End of zero Brokerage - Shoonya by Finvasua
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As per recent email Shoonya has announced a new fee structure effective from 2 December 2024. .
,Shoonya will charge an annual maintenance fee (AMC) of Rs 499 per year (plus GST) for all active accounts, a trading fee of Rs 5 per order (plus GST) for intraday, futures and options (F&O), and commodity derivatives trades, and an API trading fee of Rs 1,999 per month (plus GST). What is maintained is zero brokerage on delivery trades, ETFs, bonds, IPOs, mutual funds, and several other services.
In my view 499+ GST yearly amc is too much especially for very small traders. Guys please suggest any better alternative
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Api charges are not mandatory .. only those use their api will have to pay most like me trade using their free shoonya app or web.
Those have multiple accounts for buyback or ipo will have to close now as it is becoming difficult for discount brokers due to govt policy chsnges and they started charging
Did not receive any email. Time to close the account. Not sure if anyone would trade on it I don't like the UI.
Update from finvasia
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It has been our constant endeavor to make financial tools accessible and affordable, for all investors. This naturally implies that we place our customers at the very core of our operations and hence when our users speak, we listen. This is exactly what we have done this time around as well.
Reaffirming Our Commitment
We recently updated our pricing model to include Annual Maintenance Charges (AMC) and API Trading Fees with effect from 2nd December, 2024. However, after reviewing your inputs, we’ve re-evaluated these charges. The following updates will surely bring you joy:
- The proposed Annual Maintenance Charge (AMC) of ₹499 per year (plus GST) will not be applied.
- The proposed API Trading Fee of ₹1999 monthly (plus GST) will be put on hold.
Why These Changes?
- Eliminating the AMC
- Putting API Trading Charges on Hold
The proposed AMC was initially introduced to address inactive or duplicate accounts, which increase operational costs. However, we believe accessibility is key. To ensure that all investors can benefit from Shoonya, we’ve decided to completely waive this fee for everyone.
We planned to implement API charges primarily to address the strain on infrastructure caused by inactive API users. Our API services, while resource-intensive, are essential for many active traders. To support these advanced traders and to ensure the continued success of our trading community, we have decided not to levy this charge for the time being.
Clarification: ₹5 or 0.03% (whichever is lower) + GST Per Executed Order for Intraday, Futures & Options and Commodity Derivatives Trades effective 2nd December, 2024
We want to provide absolute clarity on the ₹5 + GST fee for executed orders:
- What it Covers: This fee is charged per executed order, not per executed trade.
For instance, if you place an order for 10 lots in Nifty and it executes across 3 trades, you’ll only be charged ₹5 + GST for the entire order—not ₹15 + GST.
atleast they should charge rs100
Api charges are too much rest are fine