5paisa provides really great services. Here is my experience with this broker.
1. They do not transfer shares brought by you in your DP account and keep it in broker's pool for at least 4-5 days after purchase and often months if you do not notice and ask them to transfer the shares to DP account. How brokers make money utilizing the action facility is well known now. Though you are not affected directly since the shares are in your holding, 5paisa makes money by utilizing your shares.
2. Their post trade services like ledger, holding, portfolio, provided by site dp.indiainfoline.com and trade.indiainfoline.com are "horrible." Most of the time, there is some or other problem because of which you will not be able to use it properly.
3. Their call center service is horrible. Call 022-40071000 and see how long it takes to reach someone. Also, the structure is somewhat like gov office. Many a times, you will need to call 5 different numbers to get the correct number.
4. I'm using investor terminal (web based application) and it is rather bizzare. When the markets are closed, it shows the market is open and hence I'm restricted from placing "after market orders" since it assumes the market is open. If I place "market order" then the order is rejected by the exchange since the market is closed. The exact opposite happens when the market is open (i.e., 5paisa terminal rejects the order saying market is closed though I'm able to see flowing quotes)!!!
5. Now, if you call your branch and place an order, they would gladly take the order and you would be amazed to see either the scrip or the price is different from what you told to your broker. Of course, you have to bear whatever loss or trouble happens with your account.
4. They will not replay to your emails promptly and when they do, you at best would get shoddy explaination.
5. IPOs: Some IPOs wont be available for subscription online through their website. Moreover, their cutoff time for applying to IPOs changes quite frequently. Earlier, their cutoff time for IPO on the last day was 1 pm. Then suddenly I found it was changed to 11 a.m. and I was unable invest in that particular IPO.
6. Finally, their system often breaks down at the last moment.
I applied for reliance power IPO and on not seeing any application no, I asked them whats the issue and here is the reply i got on the day of allotment:
Dear Client,
This is to inform you that your transaction for Reliance Power IPO is rejected due to some technical error beyond our control.
You shall soon receive your funds via online bank transfer or through a Cheque/DD/Pay Order sent at your communication
address registered with us.
If you have any queries or if you do not receive your funds by 6th February,2008 then kindly contact us on 022 - 67770952/53/54/55 or simply mail us at [email protected]
We sincerely apologize for the inconvenience caused.
1. They do not transfer shares brought by you in your DP account and keep it in broker's pool for at least 4-5 days after purchase and often months if you do not notice and ask them to transfer the shares to DP account. How brokers make money utilizing the action facility is well known now. Though you are not affected directly since the shares are in your holding, 5paisa makes money by utilizing your shares.
2. Their post trade services like ledger, holding, portfolio, provided by site dp.indiainfoline.com and trade.indiainfoline.com are "horrible." Most of the time, there is some or other problem because of which you will not be able to use it properly.
3. Their call center service is horrible. Call 022-40071000 and see how long it takes to reach someone. Also, the structure is somewhat like gov office. Many a times, you will need to call 5 different numbers to get the correct number.
4. I'm using investor terminal (web based application) and it is rather bizzare. When the markets are closed, it shows the market is open and hence I'm restricted from placing "after market orders" since it assumes the market is open. If I place "market order" then the order is rejected by the exchange since the market is closed. The exact opposite happens when the market is open (i.e., 5paisa terminal rejects the order saying market is closed though I'm able to see flowing quotes)!!!
5. Now, if you call your branch and place an order, they would gladly take the order and you would be amazed to see either the scrip or the price is different from what you told to your broker. Of course, you have to bear whatever loss or trouble happens with your account.
4. They will not replay to your emails promptly and when they do, you at best would get shoddy explaination.
5. IPOs: Some IPOs wont be available for subscription online through their website. Moreover, their cutoff time for applying to IPOs changes quite frequently. Earlier, their cutoff time for IPO on the last day was 1 pm. Then suddenly I found it was changed to 11 a.m. and I was unable invest in that particular IPO.
6. Finally, their system often breaks down at the last moment.
I applied for reliance power IPO and on not seeing any application no, I asked them whats the issue and here is the reply i got on the day of allotment:
Dear Client,
This is to inform you that your transaction for Reliance Power IPO is rejected due to some technical error beyond our control.
You shall soon receive your funds via online bank transfer or through a Cheque/DD/Pay Order sent at your communication
address registered with us.
If you have any queries or if you do not receive your funds by 6th February,2008 then kindly contact us on 022 - 67770952/53/54/55 or simply mail us at [email protected]
We sincerely apologize for the inconvenience caused.
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