Sunday, November 20, 2005

Lack of options

Surprising how few options exist for investing in the stock market for Indians. There are companies which do this: ICICI, Geojit, and others but the standards of service is miserable. Not bad, not shoddy, but downright abysmal.

My girlfriend and I tried to jump through the hundreds of hoops for getting an Internet trading account, but we're still nowhere close to being able to login online. Their support staff is seriously ignorant, and all emails to them end up being a huge waste of braincells. I was hoping that with an internet trading account we wouldn't have to deal with the droids, but the droids are keeping us from using the online account. We're dealing with the Hiranandani branch at Powai by the way: a bunch of inefficient jerks.

I came across a similar post about ICICI at another blog and I was wondering how this state of affairs came to be. What does it cost to get good Share trading service? Incidentally, I have a bank account with ICICI (as does my dad) and we're sick of how terrible they are too.

I think the model for Geojit and others is to make accounts for people; provide them with investment advice and thus profit. It is in their interest to not allow you to trade independently.

Sad, really, how the Indian stock markets are doing so well, and there isn't a single humane company that gets to see my money invested in it.