My experince with angel broking

Discussion in 'Investors Grievances' started by magnet, Nov 5, 2010.

  1. magnet

    magnet Active Member

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    I already have demat and trading accoun with hdfc bank.

    After reading on forum here that its better to have bank account and trading account at different places.

    I decided to open an account with angel broking on my mothers name.

    As coal india ipo was coming on 19th october 2010 on 11th i went to angel broking office which just across my building and took the necessary forms and documents and signed the same and submitted the same next day on 12th october 2010.

    I was told in 3-4 days my account will be opened but for me more important was to get it open on or before coal india ipo so that i can apply.

    The account actually got opened on 21st october as i received the details in welcome kit.As during coal india ipo only the branch incharge called me that he have got the details of my account so that if i want i can apply via form filling and cheque signing the same.

    But on close look into my hdfc account i found i can apply for new ipos no matter wherever i have my demat and trading account as i need to type that in hdfc screen.

    I used that and i applied on the 2nd last day of the issue.

    Also i was asked for 2 cheques one of rupees 5000 and another of rs 470 (if only bse) or 490.52(if nse bse both0 if i want to trade.The rupee 5000 cheque was just for opening the account which will stay in my account to buy shares and if want i can reversed it anytime to my bank account.

    As i didnot had received any net passwords and received backoffice details and password on mobile sms i was trying this option.

    As the whole amount of 5490 was being shown in pay out screen i just tried to see how reverse transaction works.I did see 0 balance in my back office but even after 4-5 days i wasnt able to see the reverse in my bank account.
    when i called angel helpline they let me knew that they have forwarded a cheque to the branch.I was shocked as i did gave a canceled cheque for RTGS hence i was shocked that wasnt being done.On asking the same at branch i did not got proper reply like'it was done from main branch etc etc'.I was like i am asking why not direct but still repeating the same.Also the person didnot handed over me my cheque saying i reversed the total amount at 490 is their account fees atmost he can cancel and reverse the cheque or i do give new cheque of 490 buks than only he will give the following cheque.I said better cancel your cheque.

    SO again the whole amount got reversed and again 5490 was shown in backoffice funds details section.

    In the meanwhile on 27th i receive the welcome kit and again i am shocked which only has prevention booklet and thank you account open letter.and a slip book which we give to banks if we have trading account with them.

    I thought i might receive the net password in few days via another courier.In the meanwhile on 4th coal india ipo allotment and listing took place.

    In backoffice i cant see any share holding of same in my account plus it shows my account as offline.

    So on live chat i asked for why i didnot received the password yet and i get another shocking reply that my account havent been activated for online trading yet and i have to make a trip to branch again.

    I call the chap and he says if you want to sell the shares tell us we will do the need.

    I said boss i told you on account opening only that i have to trade online no phone trading .Than he was like oh you want to do that again you will have to come here and meet our manager.I had a chat with him and he said via mail ill receive the mail and password.But again at my place on carefully observing the backoffice client details i found out that my email id was blank.So again i had to make a form download sign and same to be delivered at branch.

    The chap said by monday ill receive the password ,yesterday i gave them my email id form signed at branch.

    Now the problem for me is the local branch is working in lot of hidding manner with me

    1::I want a trading account online.Not provided yet.

    2::Even after rtgs application given still they havent did the same.I tried to repeat the procedure on backoffice but their mail id registration@ angeltrade.com id it fails.

    3::I also wanted to trade in nsel and commodities this branch says we cant help as we dont deal in them.

    4::If i raise a complain in backoffice they say it would be better i call them than backoffice as they grill them.But it is the branch which is not providing me proper service.

    I am happy with net support of angel but really almost a month looks to be passing and still i dont know how this angel online stuff works.

    On contrary hdfc though banking was really systematic.

    I am also worried if again i reverse the 5000 amount in angel account again it will be passed as cheque rather than net transfer.

    Any suggestion guys
     
  2. p_rajivadekar

    p_rajivadekar Member

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    Let me clarify , I am not a angle trader but I would like to comment one thing. before you could start your actual operation you have tried too many things . like reversing the amount and all. Application for IPO etc. I think you should have had allowed your account to become operational and then do whatever you want. All these brokers have their own systems and do what ever you want they will follow their own procedure. In one way they are also correct. They have offices spread accross india and it becomes very difficult to contact the concerned Dept. As regards me , I am operating with india infoline. i also have problems but cant help I am continuing with them for last six years and I think all brokers are more or less same.
     
  3. magnet

    magnet Active Member

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    The amount reversing is taken care.

    Now in order to be straight i am still waiting for my online account to get activated. Everyday they say it will happen.

    Its almost a month and still no reply.

    Now even the telephone help is like yes we did got your application and is on sos basis.

    And still pay out is on angel name.They should have atleast call your cheque has come and do pay us the fees amount in another cheque.Which they didnt.

    Planing to send cancel cheque via courier now as i am not trusting them anymore.

    If within a week it doesnt happen ill close my account and will shift to my bank.

    At least wont have been in such mess and would have invested in gravita ipo too.
     
  4. pokrate

    pokrate Active Member

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    Angel is terrible.
    Sharekhan is best by all bets.
     
  5. sham_share singh

    sham_share singh Member

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    Hi, I think you should call up their customer care number for assistance. They will be in a better position to help you.
     
  6. chasingbeta

    chasingbeta New Member

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    it will be true that now most are prefer like this
     

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