Fyers 30 Days Challenge - Discussion

Ajay,

1. The delay in calculations is going to reduce substantially from next month onwards.

2. Since it was on hold due to back-office feature implementation, the support staff was asked to inform the clients the same. However, I guess the person didn't do a good job of it or something since you didn't know about it.

3. I am not able to reply to all the personal messages off late due to multiple things to deal with but I try to reply whenever I can. I hope you understand. You can raise a support ticket if you have such issues, Ajay. It's easier to follow up.

4. If you know the name of the executive who was arrogant, let me know and we shall definitely take action.

5. I didn't think you of all the people wish us such bad luck! We have refunded brokerage to you in lacs and yet you say this. Hmmm..

5. Fraud and cheating? Please explain how. I am curious to understand how you can accuse us of this. There hasn't been a single case where a winner hasn't received a refund! Not a single case! If there were any discrepancies we have successfully resolved them. I have personally responded to you on multiple different occasions and platforms including Traderji. I don't appreciate this behavior, Ajay. Name one broker who has given refunded brokerage in lacs. It's very easy to accuse and bad mouth us, but not so easy to build a business with such transparency.

When you will not try to understand my issue, there is no difference between you and your support executives.

I stopped mailing on the delay, now I have issues with your calculation of brokerage.

The way, Prateek mailed me with a screen shot, it shows, how inefficient he is.

Please publish, how much brokerage I paid to your company and the amount you refunded.

Sir there are many , who are offering Rs 99 per month on unlimited option trading.

It is a request, please tell your executives, not to mail or talk on the air. First of all they should try to read and then answer.

Now my issues is you paid me only 50% of the amount of brokerage, not the payment. I know, your back office is in ICU since 2 years.

Please tell someone, responsible to call me, so that, I can make them understand my issue in a suitable language, so that they can understand.
 
Ajay,

1. The delay in calculations is going to reduce substantially from next month onwards.

2. Since it was on hold due to back-office feature implementation, the support staff was asked to inform the clients the same. However, I guess the person didn't do a good job of it or something since you didn't know about it.

3. I am not able to reply to all the personal messages off late due to multiple things to deal with but I try to reply whenever I can. I hope you understand. You can raise a support ticket if you have such issues, Ajay. It's easier to follow up.

4. If you know the name of the executive who was arrogant, let me know and we shall definitely take action.

5. I didn't think you of all the people wish us such bad luck! We have refunded brokerage to you in lacs and yet you say this. Hmmm..

5. Fraud and cheating? Please explain how. I am curious to understand how you can accuse us of this. There hasn't been a single case where a winner hasn't received a refund! Not a single case! If there were any discrepancies we have successfully resolved them. I have personally responded to you on multiple different occasions and platforms including Traderji. I don't appreciate this behavior, Ajay. Name one broker who has given refunded brokerage in lacs. It's very easy to accuse and bad mouth us, but not so easy to build a business with such transparency.
So you mean to say, If some company, promised the customers to refund some amount, and if they dont do it even after repeated requests, customers should not react.

bad mouth?

Sorry Tejas, with due respect to you and your entire company, the day, you start not giving respect to their own words, they must ready to hear the abuses.

When you are always mentioning, you refunded me in lakhs, ca you please mention, how much I paid to you?

There are many companies, they are offering in 99 per month.
 

Tejas Khoday

Co-Founder & CEO, FYERS
When you will not try to understand my issue, there is no difference between you and your support executives.

I stopped mailing on the delay, now I have issues with your calculation of brokerage.

The way, Prateek mailed me with a screen shot, it shows, how inefficient he is.

Please publish, how much brokerage I paid to your company and the amount you refunded.

Sir there are many , who are offering Rs 99 per month on unlimited option trading.

It is a request, please tell your executives, not to mail or talk on the air. First of all they should try to read and then answer.

Now my issues is you paid me only 50% of the amount of brokerage, not the payment. I know, your back office is in ICU since 2 years.

Please tell someone, responsible to call me, so that, I can make them understand my issue in a suitable language, so that they can understand.
Hey Ajay,

1. It's not like I don't understand the issue. We have been doing this for a while as you know. However, I have clearly explained why it was delayed and could have been discrepancies. In the previous month, the challenge period overlapped with both back-office during migration and it created issues. We have been on the job with the concerned persons to resolve it and it got delayed. I'll ask someone to call you today and hear you out in detail.

2. We don't publish such client data in the public domain. We have refunded you a great deal and you must acknowledge this fact. And the cumulative amount is in lacs. With regards to 99 rupees per month, I'd like to say that stockbroking has a LOT of costs which we manage to cover levying small brokerage fees. We provide a platform, invest a lot in resources for technology, compliance, support, and sales. All of this is not feasible to do at 99 rupees per month I cannot comment about other brokers' services. It's for you to decide if you find any value in our offerings. And btw, you have traded for free since you won so many challenges.

3. Our previous back office was good in terms of operational capabilities but it couldn't handle scale. Hence, we decided to move and the process is not simple or straightforward. I cannot elaborate on the number of complexities involved to make sure that the transition happens without disturbing daily activities much. Although it got a bit delayed, we tried our best in this regard. We regret the inconvenience caused.

4. You are our client and you have all liberty to complain when we don't deliver as per your expectations but you accused us of cheating and fraud! That is not acceptable. We do a lot of things to avoid such instances at FYERS whereas many of the well-established brands in India are doing non-compliant activities and have come to public light in the recent past. I request you to understand that we are on your team and we will be happy to serve you if you know that our intent is right and not corrupt.

Thanks.
 
Last edited:

Tejas Khoday

Co-Founder & CEO, FYERS
So you mean to say, If some company, promised the customers to refund some amount, and if they dont do it even after repeated requests, customers should not react.

bad mouth?

Sorry Tejas, with due respect to you and your entire company, the day, you start not giving respect to their own words, they must ready to hear the abuses.

When you are always mentioning, you refunded me in lakhs, ca you please mention, how much I paid to you?

There are many companies, they are offering in 99 per month.
Ajay,

You can react and I have always been at the forefront providing clarifications but then you accused us of cheating and fraud and that is completely false! Yeah, of course, you did and wished that we get ruined and stuff. I can't comment on the practices followed by other brokers or how they are providing such high cost and high-risk services for 99 rupees per month. Ultimately, the customer is king and you can make your decisions. We have invested a lot in our platforms and resources to know that it is worth more than 99 rupees per month for active traders. You are our client and we are happy that you are profitable. The rest is up to you Ajay.

I hope this clarifies.
 

Schatz

Active Member
Tejas,

First of all, congrats for successfully running the business and adding values to the fraternity. Thought of giving you a feedback from my limited interaction with your team in past. I wont name anybody though. I felt that some of your staffs need training on how to interact with customers. When i interacted with someone (i generally had some queries before I would like to open my account, transfer my money etc etc)he/she was impatient and was like do u want to open account or not. If you ask me like this i may not feel very welcome about it and i decided not to open account with you.
Why i am telling you this now? Who knows in future I may want to trade with you guys. I would like you guys to prosper and do well in future. A good competition is healthy for the industry. Service is of paramount importance and dont change when u grow bigger
 

Tejas Khoday

Co-Founder & CEO, FYERS
Tejas,

First of all, congrats for successfully running the business and adding values to the fraternity. Thought of giving you a feedback from my limited interaction with your team in past. I wont name anybody though. I felt that some of your staffs need training on how to interact with customers. When i interacted with someone (i generally had some queries before I would like to open my account, transfer my money etc etc)he/she was impatient and was like do u want to open account or not. If you ask me like this i may not feel very welcome about it and i decided not to open account with you.
Why i am telling you this now? Who knows in future I may want to trade with you guys. I would like you guys to prosper and do well in future. A good competition is healthy for the industry. Service is of paramount importance and dont change when u grow bigger
Hi @Schatz, Firstly, thanks for appreciating us. I read through your feedback and want to fix this at the earliest. We have been hiring staff for sales & support and looks like there are some bad apples that need to be dealt with. It would be great if you can send me a personal message here on Traderji so that we can deal with it appropriately. If you do name the executive, it will help us.

Good customer service is certainly a priority and we have started conducting training sessions for the new recruits almost every day. It'll only get better. But yeah, if you can send me a personal message it will be of great help.

Thanks.
 

Schatz

Active Member
I have nothing against anybody. Perhaps lot of people had wasted his or her time earlier or may be something was not well with the person at that time. I don't want to judge and create problems based on that. All I want is relatively small broking firms which have good mgmt to get better so that trading community gets to choose among the best. So you have to excuse me for not naming.
Coming to other topic, I would like others to understand that it is a priviledge to have so many discount brokers around us. Cost of trading is nothing these days compared to earlier era where brokers used to and some still will suck ur blood in terms brokerage and service.
 
Hey Ajay,

1. It's not like I don't understand the issue. We have been doing this for a while as you know. However, I have clearly explained why it was delayed and could have been discrepancies. In the previous month, the challenge period overlapped with both back-office during migration and it created issues. We have been on the job with the concerned persons to resolve it and it got delayed. I'll ask someone to call you today and hear you out in detail.

2. We don't publish such client data in the public domain. We have refunded you a great deal and you must acknowledge this fact. And the cumulative amount is in lacs. With regards to 99 rupees per month, I'd like to say that stockbroking has a LOT of costs which we manage to cover levying small brokerage fees. We provide a platform, invest a lot in resources for technology, compliance, support, and sales. All of this is not feasible to do at 99 rupees per month I cannot comment about other brokers' services. It's for you to decide if you find any value in our offerings. And btw, you have traded for free since you won so many challenges.

3. Our previous back office was good in terms of operational capabilities but it couldn't handle scale. Hence, we decided to move and the process is not simple or straightforward. I cannot elaborate on the number of complexities involved to make sure that the transition happens without disturbing daily activities much. Although it got a bit delayed, we tried our best in this regard. We regret the inconvenience caused.

4. You are our client and you have all liberty to complain when we don't deliver as per your expectations but you accused us of cheating and fraud! That is not acceptable. We do a lot of things to avoid such instances at FYERS whereas many of the well-established brands in India are doing non-compliant activities and have come to public light in the recent past. I request you to understand that we are on your team and we will be happy to serve you if you know that our intent is right and not corrupt.

Thanks.
Thanks for your time to reply.

In early years, Kings visit various places in disguise to get the feedback.
In modern business, customers give feedback.
It seems, I failed as a customer.
If you really want to know the issues with your team please call them as a ordinary customer and get the feedback.
Really pleased to hear that, you don't publish customer data, but you have no issues, when you publish, 30 days challenge amount in public domain. Because, it suits you.
We can understand the back office issues. But being a customer, why we should always hear the same excuses. Can you allow us to trade, free, means without charging any brokerage? Answer is No, because it is beneficial to you. You take brokerage at the same moment, without fail. There all your front office and back office work 100% efficiently.
A far as I am using words like fraud and cheating, it may sounds very bad and illogical to you, but , to understand the reason, you should wear the customer shoes.
Sir we are small traders. We run our family from the earnings of stock market. It is very difficult for us to run the family, if you delay indefinitely and always come up with the excuses of back office, which is in your control.
As far as other trade platforms are concerned, please stop the 30 day challenge and see the consequences.

I had a nice discussion with one of your Manager Mr Trinadh. He has some ethics. Till 5th December, he promised me , that all the issues will be resolved. Waiting for the day.
 
Ajay,

You can react and I have always been at the forefront providing clarifications but then you accused us of cheating and fraud and that is completely false! Yeah, of course, you did and wished that we get ruined and stuff. I can't comment on the practices followed by other brokers or how they are providing such high cost and high-risk services for 99 rupees per month. Ultimately, the customer is king and you can make your decisions. We have invested a lot in our platforms and resources to know that it is worth more than 99 rupees per month for active traders. You are our client and we are happy that you are profitable. The rest is up to you Ajay.

I hope this clarifies.
I never asked for any clarification.
One of your employee Mr Prateek, mailed me, that, payout is perfect and there is no discrepancy , even with out taking some pain to recheck. You are there in CC.
Another guy Akash, he promised me to call me today, to give further clarity, but never called. I called 50 times, during the day, but all the numbers are busy. It can not be a coincidence. It is decelerate. I think it comes under cheating. And cheating comes under fraud.
It hurts I know. But I am compelled to say, because of the arrogant attitude of some of your employees.
I am not here to use such type of words and my culture is not like that, but I have all the privileges, to make other understand my feelings.
In this competitive world, customer is the king and of course, I will take a call, once I receive my 30 day challenge payouts.
Thanks. Waiting for 5th December.
All the best.
 

Tejas Khoday

Co-Founder & CEO, FYERS
Thanks for your time to reply.

In early years, Kings visit various places in disguise to get the feedback.
In modern business, customers give feedback.
It seems, I failed as a customer.
If you really want to know the issues with your team please call them as a ordinary customer and get the feedback.
Really pleased to hear that, you don't publish customer data, but you have no issues, when you publish, 30 days challenge amount in public domain. Because, it suits you.
We can understand the back office issues. But being a customer, why we should always hear the same excuses. Can you allow us to trade, free, means without charging any brokerage? Answer is No, because it is beneficial to you. You take brokerage at the same moment, without fail. There all your front office and back office work 100% efficiently.
A far as I am using words like fraud and cheating, it may sounds very bad and illogical to you, but , to understand the reason, you should wear the customer shoes.
Sir we are small traders. We run our family from the earnings of stock market. It is very difficult for us to run the family, if you delay indefinitely and always come up with the excuses of back office, which is in your control.
As far as other trade platforms are concerned, please stop the 30 day challenge and see the consequences.

I had a nice discussion with one of your Manager Mr Trinadh. He has some ethics. Till 5th December, he promised me , that all the issues will be resolved. Waiting for the day.
Hey Ajay,
  1. I don't relate to the analogy. The customer is king and not the business :).

  2. You didn't fail as a customer. Our customer support & operations failed for the delays and response.

  3. We don't publish data in the sense, we won't publish your profits/losses, brokerage refunds, fund transfers, what stocks you hold, your positions, etc. I only wanted to put it in context to remind you that we have refunded you a significant sum of money as a discount broker. That's all.

  4. I am always trying to put myself in the shoes of our customers every single day. Although there may have been delays, issues or bad apples that may require to be dealt with, it does not classify as cheating and fraud. These are terms that have offended me because we make it a point to conduct business in the most honorable way possible without misusing or misappropriating funds or securities as many brokers have and are probably still doing it. If you ask me, this is the main difference between us and other brokers. I am not targeting any particular company or entity but I'm sure you know how many frauds have been uncovered in the last few years. We are transparent and we will continue to work towards our goal that is to provide the best & most reliable experience in trading/investing without posing a conflict of interests!

  5. We are here to support you, Ajay. Hence, it is my request to please be polite and help us become better with your constructive feedback. I know how important trading is to you and all our clients and we will make things better, of course. Yes, he will resolve it.
Thanks again.
 

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