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Is Sharekhan Safe?
| | Demat Account, FAQs | No Comments
Sharekhan is a top full-service stockbroker in India with an active client base of 7.64 lakh according to the NSE website. It provides trading services across various segments such as Equity, Derivatives, Currency, and Commodity at a negotiable brokerage rate in Equity delivery but is Sharekhan safe?
Because it is a matter of investing your hard-earned money into something, it is always fair to ask some questions about the reliability of a broker.
In this article, we will discuss the reliability of Sharekhan, evaluate it on a few parameters and check whether it is safe for investing or not.
If you are looking to open a Sharekhan demat account, you must consider checking them or any stockbroker in general on the following parameters in case you are having any second thoughts about them.
- Registration
- Complaint percentage
- Active client base
- Customer support
- Trading platforms
- Awards & recognitions
Before you proceed ahead for Sharekhan Sign up it is important to check the reliability and authenticity of the broker for which you can check the the broker registration number.
Sharekhan is registered with India’s financial regulatory body SEBI (Securities and Exchange Board of India) under the registration ID INA000011325 which gives it the authority to operate as a stockbroker.
Along with SEBI, Sharekhan is also registered with the exchanges such as NSE, BSE, MCX, and MSEI. Being registered with these four platforms means Sharekhan provides trading across multiple segments as we discussed above.
As a depository participant, Sharekhan is also registered with the depositories such as CDSL and NSDL under which it provides demat account services.
Therefore, Sharekhan is registered with all the depositories and regulatory bodies and hence, it is safe to say that one can trust its presence. Additionally, with so many registrations, Sharekhan provides traders with multiple Sharekhan trading products.
| SEBI Registration | |
| SEBI | Registration ID: INZ000171337 |
| NSE | Member ID: 10733 |
| BSE | Member ID: 748 |
| MSEI | Member ID: 1043 |
| MCX | Member ID: 56125 |
| NSDL and CDSL | Registration number: IN-DP-365-2018 |
The next key parameter that helps build the trust factor for a stockbroker is its active client base. It tells you about its growth over the years.
Sharekhan, after 22 years of its incorporation has built an active client base of Seven lakh sixty-four thousand six hundred fifty-one (7,64,651) people with a client share of 2.42% in the entire industry according to the latest data released on the official website of NSE.
This is the second parameter Sharekhan ticks as it shows enormous customer support as the number of users who trade with Sharekhan actively is on the higher side.
Active complaint percentage shows how unhappy the customers of a stockbroker is and this number should be as low as possible if a broker has to be considered good.
For Sharekhan, this number is as low as 0.03% which is not bad for a broker that has been operating for 22 years. It goes on to show that the customers do have faith in the broker.
So even if the active complaint percentage is low, it is the most obvious requirement for a stockbroker to have a good customer support team that is available to resolve the problem of its customers.
When it comes to customer support, Sharekhan can be considered very reliable. First of all, being a full-service stockbroker, it has an offline presence in more than 600 Indian cities. Therefore, a customer can simply contact its branch offices in case of any problem.
The other ways of support include email support, call support, and live chat when it comes to any help regarding the account opening. It means you can either email them with your problem or call them to get the solution.
The live chat feature is not available to solve the general queries but if you have any issue with Sharekhan account opening, you can use this facility too.
Even though the customer service is not available 24*7, Sharekhan still provides really ticks this box since it takes care of the needs of its customers through both offline and online mode.
| Sharekhan Customer Support | Details |
| Call | 022-25753200 / 500 , 022-33054600, 022-61151111 |
| 7506651115/4/3/2 | |
| myaccount@sharekhan.com |
Trading platforms are important to keep a track of your trading activities as well as make the entire trading procedure easy. Even though it ranks low in the order of parameters while deciding the reliability of a stockbroker, it is still an important benchmark since it tells you how easy or difficult your whole trading experience with a particular stockbroker is going to be.
Sharekhan, in this case, offers four trading platforms and the more this number is, the safer and better a stockbroker is.
Sharekhan Trade Tiger is a trading software for traders who have access to either laptop or desktop (only windows supported and not available on Mac). With this trading tool, you can get quick access to various tools including advanced charts and market scanners.
- You can place different kinds of orders for all the exchanges using just one platform,i.e, Sharekhan Trade Tiger.
- You get access to advanced tools like HeatMap, Market scanner and others as well as charts for hedge and advanced kinds of trading.
- Sharekhan Trade Tiger charges are NIL hence you also get stock market training absolutely free of cost.
The second trading platform that Sharekhan provides shows that it equally cares for its smartphone users. The Sharekhan mobile trading app is available for download both on the Google Play Store and the App Store.
With a rating of 4 stars on the Play store, the app builds the trust of android users. However, it has only got a rating of 2.7 stars on the App store which isn’t really promising for iOS users.
- The app provides enhanced live charts such as Renko, Line, Candlestick, Bar, and Area charts.
- You get stats of market stocks, futures & Options.
- You also get the option to place multiple orders such as Normal Order, Big Trade orders, and other orders.
- The refresh rate of the app is fast to ensure optimal trading.
| Sharekhan Mobile App | Sharekhan Mobile App |
| Google Play Store | Downloads: 50,000,00+ |
| Rating: 4.0 (63256 ratings) | |
| App size: 41 MB | |
| App Store | Rating: 2.7 (2600 ratings) |
| App size: 91 MB |
Sharekhan Mini can work even with the slow internet speed and can be accessed only through Mobile browser or Desktop or Laptop (not supported on Mac) and again, it gives multiple features just like any other Sharekhan trading tool.
- It provides charts for both NSE and BSE.
- Mini also gives access to global indices.
- You can track your portfolio.
- With an Advanced watchlist, you can keep an eye on your selected stocks.
- Research and live news features keep you updated with the latest advancements.
The users also get the option to trade using Sharekhan official website that they can access either through their phones or desktops. Using the Sharekhan trading website, you can get higher leverage for intraday trading.
Awards & Recognitions
The final parameter to judge a stockbroker’s reliability is the awards and recognitions it receives from various institutes. After all, awards are only given to acknowledge the good performance in the designated field.
NSDL Star Performer Award, 2015
National Securities Depository Limited, NSDL acknowledged the contribution of Sharekhan by presenting it with the star performer award back in 2015.
NSDL award for reaching 10 Lakh demat accounts, 2016
NSDL again awarded Sharekhan in 2016, this time for completing the target of opening 10 lakh demat accounts.
NSDL, Go Green Award, 2014 and 2015
This award matters a little less in judging its credibility but Sharekhan was presented with this award by NSDL for reducing the usage of paper and going green.
Apparently, Sharekhan has received multiple awards in its journey as a stockbroker and it shows nothing but the reliable work it has been doing. This also gives the investors an assurance that Sharekhan indeed is safe.
Conclusion
Judging on all the above parameters, Sharekhan appears to be a very popular and reliable brand among the masses. Not only does it have a strong customer base but the low amount of active complaint percentage goes on to show that this stockbroker keeps its customers satisfied with its services.
On top of that, its offline presence in so many cities, email and call support and the ease of trading because of multiple trading platforms make it an extremely safe stockbroker.
If you are someone who had doubts regarding the credibility and functioning of Sharekhan and were looking for an answer to, ‘is Sharekhan safe?’, we hope this article solved a lot of your questions.
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