cheated on borkerage rates - INDIABULLS

Discussion in 'Investors Grievances' started by top_phodu, Dec 9, 2010.

  1. top_phodu

    top_phodu New Member

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    Hi,

    I recently opened a demat and trading account with Indiabulls. While opening account they mentioned only 0.15 delivery and 0.015 intraday brokerage and that there is no Account opening charge and AMC.

    However, on my first trading, I was shocked to see the electronic contract note, where the brokerage was charged at abysmally HIGH rate of 0.50 and 0.10 for delivery and intraday respectively. How can they do daylight cheating like this with customers. I called my RM and he says he has send modification request which will take 2-3 days. But he says that this charge will not be reversed and that this will be the tendancy for first few trades. There is no clarity of what brokerage rate is being charged. There is no link on their trading portal which will tell you your brokerage charges. It is a cheat company.

    Secondly, they deducted Rs 900 from my trading account citing account opening charges, which I was promised will not be charged. on this issue my RM said it will be reversed in a week. However even after 3 weeks, it has not been reversed.

    So if you are going for indiabulls account, i would advice not to go. Don't be lured on what their representatives say, it will never materialize, and you will feel cheated after a month.
     
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  2. stocksplacement

    stocksplacement Active Member

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    Try Zerodha.com, there is a link on this forum, just go and join, i am aslo having ICICIDirect and have applied to Zerodha.
     
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  3. pundit

    pundit Active Member

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    Hi Top Phodu,
    You are not cheated by Indiabulls but the RM, here in many threads you will come to know indiabulls charges rs 900 as account opnening charges and for Power Indiabulls trading terminal one time charges are rs750 unlike others indiabulls doesn't have annual maintaince charges, about brokerage this is to be sent by RM only to indiabulls HO however you can get it reduced.

    Other services of indiabulls are good, terminal is quite fast you get transation summary everyday in you mailbox with current and previous position other than electronic contract note, incase of any problem you can get in touch with indiabulls helpdesk.


    Zerodha is also a good option I have also opened account with zerodha even i am getting 0.1 and 0.01 brokerage in indiabulls but I am being charged rs 50 lot in options.
     
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  4. top_phodu

    top_phodu New Member

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    Hi,

    I am still being charged with brokerage of 50 paisa and 10 paisa after repeated calls and visits to their office. I even met my RM's senior. Every time they say that "It will be done. You trade without any worries".

    In Rs70-80 profit of intraday in a scrip, i am paying 40-45 Rs as brokerage. This is just looting their customers.
     
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  5. stocksplacement

    stocksplacement Active Member

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    Just send them an ultimation that either they reply to your letter and reduce or u look at other brokerage like Zerodha, state it clearly and see how the RM responds. Also cc to all the INDIABULL OFFICES
     
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  6. VJAY

    VJAY Well-Known Member

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    Dear,
    Get out from them nowdays many brokers are there......to give minimum brokerages......
     
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  7. top_phodu

    top_phodu New Member

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    It is one and the same thing. RM's are employees of Indiabulls and they get their salary from them. These RM's will practice as they are trained by the company. They must have been told to dupe innocent customers by making false promises.

     
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  8. pundit

    pundit Active Member

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    Its not like that .. no reputed comapny teaches its employees to cheat the customers, my RM never cheated on me.

    There are the specific persons who tell lie , RMs get commision from your brokerage.

    Escalate the matter to higher officials, if don't get any solution just change the broker and inform them that due to their bad services you are shifting to some other brokerage house.
     
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  9. aryan.

    aryan. Active Member

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    This happened to me too. RM promised me brokerage of 0.25 del, but my first trade brokerage was 0.5. They think that customers are stupid and wont check the brokerage.

    Had to go to their office 3 times to reduce the brokerage to 0.25
     
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  10. angdbani

    angdbani New Member

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    [QUOTE=aryan.;503449]This happened to me too. RM promised me brokerage of 0.25 del, but my first trade brokerage was 0.5. They think that customers are stupid and wont check the brokerage.

    Had to go to their office 3 times to reduce the brokerage to 0.25[/QUOTE]



    to be honest one should try Bezel. since they are offering the cheapest brokerages and are totally transparent.
     
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