[Resolved]  Indiabulls Securities Ltd — Brokerage overcharge and non-refund of money

Address:

Gurgaon, Haryana

When I visited IndiaBulls Securities Ltd office at Gurgon , the RM (Sushama Devi) while disclosing all terms and conditions,procedures and charges related to my account told that brokerage percentage at Intraday at NSE will be 2 paise and 20 paise of the the transaction amount. After a couple of weeks of trading with them I noticed in the Electronic Contract Notes that they were charging the brokerage at the rate of 4.5 paise. The very next day I brought this issue to my RM's notice and she was equally surprised to know. She told me that for equities below RS 100 the brokrage is 4.5 paise but when I suggest that she never told me about it she pretend ignorance and she said can't help and when I requested her to talk to she said nothing will happen talking to seniors and latter her another collegue (Ashish) called me that nothing will happen talking to seniors because only junior can help you. I wondered if I was talking to people at a private company or any govt. office people.

Latter while talking to the Branch manager ,Anshu,promised that he will re-imburse the excess brokrage charged and promised that this will never happen again but till date I have not received the re-immbursement nor any comments from Anshu or any other person

To make the thing worst I purchased 40 TCS on margin and paid the money with checque worth 35,000/- but the RM (Sushma) start giving me excuse that money was not transfered by bank and it cann't be cleared because there were some RBI audit in banks and when I confirmed with ICICI bank they said we are clearing every transaction and have not stopped working and didn't recieved your checque, so can't clear it.

This highlights the inefficiency in regard to disclosure of vital information at IndiaBulls and customer harassment after opening an account with them.With my bitter experience I am sure to give a poor rating to IndiaBulls Securities Ltd.and would never ever recommend them to any one.

I look forward for an urgent and appropriate action against IndiaBulls so that next time onwards they are loud and clear in telling their correct charges before opening the account. Hope the authorities would take note of my request.