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India Infoline Finance [IIFL]

[Resolved]  India Infoline Securities Ltd — SHARE TRADED BEYOND MY MARGIN

Sir,
I am a small investor, and have an online treding account with INDIAINFOLINEBuilding No.-24, 1st Floor, Nirlon Complex, Off.Western Express Highway, Goregaon(E) . Mumbai-400063(sebi reg.no.-INB[protected].
ON 21/11/07 at about 9.56 a.m.I placed an order to buy 3 shre of BHEL at a price of 2635 against my cash margin of Rs.8019(Rs. eight thousand nineteen only).due to mistake I put 2635 at the place of quantity, and their system instantly brought 2635 no. share of Bhel at cost of about 70, 000, 00.00(seventy lakhs) (trede no.-12017 to12066).Naturely I thought that this is a technical mistake and would rectify in due time.But without rectify this mistake they sold this huge amount of share in lower pricce at 14;41 PM on the same day at Rs.2492(avg) (Trede no:-2300784 to2449619).now they claim
Rs. 384466(Rs.three lakhs eigthty foir thousand sixty six) .
I cannot understand that without sufficient margin why they allow me such tredes.
I request you to guide and save me from this huge obligation.
thanking you,
yours faithfully, JAWHARLAL BANERJEE
751/1, ASHOKENAGAR
P.O.ASHOKENAGAR.
DIST NORTH 24 PARGANAS
PIN-743222
[protected]
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Aug 14, 2020
Complaint marked as Resolved 
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8 Comments

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Comments

India Infoline Limited — Shares traded on my behalf

Got a demat account thru india infoline and a trading account to buy and sell shares for self. Invested Rs.10,000/- in Oct 07. Made a profit of Rs.4,000/- in 2 months. So said the Relationship Manager. Buying/Selling done independently by Indiainfoline. No interference from me. Now in Jan 2008 only Rs.892/- is lying in my account. Company is not accepting responsibility. Says we keep sending SMS and Statements to client. I need my money back Rs.10,000/- very badly.
Reply
Dear JAWHARLAL,

I am also a customer of the same branch as you are, and i have experienced very bad situation as you might are facing. But one thing that i figured out that the RM are not at all educated in india infoline.
Now comes ur query... So, I just can say that you need not worry at all... Yes it is true that you owe them that amount ... but logically you dont ... Sounds confusing ... Let me explain...
These RM have a master software that can accept what ever order you place WITHOUT respect of you margin ... Now about the guideline ...After the start of this Bear run, the regularity authorities have been tough no exposed limit provided to the client... and by no means any client can be given 1000 times exposure...
So to safeguard yourself... I would suggest to file a legal case against them with respetive compensation charges...
regards
Reply
I have similar experience with the Banashankari Branch at Bangalore. Without providing me the password for the online account, the staff of Indiainfoline traded on my behalf and incurred a loss of 35000 Rs. to me recently. My complaints to the Branch Manager as well as Customer Service did not yield any result.

INDIAINFOLINE is a number one cheat company
Reply
You are 100% correct. Unnecessarily Indiainfoline people bothered me on my telephone, visited my office and forced me to take commodity trading account.

With the very first two transactions they made me to loose Rs.10, 000. When I cancelled my account, they did not repay me my deposit amount of Rs.1000/-

They are eager to book more number of new accounts, with the worst customer service. More over they are cheating public, especially in a bear market like this.
Reply
My colleague was cheated by Indiainfo company people. They misguided him and transacted on his behalf, without informing him. Going and shouting at the regional office at Bangalore did not result in any action.

Even I cancelled my commodity trading account with Indiainfoline.
Reply
INDIA INFOLINE IS A BIG LOOTERA THEY DID THE SAME WITH MY A/C AND SOLD MY SHARES WORTH RS. 15000 / FOR THE TRADE IN MY A/C WITHOUT MY CONSENT

I am Chartered Accountant Pratima Gangwal
[protected]


CAn somebody help me immediately to deal with these chores
Reply

India Infoline Limited — policy not reneval

sr i am gokul rangappa lamani i ressidece in bagalkot dist and mudhol tq. i am not paide premiam cash and my policy cancalled and return my amount
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salary on hold cheated for hod (premia team)

I still could not get my full and final settlement, and did not have salary They have cheated me, i have all proof and evidence against iifl ltd
Reply

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