Trades Done in IIFL without my consent.

[adityasaraf007]

Brokers with worst Business Practices:

I was having a look at the documents available over here with NSE.... This is what I found:

 

[aryan.]

Does this take into account the number of clients each broker has. If a broker has 100 clients, that broker would have more complaints compared to a broker with just 10 clients.

 

[adityasaraf007]

Does this take into account the number of clients each broker has. If a broker has 100 clients, that broker would have more complaints compared to a broker with just 10 clients.

This thought also crossed my mind.... However, no. of clients doesn't really make the difference.... If you have an issue, you would always inform your Broker at the first instance..... If and only if they do not resolve the issue, you would register your complaint with Regulators.....

Case in point - Sharekhan - it definitely has higher no. of clients than most of the Brokers mentioned in that chart - but it still doesn't figure in Top 10 with regards to complaints..... (It's another matter that I haven't had a pleasant experience with them)....

One more point - you should also look at the nature of complaints filed against these Brokers...... You would find that a lot of complaints against IIFL is of Type IV and VI which deals with Unauthorized Trades/Misappropriation.... This definitely is the worst of worst Business Practices....

 

[soft_trader]

Thanks Aditya ji for this info. IIFL is the worst broking. And unauthorized trades is a serious crime.

Still no update to provide from my side. Don't know how much time it will take for NSE to complete their investigation.

 

[aryan.]

If and only if they do not resolve the issue, you would register your complaint with Regulators.....

Yes, I agree, that is a good point.

 

[aayush_123]

Sorry to say, but I can't agree with you.
If you have read my 1st post carefully, then you will find that Rs. 1000 is gone, and nearly 10K is due to them.

I should not spare them, because crime is crime. Whether it is of 1k or 1000...crore. It does not matter.

best wishes from my side.

lemme knw when u get fed up and leave the case. :thumb:

 

[DataRam]

Still no update to provide from my side. Don't know how much time it will take for NSE to complete their investigation.

Red tapism is surely going to affect the case . But still the good thing is that you have shown the proactive approach rather than being defensive. :thumb:

 

[soft_trader]

At last some relief. IIFL called me up today. They agreed to settle the amount. And requested once the amount is settled I need to inform NSE and request them to close the case.

IIFL told me that the amount would get settled today evening.

 

[prabuanand]

At last some relief. IIFL called me up today. They agreed to settle the amount. And requested once the amount is settled I need to inform NSE and request them to close the case.

IIFL told me that the amount would get settled today evening.

Congratulations Soft Trader.

Please document the entire settlement process/payment information in the NSE complaint ticket.

Thanks again for sharing with the forum.

 

[DataRam]

At last some relief. IIFL called me up today. They agreed to settle the amount. And requested once the amount is settled I need to inform NSE and request them to close the case.

IIFL told me that the amount would get settled today evening.

Congratulations Soft Trader . :clap:

Indeed this is a very good news for all the traderji members. IIFL brought down to knees .

Incidentally the mishap of Flash Crash has coincided with this turnaround of IIFL.
Emkay Global , the broking firm which is named for the crash has been banned from trading by NSE.

SEBI has stated of strict actions against rogue brokers. IIFL must have felt the shivers. :lol: Warnings have their effects afterall.