Friday, December 4, 2009

geojit bnp paribas online investing

I used to prefer only bank recurring deposits and bank fixed deposits. But some years ago , when the stock market indices were close to their peak, I was drawn towards stocks. At that time mutual funds seemed to be a nice option.
As I was using State Bank of India, I started off with SBI mutual fund, I made some investment in SBI Taxgain, SBI muticap, SBI global, SBI multiplier 93 all of which were dividend option. At that time the NAV made some nice gains of about 20 to 25 % in around 7 to 8 months on paper and I got some dividend (but nowhere near the gains on paper) from the funds except for SBI global.
So in retrospect, I should have redeemed/sold the units (except for taxgain scheme which is locked for 3 years) at that time and pocketed the gains .
But since I was new to the concept of mututal funds I did not do anything, then the market indices crashed, there was recession in the US etc and the NAV declined by around 40% from the level when I bought the units of the funds.
After that some of the NAV's have recovered somewhat.

So I decided to learn how to invest directly in stocks instead of depending on others.
I looked around at the brokerage options available. There was Hedge equities opposite LIC buildings at Pattom, Capstocks also near pattom and also at east fort, Sharekhan on the road from spencers to bakery junction , geojit bnp paribas opposite smv school etc.

After talking to the persons in the various offices and spending some time reading reviews on the internet, I decided to go to geojit. They asked for money in cash(not cheque) for the application form. I filled up the form/booklet and had to affix my signature at around 20 or more places in that booklet. So you should be prepared to spend at least one hour and read everything before signing up. You also might need to give an email id since they send the contract notes by email if you are using online trading

I went in for the online option. I initially had some problem with the login password , password for the encrypted pdf file which contained the login password etc ( they mention a particular version of adobe which did not work on windows 98 and the older version of adobe did not seem to handle the encryption properly, so I had to use another pdf reader ) . Anyway after that initial hiccup , there does not seem to be any problem.

I paid the initial investment amount by cheque (There is online transfer option from some banks). It took 2 or 3 days for the amount to be available in my account.

One thing to remember is that there seems to be a minimum transaction limit of Rs.1000/- and a minimum brokerage of around Rs.20/- per transaction.

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