[Resolved]  Indiabulls Securities — Fraud Lies unjust and unethical accounting practises

I had opened my account about 4 years back with a cheque of 700/-.Last month around first week of April i went to India bulls office i found only 200/- is balance.

My client id pu3387


Pune ( Shivaji Nagar - Online ) City Survey No 796 - A2, Near Kamala Nehru Park, Opp. Ambika Sales, Bhandarkar Road, Shivaji Nagar, Pune - 411 005, Maharashtra. Ph: ( 020 ) Online[protected], 30283477.

i wanted to know the benefits of doing trading with india bulls as i wanted to restart trading. He tried to get the account online but due to sign mismatch it was n hold. So i went to the

Pune ( Bhandarkar Road - Offline ) Abhijit Court, Above Truemart, Bhandarkar Road, Pune - 411 004, Maharashtra. Ph: ( 020 ) Offline[protected],[protected].

There i met Sunil K the Asst Vice president who said that he would start my account and trading as soon as i transfer the money i asked him the Brokerage and he offered me 3paise brokerage for day trading and 30paise for delivery.He said i would get 12x times leverage.

As indiabulls was offering me the maximum leverage i decided to start trading with indiabulls. Religare and Sharekhan (i have a sharekhan online trading a/c also) & motilal oswal were also offering similar brokerage but lessser leverage.

i conveyed my preference to Sunil k and also asked him to confirm my brokerage i.e 3 paise trading and 30 paise delivery. I asked him if he can offer me any thing less he said as of now i can offer you 3 paise trading and 30 paise delivery.

I was planning to start my trading from 25April but due to funds delay and several holidays i went on 29April gave my cheque of fifty thousand and started my trading.I again confirmed my brokerage and he confirmed that it was 3 paise trading and 30 paise delivery.

I asked him that when we do day trade on how much profit should we sell the share.
he told me that if you
do futures intraday sell 2.50 plus would be profit.
if you sell reliance sell at 1.30 plus anything above would be my profit.

on his advice i started trading in reliance shares and would sell at times on 2rs profit. I also confirmed with him many times my brokerage 3 paise trading and 30 paise delivery and he would confirm it.

As i was not getting any transaction details i was not able to figure out what was my loss/profit brokerage tax and what money i was making. As in the starting i had made losses i was unable to figure what was happening.After 2 weeks i started to recieve my transaction details hard copy by post. That is when i figured that IndiaBulls has been charging me 4paise brokerage i talked to the backoffice people dinesh and ketaki about the same they coonfirmed that i was charged 4paise. This was informed to sunil who said that he will check and that it was on hold.

But i was told that i have been given 3 paise brokerage it was fraud by indiabulls who charged me 1/4 extra brokerage. If you see my total transactions you will find i could have saved more than 10thousand rupees in brokerage and taxes.Because of these lies i have lost money which should be refunded to me.

I brought this to the notice of Sameer k the ppresident and he said he will look into it. Again when i talked to the backoffice guys they said i had 4paise brokerage. Sunil said he will confirm and it will be 3 paise.

On wednesday i had taken a delivery of 1000share of essaroil and on thursday it went to square off.On friday when i saw my account did i realize that though the transaction was done in profit money was deducted from my account.

I again talked to the backoffice and was told that money was deducted as my brokerage was more. I brought this fraud and lies to the most senior office incharge there but he just said we will reduce your brokerage to 2 paise.

Because of all the lies i have lost 80% of my investment, i.e i stated with 50thousand then added 20thousand now balance in my account is 29thousand, I have lost 41thousand. i was given this impression last week that i was making money.

The biggest problem has been the accounting system of indiabulls which is designed such that the client never gets to know what is happening. You get todays detail tommorrow. You dont see the money added or removed from your account and you have to sit with backoffice and do a lot of calculations manuallly to come to know how much money you made or lost to indiabulls.

I need my brokerage and tax to be refunded as was promissed. I should get justice.

But if i dont get justice i will spread the word about your fraud and unjust unethical accounting practises.