Beware of 5Paisa/Indiainfoline - TTAdvance!!

hi, guys you are all absolutely correct with regard to ttadvance software really their software architect of this module is headless fellow, the architecture itself is having lot of problems , obviously it will further increases the problem to traders.
with regard to customer service india infoline customer support team developed some sort of inertia and they does not have checks for performance and quality. I do not know india infoline CEO is sleeping or doing what .

During the boom time these companies only look for accounts and brokerage at least during downward trend they should keep vigil on their manpower and their quality , response system to further increase the customer response hope their CEO is watching this site to learn few lessons

Dear Thread,

I can completely understand the pain you have gone through since I too have been a victim of these bunch of cheats who run 5paisa.com/Indiainfoline.

There is an immediate need to warn the public at large against the ulterior motive of these cheats who try to swindle the unsuspecting retails investors' money.

I too have an account with 5 paisa and I had two preconditions for opening the account - 1) I be given TT5 instead of the hopeless TTadvance and 2) a brokerage structure of 0.35% for delivery based transactions and 0.06% for intraday square off transactions.

However I was given TTAdvance which is such a hopeless software that already enough has been said about the same by other memebers. Futher, I never received physical contract notes. When I checked the digital contract notes, I understood that the brokerage being charged was more than what was agreed. I took up this issue with my Relationship manager but he asked me to generate more volume if I wanted a lower brokerage. I was completely schocked since this was a gross breach of contract as well as trust. After 4 months of continuous correspondence along with a complaint to the SEBI was I given the brokerage I was promised. However, for the past trades, the excess brokerage was not paid back.

ANOTHER IMPORTANT ISSUE YOU NEED TO BE WARY OF

Please ensure that the shares that you take delivery of are actually credited to your beneficiary demat account and not kept in their broker's pool account. I had bought certain no of RPL but did not see them in my demat statement (which itself was received after a long time). When I enquired with the RM he informed me that the shares were lying in the pool account so that they could deliver the same if some another (important ) client fails to deliver (ie does a short sale and does not deliver) RPL shares after he sells the same. I was outraged since I was myself subjected to auction charges for the same RPL shares I had sold which because of some technical problems with TT Advance could not be delivered (although I owned them in my demat account).

Further, the effect of such an event would be that since the shares are transferred to your demat account, you will not be the registered owner of these shares are any corporate benefits (like dividend, bonus) will never accrue to you.

Please make all your acquantainces aware of such malpractices indulged by these cheats.

Regards


QUOTE=cpatel4u;145526]They commited 0.25 delivery brokerage...while opening the accnt.
But after I started trading..they charged me 0.5.

Now that guy is telling me that 0.25 is not possible...i will give rebate n all stuff.

DONT go for 5paisa.[/quote]

Thanks for posting your experience mortalkombatant.

Thanks To all for sharing your bad experiances with India Infoline. I have also an account with india infoline and I have also faced the similar types of problem. TTADV is actually is not working in LAN for acessing internate. Also they are not credit the amount in the account in proper time and hence Ive losed to Purchased some shares in downtime market. On Earlier November07 I made a payment to them from my Axis bank Dunlop Br. Account. It was reflected in my bank account that the cheque has been cleared from my account but when i tried to purchase some share on basis of that they did not allowed and told me that this money was lying with their suspenses account as the account was not mapped with them. As per instruction given by them I've send all my details of such bank account but they took 1 month time to chenge the data and credit the amount in my ledger. During that time Ive lost so much of profit earning oppertunity. Not only that I found that have transacted a lot of intraday share purchase and sale in my account with out my consent and when Ive asked to My RM She told me that They have to do this as my account balance was showing Debit Balance. Also they have charged Fine for the same giving reason of Late Payment. All the Intraday transaction they have made with out consent of mine was in Loss. So I've lost my money in double way. One is making loss on transaction and other is charging fine.

I also use same software from infoline my expriance that it works fine but at time of make a good hit such as buying when market is down and selling in up market at that point in time either server is down or pasted orders get stuck 5paise and the reson given by RM is there is problem in exchange
presently tinking of changing broker

saw this late...guys you could actually complain to SEBI (at least I feel things like holding the delivery to cover for short selling of other guys)
check the SEBI website http://www.sebi.gov.in/Complaint7.jsp to file online complaint...might save hundreds of new ppl going thru the same pain..
stokist