Sharekhan Broker Review 2024

Sharekhan is one of the multi-asset brokers operating since 2000 with various services such as trading Forex, mutual funds, options, etc. This firm comes with benefits such as extra trading hours, a diverse range of accounts, etc.

But is Sharekhan brokerage a suitable and trustworthy option? Let's find out in this detailed review of the company!

Sharekhan Company Information & Regulation Licenses

Sharekhan, founded in 2000 and a subsidiary of BNP Paribas, a French multinational universal bank, since November 2016, stands as a testament to the evolution of India's financial markets. The company operates by this motto: "Designed for the serious". Key points about Sharekhan:

• Regulated by the Securities and Exchange Board of India (SEBI);
• Registered with major exchanges such as NSE and BSE;
• Boasts over 3M customers;
• Present in 1100+ cities through more than 130 branches and 4,200+ business partners.

Specifications and Features

In this section, we will provide a table containing some of the key specifics of Sharekhan as a broker to help you get a general perspective of it:

Sharekhan's long-standing history, coupled with its embrace of technology, positions it as a bridge between traditional brokerage services and modern online trading platforms.

Account Types

Sharekhan offers a diverse range of account types to cater to various investor needs. However, this diversity could confuse some traders; hence the reason why we will try to keep it simple and understandable.

Demat Accounts

The word "Demat" comes from dematerialization, which is the conversion of paper-based shares and securities into an electronic form. In these accounts, you hold and store the asset in an electronic shape:

• Regular Demat: For resident Indians trading in equities
• Repatriable Demat: For NRIs (Non-Resident Indians) trading globally with fund repatriation
• Non-repatriable Demat: For NRIs trading without fund repatriation

Trading Accounts

Trading accounts are a kind of a bridge between the demat and the bank account of the investor:

• Equity Trading: For stocks, futures, and options trading
• Commodity Trading: For commodity market trading
• Discount Broking: Low-cost option for experienced traders
• Full-Service Trading: Comprehensive services for new or busy investors
• Online Trading: Buying and selling share online
• Offline Trading: For the traditional way of buying and selling assets
• 2-in-1 Trading: Combines the demat account and the corresponding trading account of the investor
• 3-in-1 Trading: Integrates the demat account, the trading account, and the linked bank account

Sharekhan Advantages And Disadvantages

Knowing about the pros and cons of a broker helps us make a better decision with a more balanced mindset:

Account Opening & Verification Guide

Registration with Sharekhan is generally the same as with most brokerages in the industry. Follow these steps to sign up:

• Visit Sharekhan's official website and click "Login/Trade";

• Click on "Open an Account" below the form;
• Fill in basic details, including name, email, and phone number;
• Choose your residence status and country.

Now, you are registered on the broker. Complete the KYC process by providing necessary documents.

Trading Platforms

Sharekhan offers three primary trading platforms for Forex, stocks, etc. markets. We will have a quick look at each one here:

• TradeTiger:
  • Desktop-based advanced trading platform
  • Features sophisticated charting tools and technical analysis
  • Offers real-time market data and research integration
  • Includes automated risk-reward calculation and intelligent order placement
• Sharekhan App:
  • Mobile-friendly platform for on-the-go trading
  • Offers most features of TradeTiger in a mobile-optimized interface
  • Provides real-time market updates and portfolio tracking

Both platforms are developed in-house, ensuring seamless integration with the brokerage's services and continuous improvements based on user feedback.

What is the Commission and Fees Structure?

Brokers earn money by charging their clients on various operations. Sharekhan provides a clear and informative table on its website regarding costs:

• Currency Options: ₹5 per side per lot
• Commodity Options: ₹20 per lot for each side
• Equity Delivery Brokerage: 0.3% on market rate or min. 100 INR per share
• Equity Intraday Brokerage: 0.02% on market rate or min. 100 INR per share
• Equity Options: 20 INR per side per lot
• Currency, Commodity, and Equity Futures: 0.02% of transaction value
• Annual Maintenance Charges: Zero only for the first year

Deposit & Withdrawal Methods

Based on our investigations and the reliable data at hand, the company does not support any modern and convenient methods for deposits and withdrawals.

In other words, there's only the "Bank Wire Transfer" option available for making payments with this brokerage. This can be considered a drawback in the opinion of many traders.

Copy Trading & Investment Options

While Sharekhan doesn't offer a dedicated copy trading feature, it provides various investment options through its Demat account. The broker's research team provides recommendations and investment ideas, which can be a valuable resource for investors looking to build their portfolios.

Available and Active Bonuses and Promotions

We examined the Sharekhan's website, and found out that there are no bonuses currently available similar to those offered by other Forex brokers. However, the company issues bonus shares to clients.

The bonus is one share for each security in the investor's portfolio. This measure is taken for increasing the company's overall part in the stock market.

Support Contact Channels And Working Schedule

Sharekhan offers multiple support channels that are more than enough for contacting the team:

• Live Chat: Available only for registered traders
• Phone: +91 022 2575 3200, +91 022 2575 3500, +91 022 6115 1111
• Email: myaccount@sharekhan.com
• Support Ticket: Can be raised via website or mobile app

The unavailability of live chat option for people without an account is disappointing. Customer service in this brokerage is available 24/7.

Trust Scores and Company Evaluation

Trust rating is one of the most important factors in deciding whether to rely on a broker. Typically, we visit websites such as Trustpilot for this evaluation. Sharekhan has a lower-than-average ranking in this regard, in addition to the fact that it's only reviewed on one of the reliable trust platforms:

• Trustpilot Score: 2.7/5 (based on limited reviews)
• Number of Reviews: 5

However, the number of ratings is not enough to consider this score a reliable one.

Conclusion and final words

Sharekhan is a financial brokerage that is not solely focused on Forex trading. This company has been in the industry since 2000, and offers features like investment recommendations and a zero-cost Dial-N-Trade service.

However, the website might be confusing for some users, and there are no supported payment methods other than bank wire transfers. Also, it might not be the best option if you are a Forex trader.