has at least the following configuration:

 Pentium 3 PC, Minimum 128 MB RAM

 Windows 2000/XP
 Internet Connection
 Internet Explorer 6.0
 Java enabled in IE
 Browser Settings (Download)

2.ANGEL TRADE
Highlights

 User-friendly browser-based online trading platform

 Streaming quotes
 Can be used in proxy and firewall environments
 Convenience of accessing your account from anywhere

System Requirements

You'll need access to a computer which has at least the following configuration:

 Pentium 3 PC, Minimum 128 MB RAM

 Windows 2000/XP
 Internet Connection
 Internet Explorer 6.0
  Java enabled in IE
 VM java(Download)

3.Angel diet
Highlights

 Application-based platform for day traders

 Hi-speed trading terminal on your desktop
 Streaming quotes for real time rate updates
 Multiple exchanges on single screen
 Online fund transfer facility
 Integrated Back office to access account information – anytime, anywhere

System Requirements

You'll need access to a computer which has at least the following configuration:

 Pentium 3 PC, Minimum 128 MB RAM

 Windows 2000/XP
 Internet Connection
 Internet Explorer 6.0
 Java enabled in IE
Chapter 4: Research Methodology
The research methodology adopted for this project was of PRIMARY nature where we have used the
questionnaire which is given below.
This was circulated to all the sub-broker of both ACME and HO branch which was approximately a total
of 300 sub-broker.
We have analysed the reply of these sub-broker and then made changes wherever possible based on the
suggestion of the sub-broker.
The questionnaire consists of question related to the various system which are a part of the day to day
working of our company.

Angel Broking
Sub Broker Name: ______________________________________
Tag : _________________
Address______________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
__________________Contact Details :___________________
Email Id : ____________________________________________
Pan No: ______________________________________________________________________

_____________________________________________________________________________________
PRICOMMISSIONING
1. Does the Sub Broker Registration Process runs properly?
_____________________________________________________________________________________
_____________________________________________________________________________________
2. Are the certificates issued to you on time?
_____________________________________________________________________________________
_____________________________________________________________________________________
3. Are there any issue regarding CTCL?
_____________________________________________________________________________________
____________________________________________________________________________________
4. Are you facing any connectivity problems?
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
5. Have you brought all advertising material like Notice Board and Branding Material?
_____________________________________________________________________________________
_____________________________________________________________________________________
KYC
1. Are the Client code generated properly?
_____________________________________________________________________________________
_____________________________________________________________________________________
2. Does the DP Account open properly?
_____________________________________________________________________________________
_____________________________________________________________________________________
3. Are there any issue regarding Account Modifications?
_____________________________________________________________________________________
_____________________________________________________________________________________
4.Does the client transfer procedure work properly?
_____________________________________________________________________________________
_____________________________________________________________________________________
5. Are the NBFC accounts opening properly?
_____________________________________________________________________________________
_____________________________________________________________________________________
6. Are you receiving objection information properly? In case if any?
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________
SURVEILLANCE
1. Are the rejection solved properly?
_____________________________________________________________________________________
_____________________________________________________________________________________
2. Is Mapping done on time?
_____________________________________________________________________________________
_____________________________________________________________________________________
3. Are the Trade Confirmation received properly?
_____________________________________________________________________________________
_____________________________________________________________________________________
4. Do you get masters properly?
_____________________________________________________________________________________
____________________________________________________________________________________
DEALING
1. Does all your orders get punch properly?
_____________________________________________________________________________________
_____________________________________________________________________________________
2. Do you get proper trade confirmation?
_____________________________________________________________________________________
_____________________________________________________________________________________
3.Does your clients gets proper ECN services?
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
RISK MANAGEMENT
1. Are you getting limit properly from the system?
_____________________________________________________________________________________
_____________________________________________________________________________________
2. Is JV transfer done properly?
_____________________________________________________________________________________
_____________________________________________________________________________________
3. Is Brokerage / Payout process done properly?
_____________________________________________________________________________________
_____________________________________________________________________________________
4. Are there any issue regarding NBFC?
_____________________________________________________________________________________
_____________________________________________________________________________________
BANKING
1. Are all the paying related entries done properly?
_____________________________________________________________________________________
_____________________________________________________________________________________
2. Is payout done properly?
_____________________________________________________________________________________
_____________________________________________________________________________________
3. Does RTGS and NEFT payout facilities runs properly?
_____________________________________________________________________________________
____________________________________________________________________________________
_____________________________________________________________________________________
DP DEMAT
1. Is Shares payout done properly?
_____________________________________________________________________________________
_____________________________________________________________________________________
2. Is payout shortage informed to you on time?
_____________________________________________________________________________________
_____________________________________________________________________________________
3. Is DIS punching done properly?
_____________________________________________________________________________________
_____________________________________________________________________________________
4. Are there any queries regarding DRF punching?
_____________________________________________________________________________________
_____________________________________________________________________________________
5. Is auction debit/ credit informed to you properly?
_____________________________________________________________________________________
____________________________________________________________________________________
DISPATCH
1. Are all contract notes / Sauda Summary Report / Ledgers are dispatched to clients properly?
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
PREPAID BROKERAGE
1. Is there any queries regarding Prepaid Brokerage?
_____________________________________________________________________________________
____________________________________________________________________________________
ETRADING
1. Are there any issue regarding E Trading?
_____________________________________________________________________________________
_____________________________________________________________________________________
SOFTWARE
1. Do you want to specify any query regarding software updation?
_____________________________________________________________________________________
____________________________________________________________________________________
THIRD PARTY DISTRIBUTION
1. Have you done emplement for third party client? If yes then please provide the code.
_____________________________________________________________________________________
_____________________________________________________________________________________
2. Do you get the IPO information properly?
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
____________________________________________________________________________________
TRAINNING
1. Do you required any Training? If yes then please mention for which sessions?
_____________________________________________________________________________________
_____________________________________________________________________________________
SUGGESTIONS
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
As we go through the questionnaire we can understand each process that is use on a daily basis.
The explanation of each process is as follows:-
1.PRICOMMISSIONING:-
In this part we will try to know the procedure followed before a sub-broker to get himself
register as an Angel broker.
For getting a terminal the broker has to give exam which are conducted by the exchange to get a
certificate to work in that particular segment. There are various segment like NSE EQUITY,
BSE EQUITY, NSE FO, MCX, MXC FO, etc.
So the broker will have to give those exams for which he wants to trade in the respective
exchange.
After receiving the certificate the broker is register and than he is mapped under a particular code
which is given by Angel. This code is an identity given by Angel. Now that broker will be
mainly known by that code only. Thus Angel even has to check that their terminal whether
NEAT, BOLT, ODIN functions properly and they should not face any connectivity problem to
do the trades.
The broker also need to acquire the branding products by paying some minimal amount to do the
advertisement of Angel where it has his office.
2.KYC i.e. Know Your Client:
This is the form that the broker will be filling when he takes the decision to become a broker of
Angel. This form has all the details of the client that the sub-broker has under him. Details like
address proof, photo identity, bank proof, etc are taken. For bank proof usually the passbook
which has the account number written on it is taken so all the amount which belongs to either the
client or sub-broker can be directly credited to the account. As there are various system where
physical delivery of cheque is not required and can be directly credited to his account by ECN
facility.
Some client would also like to modify the details given by them after some time so even
this is to be done by the KYC department.
Sometimes client also shift their location so they need immediate transfer to the branch
which is nearby. Even this procedure should be quick enough for the client to be with the
organization.
3.SURVEILLANCE
Surveillance is basically a system from where limit is given to the client so that they trade in
their resp0ective accounts. For the job of a surveillance the person should also have knowledge
of risk management which consist of collection and comprehensive reports. These reports denote
whether the given client code has enough of holding in comparison to the debit which he has

The client can trade for only that amount for which he has allotted limit. Above which he cannot
trade. There are rejection which come on the surveillance screen depending upon the mapping
done for the client. The client can only put rejection in that server. Once the rejection is received
than the limit is given after checking the risk report or only the amount which is specified in the
rejection is given to the client.
In Surveillance also one check the trade done by the client only and not done by the dealer sitting
at our end. Sometimes broker or client call to delete some order or modify them at times. Such
changes can be done by the Surveillance department.
Below are the reason given for rejection which come from the sub-broker side:-

Reason Meaning
BSE Equity Market not allowed for Client Bse market not allowed to client
Client Id not found: AGFP012. Client Id not mapped on CTCL
Client Id not found: BbCli. Wrong client Id punched
Delivery Order Not Allowed for AMRT638 Delivery Order Not Allowed for AMRT638
Limit exceeded Set= 115, N.Used= 150 There are 115 share in holding and client want to
,Prev= 0, T.Free Qty= 0 of Equity ( NSE- sell 150 shares through stock watch
Settlement) of JLND008
Margin Limit exceeded.Set= Margin limit exceed, I.e., client has voilate his
100226.00,Used= 121886.25(I)(Prev= set margin limit
71706.25)[UsedIM= 90155.00,PrevIM=
50175.00,EM= 28981.25,MTM=
-2750.00,B.PL= 0.00] across all securities of
Combined ALL (Expiry) of VEF013
NAGPI T not in Security Master. Security Master not updated
Probably wrong Security
New Positions for given scrip are not allowed Option not allowed to be trade
for AGE2
NSE Derivatives Market not allowed for NSE F&O not allowed to client
Client
NSE Equity Market not allowed for Client NSE Cash not allowed to client
Operation Not Allowed.User Privilege Check When Buying right is block for client
for Client For BSE Equity Transaction
Privileges Failed BUY
Operation Not Allowed.User Privilege Check Try to put Sauda in PRO
for Dealer For BSE Equity Client Privileges
Failed PRO
Order failed Gross Exposure check where the When client is on square off mode in F&O
limit is 0.00, prev. utilized was 0.00 and segment
current value is 290265.00 across all
securities of Combined ALL (Daily) of
LUDH813
Order failed Max. Single Transaction Qty when client voilate the max quantity allowed for
Check where the limit is 15000 and current single order limit
value is 20000 across all securities of Equity
( NSE-Daily) of THST149
Order failed Max. Single Transaction Value when client voilate the max value allowed for
Check where the limit is 1.00 and current single order limit
value is 195.00 for ALKA B of Equity
( BSE-Daily) of member
Order failed MTM Loss check where the When Mtm check hit or loss increase to 60% of
limit is 1776.90, prev. utilized was 2685.00 margin
across all securities of Combined ALL
(Expiry) of AGE275
Order failed Net Exposure check where the fresh cash buy is block due to short margin or
limit is 0.00, prev. utilized was 0.00 and client is in square off mode, or if client has
current value is 10000.00 across all sustain debit in his books
securities of Combined Equity (Daily) of
NOIDA108
Order Time has changed or is incorrect for modify the order in between the trade in
 modification/cancellation request
User - not allowed to trade in AHLUCONT
B market script
User - not allowed to trade in FUTSTK
NAGARFERT 29-01-2009
User - not allowed to trade in OPTIDX
NIFTY 290000 29-01-2009 CE
User : MOY002 has been suspended
Order failed Turnover check where the limit
is 800000.00, prev. utilized is 687617.85
and current value is 803777.85 for
NITINFIRE EQ of Equity ( NSE-Daily) of
member
executed
user not allowed to be trade in particular cash
user not allowed to be trade in particular F&O
script
Option not allowed to be trade
when code is suspended
when turnover limits are exceeded in particular
scrip

4.DEALING
The dealer which is sitting in the office of angel is like a back up one. He is not suppose to take
all the trades which the client does daily. This dealer is suppose to take only those trade when the
BOLT, ODIN or NEAT of the client is not working or there is some problem at the end of the
broker. Even those script which do not have much of a volume and for which limit cannot be
given to the broker so those trade are done here. The dealer in the various branches also need to
take limit for their terminal from the CSO and than only they can trade. The CSO gives
complete limit to the terminal or it also gives script wise limit.
Script wise limit is given for those script which do not have sufficient volume. Some script are
also under ban period by the exchange if anyone trades in these script than they have to pay
penalty which is decided by the exchange. On a daily basis exchange has some script in ban
period because of some reason which is given by the analyst of the exchange.
ECN is a system similar to the system of transfer of money in electronic form in banks. But in a
broking firm all the payouts like shares payout, brokerage payout are done in ECN form and not
just cash. The dealer also has to check whether the particular code given by the client or sub
broker in active in the segment where he wants to trade. Such act of the dealer helps to avoid any
problem from the organizations point.
5.RISK MANAGEMENT
The job of an risk manager is mainly to decide the amount of limit that the surveillance team
will provide to client. Earlier family JV were allowed by SEBI but by a recent circular SEBI
has banned family JV. A JV is a tool by which the shortages of one account are cleared by
some other account. But this process was allowed only for those account which belonged to the
same family and not under the same sub broker. Family account are basically account of the
proprietor. These account are those of the family members of the proprietor. Usually they
transfer funds in such manner and not get new funds. Such an act would create deficit in one
account and surplus in another hence such an act is not allowed henceforth.
Each sub broker is given a RM who handles all the query that person or his client has. The RM
has to remove payout of brokerage of the sub broker when he has excess of funds in his
account. This job is to be done by the RM regularly. Most often it on a Saturday that brokerage
is paid out.
NBFC is a new concept brought in to system by ANGEL.
GET DETAILS OF NBFC
6. BANKING
Banking is the system where the funds are given to the sub-broker in form of brokerage and the
funds which they give to the organization are credited to their account. A different department is
set up to do this job where they are suppose to see that the cheque received are not of third party
and the amount given is for which segment i.e. NSE FO, NSE CASH, BSE CASH, MCX,
MCDX etc. and accordingly they will credit the amount.
If the bank in whose favour the client does not clear the payment for whatever reason than the
client account will be consider as bad debt and interest will be charged to him because it is Angel
that has paid the amount to exchange anh thus interest is charged to them @ 18%.
A similar rate of interest is also charged when the amount to buy the shares is not paid by the
sub-broker in T+4 days (here T is the trading day)
The banking department does the payout in two ways i.e. shares payout and brokerage payout.
Shares payout is done on the request of the sub-broker. Shares payout is to remove the shares
which are in the demat account of the client and these shares are sold through some other
broking house. Brokerage payout is done on the request of the RM only.
7. DP DEMAT
The banking is in constant touch of the DP DEMAT department the shares payout is done by
this department as the shares are in hold of them and they know the exact procedure to do the
payout.
GET INFORMATION OF DPDEMAT

In the above project I have tried to mainly know the problems faced by the sub broker with the
help of the above feedback from.
Most of the difficulties is faced by the sub broker with RISK MANAGEMENT on issues of limit
as they do not get limit when their client codes are in debit for a large number of days. If the
RM’s know that the client pays the dues regularly then they do not face that problem also.
Next problem is with BANKING when the client gives third party cheque as that are not allowed
as per the SEBI rules. The cheque of which bank is given should be the same as the bank which
the client had given while registration that is in the KYC form. The cheque is called third party
as the bank name is different BANKING department does not accept such cheque.
The client do not go in for ECN/RTGS activation in which they get all the funds payout cheque
and contract notes on their e-mail id which is they do not prefer. Thus they sometimes do not
receive the cheque and contract notes on time because courier delays.
Secondly the client want some training on daily basis when whenever some upgradation is done
in the system. Even when the sub-broker appoint new people they accept

COMPETITIVE ANALYSIS

In competitive analysis we are will be checking all the parameters like brokerage, AMC,
account opening charges,etc. while comparing these parameters we find that Angel Broking
has main competition with Religare. Religare is the most competitive firm to Angel in all
terms like AMC account opening charges as well as brokerage. We will know that when we
will go through the data shown below. As it was even shown above Angel has the least
brokerage charged to the sub-broker as well as the client. The terms of brokerage are different
for sub brokers in terms of their revenue. In terms of the revenue given by them they are
charged brokerage.
COMPARISION OF THE BROKERAGE RATE OF DIFFERENT BROKING FIRMS:-
Here you will find a table comparing intraday brokerage charges and delivery brokerage charges
charged by different online brokers in India like Share khan, ICICIdirect, Motilal Oswal,
Religare, SBICAP Securities, Angel Broking, 5paisa, Indiabulls, UTI Securities, HDFC
Securities, Indiainfoline, Reliance Money.

Brokerage for Intraday

Online Broker Brokerage for Delivery MMC*
trading
SBICAP Securities
0.50% 0.10% NIL
brokerage charges
Sharekhan
0.03% - 0.50% 0.03% - 0.10% NIL
brokerage charges
Motilal Oswal
0.30% - 0.50% 0.03% - 0.15%
brokerage charges
5 paisa
0.25% - 0.85% 0.07%
brokerage charges
Angel Broking
0.50% 0.02% - 0.03%
brokerage charges
ICICI direct
0.75% 0.15%
brokerage charges
Indiabulls
0.25% - 0.50% 0.05% - 0.10%
brokerage charges
HDFC Securities
0.50% 0.15%
brokerage charges
UTI Securities
0.80% 0.15%
brokerage charges
Religare
0.20% - 0.30% 0.02% - 0.03%
brokerage charges
Reliance Money
0.01% 0.01% card system
brokerage charges
Geogit 0.30% 0.03%
brokerage charges
Indiainfoline
0.50% 0.10% -
brokerage charges
MMC=Minimum monthly commitment.
 Brokerage is usually negotiable: Several of you trying to choose an online broker and
open an online trading account must have been frustrated trying to search for the exact
brokerage charges charged by various online brokers. But the fact is the brokerage
charged by the same broker varies and in several cases is negotiable. For example if you
go and tell a brokerage house that you are going to deposit 2 lakh rupees and try to
convince them you are going to trade heavily, they might consider reducing your
brokerage. That is why in the above table you will find only a range for the brokerage
charges in some cases. But that should be enough to get an idea.
 Effective brokerage with taxes is more: In addition to the above brokerage charges you
will have to pay STT (Securities Transaction Tax) at the rate or 0.02% of the total
transaction amount. You will also be charged 12.5% Service Tax on the brokerage
amount (and not on the transaction amount). For example, if your brokerage is 0.50% for
delivery and you do a delivery transaction of Rs.100/- then the total brokerage you pay is
0.50 (brokerage) + 0.02 (stt) + 0.063 (service tax) = 0.58 .
Thus your effective brokerage (including all taxes) will be 0.58%. Similarly for
brokerage on intraday transactions.
 One may also like to compare brokerages charged by the online brokers mentioned above
for trading in futures and options. I have traded options on SBICAP securities and have
been charged Rs.100/- flat brokerage fee for every options trade. I will probably find out
and also add a comparison table for brokerage charges for trading derivatives (futures and
options) later, if I see enough people google searching for the same. For futures, some
online brokers charge different brokerage for different legs of the trade, i.e. different for
buy and sell trade.
 Except SBICAP Securities, I do not have any other trading account. So my information is
gathered from indirect sources. In case there are any inacurracies please let me know by
posting a comment.