[Resolved]  IIFL — Unexplained Increase in AMC

Address:

Kolkata, West Bengal

At the time of opening a demat account with IIFL, the executive had given me 2 options : Option 1 : Pay Rs. 25/month AMC Option 2 : Pay Rs. 600 AMC for LIFETIME Considering that I will have a long relationship with IIFL in future, I chose the second option and paid Rs. 600 for lifetime. After sometime, IIFL has revised the AMC charges for no reason whatsoever. When I tried to contact the relationship manager, as usual he did not know the reasons for the same. He told me that there was some SEBI circular which came up. When I told him to forward the SEBI circular, he revised his stand and told that this was an internal revision in charges done by IIFL. However, there is no basis for such revision, specially if I have already paid the amount of Rs. 600. I also wrote a mail to the customer care service centre. Needless to say that the customer care service centre of IIFL is for namesake only and they never respond to complaints/queries. I propose to discontinue the services with IIFL and would not recommend IIFL to anyone. Please do not open the account at IIFL. Please recommend me a good broking house wherein I can open my Demat account. Regards, Punit