Never Trade in Indiabulls !!!!

Dear Friend,
Fans of Indiabulls, here is a true story that took place with me during this week.....

Indiabulls, the worst broker I believe on this planet......They gave me news that rel and rpl are a very good buy...I bought the lots of rel (636)
and rpl(87.5)....i had given strict stop loss, which they did not place..ultimately i got margin calls and went on giving it..when the limits crossed, I had to sell rel at 565 (a massive loss of approx 50 thousand)..then today, seeing the market, I sold rpl also (thank god, it went some 7 rs below)..I made a further loss of 50 thousand.........then in the mean time they tried to cover my losses and did a lot of trades in nifty futures (which gave me a loss of total 1.75 lacks)....whooooooop...I crossed all my trades and today, I bought and sold some stocks in cash...made a profit of 15000/- which now tell me that i've brought down my losses to 1.6 lacks....

Now see these buggers joke part...I instructed them to buy guj ambuja 300 stocks at 91 and they bought 3000 stocks of the same at 91.6....(I had asked them to buy 300 and they took exposure and purchased 3000)....they have got habit of overtrading in blood....
I was shocked when i saw it online...anyway, god's help and i exitted at profits...I called them and told the story...Instead of feeling sorry, they're making me count the losses of public and they say "sir, you're lucky you lost only 1.75 lacks....our customers have lost 15 lacks this week...)...amazing


so..maybe i'm right or wrong...or maybe this is wrong place to post this...

INDIABULL IS A VERY BIG USELESS COMPANY...PLEASE USE icici OR hdfc... I WAS A HAPPY MAN WHEN I TRADED WITH HDFC ONLINE.....

above all, the biggest joke of the day was that we could not see cash or fno terminals rates today..when i called them, they told me that maybe it is done intentionally so that buying and selling stops...to put brakes to this panic....

ganesh
PS: all member who feel i'm right, please go on increasing this thread so that our friends are aware of such things......members who feel i'm wrong can just ignore it....

yeah its not only about indiabulls. every incompetent broker has the same story. arre bhai if your your customer has lost so and so what can i do. does that mean i have to loose also.

today almost all brokers talks about SOLID RESEARCH. ANY BROKERS OUT HERE. MORE THE BRAND NAME MORE THE DELINQUENCY.

Dear Gannesh,

After i read your thread, As a Relationship manager with indiabulls,i would like to bring to notice of you as well as the members of this forum the ways you can avoid being in such situations..

Basically you can place orders with indiabulls through 3 ways..

1. Through PIB software: So if you place your order here, there is no question of any manipulation with the quantity you want to buy..

2. Through the indiabulls website: Again no question of any manupilation here also.

3. Through the Indiabulls Terminal: Now if you call on any terminals with indiabulls to place your order, you conversataion is recorded and maintained for any disputes later.So if you have placed order through this for GUJAMBUJA for 300 and it was bought 3000 in quantity , this can be verifed with the concered authority at indiabulls.

As i can understand the situation, you might have called your RM and asked him to place the order.If this is the case, then there is no ways you can take any legal action against the company since there will be no record to verify.Formost you complain against the RM and he might be removed from his job.We the RM are strictly instructed by the company not to take any orders other than on the terminal number..so take further action accordingly..

AND PLEASE ALL THE MEMBERS OF TRADERJI WHO ARE TRADING WITH INDIABULLS ARE REQUESTED TO PLACE THERE ORDER THROUGH THE 3 MENTIONED WAYS

And ganesh, if i can help you in anyways further, please let me know..

Regards
Mohammed Bin Haid

Unfortunately my dear friend....my RM is the person who studied quite some years with me in school and college.....I had told him verbally..and all the back deals were carried out on their advise (so called their solid research)...
I've lost my money and i blame indiabulls rm's for their useless research...
I'll tell you...he asked me to buy rel at 636 and told me that it would touch 650 soon...i bought it..i am busy in office and hence have no time...i enquired about rates, he told me that it has dipped to 620..i told him to sell, he advised to hold back...then when i enquired, the rates were 565 (and still he advised me to hold back)...i exited and today it was 507.....so rm's at indiabulls unfortunately do not advise right....Dear Mohd, there are lot of other issues, but i do not want to discuss that here...

If you believe indiabulls is good, you have your thoughts.....
I believe the other way and hence posted it here


ganeshhity

Hello,

well my dear friend, thats wht i was trying to convey...NEVER EVER TRADE THROUGH YOUR RM SINCE HIS JOB IS TO SOLVE ANY PROBLEM YOU MIGHT HAVE WHILE TRADING SUCH AS FUNDS TRANSFER, ETC..AND NOT TO TAKE ORDERS..AS FAR AS HIS ADVICE IS CONCERED, I WOULD NOT LIKE TO COMMENT ON THAT..THERE ARE OTHER RIGHT OPTION TO BUY THE REQUIRED SCRIP AS I MENTIONED IN MY EARLIER POST..Again, when your investing lakhs of rupees then you need to be caution..

regards
Mohammed Bin Haid

Hi Ganesh,

It is really regretful that you had to take a big whack but frankly you may not like it if I say that you are responsible for the situation you got yourself into.
Please remember it is your money and you are responsible for it, no matter what your RM or anyone else says.
Look at the bright side , you have learnt a valuable lesson and hopefully do your own research and place your own orders, the next time instead of following some RM's tips.

It is true that the fno was not functioning on PIB today and investors are urged to get to the bottom of this and not to take matters lying down.

yes my friend...I learnt the lesson...but a costly lesson to be learnt...

never mind....what goes down will come up...I've already coverd 25 thousand yesterday and today......will cover slowly rest......but my only suggestion to investors is take back cash at the end of the day in such situations... trade and trade..do not invest in current scenario...

ganeshhity

I am trading on indiabulls as well - through web client - and guess what - it doesn't work most of the time. Connection time outs - page cannot be displayed are a few pain areas. Best deal is after calling up helpdesk - i was asked to send screenshots to email address. After one week I get a response to check encryption settings on my browser? Duh - how can a software work for 15 mins, stop working for full day - and start working again. I am forced to call my RM - but god save me if they dont' execute orders as placed.

I am disappointed with the service and looking for a forum for addressing my complaint. They charge for this service and if it doesn't work as desired - its deficiency of service.

grrrrrrrrrrrrr
gnat

ganesh,

I was thinking all these days you are using TA. Shocked that you put up so many losses.

What i say is, go back to study room and start learning TA, it has saved me this time, eventhough I could foresell only 50% of my portfolio.

Its just that, spend u r time in the forum to learn.

I wish you best of luck.
Satya

friend, I got this problem today...I was unable to do trades online as the window did not open..called the rm...he told that their systmes were hanged...finallly after half hour when i called back, they asked me to hold.. i had to hold the line for atleast 15 minutes and then the trade was executed....by the time, the stock i wanted had shot up sharply..all i could do is sit and watch and loose this trade...Indiabulls has always faced this problem...I'm stuck up with them as of now...

ganeshhity