Edelweiss Broking Ltd

Discussion in 'Investors Grievances' started by investr0vert, Mar 1, 2011.

  1. investr0vert

    investr0vert New Member

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    Hi folks,

    I am new to trading and I made a mistake of opening my account with Edelweiss Broking Ltd.
    I filled an application for opening an account (a prepaid subscription plan of Rs4950) on the 26th of Jan while the cheque was encashed on the 3rd Feb. These guys promised me that the account will be activated within 7 -8 working days.

    I was patient enough but somehow after this duration, I started calling them everyday, both the customer service and the individual salesperson, as to when my account will be opened and they keep saying that my account is currently being "processed". They say things like:

    1. it has already been done
    2. it'll be done by today or tommorow
    3. there is some problem with the system/server, so we couldnt activate it today


    Its been way too much time now, i feel (or rather, im sure) that they are hoarding onto my fees. I even considered closing my subscription but they keep saying that they're on my application, that it'll be done in a few minutes.Whenever i ask them i want to speak with the manager they say things like "You'll be trading first thing in the morning tommorow at 9am"

    So folks, i wanna ask you honestly, what should and can be done at this stage? is it possible that i can get my subscription fee back? is there some
    to escalate such a matter to a higher authority? or have i just lost that money. I feel so conned.

    Well, anyways, I still want to put this up for everyones reference that these guys are just plain cons and just behind your money and that they cheque it and never call you again.

    Keep away from Edelweiss.Dont open an account with them ESPECIALLY a prepaid one. Im sure that there are more trustable brokers around. or else you might just end up like me :(
     
  2. jagankris

    jagankris Well-Known Member

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    Just My opinion - I don't have an account with Edelweiss.

    But in my interaction with them Edelweiss is one of the best Brokers available in India and they give value for ethical practices.

    Just don't get frustrated and come to a conclusion just some delay happened in account opening.

    Write an email to them directly and follow up.
     
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  3. investr0vert

    investr0vert New Member

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    Mr jagankris,

    As it turns out, you're quite right. i ended up sending up a real long mail abt this matter and guess what.. they called me up the next day and said that my account will be activated t in the evening.. which has been done so..

    I guess it was wrong of me to jump to a direct conclusion.But i really got anxious coz it almost took over a month.

    My apologies to Edelweiss and every1. Guess they arent bad after all.
    So I take back all my words
    :)
     
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