I placed withdrawal request with nirmal bang on 4th jan 11. Till date, inspite of repeated follow up nirmal bang failed to refund ledger balance amounting to rs.30236.75. This is for information of general trading community. I have brought this to the notice of nse. Beware of this worthless broking house. For other working conditions of nirmal bang kindly refer my article dated 18th jan under brokers and software discussion thread.
Nirmal bang -defaulter in refund
- Thread starter bangerabs
- Start date
Dear trader,
Yes. I recd. a cheque with wrong name and address on 26th Jan, as against my witdrawal request of 4th instant. I hv been fighting with Nirmal Bang for correcting name, address, DOB, Nominee name etc., in vain since Oct 2010 but I corresponded with them in Butler's English. Perhaps they could not understand my language and hence they did not act on any of several complaints thr: e-mails, personal contacts and telephones etc. till 26 th Jan.2011 .Any way, Nirmal Bang is the worst(est) broker I had experienced with, out of about 16 brokers; second worst being Ventua. I stopped trading with other brokers due to bad software; eventhough I hv no complaint against customer service, (execpting reliance and religare where customer service was wily nily). I hv been trying only for low brokerage as brokerage with SSKI was comparably higher and my net was negative year after years. But low brokerage without customer service is useless. Eventhough the brokerage is very high, I reccomend only SSKI as it is a broking house most transparent and with good customer service. So far as best S/W, I had ever come across is PIB of India Bull. So I advise any new comers to try with SSKI first and then try for lower brokerage if at all one desires, as I did. But in the process I only lost money. Hence, most probably,I shall continue with SSKI only, with whom I hv been since begining of 2001 and never made profit. In fact, Nirmal Bang boys suggested me to close SSKI and go with Nirmal Bang. I replied there and then it is "sucidal". Thank God. I saved myself by not heeding to their advice. If I am losing money, it is my mistakes, not SSKI's.
Yes. I recd. a cheque with wrong name and address on 26th Jan, as against my witdrawal request of 4th instant. I hv been fighting with Nirmal Bang for correcting name, address, DOB, Nominee name etc., in vain since Oct 2010 but I corresponded with them in Butler's English. Perhaps they could not understand my language and hence they did not act on any of several complaints thr: e-mails, personal contacts and telephones etc. till 26 th Jan.2011 .Any way, Nirmal Bang is the worst(est) broker I had experienced with, out of about 16 brokers; second worst being Ventua. I stopped trading with other brokers due to bad software; eventhough I hv no complaint against customer service, (execpting reliance and religare where customer service was wily nily). I hv been trying only for low brokerage as brokerage with SSKI was comparably higher and my net was negative year after years. But low brokerage without customer service is useless. Eventhough the brokerage is very high, I reccomend only SSKI as it is a broking house most transparent and with good customer service. So far as best S/W, I had ever come across is PIB of India Bull. So I advise any new comers to try with SSKI first and then try for lower brokerage if at all one desires, as I did. But in the process I only lost money. Hence, most probably,I shall continue with SSKI only, with whom I hv been since begining of 2001 and never made profit. In fact, Nirmal Bang boys suggested me to close SSKI and go with Nirmal Bang. I replied there and then it is "sucidal". Thank God. I saved myself by not heeding to their advice. If I am losing money, it is my mistakes, not SSKI's.
Yes, I had complained to NSE. But it appears that brokers are not bothered about such complaints as they go scot-free without any penal action. I have seen that NSE is very prompt in action. But erring brokers must be penalised.
So far IB is concerned, I find that PIB is excellent. So far as RM is concerned there has been unbelivable experience with me: I am with India Bull since 2005. I used to directly deal with help desk. There have been frequent changes of RMs and I had no problem with any one till I faced for the first time a problem from my new RM named: Bhavin Shah. He very rudely talked to me as if I were bonded labour to him. Not only that he thought that I am an idiot and wanted me to belive that he was penalised by Rs.1500/- just for my simple e-mail to Help desk over a query. Thereafter, once again, I corresponded with help desk forgetting the earlier incident with Rm. This time he was almost mad and was very furious. He told me that this time he was penalised by 4500/-. I was planning to quit. But for my love for PIB, I delayed decision when someone suggested to get the RM changed. When I tried to change the RM, Bhavin had the guts to insult me in writing. I complained to Help desk with full details but help desk has not taken any action. Which mens, IB's HQ is affraid of their RMs. It is widely believed that they earn commission on brokerage generated and which is why they behave arrogantly and are let off without any reprimand from their HQ. This makes IB to be in poor state. Therefore, I conclude that SSKI is better, as no one interferes, most transparant and customer friendly. I am with SSKI since early 2001. But s/w is concerned, PIB is better and Trade Tiger. And I propose to consolidate with SSKI only.
So far IB is concerned, I find that PIB is excellent. So far as RM is concerned there has been unbelivable experience with me: I am with India Bull since 2005. I used to directly deal with help desk. There have been frequent changes of RMs and I had no problem with any one till I faced for the first time a problem from my new RM named: Bhavin Shah. He very rudely talked to me as if I were bonded labour to him. Not only that he thought that I am an idiot and wanted me to belive that he was penalised by Rs.1500/- just for my simple e-mail to Help desk over a query. Thereafter, once again, I corresponded with help desk forgetting the earlier incident with Rm. This time he was almost mad and was very furious. He told me that this time he was penalised by 4500/-. I was planning to quit. But for my love for PIB, I delayed decision when someone suggested to get the RM changed. When I tried to change the RM, Bhavin had the guts to insult me in writing. I complained to Help desk with full details but help desk has not taken any action. Which mens, IB's HQ is affraid of their RMs. It is widely believed that they earn commission on brokerage generated and which is why they behave arrogantly and are let off without any reprimand from their HQ. This makes IB to be in poor state. Therefore, I conclude that SSKI is better, as no one interferes, most transparant and customer friendly. I am with SSKI since early 2001. But s/w is concerned, PIB is better and Trade Tiger. And I propose to consolidate with SSKI only.
Bangerabs,
Y was the RM penalised ! just coz you spoke to helpdesk ??
I always speak to helpdesk and call the dealer line directly for offline orders.
If you are facing trouble with RM , change the RM. Download the client reallocation form from website and do the needful. You can firmly ask the co. to change the RM and even give the explanation for the same. Further you can just remain firm and insist on new RM.
If things dont work report to the greiavnces cell. I have very good exp with them so far. whenever things dont work I complain to greivances cell and my problem is disposed.
Even if you dont want to trade with indiabulls , get your RM changed. It willl give you confidence in in dealing such situations in future. never give up or take it easy such cases.
please update me your exp while changing your RM
Change your RM and improve your skills for dealing with broker, take it as a test and C that you pass in this test.
Y was the RM penalised ! just coz you spoke to helpdesk ??
I always speak to helpdesk and call the dealer line directly for offline orders.
If you are facing trouble with RM , change the RM. Download the client reallocation form from website and do the needful. You can firmly ask the co. to change the RM and even give the explanation for the same. Further you can just remain firm and insist on new RM.
If things dont work report to the greiavnces cell. I have very good exp with them so far. whenever things dont work I complain to greivances cell and my problem is disposed.
Even if you dont want to trade with indiabulls , get your RM changed. It willl give you confidence in in dealing such situations in future. never give up or take it easy such cases.
please update me your exp while changing your RM
Change your RM and improve your skills for dealing with broker, take it as a test and C that you pass in this test.
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Hi Trader,
I do not think that RM was penalised. He thought I were fool to believe him. I got my RM changed now. Still, I am not happy bcoz, in IB such things are possible since RMs seem to be pampered so much and induced to generate brokerage by paying them incentive on that. ( Ofcourse, this is what I heard and I do not hv proof of this). Any way, I shall think of future course of action. There is no point in reminding about my complaint. They should have taken action when I provided them proof of arrogance of Bhavin Shah. I tolerated him for quite some time. He does not have manners as to how to behave with clients.
I do not think that RM was penalised. He thought I were fool to believe him. I got my RM changed now. Still, I am not happy bcoz, in IB such things are possible since RMs seem to be pampered so much and induced to generate brokerage by paying them incentive on that. ( Ofcourse, this is what I heard and I do not hv proof of this). Any way, I shall think of future course of action. There is no point in reminding about my complaint. They should have taken action when I provided them proof of arrogance of Bhavin Shah. I tolerated him for quite some time. He does not have manners as to how to behave with clients.
Bangerabs,
BTW, was your RM changed smoothly or it was headache , running from post to pillars. Was your branch manager kind enough to change the RM the moment you demanded or there were thousands of questions, like the cerdit card company ?
Yes, the RMs are given a target of x times of their salary ...this is what i too heard
BTW, was your RM changed smoothly or it was headache , running from post to pillars. Was your branch manager kind enough to change the RM the moment you demanded or there were thousands of questions, like the cerdit card company ?
Yes, the RMs are given a target of x times of their salary ...this is what i too heard
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