Launched in 1986, Nirmal Bang is one of the prominent full-service stockbrokers in India. The broker operates in multiple business capacities and has partnerships with different stakeholders.
In this detailed review, we will have a look at the various aspects of this stockbroker and help you to decide whether it is a good enough choice for your investment needs or not.
Nirmal Bang Review
To start with, Nirmal Bang has a membership with NSE (National Stock Exchange), BSE (Bombay Stock Exchange), MCX (Multi Commodity Exchange of India Limited), MCX-SX (Metropolitan Stock Exchange Of India) and NCDEX (National Commodity & Derivatives Exchange Limited) and allows its clients to trade in the following segments:
The full-service stockbroker has an active client base of 93,787, putting the stockbroker at the 17th Spot in the overall stockbroking space in India.
Nirmal Bang is also in Margin funding and PMS (Portfolio management services) along with the retail broking services in the segments mentioned above. The stockbroker is known for its customer service and high client retention rate as per the records.
Based out of Mumbai, Nirmal Bang has a presence in 360 cities of the country with more than 2000 franchises. If you are interested to be a partner, you can check the details on how to proceed in this Nirmal Bang Franchise review.
It also has a monthly magazine called ‘Beyond Market’ available online for free for all. Users just need to browse a link and it can directly be downloaded from there.
From (L-R):Dilip Bang (Co-founder & Director,), Kishore Bang (Co-founder & Director)
Nirmal Bang Trading Platforms
Nirmal Bang provides a mix of in-house and out-sourced trading platforms to its clients. Although there is a reasonable range of these trading platforms offered, there is winner sort of a trading platform that has been able to gain any prominence.
ODIN Diet is the conventional trading terminal that users can download, install and connect directly with Nirmal Bang to start trading. Since its a lightweight application, the trading experience is pretty efficient and smooth. Some of the features the ODIN Diet software carries are:
Data from multiple exchanges available on a real-time basis
Customizable UI themes with personalized views available
Easy fund management with payment gateway, fund allocation and withdrawal features
Real-time quotes with provision to directly place orders
This is how this application looks like:
Nirmal Bang trade is the web-based trading platform that users can access by browsing a link, entering valid login credentials and start trading without any downloads or installs. This application is obviously much less cumbersome and can be accessed from anywhere.
Users can trade in any of the segments including Equity, Currency, Commodity or Derivatives.
Some of the features of this application include:
Lightweight web trading application
Watchlists with multiple scrips
Heatmaps allowed for easier technical analysis
Charts available for a detailed understanding of the stock market momentum
However, if you are an intermediate to an expert level trader, you might find the application to be relatively basic in nature in terms of the number of features and trading experience.
As far as customer support is concerned, here are the communication channels provided to the clients of this stockbroker:
With multiple channels to get in touch with the support staff of the full-service stockbroker here, Nirmal Bang has certainly taken care of the quantity part for certain. A dedicated portal just for customer support gives a reasonable idea of the kind of quality that the broker looks to bring in this aspect.
However, there is a lot that can be done in terms of the turnaround time of the concerns raised by the clients. Overall, it can be rated slightly better than average.
Nirmal Bang Research
Research is one strong pillar when it comes to the propositions Nirmal bang offers via its service. Some of the different types of reports at both fundamental and technical level (across different trading segments) are shown below:
News and Analysis
As far as the accuracy and consistency of these tips and recommendations are concerned, the overall quality is pretty good and can be trusted. It can be a good benchmark for you if you are a beginner level trader to use these tips with some bit of analysis on your own.
At the same time, if you are an expert level trader, these tips can work as a reference for the stock market momentum so that you can carry forward your analysis in the right direction.
Apart from the brokerage charges, account opening charges and Annual maintenance charges (AMC), clients need to bear transaction charges as well. For this full-service broker, these charges are listed below: