Transferred fund vanished in 5paisa

ravi_s_ghosh · #1 27th January 2008, 04:37 PM

some 3 weeks back, I transferred some fund to my 5paisa account online. Immediately the amount was debited from my icici bank account, but it was not credit to my 5paisa a/c. I contacted my RM regarding this and he told me to forward copy of bank statement. I did the same and he assured me that it will be taken care of in a day or so. A week went and nothing happened. Then I called up their call center and after waiting for 10 minutes in Q, I was finally able to talk to a "gentleman" who told that he needs to raise a fresh complaint on the issue which was done and I was asked to wait for 2 days before my account was credited. I gave them all the details about transaction including the transaction ID generated by the bank. I placed a request with my bank to check whether there was some problem with the transaction or it went through and I was informed promptly (icici bank is pretty prompt) in a day that indiainfoline ltd bank a/c has been credited with the amount on the said date. Once I got a mail from 5paisa that the issue has been forwarded to concerned department. but I'm yet to find out which is this concerned department which is so unconcerned about such issues. I repeatedly mailed 5paisa to no avail. THeir punch line "assuring best of our service at all of the time is really a big joke on them.

Now, the issue is whom shall I complaint regarding this. What recourse is left to me. Is it that we retail investors are at the mercy of brokers/banks.

satyaprakash · #2 27th January 2008, 06:22 PM

Quote:

Originally Posted by ravi_s_ghosh

some 3 weeks back, I transferred some fund to my 5paisa account online. Immediately the amount was debited from my icici bank account, but it was not credit to my 5paisa a/c. I contacted my RM regarding this and he told me to forward copy of bank statement. I did the same and he assured me that it will be taken care of in a day or so. A week went and nothing happened. Then I called up their call center and after waiting for 10 minutes in Q, I was finally able to talk to a "gentleman" who told that he needs to raise a fresh complaint on the issue which was done and I was asked to wait for 2 days before my account was credited. I gave them all the details about transaction including the transaction ID generated by the bank. I placed a request with my bank to check whether there was some problem with the transaction or it went through and I was informed promptly (icici bank is pretty prompt) in a day that indiainfoline ltd bank a/c has been credited with the amount on the said date. Once I got a mail from 5paisa that the issue has been forwarded to concerned department. but I'm yet to find out which is this concerned department which is so unconcerned about such issues. I repeatedly mailed 5paisa to no avail. THeir punch line "assuring best of our service at all of the time is really a big joke on them.

Now, the issue is whom shall I complaint regarding this. What recourse is left to me. Is it that we retail investors are at the mercy of brokers/banks.

infact 5 paisa customer support team quite thick skin people they donot care cor customer copmlaints in hyderbad itis more rampant , i do not know their CEO is sleeping without taking care of its customer care department

suba_stocks · #3 27th January 2008, 07:34 PM

Quote:

Originally Posted by ravi_s_ghosh

some 3 weeks back, I transferred some fund to my 5paisa account online. Immediately the amount was debited from my icici bank account, but it was not credit to my 5paisa a/c. I contacted my RM regarding this and he told me to forward copy of bank statement. I did the same and he assured me that it will be taken care of in a day or so. A week went and nothing happened. Then I called up their call center and after waiting for 10 minutes in Q, I was finally able to talk to a "gentleman" who told that he needs to raise a fresh complaint on the issue which was done and I was asked to wait for 2 days before my account was credited. I gave them all the details about transaction including the transaction ID generated by the bank. I placed a request with my bank to check whether there was some problem with the transaction or it went through and I was informed promptly (icici bank is pretty prompt) in a day that indiainfoline ltd bank a/c has been credited with the amount on the said date. Once I got a mail from 5paisa that the issue has been forwarded to concerned department. but I'm yet to find out which is this concerned department which is so unconcerned about such issues. I repeatedly mailed 5paisa to no avail. THeir punch line "assuring best of our service at all of the time is really a big joke on them.

Now, the issue is whom shall I complaint regarding this. What recourse is left to me. Is it that we retail investors are at the mercy of brokers/banks.

Tell them ...this is final request before going for legal action and give them 5 working days time and then take legal action...in these 5 days prepare all the required proofs ...copy from bank etc.

don't give up fight...here you will win if bank records show that it was transferd with out any error.

don't forget to claim interest and harassment charges etc.

regards
suba

yas · #4 27th January 2008, 08:26 PM

hiiiiii SUBA

i have same prob 5 paisa but 2nd day they cleared this prob...i have another prob with 5 paisa my DP is not working still now.i am started trd. 3 mnths now..i am trd. little big amount now ..when i am traying to open my dp this message is coming- dll cheak login failed( i think this tecnical prob.) ..i am call 5 paisa many times till now prob not cleared...any body pls replay ... i am scared to continue trd. without working my dp but i can possible to chq my scrips "HOLDINGD".anybody pls replay any prob to trad without dp....

suba i am waiting u replay..pls replay...

rgds
yasin....

ravi_s_ghosh · #5 28th January 2008, 01:54 AM

Quote:

Originally Posted by yas

hiiiiii SUBA

i have same prob 5 paisa but 2nd day they cleared this prob...i have another prob with 5 paisa my DP is not working still now.i am started trd. 3 mnths now..i am trd. little big amount now ..when i am traying to open my dp this message is coming- dll cheak login failed( i think this tecnical prob.) ..i am call 5 paisa many times till now prob not cleared...any body pls replay ... i am scared to continue trd. without working my dp but i can possible to chq my scrips "HOLDINGD".anybody pls replay any prob to trad without dp....

suba i am waiting u replay..pls replay...

rgds
yasin....

It's 3 years now, i'm holding a 5 paisa a/c, their Dp hasnt been working properly since then. U'll be lucky to get it working at times. They take advantage of this. see here http://www.traderji.com/brokers-dema...-infoline.html

basudeo · #6 28th January 2008, 01:26 PM

Hi,

5Paisa is one of the biggest "chor". They robbed about 2000/- from me. Sue such ******** in consumer forum.

ravi_s_ghosh · #7 29th January 2008, 09:55 AM

could someone provide me with contact details/emails of sebi, nse/bse, consumer forums, etc., that deal with such issues. It would be great help to me.

yas · #8 29th January 2008, 11:50 AM

hiiiiiii MR.RAVI

i have any prob to continue trad. without working my DP...bcos i am trd. little big amount ..... other all trad system is proper working(HOLDING,LEDGER etc)....pls replay anybody...i am using 5 paisa TTADV.

pls replay........

rgds
yasin....

hari09omkar · #9 29th January 2008, 01:55 PM

Quote:

Originally Posted by ravi_s_ghosh

could someone provide me with contact details/emails of sebi, nse/bse, consumer forums, etc., that deal with such issues. It would be great help to me.

For NSE:
Investor Grievance Cell / Arbitration
Email : ignse@nse.co.in
Tel No: (022) 26598190 (IGC) / (022) 26598192 (Arbitration)
Fax No: (022) 26598191

SEBI:
http://www.sebi.gov.in/Index.jsp?contentDisp=ContactUs
Press the 'Click here' option.When the new page comes,click on the VIII th option.Then fill up the form and send it.

Considering u to be in West Bengal,I am giving the Eastern Indian office details:
The Regional Manager, L&T Chambers,
3rd Floor,
16 Camac Street,
Kolkata 700 017
Tel : 33-23023000. Fax: 33-22874307.
E-mail : sebiero@sebi.gov.in

Hope u will be benifitted out of this.Good luck on ur fight.We r with u.

ravi_s_ghosh · #10 29th January 2008, 07:58 PM

thanks a lot hari
by the way i'm in bangalore.