Indiabulls Cheating Me...Oh God

Hello all. I have a a/c with Indiabulls. While opening my a/c my rm had promised me that brokerage for equity will be .3% for delivery and .05% for intraday.

I only buy and sell in delivery trade adn did very few intraday trade as I dont know much.

I even did not know how to calculate the brokerages but learnt recently and also came to know other charges.

But to my utter surprise when i started checking the ecn recieved for previous trades I found that I am being charged .5% for delivery and .1% for intraday!!

Now is there anything that I can do about this?
Tomorrow I am going to meet the rm and tell him about this.
Plz advice me on how should I bargain with him.
If i am not satisfied then i think I will shift to ShareKhan.
Plz advice.

first try to get a copy of the client agreement (where the brokerage has been written). then write to helpdesk.

its a common practice by the rm's to promise so and so and then renege like politicians.

Ah since i were totally a newbie in this field i just trusted the rm then with his words. Its not written anywhere in those papers what the brokerage will be. Now the rm has changed as the previous one has been promoted. I will have to deal with the new rm.
They did not give a demo also. Do Indiabulls give demo? Coz i have heard that SK provides demo.
Now what should i do?

Also it could be that .05% one leg and therefore u end up paying .1% intra being .05x2 (for both legs) ...

As you trade in delivery mode, then bargain with him to get delivery brokerage reduced to 0.2 % from 0.3.. just in case he tells u that it is not possible to revert the history.

If you are not interested in intraday then without telling him your trading style, accept higher rate for intraday / for F&O etc.. at the cost of delivery brokerage..
i.e.. let him charge 0.3% on intraday.. but give u 0.2 % of delivery..

Negotiations are best done when u think win-win.. And the end of the day, his job is to generate commision for IB thru proper rates..
And make sure that he commits on updating their database and puts the agreed rate for your account.

All the best

@ Murtaza its 0.1% for each leg!
@AW10 a good advice. Will tell him your idea.

1 Do u think that i should take some of the ecn in a cd or pendrive just incase he doesnt agree to the charges? Or showing him the ecn is not recommended for any reason?
2 Do I have to insist him on giving the brokerage in writing?
3 If yes then in what type of paper? I mean a blank page or in comapany letterhead or in stamp paper.
4 Also can u tell me how stt is calculated? Coz I dont seem to get the calculation right.

Boss I have given u a tip to negotiate.. Don't reveal that to other party but use it smartly.

How formal/informal u want to be depends on individuals style of getting things done..
In my personal experience, being too strict, formal, legal papers etc are got for exception and they don't work in reality. Lot of business gets done against all those agreements and with mutual understanding ... So I would prefer to have positive rapport building and win-win negotitation .. rather then Pen-Paper-Sign-Dot style.

But it is your call. Just keep in mind that when u goto sharekhan or any othre broker, same things can happen once again... unfortunately that is how the industry works in majority of the cases..

all the best.

RMs some how get the contact details and promise to give lower brokerage. It had happened to me with India Infoline. RM assured me of the brokerage as low as .02 one leg only for intra-day equity trading and 0.15 for delivery, the same brokerage as charged by Ventura. I requested that baby to give me in writing, she refused. But promised to believe her. When I started trading, it was to my surpirse, .05 each leg for intra and .5 for delivery, which is highest in the market. When I protested, I was told to transfer my holdings from Ventura for which I refused. I hardly had done any transactions since Aug 09. They now refuse even to transfer my holding. ( I hope to get justice thr: NSE). India Infoline is not ready to release the 'Bakra'. I advise every one to keep away from this Biggest Ever Cheaters in broking community. I shall continue to fight with any one who indulge in any sort of mal-practice. I request others to be firm and never to be submissive to right principles.

Any such case must be brought to the notice of trading members so that they take precaution before falling into trap.

I understand that RMs have some 'quota' to get new 'bakras' and therefore, these RMs go out of the way to 'fool' the innocents.

Plz help me clear some of the things.
1. Brokerage for Intraday and cash is charged for both leg right? Or is it negotiable?
2. How is STT calculated?
3. Is the PIB good for the money they are charging? Or can i make do with softwares from third parties for free?

Hi,

I think you are making a hill out of a mole.
It's because you are new to this client.
Relax, settle down, do some trading and earn profit.
Brokerage can be changed after you get comfortable with your RM.

I was a holder of Indiabulls account.
As you said, I was also charged higher amount for intraday and delivery.
As my turnover looked good, the RM himself suggested to me, to request for a reduction in brokerage and I did so. I got reduced brokerage and more profit.

Reason I am out of Indiabulls is I got into another broker, which gives me a very good margin for me to do intraday. Otherwise, indiabulls has a very good interface and good RM strategy.

You have to relax and trust your RM and deal with him on a friendly basis instead of pure business sense.

Its been more than 3 years since I left indiabulls, but most of the brokers I knew who have left indiabulls for career goals, are still contacting me and providing me healthy tips from their broker firms.

It depends on how you deal with your RM.
My advice will be to learn trading, earn profit and avoid maximum loss.
Brokerage can be dealt with later once you become a good trader.

Hope you take my message in a positive sense.:thumb:

Thanks!
Rajiv