Prostocks - Safe, Reliable & Trustworthy Broker

ProStocks is a safe and reliable discount stock broker in India. The company's promoter Mr. S P Toshniwal has in-depth knowledge of the broking industry with 25 years of experience. It doesn't do proprietary trading, follows transparency in business practices and charges no hidden fees. There is no major compliance violation has been reported for the company.

ProStocks is a Mumbai based online discount stock broker offering its services since 2016. In the last few years company grew at a good pace and won the trust of thousands of customers. ProStocks is a member of BSE and NSE.

ProStocks is among very few brokers offering an Unlimited Trading Plan. ProStocks customers can pay fixed Rs 899 per month and trade unlimited in the equity segment (Equity Delivery, Intraday and F&O). There are no hidden charges and no limits.

Prostocks also offers brokerage free equity delivery trades and charges flat Rs 15 per trade for intraday and F&O. This plan is popular among investors.

About ProStocks

Here are a few key facts you should know about ProStocks:

• Started operations in early 2016 in Mumbai.
• Prostocks is an online discount stock broker.
• It works on the ultra low-brokerage business model
• It charges Rs 0 brokerage for equity delivery and Rs 15 per trade for other segments.
• It also offers unlimited monthly trading plans for Rs 899 per month.
• Free trading software (mobile, desktop and website)

Why ProStocks is safer than other brokers?

1. Founded by Industry Veterans

   ProStocks is founded by people with 25 years of industry experience. Its CEO S P Toshniwal is a known name in the broking industry.

2. Simple discount brokerage plans

   ProStocks offers flat fee and unlimited plans to its customers. The brokerage is fixed and unlike other brokers, it doesn't reduce brokerage free to frequent and high volume traders. Also, unlike all other brokers, it doesn't charge Professional Clearing Fees.

   Prostocks offer all its services online. It doesn't have any branch offices except its head office in Mumbai. This reduces the cost of the operation and makes the business profitable despite the low brokerage.

3. No extra leverage

   Prostocks doesn't give extra leverage for trades with this. This means one customer's funds are not used for offering margin to other customers. This makes Prostocks very safe in comparison to other discount stock brokers.

4. No Margin Funding

   Prostocks has never done margin funding, which is considered as a risky proposition for stockbrokers.

5. No Proprietary Trading

   Customers are wary of stock brokers who engage in prop trading as in the past some brokers have been alleged to do trading using funds kept in customer's accounts. ProStocks doesn't do prop trading and hence your money is safe with the broker.

6. No client securities in the pooled account

   Prostocks doesn't keep client securities in a pooled account. All shares are transferred to the customer's demat account as soon as they are received.

7. No major regulatory violations

   ProStocks is registered with SEBI, CDSL, NSE and BSE. All these organizations regularly audit and monitor business transactions of its members. ProStocks has not, as of April 10, 2018, not found any major violation by any of these organizations.

8. No Advisory Services

   The company doesn't offer stock recommendations, research or tips to its customers. So, there's no conflict of interest with the company's core services.

9. Low customer complaints

   If you look at the past customer complaints against the company, it has very low complaints to active client ratios. This shows that the company is managing its operations well.

10. Profit-making company

    Prostocks is a profit-making company with enough reserve funds of its own. It is a zero-debt company. There is no borrowing of any kind.

ProStocks Memberships

ProStocks is registered with SEBI and leading stock exchanges like NSE, and BSE. All SEBI registered stockbrokers are governed by regulations set by SEBI. A stock broker also needs to be a member of a stock exchange to be able to give its customers access to the exchange.

ProStocks is a DP (Depository Participant) with CDSL, the two Central Depositories. The demat accounts are opened and managed by CDSL. ProStocks is only the intermediary between you and the central depository.

ProStocks's various membership details are as follows:

• SEBI Registration no.: INZ000048660
• BSE Member code: 6635
• NSE Member code: 90084
• CDSL: 12083200
• AMFI Registration No (ARN): 119535

Conclusion

ProStocks may be a relatively new entrant in the industry but it is a legitimate, safe and reliable stock broker. The company has gained a good market share in a short span owing to its transparent low-cost pricing, advanced trading platforms and fast customer service. It doesn't do proprietary trading which gives more assurance to the customers on their money being safe. Company management is transparent and has extensive knowledge of risks in the brokerage industry.

Must Read:

• 10 Steps to safeguard trading and Demat account

Prostocks Competitors Review

Information on this page was last updated on Tuesday, April 4, 2023