This article informs you how Sykes & Ray charges are applied over the customers. We’ll initiate the entire article with a description of Sykes & Ray Brokerage Charges and, then we’ll move on to explain the ways in which all other brokerage charges are imposed. We’ll even explain how you must pay them certain taxes on behalf of the government.
Sykes & Ray is better known by the name of Sykes & Ray Equities. The company represents a full service broker from the city of Mumbai, Maharashtra. This means that the company grants several services pertaining to financial stock investment and brokerage. However, these services are not what it is most famous for.
In fact, it is rather known for the generous discounts it grants to its clients. It’s managed to survive for over three decades with over 380 branches and three customer centric trading platforms.
Sykes & Ray Brokerage Charges
The table below is an apt representation of Sykes & Ray brokerage as levied by the company from their clients.
|Equity Options||Rs.10 per Lot|
|Currency Options||Rs.10 per Lot|
|Flat Monthly Fees, if any||NA|
Sykes & Ray charges include the incursion of brokerage for six different sets of services.
These services are provided on the basis of gaining certain commission and, that is exactly what the brokerage compensates.
The table above begins with a brokerage of Equity Delivery Trading. This is levied at a rate of 0.10% per transaction.
The second column of the table is held by the brokerage value for Equity Intraday Trading. The charges for this service are incurred in the exact same manner as that of Equity Futures and Currency Futures Trading. The rate of brokerage for all of these services is limited to 0.01% per transaction.
We then come across the services pertaining to Equity Option and Currency Options Trading. The brokerage value relevant for both these services is limited to Rs.10 per lot. The company provides Trading AMC without any charges and, they have no limit in terms of Minimum Required Brokerage per transaction (trade).
However, they do happen to charge Rs.300 for the sake of Demat AMC in an annual basis. Moreover, the company even has a requirement of maintaining the minimum balance in terms of Margin Money.
The required balance is Rs.5,000 and, this is important for the clients to maintain in order to avail the services pertaining to trade exposure.
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Sykes & Ray Account Opening Charges
All of Sykes & Ray Account Opening charges are described within the table below.
|Trading Account Opening Charges [One Time]||Rs.330|
|Trading AMC [Yearly]||Free|
|Demat Account Opening Charges [One Time]||Zero|
|Demat AMC [Yearly]||Rs.300 per Annum|
|Margin Money||Minimum Rs.5,000|
|Brokerage Calculator||Sykes Ray Brokerage Calculator|
|Margin Calculator||Sykes & Ray Margin Calculator|
Sykes & Ray is known to provide a lot of services for free to their clients and, these include Account Opening services as well. We acknowledge the fact that Sykes & Ray does provide some services for free. This includes Sykes & Ray Trading charges, Demat charges and Sykes & Ray AMC charges for trading.
However, the company has a very strict policy about Demat AMC. They typically retrieve an amount of Rs.300 per year for this purpose. They provide their clients with trade exposure services as well.
However, these services are not extended to everyone. On the contrary, it is allowed to be used by some selective traders. We’re talking about the traders with a minimum Margin Money worth Rs.5,000.
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Sykes & Ray Transaction Charges
The table below grants enough details about Sykes & Ray Transaction Charges. However, we’ve tried to explain the entire situation in case you require further understanding.
|Transaction Charges 2019||0.00285%|
We’ve presented the above table in respect to Sykes & Ray charges in terms of transaction and, we’re sure that it does not takes much to decipher it. You can definitely tell that the company follows in the foot steps of all its competitors.
Having that said, we would even like to bring up another interesting fact about them. Sykes & Ray asks for one of the least Transaction charges from their clients. The company extracts a transaction charge for all of these services apart from brokerage and, the amount that is levied is worth 0.00285%.
As you can see, they levy a uniform charge for providing their services. And, let us remind you that we’re talking about Equity Intraday, Commodity, Currency Futures, Currency Options, Equity Options and Equity Delivery trading.
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Sykes & Ray Other Charges
Sykes & Ray charges do not merely conclude within the brokerage charges. In fact, there are a few other charges that the company needs to levy.
|SEBI Turnover Charges||0.0002% of Total Turnover|
|STT||0.0126% of Total Turnover|
|Stamp Duty||0.002% – 0.004% – Depends on State|
|GST||18% of (Brokerage + Transaction Charges)|
|Margin Funding Charges||18% + GST|
|Reactivation Charges||Rs.50 per Segment|
|Account Closure Charges||Rs.50 per Segment|
Sykes & Ray other charges include a total of 8 categories. However, not all of these charges are imposed as taxes. Anyway, the list above begins with SEBI Turnover Charges. A rate of 0.0002% is applicable for this tax. The tax is charged on total turnover generated by the clients.
Next on the list is STT. This requires a payment of 0.0126% tax over the total generated turnover. This tax is followed by Stamp Duty. This is not a uniform charge and, that’s because it is levied as per the laws of varying states. Anyway, this always turns out to be the least under all circumstances.
The fourth category within the list belongs to GST. This is charged at a rate of 18%. However, this rate is applied to the sum of total brokerage and transaction charge as paid by the traders. GST is even charged on Margin Funding at 18% + charges.
The last three categories do not belong to taxes. In fact, these are related to the traders’ usage of company’s platforms. The first one on the list mentions the Account Reactivation Charges. These are charged at Rs.45 per segment.
The last one however, mentions Dematerialization Charges. This is charged at a rate of Rs.45. The company does not charge a penny for Account Closure Charges anyway.
Sykes & Ray Charges – Conclusion
We have disclosed everything about Sykes & Ray charges including Sykes & Ray Demat charges and more. So, now it’s up to you to decide whether you feel comfortable trading with them or not. Well, we’d like to remind you that the company has one of the lowest brokerage in the industry.
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