[Resolved]  India Infoline (Secunderabad) — Bad Service - Complaint Against Branch Manager

I am holding an account for the last 4 years @ 5 Paisa with the secunderabad (Minerva Complex) branch. First of all one cannot get the correct contact details of the branch neither from india infoline website nor through the customer care. Shame on them.

When I opened the account with 5paisa I was not informed that which branch my account belongs to. I started trading on myself initially, it was all good for some days and ledger balance of Rs.27000. I stopped trading for few months due to work pressure. I could not even check my mails during this period. When I was about to restart trading my account is with NIL balance. I requsted for the statement of the entire year. I never got it even after several requests.

It took literally a week to find out my actual branch. When the market was in swing I did a fresh investment about 1.5 L after meeting with branch manager (as a precaution the same experience should not repeat). He assinged one RM to my account. He was helping me out in taking positions and letting me know my ledger balance during only whenever I call him. I was not even informed when he left the job. And the India Infoline changed the rules it seems so that they sold off some of my stocks due to no margin. This was hard to digest for me and same thing happened in consequetive days. None of the RM has called on this.

The same situation repeated recently. I personally visited branch and the branch manager was not available in office so I could not get a change to talk to him. I have transferred some more money to get back my stock position to previous state. There was no extra stock postions. My current stock position is around 2.5 lakhs.

Recently I purchased SBI shares 15 @ 1750. I provided an axis bank cheque for 27000 with in an hour of purchase (on 2nd July (Thursday 11 AM)). On 9th of July I received an SMS that they sold of some off my stocks again. When I look back into my bank statement the india infoline people submitted the cheque on 4th July (Saturday), obviously it would be sent for clearance only on monday as saturday was half day and sunday was non-working day for banks. Again I have not received any call from the branch for the non availability of the funds. The cheque was cleared on 10th July. Now I am trying to catch hold of the manager Mr. Raghavendra on his landline[protected] and mobile-[protected]. As usual this respected SIR is not lifting the phone as he is busy with personal works during trading hours. Seems like No worry about the customer's money.

Now I am planning to move my account to some other broker, if India Infoline allow me for a smooth closure of my account. God only knows how many days again they will take for this operation :-)