India Infoline - A strict NO !

Hi,

Those of who are planning to start trading and looking for brokers, i would strictly advise against going for India Infoline.
I was shocked when i noticed few days back when my account showed 20 Titan shares instead of 10. I though it was some system issue. Later when i called the broker, he told me that he had erroneously bought 10 extra shares!
Erroneously? ? ? How can you make errors with trading accounts?
If that was not enough, today i bought Nifty at 5440 and since i was going out, asked the broker to place a stop loss of 15 points below my buying price- Should have placed the stop loss at 5425. Instead he placed the SL at 5428 and triggered the SL. I dont understand how he cannot calculate 15 points less from 5440 !
To add to all these suddenly I noticed a request to buy 12 TCS shares?? Who the hell placed the request?? When i called again to inquire, i was told that this was in error as there was another client with a name similar to mine :annoyed:
Though most of my holding was below the buying price, I had no option but to withdraw all my funds by squaring the positions. A loss of over 10K
So my advise to all it to refrain from trading with India Infoline. All calls given by IIFL to me were loss calls. Not a Re profit through their calls.

Why dont you take the issue with NSE or BSE and SEBI. If you keep quiet you are just asking them to do to more investors. If you complain to the above giving correct details, at least there is a small consolation that they will do something. Even if they dont do something at least you have tried.

Agree.. These agencies and their investigations go on for years....I will only add more expenses to the losses in the process of following up with the complaint.
This is the problem with Indian law and Judiciary.

Any suggestions for a good Broking firm ? I am planning on Angel. Your thoughts ?

Hi,

Those of who are planning to start trading and looking for brokers, i would strictly advise against going for India Infoline.
I was shocked when i noticed few days back when my account showed 20 Titan shares instead of 10. I though it was some system issue. Later when i called the broker, he told me that he had erroneously bought 10 extra shares!
Erroneously? ? ? How can you make errors with trading accounts?
If that was not enough, today i bought Nifty at 5440 and since i was going out, asked the broker to place a stop loss of 15 points below my buying price- Should have placed the stop loss at 5425. Instead he placed the SL at 5428 and triggered the SL. I dont understand how he cannot calculate 15 points less from 5440 !
To add to all these suddenly I noticed a request to buy 12 TCS shares?? Who the hell placed the request?? When i called again to inquire, i was told that this was in error as there was another client with a name similar to mine :annoyed:
Though most of my holding was below the buying price, I had no option but to withdraw all my funds by squaring the positions. A loss of over 10K
So my advise to all it to refrain from trading with India Infoline. All calls given by IIFL to me were loss calls. Not a Re profit through their calls.

Dear Anmol and others,
Frankly, I am somewhat surprised to hear that a national repute, and a listed company doing such things to an investor. I still believe this may be one off a case--can more people having account with IIFL share their experience? IIFL charges are higher relative to many other brokerage houses of that calibre hence expectations would always be that service of IIFL would be better than others (including quality of dealers with them) hence it is very difficult to believe that this kind of "errors" happening nationwide. I will appreciate the view of others that deal with this firm. Thanking everyone who would participate in advance. Regards,
VDT