Artha money 1 paisa brokerage-BIG TRAP

[hhh]

Artha money came up with 1 paisa brokerage paln 2-3 months back.

By looking at the scheme i was really impressed, now i'm realizing i fell in big trap.
I paid 5000 advanced, A/c opening charge is 500 and 4500 will be adjusted with brokerage(6 months validity)

Charges specified by them
BROKERAGE (EACH SIDE)
DELIVERY 0.20%
INTRADAY CASH 0.01%
FUTURES 0.01%
OPTIONS 0.25% of Option Premium or Rs.25 whichever is higher.

After i consumed my pre-paid brokerage, now they are telling that for the same brokerage structure i need to renew my account with 25000(1 year validity)
I called customer care argued for 3-4 days but all in vain.
I'm totally shocked now as they have deducted 10,000 from account and started charging me higher(double charges whatever mentioned above) brokerage.

I don't know what do.
PLEASE NEVER EVER GO FOR ARTHA MONEY for anything.
I'm totally trapped

 

[rag_bh]

My 2 cents
Please stay away from this Fr**d brokerage house

 

[rag_bh]

Deleted......

 

[hhh]

Artha money came up with 1 paisa brokerage paln 2-3 months back.

By looking at the scheme i was really impressed, now i'm realizing i fell in big trap.
I paid 5000 advanced, A/c opening charge is 500 and 4500 will be adjusted with brokerage(6 months validity)

Charges specified by them
BROKERAGE (EACH SIDE)
DELIVERY 0.20%
INTRADAY CASH 0.01%
FUTURES 0.01%
OPTIONS 0.25% of Option Premium or Rs.25 whichever is higher.

After i consumed my pre-paid brokerage, now they are telling that for the same brokerage structure i need to renew my account with 25000(1 year validity)
I called customer care argued for 3-4 days but all in vain.
I'm totally shocked now as they have deducted 10,000 from account and started charging me higher(double charges whatever mentioned above) brokerage.

I don't know what do.
PLEASE NEVER EVER GO FOR ARTHA MONEY for anything.
I'm totally trapped

Can someone help me how can i take any legal action against them, i have all documents in place.

Thanks
-Giri

 

[girdharilal]

Can someone help me how can i take any legal action against them, i have all documents in place.

Thanks
-Giri

best to consult some lier fren,other wise the consumer court at back of Azad Maidan,Please access you damage or loss and write to Artha to return the sum within say fifteen day ,only then after you can think of approaching courts.

 

[hhh]

best to consult some lier fren,other wise the consumer court at back of Azad Maidan,Please access you damage or loss and write to Artha to return the sum within say fifteen day ,only then after you can think of approaching courts.

I already argued with them lot, even spoke to so called managers(powerless) he speaks like politician. no use
I will send one more requesting them credit back 10k will see wht happens.

 

[Bimbo]

Dear hhh,
Thanks for enlightening us on such Brokerage firms ,atleast others wont fall in their trap

 

[SavantGarde]

Go Through Your Agreement Copy, If It Mentions Everything That They Have Done So Far, Then There Is Not Much You Can Do, Except Threaten Them That There Will Be Article In A Newspaper Or TV Channel Regarding Their Fraudulent Practice.

Incase, If Nothing Is Mentioned In Your Copy Of The Agreement Regarding Whatever They Have Done To Trap You, Then Take It Straight To SEBI & Exchanges.

Next Time Read All Terms Conditions Carefully Before Signing Irrespective Of The Size & Popularity Of The Broker.

Happy & Safer Investing

SavantGarde

Can someone help me how can i take any legal action against them, i have all documents in place.

Thanks
-Giri

 

[hhh]

Go Through Your Agreement Copy, If It Mentions Everything That They Have Done So Far, Then There Is Not Much You Can Do, Except Threaten Them That There Will Be Article In A Newspaper Or TV Channel Regarding Their Fraudulent Practice.

Incase, If Nothing Is Mentioned In Your Copy Of The Agreement Regarding Whatever They Have Done To Trap You, Then Take It Straight To SEBI & Exchanges.

Next Time Read All Terms Conditions Carefully Before Signing Irrespective Of The Size & Popularity Of The Broker.

Happy & Safer Investing

SavantGarde

Thanks SavantGarde

I'm attaching the document i signed, it has got lots of conditions regarding rollover to new schemes. I read it several times but not able to understand anything clearly.
Waiting for you reply.

 

[BrokerJi]

Thanks SavantGarde

I'm attaching the document i signed, it has got lots of conditions regarding rollover to new schemes. I read it several times but not able to understand anything clearly.
Waiting for you reply.

Well am afraid brother but the point no. 6,7,8 in the agreement attached by you clearly makes Arthamoney's case strong (legally).
Yes we can always debate on the ethical part of the same which I believe is certainly wrong, so the only option left to you is take media's help if available in exposing their tactics of fooling small investors.
Btw I also noted that these broking houses attract people on low brokerage say 1 paisa per 100 Rs of trade (intra-day) in comparison to big banks like ICICI ( 5 paisa per 100 Rs, (intra-day), but then understand that the minimum is Rs 15/- at both places, which means for order below Rs 30,000/- both will end up charging the same and for orders above Rs 30 K per contract so called small investors must be taking a risk bigger than their appetite.
So transparency is the only thing where names like ICICI score, but this is also important for peace of mind some time.
anyways, please do write to some newspapers and media (marking arthamoney in CC) and to be on safe side avoid alleging anything legally.
Regards,
BrokerJi