CanMoney is a Subsidiary of Canara Bank was incorporated and accredited as a Primary Dealer PD in 1996 in the name of Gilt Securities Trading Corporation Limited. GSTCL with a paid-up capital of Rs.100 Crores.
The Primary Dealer activity of the Company was taken over by the parent Bank in February, 2007 and the Company is focusing on capital market related activities mainly into equity broking and distribution of Financial Products.
The name of the Company has been changed as Canara Bank Securities Ltd. CBSL in 2009.
The On Line Trading OLT in Equity and FNO is a product added by CBSL to Financial Super Market of Canara Bank. This facilitates seamless trading in stock market by investor clients of the Bank at their comfort and convenience. They provide full service brokerage service around India. They rates are high compared to the Discount brokers which provide a very competitive rates for trading.
Brokerage Charges for CanMoney
|GLOSSARY OF CHARGES|
|I. BROKERAGE CHARGES:
Please choose one from three options given below:
ACCOUNT OPENING CHARGES FOR OLT (On-Line Trading):
Consolidated charges – Rs.200/- to be paid at the time of opening the account. (All-inclusive i.e. charges towards BSE agreement, NSE agreement, DP agreement, Power of Attorney and other expenses).
III. OTHER INFORMATION:
Client to indicate option selected in the 3 in 1 application form. However, if no option is exercised by the client, brokerage will be charged as per Option 1, by default.
Clients opting for Upfront brokerage have to necessarily remit applicable brokerage at the beginning of each month. By opting any of the scheme under this option client authorizes the Company to debit his account for the monthly upfront brokerage payable under respective scheme.
At the end of the validity period i.e. 1 month, minimum of the actual brokerage amount collected during the month or the upfront brokerage collected shall be refunded to the client.
For Delivery and Non Delivery transactions under NBO & UBO, brokerage shall be charged on both sides i.e. on purchase and sale side.
Under Turnover Based Brokerage Option (TBO), (option 3 above) Brokerage rate will be same for both delivery and non delivery transactions and the brokerage will be charged on both sides for Delivery & non delivery transactions.
Under TBO delivery and non delivery transactions will be clubbed together to determine the turnover per day. Further, the turnover (both buy & sell) is reckoned segment wise, Exchange wise.
Minimum brokerage per transaction day per segment, exchange wise shall be Rs.20/-.
Minimum brokerage for ‘Option’ transactions made under F & O segment shall be Rs.25/- per lot or the actual brokerage as per the applicable rate furnished above. Further for F & O transactions, brokerage will be applied on single side i.e. sale side as furnished above, where the trades are squared off on the same day. For open positions carried forward, brokerage will be charged as stipulated above, on both sides i.e. buy and sell side.
Special Brokerage scheme for Active Option Traders Cost to clients opting for this scheme:- A flat Brokerage at Rs.10/- per lot per leg of trade plus Rs.500/- per traded day towards software charges Higher the lots traded per day, lower the effective cost per lot of option
Salient features of the Scheme:
a. Pay Rs.200/- towards Online Trading (OLT) application.
b. Eligible for refund of Rs.200/- in the brokerage expended within 3 months of opening the account.
c. Refund is to the extent of actual brokerage collected or Rs.200/- whichever is lower.
d. Effectively, the OLT account comes FREE to clients as the amount paid is eligible for refund from brokerage collected.
e. Refund will be done at the end of 3 months from the date of opening the account. (i.e. on the last day of respective calendar month).
f. Scheme is effective from 01.07.2009.
g. Clients who have paid a sum of Rs.200/- towards application are only eligible for the refund.
h. This offer is valid for a limited period and Company may withdraw the offer at anytime at its discretion.
i. Applicable DP charges are to be paid to Canara Bank.