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cheated on borkerage rates - INDIABULLS

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  #1  
Old 9th December 2010, 11:38 AM
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Unhappy cheated on borkerage rates - INDIABULLS

Hi,

I recently opened a demat and trading account with Indiabulls. While opening account they mentioned only 0.15 delivery and 0.015 intraday brokerage and that there is no Account opening charge and AMC.

However, on my first trading, I was shocked to see the electronic contract note, where the brokerage was charged at abysmally HIGH rate of 0.50 and 0.10 for delivery and intraday respectively. How can they do daylight cheating like this with customers. I called my RM and he says he has send modification request which will take 2-3 days. But he says that this charge will not be reversed and that this will be the tendancy for first few trades. There is no clarity of what brokerage rate is being charged. There is no link on their trading portal which will tell you your brokerage charges. It is a cheat company.

Secondly, they deducted Rs 900 from my trading account citing account opening charges, which I was promised will not be charged. on this issue my RM said it will be reversed in a week. However even after 3 weeks, it has not been reversed.

So if you are going for indiabulls account, i would advice not to go. Don't be lured on what their representatives say, it will never materialize, and you will feel cheated after a month.



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  #2  
Old 9th December 2010, 02:34 PM
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Default Re: cheated on borkerage rates - INDIABULLS

Quote:
Originally Posted by top_phodu View Post
Hi,

I recently opened a demat and trading account with Indiabulls. While opening account they mentioned only 0.15 delivery and 0.015 intraday brokerage and that there is no Account opening charge and AMC.

However, on my first trading, I was shocked to see the electronic contract note, where the brokerage was charged at abysmally HIGH rate of 0.50 and 0.10 for delivery and intraday respectively. How can they do daylight cheating like this with customers. I called my RM and he says he has send modification request which will take 2-3 days. But he says that this charge will not be reversed and that this will be the tendancy for first few trades. There is no clarity of what brokerage rate is being charged. There is no link on their trading portal which will tell you your brokerage charges. It is a cheat company.

Secondly, they deducted Rs 900 from my trading account citing account opening charges, which I was promised will not be charged. on this issue my RM said it will be reversed in a week. However even after 3 weeks, it has not been reversed.

So if you are going for indiabulls account, i would advice not to go. Don't be lured on what their representatives say, it will never materialize, and you will feel cheated after a month.


Try Zerodha.com, there is a link on this forum, just go and join, i am aslo having ICICIDirect and have applied to Zerodha.
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Old 16th December 2010, 06:40 AM
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Default Re: cheated on borkerage rates - INDIABULLS

Quote:
Originally Posted by top_phodu View Post
Hi,

I recently opened a demat and trading account with Indiabulls. While opening account they mentioned only 0.15 delivery and 0.015 intraday brokerage and that there is no Account opening charge and AMC.

However, on my first trading, I was shocked to see the electronic contract note, where the brokerage was charged at abysmally HIGH rate of 0.50 and 0.10 for delivery and intraday respectively. How can they do daylight cheating like this with customers. I called my RM and he says he has send modification request which will take 2-3 days. But he says that this charge will not be reversed and that this will be the tendancy for first few trades. There is no clarity of what brokerage rate is being charged. There is no link on their trading portal which will tell you your brokerage charges. It is a cheat company.

Secondly, they deducted Rs 900 from my trading account citing account opening charges, which I was promised will not be charged. on this issue my RM said it will be reversed in a week. However even after 3 weeks, it has not been reversed.


So if you are going for indiabulls account, i would advice not to go. Don't be lured on what their representatives say, it will never materialize, and you will feel cheated after a month.

Hi Top Phodu,
You are not cheated by Indiabulls but the RM, here in many threads you will come to know indiabulls charges rs 900 as account opnening charges and for Power Indiabulls trading terminal one time charges are rs750 unlike others indiabulls doesn't have annual maintaince charges, about brokerage this is to be sent by RM only to indiabulls HO however you can get it reduced.

Other services of indiabulls are good, terminal is quite fast you get transation summary everyday in you mailbox with current and previous position other than electronic contract note, incase of any problem you can get in touch with indiabulls helpdesk.


Zerodha is also a good option I have also opened account with zerodha even i am getting 0.1 and 0.01 brokerage in indiabulls but I am being charged rs 50 lot in options.
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Old 16th December 2010, 10:50 AM
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Default Re: cheated on borkerage rates - INDIABULLS

Hi,

I am still being charged with brokerage of 50 paisa and 10 paisa after repeated calls and visits to their office. I even met my RM's senior. Every time they say that "It will be done. You trade without any worries".

In Rs70-80 profit of intraday in a scrip, i am paying 40-45 Rs as brokerage. This is just looting their customers.
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  #5  
Old 16th December 2010, 01:34 PM
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Default Re: cheated on borkerage rates - INDIABULLS

Quote:
Originally Posted by top_phodu View Post
Hi,

I am still being charged with brokerage of 50 paisa and 10 paisa after repeated calls and visits to their office. I even met my RM's senior. Every time they say that "It will be done. You trade without any worries".

In Rs70-80 profit of intraday in a scrip, i am paying 40-45 Rs as brokerage. This is just looting their customers.

Just send them an ultimation that either they reply to your letter and reduce or u look at other brokerage like Zerodha, state it clearly and see how the RM responds. Also cc to all the INDIABULL OFFICES
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Old 16th December 2010, 06:04 PM
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Default Re: cheated on borkerage rates - INDIABULLS

Quote:
Originally Posted by top_phodu View Post
Hi,

I am still being charged with brokerage of 50 paisa and 10 paisa after repeated calls and visits to their office. I even met my RM's senior. Every time they say that "It will be done. You trade without any worries".

In Rs70-80 profit of intraday in a scrip, i am paying 40-45 Rs as brokerage. This is just looting their customers.
Dear,
Get out from them nowdays many brokers are there......to give minimum brokerages......
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  #7  
Old 18th December 2010, 09:16 AM
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Default Re: cheated on borkerage rates - INDIABULLS

It is one and the same thing. RM's are employees of Indiabulls and they get their salary from them. These RM's will practice as they are trained by the company. They must have been told to dupe innocent customers by making false promises.

Quote:
Originally Posted by pundit View Post
Hi Top Phodu,
You are not cheated by Indiabulls but the RM
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  #8  
Old 19th December 2010, 02:30 PM
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Default Re: cheated on borkerage rates - INDIABULLS

Quote:
Originally Posted by top_phodu View Post
It is one and the same thing. RM's are employees of Indiabulls and they get their salary from them. These RM's will practice as they are trained by the company. They must have been told to dupe innocent customers by making false promises.
Its not like that .. no reputed comapny teaches its employees to cheat the customers, my RM never cheated on me.

There are the specific persons who tell lie , RMs get commision from your brokerage.

Escalate the matter to higher officials, if don't get any solution just change the broker and inform them that due to their bad services you are shifting to some other brokerage house.
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  #9  
Old 20th December 2010, 02:34 PM
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Default Re: cheated on borkerage rates - INDIABULLS

This happened to me too. RM promised me brokerage of 0.25 del, but my first trade brokerage was 0.5. They think that customers are stupid and wont check the brokerage.

Had to go to their office 3 times to reduce the brokerage to 0.25
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Old 20th December 2010, 02:52 PM
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Default Re: cheated on borkerage rates - INDIABULLS

[QUOTE=aryan.;503449]This happened to me too. RM promised me brokerage of 0.25 del, but my first trade brokerage was 0.5. They think that customers are stupid and wont check the brokerage.

Had to go to their office 3 times to reduce the brokerage to 0.25[/QUOTE]



to be honest one should try Bezel. since they are offering the cheapest brokerages and are totally transparent.


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