5paisa.com switches their users to "Trader Terminal 2005"

usha · #21 26th December 2005, 12:08 AM

Hi,
I am having two accounts with 5paisa.com from past 18+months. They are charging Rs.3000.00per quarter as software licence fee/fixed brokerage, which they say will be credited back if we generate the brokerage of Rs.3000 or more. If the brokerage is less than Rs.3000.00 they will not credit the amount back.
I was not trading actively in one account so I wanted to revert back from the scheme and I requested THEIR BRANCH OFFICE IN BANGALORE TO CHANGE THE SHCEME FROM CHARGING FIXED BROKERAGE OF RS.3000.00 to charge me when and only when I trade in that particualr account. Their staff confirmed me that they have sent the mail to their H.O. in Mumbai and they have accepted it abd will not charge me any fixed brokerage. I again and again enquired it with the branch office whether the said work is done for me, they assured me that it is done without any doubt. I withdrew most of the money leaving only around Rs.1000/- as the minimum balance. To my astonishment when I wanted to close down the account, since I was not using it from past a few months my account was showing a debit balance of around 2000/- They have not only deducted my1000 rupees but also charged 2000 rupees extra as fixed brokerage for nil trade done by me. Repeated requests were done to the branch people through personal visists and trhough telephone calls. It is almost a month and neither they have closed my account nor they have given back my money.
So my advice is
- trade with 5paisa.com only if you know someone personely from the branch or head office,
-trade with 5paisa only if you are an experienced trader
-check your Ledger accounts everyday
-offline order will be executed at the mercy of them if you are lucky yes they accept your request promptly
I am still waiting and waiting for my little money (though peanuts for them may be, but its mine rights? I have earned it.)

usha

pagenotfound · #22 26th December 2005, 02:31 AM

Mr. Indiabulls,

Its not about getting an edge in a conversation, I'm not saying that if you've traded for like 4 years, it makes you Warren Buffet. Please get a crash course in english first, your reply is a direct translation of a hindi post, makes no sense, absolute gibberish. I'm not that dumb to not know what your lousy screen shot shows, I know that option exists but my point was that I DON'T NEED 'Shares Not With Indiabulls Option' to go short on an Intra-day. I invite every poster concerned, to comment on Mr. Indiabulls's remark about the 10 second delay during order placement on Indiabulls. Personally I haven't had any such issues. On the contrary I've experienced several times, the Trader Terminal going idle and and even their multiple servers failing at crucial times during an Intra-day market. With Indiabulls I've had no such issues thus far. I use a a 64 kbps internet connection. If your point is that its because of your frustration that you are Indiabulls' favourite client, I can see you are right. They definitely need a headcase to make their day. I'd advice you to be a little more polite the next time if you want to have a dialog and cut the contest thingy here ok. I hope I won't need an interpreter the next time I read your post.

Merry Christmas, Somewhat !

trader31339 · #23 26th December 2005, 10:30 AM

Yes usha,
they dont accept offline orders nicely.really horrible service of 5paisa.I myself had an issue with them regarding service after which I left them

vince · #24 27th December 2005, 01:23 PM

Quote:

Originally Posted by usha

Hi,
I am having two accounts with 5paisa.com from past 18+months. They are charging Rs.3000.00per quarter as software licence fee/fixed brokerage, which they say will be credited back if we generate the brokerage of Rs.3000 or more. If the brokerage is less than Rs.3000.00 they will not credit the amount back.
I was not trading actively in one account so I wanted to revert back from the scheme and I requested THEIR BRANCH OFFICE IN BANGALORE TO CHANGE THE SHCEME FROM CHARGING FIXED BROKERAGE OF RS.3000.00 to charge me when and only when I trade in that particualr account. Their staff confirmed me that they have sent the mail to their H.O. in Mumbai and they have accepted it abd will not charge me any fixed brokerage. I again and again enquired it with the branch office whether the said work is done for me, they assured me that it is done without any doubt. I withdrew most of the money leaving only around Rs.1000/- as the minimum balance. To my astonishment when I wanted to close down the account, since I was not using it from past a few months my account was showing a debit balance of around 2000/- They have not only deducted my1000 rupees but also charged 2000 rupees extra as fixed brokerage for nil trade done by me. Repeated requests were done to the branch people through personal visists and trhough telephone calls. It is almost a month and neither they have closed my account nor they have given back my money.
So my advice is
- trade with 5paisa.com only if you know someone personely from the branch or head office,
-trade with 5paisa only if you are an experienced trader
-check your Ledger accounts everyday
-offline order will be executed at the mercy of them if you are lucky yes they accept your request promptly
I am still waiting and waiting for my little money (though peanuts for them may be, but its mine rights? I have earned it.)

usha

Hi usha,

This is just to know a little more about the way 5 paisa operates an could benefit all members to deal with overbearing brokers.

Have you signed any explicit document allowing them to debit your account with a fixed amount of brokerage regardless of whether you trade or not ?

If they are deducting it as charges for using their software are they issuing an invoice for the same ?

If not you could address this issue to SEBI.

A verbal committment does not amount to anything.

It would greatly help new investors to be wary of such brokers, to be fore warned is to be forearmed.

pagenotfound · #25 27th December 2005, 03:07 PM

In addition to Usha's post, The 5paisa.com relationship manager took the signatures on documents at the time of starting a new trading account, without having anything filled into the columns and assured that it was "nothing" and would fill the necessary fields at his office. Has anybody else experienced this ? Perhaps I was too careless and was excited about the new terminal thingy.

vince · #26 27th December 2005, 03:21 PM

Quote:

Originally Posted by pagenotfound

In addition to Usha's post, The 5paisa.com relationship manager took the signatures on documents at the time of starting a new trading account, without having anything filled into the columns and assured that it was "nothing" and would fill the necessary fields at his office. Has anybody else experienced this ? Perhaps I was too careless and was excited about the new terminal thingy.

You could definitely go back and check out the contents of the forms and remedy matters immediately. In case any irregularity comes to your notice pls put things in writing and always keep a record of correspondence.

jaideep · #27 27th December 2005, 08:57 PM

Quote:

Originally Posted by indiabulls

....... what ur quote about my language' i would really like to clear u that i am post graduate by english literature even then i do not write or place my answer in difficult english because i think that all of my friends at traderji forum are not the professors of english literature.
all are business related people and its good that we should write answer in such a language that every one who belongs to different fields can read answers easily and no body needs to open dictionary to read my answers because i feel no body has so much of time and besides it i am not here to show my skill in english. in stead we are here to show our skill and experience in business . ...........

But surely not at the cost of getting a king-sized headache trying to read & fathom out what you are trying to convey in your posts in the first place.

Perhaps you could try Roman Hindi as your language medium. You would be more expressive in that medium & we could all benefit from your knowledge & wisdom enduring less pain ourselves.

gold_ranjit · #28 28th December 2005, 09:38 AM

AAH HAA

Sometimes i wonder where it is goin to end....hmmmm well

sometimes i wonder 5 paisa 10 paisa 2 paisa is the name of the game
which makes a man go insane ...but still
I hold on to this boat to make my
bread and make my lot...
so why can't we all hold to the boat and make it sail like a Libra boat...
but u see
still there will be storms like page not found, error while loding..
server not found
loading to pls try after sometimes..
for the dough how many boats i have changed and
how many docks i have anchored even...
I dont know
from Indiabulls to sharekhan
to 5 paisa to a new paisa all explored and still no sign so
I deceided to make my mark and came back
to my old buddy and the best man
ma ICICIC DIRECT.COM
hehehehehehehehehehehe
BELEIVE ME GUYS ITS STILL D BEST....
AND WITH THIS
NO MORE COMMENTS.................

cHeeers..............

gold_ranjit

Don't tell me of day trading I do that but with ma Local broker
0.03 jobbing and 0.30 delivery which all the big bosses type of brokers give.....
so am HAAPPPYYYY.......................................

pagenotfound · #29 29th December 2005, 06:53 PM

gold_ranjit,

To seek your fortune,
you changed many a boat,
A simple thing you didn't realize,
The answer is yet untold,

The market is a storm,
no boat can withstand,
Thats why this forum,
to lend the helping hand.

Getting the right terminal,
a daunting task, I think
had you stuck to one broker
your boat was'nt goin to sink

The fact still remains,
and it kind of sounds funny,
if you haven't realized yet,
I ate all your money !!!

"Get Rich or die trying - 50 Cent !"

pagenotfound · #30 30th December 2005, 09:43 AM

Originally Posted by indiabulls
....... what ur quote about my language' i would really like to clear u that i am post graduate by english literature

Please let me know which university you got your degree, I'd caution people about joining there.

Originally Posted by Jaideep
But surely not at the cost of getting a king-sized headache trying to read & fathom out what you are trying to convey in your posts in the first place.

That one really cracked me Jaideep. This guy is impossible, I'm just ignoring his posts. By the way lmao at "Roman Hindi"... hehehe..

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