[Resolved] India Infoline Limited — Bank detail change
I had changed my bank account details in Jan 2008 & the form with the required details was submitted to the DP India Infoline.
The changes for the same are reflecting in the India Infoline demat account but I find that this has not been changed in the CDSL account. I came to know about this only when I found that the dividends were still being credited to my old bank accounts.
When i informed India Infoline regarding this, they have mailed back informing me that the change in bank account details has been rejected by their head office so it cannot be changed in my demat & cdsl account.
But the fact was that i had en cashed funds from my demat account & the cheques were issued towards my new bank account which i had provided.
i would like to know that how is it possible that India Infoline has provided a cheque payout against the changed bank details even after they have rejected my application for bank details change. Doesn't this amount to fraud?
Are there no regulatory to safeguard small time investors from this kind of fraud service. i have till yet not seen any kind of fines, penalties to the DP service providers of any kind nor has there been any substantial reimbursement provided to investor.
most of the time this kind of complaints just lapse away due to cumbersome paperwork & filing of the same.
please find the excerpts from the mail sent by Indian Infoline customer care.?
From: [protected]@5Pmail.com [mailto:[protected]@5pmail.com]
Sent: Tuesday, August 05, 2008 6:45 PM
Subject: Bank detail change rejected
Dear Sir/ Madam,
Thanks for mail.
With regards to your mail, kindly note that the bank detail change request
sent by you was rejected by Head Office due the proof which you have
submitted along with the form was not sufficient.
So we request you to send the document along with all proof.
Assuring you of the best of our services at all times. Please get back to us
for any clarifications.
"For a quicker response to your queries, please post them through our Trader
Terminal by clicking "Help Desk".
Was this information helpful?
Aug 14, 2020Complaint marked as Resolved
IIFL Center, B Wing, Trade Centre, Kamala Mills Compound, Lower Parel, Mumbai, Maharashtra, India - 400013