SBIcap Securities Ltd — Unreliable online investment & trading terminal

Address:

Chikkamagaluru, Karnataka, 577139

Trading A/c# 23019320 I am not for sure whether this complaint will ever be look at seriously nevertheless I have to place on record the inept, inefficient and irresponsible attitude of the organization with respect to providing an unreliable trading platform which as online real-time trading platform. I opened my demat and trading account in Aug'14. I was not aware this online platform provided by SBICAPS will conk at important juncture and in fact the quotes appearing as real time was indeed delayed. And I have even screen snapshot of active quotes even after 3:30pm when in fact the market had closed for the day!!! I had sent this to Helpdesk and I will get only a tepid reply after the problem was supposedly repaired. I had even written stating that I am collecting all these lacunas in services and will file a suite in consumer court still the response was "I Don't Care" To prove that the SBICAPS trading platform (SBICAPS SMART) was indeed unreliable and delayed, disruptive I in Feb'2015 availed of the service of ICICI Securities. And from then on I regularly forwarded both the screenshot of ICICI and SBICAPS to Helpdesk. Only after this the Help Desk acknowledged that their system has "some " tech problems but did nothing to solve it permanently. When was fed up with this useless service I decided to close the account and at that juncture the SBICAPS introduced me to SBISMART XPRESS... On using the system I regained my confidence to some extent and started using Xpress. But few months back this also showed signs of problem as i was not able to login due to tech problem at their end. But the worst part is that the service is useless as invariably the response will be only after the problem is resolved and that to insipid replies. Today 13 Jan 2016 the Xpress system is not opening at all and there is no response till now (14:26 IST) from them. Today the market movement is in line with my prediction and lost valuable time and money because of the lousy SBICAPS trading system. I am unable to move to other service provider because I have to transfer my holdings to the new service provider. And moreover it involved both time and money. In fact just to convince myself that the SBICAPS System is indeed faulty I had opened ICICI Direct account by paying more than Rs 1000 and for this specifically traveled to a nearby town where ICICI Direct is present.