[Resolved]  IndiaBulls — Indecent behaviour and loss due to incorrect information

I wrote this mail to indiabulls help desk 2 months back and still they have not taken any action. I did not get any phone call to resolve this issue as well. When i called up their helpdesk, they say that this issue is being looked after by their VP and you will get a response soon. I am still waiting for any call from them. I could not have escaleted this issue any more, so i thought of bringing this matter publically so that atleast people are aware of how these big firms work.

Is there no body to take action against them.


This is the mail...

Hi,
I could not refrain myself from bringing to your notice about an incident that happened to me few days back, hoping appropriate action would be taken against the right people.

Just to give you a background of the incident.
I bought a few shares on 13th October, 2008 through my Indiabulls trading account. I transferred some amount from my wife's HDFC bank account to India bulls. This account is not linked directly to my Indiabulls account. So the next day I received an SMS saying "You are in margin call. Please pay to avoid square off. Contact your RM/Branch for details."

Since I am new to this trading business, I had no idea about what it meant. I called up helpdesk to understand as to what was required from me. I was told that since I had transferred money from some other account, so that is a problem. They asked me to transfer the amount from the account which was linked to Indiabulls to avoid any losses. Also I was told to send a screen shot of my transaction to my Relation Manager, Satin Nagpal ([protected]@indiabulls.com). I called up my RM and explained him the problem.

Instantly Satin asked me to transfer the money from Citibank account (the one which was linked to my India bulls account) to Indiabulls security Citibank account and send him the screen shot of the transaction. I immediately did that and emailed him the screenshot. He told me that everything would be fine and nothing would be squared off. After few minutes, I again called him up to tell him that I don't see any transaction in my India bulls trading account, though money has been transferred from my Citibank account. He said that he has done the necessary steps and I need not worry.

At 12:00'o clock noon time, I received an SMS saying that my portfolio has been squared off due to non payment. For shares of Rs.18000/-, I had actually transferred Rs. 36, 300 and still this SMS, I was not sure of what had happened. I called up Satin, asking for an explanation. He said that he did not know why this happened and would not be able to help me in this. I was very very disappointed with this response from Satin because he only advised me steps. He said that it takes time for the money to reflect and that's the reason this had happened. I told him that only because of this reason, you asked me to send a screen shot of my Citibank account statement and moreover only after seeing that you assured me that nothing strange would happen.

I was so annoyed by this and hence asked for Branch Manager's number for escalating the issue. He gave me Parminder's number ([protected]) saying that you can talk to him, he is the branch manager. I called this guy and explained him the problem. He said that he would take a stock of the situation by talking to Satin and will let me know. I did not get any call from him. Then I called him again at around 3:00 and this is what he said.

"Aap pade likhe aadmi lagte ho. Hamare paas koi jaadoo ki chhadi nahin hai jo ghumai aur account mein paisai aa jayenge. Aapke jaisai 1000 log yahan ghoomte hain. Hum sabki baatein aisai sunne lage to ho gaya kaam. Humne aisa kuch nahin bola ki hum shares square off nahin karenge. Aap paise nahin doge to hum kya karenge. Aapne account yahan kulwaya to iska matlab yeh nahin ki Indiabulls khareed liya."

Listening to this I asked for his senior's number and here is the response:

"Main hi yahan pe senior hoon. Jo baat karni hai mujhse karo. Main kissi se nahin darta. Jo karna hai karlo. Aage se yahan phone matt karna. Nahin to main *******."
Rest I cannot write.

Now I have a few questions here
1. If nothing could have happened, then why was I told to transfer money from Citibank account to Indiabulls account? I should have been told that now nothing can happen. It's better to sell off shares by yourself and before the next transaction, make sure that you have money from the right account.
2. Is it the sort of response that your customers expect from a RM or a Branch Manager?
3. Why should I suffer for a mistake done by Relation Manager?

Now I am not sure, if this mail would really help me recover my losses in any ways, but it might save people from such elements like Satin and Parminder. I really feel as if I have done a big mistake opening an account with India Bulls.

I did not expect such rude behavior from an employee of such a reputed firm.

Hoping a proper action would be taken against these guys.