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My experience of 5paisa.com/india infoline

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  #1  
Old 5th January 2008, 05:56 PM
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Default My experience of 5paisa.com/india infoline

5paisa provides really great services. Here is my experience with this broker.

1. They do not transfer shares brought by you in your DP account and keep it in broker's pool for at least 4-5 days after purchase and often months if you do not notice and ask them to transfer the shares to DP account. How brokers make money utilizing the action facility is well known now. Though you are not affected directly since the shares are in your holding, 5paisa makes money by utilizing your shares.

2. Their post trade services like ledger, holding, portfolio, provided by site dp.indiainfoline.com and trade.indiainfoline.com are "horrible." Most of the time, there is some or other problem because of which you will not be able to use it properly.

3. Their call center service is horrible. Call 022-40071000 and see how long it takes to reach someone. Also, the structure is somewhat like gov office. Many a times, you will need to call 5 different numbers to get the correct number.

4. I'm using investor terminal (web based application) and it is rather bizzare. When the markets are closed, it shows the market is open and hence I'm restricted from placing "after market orders" since it assumes the market is open. If I place "market order" then the order is rejected by the exchange since the market is closed. The exact opposite happens when the market is open (i.e., 5paisa terminal rejects the order saying market is closed though I'm able to see flowing quotes)!!!

5. Now, if you call your branch and place an order, they would gladly take the order and you would be amazed to see either the scrip or the price is different from what you told to your broker. Of course, you have to bear whatever loss or trouble happens with your account.

4. They will not replay to your emails promptly and when they do, you at best would get shoddy explaination.

5. IPOs: Some IPOs wont be available for subscription online through their website. Moreover, their cutoff time for applying to IPOs changes quite frequently. Earlier, their cutoff time for IPO on the last day was 1 pm. Then suddenly I found it was changed to 11 a.m. and I was unable invest in that particular IPO.

6. Finally, their system often breaks down at the last moment.

I applied for reliance power IPO and on not seeing any application no, I asked them whats the issue and here is the reply i got on the day of allotment:

Dear Client,
This is to inform you that your transaction for Reliance Power IPO is rejected due to some technical error beyond our control.
You shall soon receive your funds via online bank transfer or through a Cheque/DD/Pay Order sent at your communication
address registered with us.

If you have any queries or if you do not receive your funds by 6th February,2008 then kindly contact us on 022 - 67770952/53/54/55 or simply mail us at bonline@indiainfoline.com

We sincerely apologize for the inconvenience caused.




Last edited by ravi_s_ghosh; 30th January 2008 at 12:43 PM.
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  #2  
Old 5th January 2008, 08:32 PM
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Default Re: My experience of 5paisa.com/india infoline

thank God I was planning to take their account.

Any idea about Relegare & Sharekhan? their service and software
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  #3  
Old 5th January 2008, 09:04 PM
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Default Re: My experience of 5paisa.com/india infoline

kotak securities service is good, i had one problem ..which never repeated and never happend.

regarding brokerage it looks expensive ...but .....more business less brokerage system is there.

regards.
suba
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  #4  
Old 6th January 2008, 11:41 AM
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Default Re: My experience of 5paisa.com/india infoline

I've been a longtime satisfied customer of 5paisa trader terminal; but over the last few months I find their services very unsatisfacory and infact, horrible. The experience of the last few months is totally in contrast to my experience in the earlier period. Yesteday I spent 2 hrs on the telephone line trying to reach their customer care executive and after 50 min in the que position #1 I gave up in sheer desperation. Earlier changes in trading sw used to be announced much earlier through e-mail and options were given to choose. The recent change to ttadvance was without any prior notice and without giving any choice. Such behaviour of 5paisa has shocked me.

Laksh
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Old 6th January 2008, 11:52 AM
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Default Re: My experience of 5paisa.com/india infoline

hi,
i hav the same problem too in 5paisa but i like iccidirect . it also create problem while
logining some time it does not in urgent situation. but otherthings like ipo, and service
r very good. CAN ANYBODY TELL ME ANY GOOD TRADING SYSTEM.
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  #6  
Old 17th January 2008, 01:36 PM
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Default Re: My experience of 5paisa.com/india infoline

Fund lost in the web while being transferred to 5paisa

I transferred funds to 5paisa online and the amount has been deducted from my icici bank s/b a/c, but at the time of the transfer, 5paisa site showed some "server error" and then my 5paisa ledger does not reflect that amount. I called up the RM and asked him regarding the issue. He asked me to send copy of my bank statement to him over email. I did the same and he assured me it will be taken care of in a day or 2. It has been 10 days now and nothing happened. Moreever, RM does not pick my phone.
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  #7  
Old 17th January 2008, 04:47 PM
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Default Re: My experience of 5paisa.com/india infoline

Who is ur RM , what is the name of RM ,
what steps u have taken in this regard, have U written to their customer care ? Since ur RM is not picking up ur fone did u try to contact the c care ? why dont u change ur RM since the Rm is not even picking up the fone when u have serious issue
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  #8  
Old 17th January 2008, 05:29 PM
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Default Re: My experience of 5paisa.com/india infoline

Quote:
Originally Posted by ravi_s_ghosh View Post
Fund lost in the web while being transferred to 5paisa

I transferred funds to 5paisa online and the amount has been deducted from my icici bank s/b a/c, but at the time of the transfer, 5paisa site showed some "server error" and then my 5paisa ledger does not reflect that amount. I called up the RM and asked him regarding the issue. He asked me to send copy of my bank statement to him over email. I did the same and he assured me it will be taken care of in a day or 2. It has been 10 days now and nothing happened. Moreever, RM does not pick my phone.

this sort of problem occurs with all most all online payment process...once in a while,i usally send payment number through customer service account update problem option as given and they update it on same day itself on kotaksecurities.

i think even 5paisa might be having some option like account update problem option....please go through cutomoer service and all available options.

regards
suba
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  #9  
Old 17th January 2008, 05:57 PM
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Default Re: My experience of 5paisa.com/india infoline

thats why RS 00.05


PAACH PAISSA KA KAAAM
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  #10  
Old 17th January 2008, 06:15 PM
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Default Re: My experience of 5paisa.com/india infoline

utlimately it seems icici is best for the investors and weekly tradings. I am trying to find out best online services for agressive trading with good software tool

Guys you should not run for the cheap borking but reasonable with good service after all you are doing a serious bussiness and doing that sitting at your computer you need reliable support.


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