Geojit's bad system - what can be done?

sivavkm · #1 27th October 2006, 12:32 PM

I am a geojit customer.
This is my experience with them.

I should say, i had bitter experience with their customer service... but i was in favour of their trading system. Today, that belief also proved to wrong.

Today i noticed that, one of the share that i was holding, just disappeared from my "Positions" window... alongwith Rs25,000. It was there yesterday. Just vanished today.. without any traces in trade books

Smelling something?? (similar to RM account play in IB???)
Anyway, i informed them thru official channel. Waiting for their reply.

Please advise me of further actions

Regards
Siva

sivavkm · #2 27th October 2006, 01:10 PM

One hour passed... no reply from geojit.

I tried their instant support ie; tradeonline email
And the feedback system on their website.

Nothing worked yet.

Seniors, please advise, what shall i do next?

Regards
Siva

chachi · #3 27th October 2006, 02:55 PM

Hi Siva,

Just relax a bit. In my opinion online trading always have these kind of problems. Only the frequency may differ with other DPs. The problem will be more due to the software. This kind of thing happened to me before. I wrote to them and next day I got the shares back in my account. I hope tommorrow you will get back what you had. Problem comes only if you wanted to sell them today.

Just give them a day or two to solve the problem.

Regards
Chachi

dantool · #4 28th October 2006, 12:21 AM

dear siva it's also possible that someone shorted those shares and forgot to cover.you'll receive them once the settlement is done.

sivavkm · #5 28th October 2006, 06:33 PM

Dear Friends,

FYI...

Today i got a 2-liner from geojit stating that my shares are returned to my account. So again i am a happy customer of geojit.

BTW, No reasoning or explanation or apologies for such a mishap.
Seems their customers doesnt deserve any.

I was expecting a 10gm gold coin

from geojit, as part of their recent Customer Appreciation scheme , for finding out such a fraudulent activity / RMOL system bug. May be i am not qualified yet, we should expect/find out more..

Code:

On 10/28/06, TradeOnline <tradeonline@geojit.com> wrote:
> Dear Sir ,
>
> Please note that 50 Nos of TATA STEEL LTD has been credited to your Holding
> Statement . Kindly check the same and revert on any sort of clarification .
>
> Warm Regards,
>
> Geojit Customer Care Centre
> Toll Free No : 1800 425 5501

Thanks to Traderji.com's popularity

Regards
Siva

karthikmarar · #6 29th October 2006, 12:59 AM

Hey Siva, What about the 25K? ...also returned......

sivavkm · #7 29th October 2006, 06:16 PM

Quote:

Originally Posted by karthikmarar

Hey Siva, What about the 25K? ...also returned......

Thanks Karthik & chachi, for the concern... Yes that also returned

ie; 50 tatasteel @ Rs.500 = 25k

Regards
Siva

beginner_av · #8 30th October 2006, 06:41 PM

All's well that ends well...

sivavkm · #9 31st October 2006, 01:47 AM

Update info :-
Geojit said, all this happened due to a delay in the CDSL payout system, which i have to believe, I dont know how to verify that.

Code:

On 10/30/06, tradeonline <tradeonline@geojit.com> wrote:
> Sir,
> 
> Please be informed of the following
> 
> Tata Steel 50 Nos was CDSL payout and there was a delay of 1 day in
> receiving the said scrip from the exchange.
> Also do note that when you purchase shares on a particular day then the said
> scrip will be shown in the positions on T+1 and T+2 day, but it will show in
> the positions on the T+3 day only if it is received from the exchange . This
> is what happened with Tata Steel
> 
> For any sort of clarification please call us on our Toll Free Number 1800
> 425 5501
> 
> Warm Regards,
> 
> Geojit Customer Care Centre
> 1800 425 5501

Your comments appreciated

Thanks & Regards
Siva

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