Is SAMCO Safe?

Pondering over the question – Is SAMCO safe? This question is undoubtedly raised in the mind of a trader thinking to open a SAMCO Demat account.

We appreciate your concern and, thus, present to you answers to a few probable questions in your head.

Let’s dive in!

SAMCO Securities is a brokerage firm established in 1993 by Mr. Jimeet Modi. It aims at easing the trading process for its customers and facilitating them with varied services.

It has the approval of SEBI (Stock Exchange Board of India) & CDSL (Central Depository Services Limited). It offers to trade in various exchanges like NSE, BSE, MSEI, MCX, and NCDEX

SAMCO is a brokerage firm that assists the traders for trading in equity, currency, derivatives, and other financial instruments. These are some of the SAMCO Products in which you can think of investing.

Is SAMCO Safe For Trading?

SAMCO Securities is a subsidiary of SAMCO Ventures Pvt Ltd, incorporated in 2015 after acquiring Samruddhi Stock Brokers Limited. It moved to the discount segment after the acquisition.

It is a Depository Participant of CDSL and is known to offer one of the lowest brokerage charges. It also has a Giga Trading Engine, a SAMCO proprietary that analyzes patterns, trends, and opportunities.

Further, all the beginners in this field are guided by various video tutorials on their website and YouTube channel. Not only this, but it also has platforms that are easy to understand for newbies.

For the remaining doubts, let’s switch to questions other than is SAMCO safe that might be popping in your mind.


How old is SAMCO in the Indian Stockbroking scene?

SAMCO Securities has been in the stockbroking industry for almost three decades now. Mr. Jimeet Modi founded it, and its headquarters are in Mumbai, Maharashtra.

SAMCO has been serving a vast base of customers since 1993.


Is SAMCO registered with SEBI and other regulatory bodies?

Yes, SAMCO is a registered stockbroker with SEBI. For ensuring a satisfying answer to is SAMCO safe, the registration of a stockbroker is the first step.

SAMCO got registered with the Stock Exchange Board of India (SEBI) and Central Depository Service Limited (CDSL).

The registration IDs are as follows:

SAMCO Securities Limited – SEBI Reg. No. INZ000002535

SAMCO Commodities Limited – SEBI Reg. No. INZ0000013932

SAMCO Securities Limited – CDSL: IN-DP-CDSL-443-2008


How many active clients does SAMCO have?

By 2020, the stockbroker has a total of 51,432 active clients, as reported by the company.

Whatever the number of active clients, today, SAMCO has assisted many traders in profits & good returns for their capital.


Is trading with SAMCO profitable?

The profitability of trade is dependent on two factors – Brokerage Charges and Risk related to the investment. Brokerage charges care at the behest of the company, but the other factor is independent of the broker’s interference.

Brokerage Charges vary for every broker. Some tend to charge high amounts, while others set their charges at the lowest possible rates. This affects profitability in a huge way.

Further, the risk involved with your investment can be proportional either way. Sometimes high-risk investments end up giving the highest losses or vice versa.

Thus, profitability is minutely in the broker’s hands and vastly dependent on your choices of investment.


How many complaints does SAMCO get from its clients?

In the last financial year 2019-20, 7 complaints got reported as per the compliance officer at SAMCO.

Out of these, SAMCO was able to resolve 71% of these complaints.

An additional but essential fact is the industry average of the number of complaints registered is 11, but for SAMCO, it is 4.


Are the Samco trading platform secure and speedy?

SAMCO web trading platforms such as the StockNote App and Web portal, StockBasket App, and SAMCO Nest Trader.

A well-secured platform is a certified answer to the doubt: is SAMCO safe.

Generally, these portals are swift in operations and get updated frequently. However, in a few cases, some concerns might be raised for issues while buying or selling. These issues are due to high traffic.

These concerns have been raised majorly for the StockNote App offered by SAMCO.


What if, in an extreme case, SAMCO goes bankrupt?

Let’s, for a moment, assume that the broker goes bankrupt.

What would be your first thought?

No. The answer isn’t about you losing your capital & holdings. It should be about contacting the Depository. Since CDSL is the Depository in SAMCO, you’ll have to place a claim at some monetary level.

This request will contain every detail of your Demat account and trading account. 

Have you ever heard of the ‘Investor Protection Fund’? That’s the backup in case a business goes out of business due to extreme market conditions.

Read about what happens if stockbroker goes bust here.


Conclusion

SAMCO Securities is a well-known name in the industry and has been serving traders with utmost sincerity for the past 27 years. But before you get allured to the various offers and schemes offered by the company, make sure your doubts around “is SAMCO safe” are clarified.

Be sure of the firm you choose as the intermediary for trading in the Indian stock market, as every single detail about them might affect you in the future.

Lastly, prioritizing your safety is a must when walking down the road to trading in the volatile stock markets.


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