India Bulls be cautious

Hey,

People trading with India Bulls be cautious they are cheating like hell. At the time of starting the account they said NO BROKERAGES just we charge for NDSL and CDSL ie. Rs.7 + Rs.8 Per transaction. but they Charge .1% for intraday and .05% for delivery apart from that today they have deducted 15 for November 2006 as NDSL & CDSL charges. NO AMC charges has been vanished.

I would like to know how to report to the SEBI regarding these fellows.

Plz. Check there Charges :
------------------------------------
SCHEDULE OF CHARGES
[ w.e.f. 01 Feburary, 2005 ]

Charge Head
Charges
Account with POA Account without POA

Stamp Paper Charges Rs.200/- Rs.100/-
AMC Nil Rs.250/-
Custody Charges Nil Nil
Transaction Charges
Buy (Market / Off-Market)
Transfers Nil Nil

Transaction Charges
Sell (Market / Off-Market)
Transfers Rs. 8/- per Transaction Rs. 8/- per
Transaction


Note :

* In case of delays in the payment of charges, the demat account will be frozen for all

operations till such time all dues are cleared subject to 30 days notice from the payment due

date.
* All instructions for transfer must be received in physical form from the clients upto

4:00pm on T+1 for pay in of securities. Late instructions would be accepted at the account

holders sole risk and responsibility.
* Charges are subject to revision at the companys sole discretion and as per revisions in

NSDL charges and are subject to 30 days notice from the date of applicability.
* All payments to be made in the name of Indiabulls Securities Ltd. Via a cheque/DD

payable at the local branch where the account is opened. Out-station cheques will not be

accepted.
* Out of pocket expenses incurred on the dispatch of securities for Dematerialisation and

communication charges incurred on out-station calls/faxes made specifically on request of the

client will be charged on actuals .
* Any advance payment over and above the normal amount due can also be made. Any such

higher amount paid than the minimum amount payable at the time of account opening shall be

adjusted against the bills raised from time to time.

CHARGES ON NON PAYMENT OF DUES :
Penalty and Interest Charges A penalty of 2% per month on the value outstanding on

the bill after one month from the due date.
Non-Payment of bill after 30 days from the due date of the payment The depository

services for the account will be temporarily withdrawn. The renewal charges for resuming the

depository operations will be Rs.100 per account.



SCHEDULE OF CHARGES(CDSL)
[ w.e.f. 01 Feburary, 2005 ]

CDSL
Charge Head Charges
Account with POA Account without POA
Stamp Paper Charges Rs.200/- Rs.100/-
AMC Nil Rs.250/-
Custody Charges Nil Nil
Transaction Charges
Buy (Market / Off-Market)
Transfers Nil Nil

Transaction Charges
Sell (Market / Off-Market)
Transfers Rs. 7/- per Transaction Rs. 7/- per Transaction


Note :

* In case of delays in the payment of charges, the demat account will be frozen for all

operations till such time all dues are cleared subject to 30 days notice from the payment due

date.
* All instructions for transfer must be received in physical form from the clients upto

4:00pm on T+1 for pay in of securities. Late instructions would be accepted at the account

holders sole risk and responsibility.
* Charges are subject to revision at the companys sole discretion and as per revisions in

CSDL charges and are subject to 30 days notice from the date of applicability.
* All payments to be made in the name of Indiabulls Securities Ltd. Via a cheque/DD

payable at the local branch where the account is opened. Out-station cheques will not be

accepted.
* Out of pocket expenses incurred on the dispatch of securities for Dematerialisation and

communication charges incurred on out-station calls/faxes made specifically on request of the

client will be charged on actuals .
* Any advance payment over and above the normal amount due can also be made. Any such

higher amount paid than the minimum amount payable at the time of account opening shall be

adjusted against the bills raised from time to time.
------------------------------------------------

Any one noted that whether they have mentioned any brokerage Charges???
but they Charge 0.1% and .05% delivery???.

I would like to know how to report to the SEBI regarding these fellows. kindly let me know, all members of India bulls agree with this?

Hello,

How can this be " but they Charge .1% for intraday and .05% for delivery ". I do not understand . They are charging more for intraday and less for delivery. Just curious. Moreover from your message it seems they will not charge brokerage at all but only NDSL and CDSL ie. Rs.7 + Rs.8 Per transaction. Vow that is great. Indiabulls doing business without brokerage?.

Regards

Saji

dear kurian,

At the time of starting the account, those people said there were no brokerage charges only charges to NDSL and CDSL will be applicable. and for saji, i know u r a member of Fraud IB people..... don't cheat people like this "Vow that is great. Indiabulls doing business without brokerage?".

Hello Nandu,

I never knew i was enrolled as an elite member of fraud IB peoples club.Never even knew such a elite club existed .When did you admit me to your club. I do not remember recieving any offers. Any way thanks for the club membership., let me quote you "saji, i know u r a member of Fraud IB people..... "

Look here my friend. All i asked was how IB was allowing you to trade without brokerage. That is what you wrote in your message and i was just enquring if IB had come out with any new brokerage schemes for the clients.

And also from your message i noticed that IB is charging more for intraday and less for delivery. I was only trying to help you. Normally delivery brokerage is more. In fact you are luckier than me.

I pay .05 for intraday and .35 for delivery(oneside) plus all other charges. Of course for my other broker Kotak it is higher. Only Religare has offered better terms. So i should be crying before you.

So i feel i am paying high premium for the fraud IB peoples club membership.


By the way buddy have we met before. Never worked for IB or for that matter under any employer. Looks like you seems to know me for ages.

So please read through your first message carefully what you have written and then crucify me. Kuriens reply to your message is more than enough to prove the points i had raised.

Regards

Saji

Saji,
Can you give me the offer of Religare you are having alongwith full details like min margin deposit etc

Hello trader31339,

I have not finished the bargaining part. Once the terms are agreed upon i will let you know. Except for reduction in commission i do not see much difference with IB. Only other differences are ODIN will be given, for intraday 12 times exposure , for cash 4 times ( same as IB), carry forward position for three days without interest. What they have told me is if i take a long position on cash (4 times) on monday i need to squareup only on wenesday till then no interest will be charged. Any way got to confirm lot of conditions with them. ID commission offered is .02 and delivery .25 plus other charges.

Regards

Saji

Saji,
whatever information you have got still now with them on the basis of that please tell :
1. A/C opening charges.
2. Minimim deposit like IB ask only 500 Rs.
3.Any monthly or yearly fixed charges , in IB there arent.
4.The brokerage u stated, 0.02 and 0.25 is without any volumes comittment and without any bargaining?

Hello,
For Odin you have to pay 1800/- which is adjustable against commission.
Minimum deposit is around 25000/-. May be they will start with lesser amount. I am not aware of any monthly or fixed charges. Brokerage is without volume commitment and ofcourse with bargaining. If you can commit more volume then it might go further down and may be they will also waive other charges if any. Bargaining is a must.

In my opinion if you can get IB for lesser brokerage it is better if you are already using IB. I cannot see much of differences.

Regards

Saji

Dear Nandu,

Whatever you are talking about the charges of Indiabulls is very much fair. They are charging 0.1% for intraday, F&O & 0.5% for delivery charges. And apart from that CDSL & NSDL charges Of Rs 7 or 8 which are charged on the sell side per transaction. These charges are shown in the ledger in two parts in a month i.e, 1-15 & 15-30. and apart from these charges Stamp duty,STT & transacion charges are levied based on the volumes of your trade.
I hope this will answer your query