Edelweiss Financial Services Complaints & Reviews

My name is Abhishek Arora and I have a trading account with Edelweiss financial services no. 727389. I opened my account last year with Edelweiss though one of the company's representative. At the time of opening the account I gave two cheques one for Rs 60, 000 for trading account and one for Rs 40, 000 for advanced brokerage. I was informed that my advance brokerage limit will be lowered after a year of relationship which I agreed and also if I am not satisfied with the services I could close the account and will get my advance brokerage refunded. I would also like to mention that full service tax was deducted on Rs 40, 000 even though I had not made a single trade. On asking the edelweiss representative he told that if you opt for closure any time the service tax will be adjusted against used brokerage and rest will be refunded with the money. Now after one and a half years of successful relationship with Edelweiss I asked to lower my limit for advance brokerage to Rs 10, 000 as which my current RM is saying it is not possible. On top of that she told me that the advanced brokerage cannot be refunded even if I close the account. I am deeply unsatisfied by the response of Edelweiss and the way they have handled this issue. The company is now simply denying that the refund is not possible even if I close my account with them which is simply unacceptable. I have in access of Rs 35, 000 plus service tax adjustment with Edelweiss which they cannot keep. I would want to end my relationship with Edelweiss and get my money back.

FOR INFORMATION TO ALL FRIENDS 1. I had bought a Samsung Note Edge phone from one of the stores of THE MOBILE STORE. Along with the phone THE MOBILE STORE representative informed me about an accidental insurance cover provided by EDELWEISS INSURANCE LTD. which covereed all kind of physical damage including liquid damage for an year. 2. Keeping faith and trust, in Big and familiar names like SAMSUNG, THE MOBILE STORE AND EDELWEISS., i bought the mobile phone along with the insurance policy covering me for a year. 3. As luck could have it, my phone got damaged and in the process to get it repaired I initiated a claim on 5oct 2015 for my damage at EDELWEISS. MY CLAIM NUMBER iS CLM0010844.i got a confirmation for the same, the mail also had a small point at the end which said " kindly fulfil all the necessities within 30 days else the claim cant always be remained open. 4. I submitted the required documents and got the following reply a. Upload the Repair Job Card document(I was told earlier by THE MOBILE STORE representative that this document will have to given once the Job has actually been done i.e. after i get the approval from EDELWEISS and aftr i get my phone rectified). b. Photographs of the damaged handset showing the IMEI number( the photographs were supposed to be not as per the standards of EDELWEISS) 5. I uploaded the above mentioned documents for the second time and got the following mail to upload these documents again - a. Upload the Repair Estimate privided by SAMSUNG SERVICE CENTRE. b. Upload the photogaphs of the damaged handset shwoing IMEI number. c. Upload photographs of the damaged handset. 6. I uploaded the above mentioned documents for the third time. To my surprize the issues were still not resolved and got a folloing reply asking for- a.upload Insurance Certifiate b. Upload photogarphs of damaged handest showing IMEI number. Besides this i also got a verificiation check on the other documents which had a remark OK in front of them, which also included the Repair Estimate letter. 7. I accepted since i was not able to satisfy the standard of photography laid by EDELWEISS and had clicked images with all thr gadegts at my disposal, i asked THE MOBILE STORE representative to click the pictures and upload 8. I again got a mail that the IMEI NUMBER was not clear in the images The feeling of being deceived started sinking in me and i contacted custome care of EDELWEISS. 9. At Customer Care Of EDELWEISS i got a feeling as if it is CUSTOMER STAY AWAY. I happened to speak to many representatives including Mr. Sohail, Mr Dutta, Mr Neel and Ms. Nandita. Since i felt that so many days had passed and i hadnt even completed step 1 i asked them to make me speak to their higher ups to whom i could escalate my case. I would like to mention that very reluctantly they make me speak to their Team Leader Mr . Prateek Patil who also wasnt able to help me out and i asked the same from to kindly escalate my matter. 10. I was initially told that his senior Ms Janki Garg was not available at the moment and could not speak as she was having her well deserved lunch break. 11. whn i placed a call to speak to Ms Janki i happened to speak to Mr Vineet Gupta, assistant manager who was senior to team leader Mr . Prateek Patil .i asked him that i wanted to speak to the higher authorities nd his reply was to be exact " i dont have any higher ups" . When on being asked again by me as to who was his boss after keeping my call on hold fr around 15 minutes i was made to speak to Ms Janki Garg. 12. While i was speaking to Ms Janki Garg, to my horror i was informed about an altogether different discrepency, it was that The IMEI number on the Repair Estimate and Insurance certificate did not match. 13. I told her if her scrutinizing and verifying experts never informed me ever about it as i had been getting the documents uploaded, she had no answers. However told me to get a corrected Repair estimate uploaded and that was all she needed to help me out with my case in pushing it forward. 14. I asked my parents who are 70 yrs old to get a corrected copy of the estimate from SAMSUNG SERVICE CENTRE and get it uploaded for EDELWEISS. 15. on 31stOct 2015 after gettinh the corrected estimate uploaded i again called Customer Care EDELWEISS to hear the good news about my documents being finally in order. And asked there representative to kindly connect me to Ms. JANKI GARG to inform her about the same as she was pretty much accquainted with my case as we had a telephonic conversation at length. I was made to speak to one Mr. Vijay Gupta, Floor Supporter, he again had a discrepeancy ready which was that now the Corrected Estimate did not have the logo of SAMSUNG SERVICE CENTRE however it did have the stamp of the service centre. 16. Its been 6 times now that i have uploaded my documents however i havnt even completed step 1 for an approval. 17. I am serving in army and posted in remote, insurgency affeceted areas of Arunachal Pradesh and to speak to somebody on phone i have to still walk 6 kilometres from my place . If one makes a routine of coming on the same track and place everyday to speak, one puts self and colleagues to grave risk and danger to life. 18. I had informed all the representatives of EDELWEISS aware of my circumstances regarding network and security issues.However this fact was not appreciated at any level. 20. Through this crude submission of mine i request all of you to kindly go in to minutest details before buying anything. For myself i can say EDELWEISS, THE MOBILE STORE AND SAMSUNG SERVICE CENTRE have caused me lot of stress and some very hard lessons learnt. Thankyou for your patience.

Hello

My name is Gaurav Tanwar and I have never opened an account with Edelweiss. This organisation has a customer with the same name as that of mine and Edelweiss sends all his trading transactions to my email id on a daily basis. It has been about 2 months and the same issue is being going on since then. I launched the complaint no. CIP[protected] with them to which they assured that this will be resolved within a week. I got a call from them and a lady named Rupa P told me that their actual customer had by mistake provided them with an incorrect email id which happens to me mine in this case.
She told that they have spoken to the customer and asked him to update the email id after which the emails would stop coming to my account. I would like to highlight if they have such a weak IT security department that even after I reporting to them about their client's transactions getting to my email id they do not give a heed to this then all their clients earned security is simply at God's mercy.
Therefore I would like to get this complaint filed against their malpractices and if possible fine this organisation so that they think about upgrading their IT infrastructure.

Gaurav Tanwar
[protected]

Dear Sir/ Madam I have an Brokerage account with Edelweiss. I am holding shares with them of different companies. The transaction statements are not received on time and neither there is any help from executives on the request given for processing to be done. I had sold shares on 21st of Sept and had cleared all obligations which they had confirmed on call and now all of a sudden yesterday have received an email of Rs. 30000/ obligation to be paid. I am mentally harassed on the way the treatment is being meted out to me. Request your help in resolving the same.

Hi team,

I have taken housing loan at edelweiss financial services, at salem, tamil nadu.
Now i want to close the loan, so i have requested the concern person to provide the details of loan and outstanding letter and loan tracker. After long chase (Already complaint raised via rbi) today i have received the requested documents.

As per rbi rule, no foreclosure charge for housing loan i believe.
br...

Hi Team, I have taken Housing Loan from Edelweiss Financial Services from beginning of this Year. i have requested them to Provide the Loan Tracker & Outstanding Amount Payment details to File My IT(INCOME TAX) but still i have not get any response from them. i have started to request them form starting of this Financial Year. Due to this still i did not file my IT. If i called the Customer care, they are redirecting my call by informing this is Insurance service please call Finance section. but i have not get any response or proper information from this Group. Kindly take necessary action to resolve the Issue ASAP. Regards, Suresh +91-[protected]

Respected sir, i would like to bring to your knowledge that i have a share brocking account with edelweiss, they traded through my account in FUTURES and without my prior permission, as i go through this page i find more of complaints as mine against same company EDELWEISS BROKING, so i request you to look up into this matter as early as possible and provide a remedy to consumers.INDIAN CONSUMERS IN HOPE OF SAME.

I hold a DP account with Edelweiss broking. Recently I wanted to transfer funds to my DP account. Some how I was not able to transfer from my linked bank account. So I called the Edelweiss customer service and ask to suggest some alternate way to transfer the funds. He suggested me to transfer fund to a bank account no. via NEFT mentioned on they website. I transferred the fund to the same account mentioned on their website from my sister's account. I then called the customer service to confirm the payment. He told me it will take 2 hours for the payment to be credited to my account. I informed them the 2 hours are already past and I informed them that I have transferred it from my sister's account. He told me that as its a third party account it may take more time but don't worry it will be done by today EOD. He also said that "pay-in" that is you can transfer funds from any account, however, "pay-out" that is they can refund the fund only in my account which is linked. I agreed with it and I can understand that. 2 days past and I was following with them as to why the fund are not credited to my account. They had no answers. They were not able to confirm that they have received the funds or not insipte of sending them the bank statement as a debit proof.I had received the confirmation on the same day that funds are credited to the beneficiary account from the bank I transferred the funds . Today, when I called them to confirm they confirmed that they have received the funds but they will not be able to credit the funds in my account because I have transferred from the third party account which is my sister. Due to the false information given by the edelweiss customer service I am penalized. When I asked them that what will happen to this funds and will they be refunding my funds. They narrated the complete checklist of the documents required to get the money back. They require the bank statement with the bank stamp on it, my pan card copy, my sister's pan card copy, application letter stating that I have erroneously transferred the funds to this account which is not the case and lastly they told that it will take 7 working days after they receive all the documents and they will be sending a cheque for the same. I am now struggling hard to get my money back even though its not my fault. I am helpless it the moment. Please help me to get my money-back.

I am also a victim of Edelweiss Broking services. They deducted over Rs 11700/- from my account with edelweiss on various charge heads which were not there when I opened the account. Now they are refusing to refund that amount.They are grave financial cheaters by all standards. Friends beware before account opening with edelweiss. What the edelweiss agent says and commits, edelweiss will deduct money fraudulently without intimating you. Regds Sanjay Singh Edelweiss Account ID- 1008489 M-[protected]

I purchased Oppo Neo 3 moblie from THE MOBILE STORE, Sadashiv Peth, Pune and also did insurance against Theft and accidental damage. The Moblie Store issued me Insurance Certificate of National Insurance Company having Edelweiss Insurance Brokers Ltd (copy attached herewith.) My phone touch pad was not working hence i approach THE MOBILE STORE, Sadashiv Peth, Pune, they said i have to go to Oppo service centre. Accordingly I go to service centre, they told that moblie touch pad is damaged due to water which is not come under warranty, if you have insurance against it, then you can claim insurance against it. Accordingly i intimate claim on www.themobliestore.in. thereafter i received email from broker Edelweiss Insurance Brokers Ltd for uploading certain documents on site. thereafter i made continuous followup by emails and phone calls on[protected]. I am receiving very bad experience from them. pls do the needful at the earliest. following is the email communication done by me SIR/MADAM, Pls do the needful at the earliest in respect of Claim No. CLM004062. I am constantly forwarding you emails regarding it. i already uploaded documents on your site. still i did not received any response from you. I made calls on your numbers mentioned in your web site but every occassion i phone was not attended by you. This is very disgusting. Require an immediate action otherwise i, against my wish, remain no other source except recourse to criminal as well as consumer remedy against you. I am sending one copy of this to "Indian Consumer Complaints Forum (http://www.consumercomplaints.in)" to file a complaint against you on next day in case no reply from your side. Rupali Mandlik Note: Forwarded message attached -- Original Message -- From: "rupali kate"[protected]@rediffmail.com To: Mobilestore.[protected]@edelweissfin.com Cc: [protected]@themobilestore.in Subject: Fw: TMS - ACCIDENTAL DAMAGE- Certificate No - ADTMS2433066 Claim No. CLM004062 Insured Name.RUPALI MANDLIK Get your own FREE website, FREE domain & FREE mobile app with Company email. Know More Sir/Madam, Pls find attachments in respect of the Claim No. CLM004062 and do the needful at the earliest. Regards Rupali Mandlik Note: Forwarded message attached -- Original Message -- From: "rupali kate"[protected]@rediffmail.com To: [protected]@edelweissfin.com Subject: Fw: TMS - ACCIDENTAL DAMAGE- Certificate No - ADTMS2433066 Claim No. CLM004062 Insured Name.RUPALI MANDLIK Get your own FREE website, FREE domain & FREE mobile app with Company email. Know More Respected Sir/Madam, I purchased Oppo Neo 3 moblie which is insured from your company against Theft and accidental damage. I uploaded all the required document on the moblie store website in claim status option. but no reply came from your side neither anyone from company is responding my call on[protected]. I am receiving very bad experience from them. pls do the needful at the earliest. Rupali Mandlik. [protected] Note: Forwarded message attached -- Original Message -- From: "rupali kate"[protected]@rediffmail.com To: mobilestore.[protected]@edelweissfin.com Subject: Fw: TMS - ACCIDENTAL DAMAGE- Certificate No - ADTMS2433066 Claim No. CLM004062 Insured Name.RUPALI MANDLIK Get your own FREE website, FREE domain & FREE mobile app with Company email. Know More Dear sir/madam, I have registered my accidental damage claim against the oppo neo 3 mobile bought from the mobile store, sadashiv peth, pune. i uploaded the documents on the site and also send the same to the following recipients in trail mail. so pls do the needful at the earliest. Rupali Mandlik Note: Forwarded message attached -- Original Message -- From: "rupali kate"[protected]@rediffmail.com To: Dimple.[protected]@edelweissfin.com Cc: Sneha.[protected]@edelweissfin.com, Vikram.[protected]@edelweissfin.com, Sandip.[protected]@edelweissfin.com, nikhil.[protected]@edelweissfin.com Subject: Fw: TMS - ACCIDENTAL DAMAGE- Certificate No - ADTMS2433066 Claim No. CLM004062 Insured Name.RUPALI MANDLIK Get your own FREE website, FREE domain & FREE mobile app with Company email. Know More Note: Forwarded message attached -- Original Message -- From: "rupali kate"[protected]@rediffmail.com To: mahesh.[protected]@hotmail.com Subject: Fw: TMS - ACCIDENTAL DAMAGE- Certificate No - ADTMS2433066 Claim No. CLM004062 Insured Name.RUPALI MANDLIK Get your own FREE website, FREE domain & FREE mobile app with Company email. Know More Note: Forwarded message attached -- Original Message -- From: "rupali kate"[protected]@rediffmail.com To: dimple.[protected]@edelweissfin.com Subject: Re: TMS - ACCIDENTAL DAMAGE- Certificate No - ADTMS2433066 Claim No. CLM004062 Insured Name.RUPALI MANDLIK Get your own FREE website, FREE domain & FREE mobile app with Company email. Know More Dear Sir/Madam, With reference to the subject claim Pls find attachments of documents demanded by you for processing the claim. 1) Copy of Certificate of Insurance. (Signed & Stamped by mobile store and signed by insured) 2) Copy of Purchase Invoice. 3) Claim form duly filled with Brief description & Signed by Insured (Format Attached ). 4) Detail Repair Estimate with part number & cost from authorised servicing centre . 5) Root Cause of Damage mentioned in Repair Report with Sign and stamp of the Authorised Repairer (Format Attached ). 6) Copy of Insured Pan Card. 7) Cancelled Cheque for NEFT ( With Printed Insured Name ) 8) Damage photographs of handset.(With IMEI no.) So pls do the needful at the earliest. On Thu, 09 Apr 2015 13:25:28 +0530 "Dimple Tailor" wrote Dear Sir/Madam, Certificate No. ADTMS2433066 Claim No. CLM004062 With reference to the subject claim appended documents are require for processing the claim. 1) Copy of Certificate of Insurance. (Signed & Stamped by mobile store and signed by insured) 2) Copy of Purchase Invoice. 3) Claim form duly filled with Brief description & Signed by Insured (Format Attached ). 4) Detail Repair Estimate with part number & cost from authorised servicing centre . 5) Root Cause of Damage mentioned in Repair Report with Sign and stamp of the Authorised Repairer (Format Attached ). 6) Copy of Insured Pan Card. 7) Cancelled Cheque for NEFT ( With Printed Insured Name ) 8) Damage photographs of handset.(With IMEI no.) Kindly share the scan copies of the above mentioned documents for us to provide you with the approval for repairs. Kindly note on receipt of said documents we may ask additional documents/ Information also based on the merits of claim. Post approval sent all documents to below mentioned address. In case of any query please contact to undersigned NOTE - This mail is subjected to the documents provided, and not acceptance of liability. Acceptance of liability will be communicated after submitting the hard copies to the Insurer. Note on receipt of said documents Insurer may ask additional documents/ Information also, based on the merits of claim For updated claim status kindly click on the following link http://edemumextapp025:2070/CheckClaimStatus.aspx for a quicker response Regards, Dimple Tailor Executive - Insurance Broking Dir: +[protected] / Edelweiss Insurance Brokers Limited | www.edelweissfin.com [protected][protected][protected][protected][protected][protected] Disclaimer: This e-mail message may contain confidential, proprietary or legally privileged information. It should not be used by anyone who is not the original intended recipient. If you have erroneously received this message, please delete it immediately and notify the sender.Pleaseclick here for detailed DISCLAIMER.

I purchased the Sony Xperia Z1 phone 24 Aug 2014 from “Mobile Store” they pressurized me to buy the insurance from Edelweiss Company for physical damage. They told me that It will be covered for my phone damage or steal on cashless. I had an accident and my phone brokes . I lives in Faridabad and went to Sarita Vihar Mobile Store told story then they sent me Soni service Centre. I went there and call to Mobile Contact Number (1):[protected] Contact Number (2):[protected]. Customer Care Executive told me that send me the estimate of repair. I made an estimate from Sony Service Centre and sent it Mobilestore.[protected]@edelweissfin.com . I made call to Dimple Tailor, Customer Care Number She asked me to sent a copy of Pan Card, Cancelled Cheque, Root Cause of Damage Report, and Copy of Insurance Certificate from Edelweiss (Signed) etc I went again to went to Mobile Store Sarita Vihar then Nehru Place to Sign the document from Faridabad and sent it by mail. After that she told again me for Stamp at Job Card. I again went to Nehru Place and stamped the document and sent it by mail and also submitted it at http://203.17.194.17:2070/IntimateClaim.aspx. After that they asked more document to submit like Claim Form, Brief Description, IMEI Number at like. I again went to Nehru Place for IMEI Number and arrange it again and sent it by mail and submitted at the link also. I also confirmed Ms. Parveen, a Customer Care Executive. She told me that all documents received and you will get approval till Monday but no confirmation received. It took me 16 days to get my phone in right condition I called many time to Customer Care number as mentioned but There was no confirmation mail or call from them to repair. It had been the worst situation. I collected phone from Sony Service Centre I sent a bill of Rs. 2783/- to them, I still haven't got my payment yet in spite of it I had spent more than 5000/- in phone calls and petrol etc. I went four times Faridabad to Nehru Place Sony Service Centre and Three Times to Mobile store. I will advise to other people don’t buy Edelweiss Insurance because they give false commitments. I am also sending this complaint to IRDA and consumer court also. There is nobody to listen in Mobile store and Edelweiss. . They do not answer anything they never reply emails when I call him they only reply they will give approval but till date nothing happened. I am so much harassed and unsatisfied customer of Edelweiss and “Mobile Store”

This is an experience of life, where a guy Calle Rupesh who is known to me when he sold Reliance DMAT account met me and explained me about this account. He begged me and pleaded me saying he will loose his job if I dont help by taking this account. He told me that the minimum balance with which I can open the account is 11, 000 + and has requested me to take this account. I thought of helping this guy and never knew he is cheating upon me. He actually took a cheque from me with the said amount and opened this account. While singing the document also I told I cannot do all these signatures and stuff, he told he will manage then I told thats ok and I did a mistake. He told all the amount put here is tradable and he shall help me doing the trade as I am a busy person. He also told 10, 000 of this amount is tradable and vanished from then. Few days back one of the representative from Edelweiss called up and told your account is going to expire and said he will come to meet me. Though he never turned up, he reminded me of any such account being existing. Later when I called their toll free number I understood that the amount I have paid is non-refundable and will be used whenever I trade. This is really disappointing that the company's sales person talks something very wrong and nobody even cross checks the same with customer. I feel this is a strategy of this fraudulent company to increase their sales. This company should get its piece o[censored]nhappiness. I shall try and put up a legal complaint!

I purchased a term life insurance from Edelweiss ONLINE, along with 3 riders for a sum of Rs.25590/- Edelweiss acknowledged the payment on monday 29Dec on email, however no one contacted me for Medical Examination. I waited for 3 days. When I called repeatedly, a gentleman called me but with incorrect information about my cover details on thu 01Jan15. Next another person has contacted me on 02Jan15 Friday, but they are insisting on asking for personal information like 'Date of Birth' on the phone I am not willing to share any personal information over then phone. I have asked them to either process the proposal based on scanned copies or have the original documents verified at my residence they have not agreed to this. Therefore, I have asked them to refund the sum of Rs.25590/- however they are not proceeding with this either, even after 5 working days of receiving payment, no action whatsoever has been taken by them.

I sold all my holdings of total 19 shares on 12th June 2014 and it showed my ledger balance is Rs. 6131.00. But when I made a payout request on 13th June 2014 of Rs. 6000 (Instruction Number[protected] it showed "PROCESSED". But its been near 6 months I haven't get any cheques of my money neither it got deposited to my bank account. I called their customer care services more than several times and every time they answered me that they are looking into this matter. I am really fed up with their behaviour for such a small amount. Can you please tell me when can I get my money as I don't want to reinvest in right now, may be later, but need the money asap. My ID is 11813610.Please have your kind attention on this matter and reply me back soon. Waiting for your answer asap I have also attached my bank statement, edelweiss statement and the payout request screenshots.

I trade with edelweiss. All my stocks are shown in a portfolio provided with their acquisition price and the number of stocks i hold. But over one month, the portfolio is showing more than 10 stocks with wrong quantity and average buy price. So i am not able to take the right decision as to whether sell a stock, if i am going into loss. And also for the exact value of my portfolio. I have written 8-10 emails to them, but there has been no response or action from them. I feel at loss what to do as their is zero response or action from them all this while.And i sell stocks especially of j&k bank, without knowledge whether i am incurring loss by doing so.
Please help

Dear Concern,

I am a self employed from Chennai. I’ve been worked in stock broking industry for 7 years. I was interested to become a business person, so I quit my job and associated with Edelweiss Financial Advisors Ltd as a Sub Broker.
I trusted the brand Edelweiss and impressed by their local employees approach, I’ve taken a franchisee with them. They have committed to provide all service standards to me.
But things were not on the right track.
I’ve started to enroll my clients, and all my clients are quality clients, they have started the trade immediately after the account activation. Here I’ve mentioned the hurdles, struggles, harassments, given by Edelweiss below.
SMS Issuse :
Normally every stock broker used to provide SMS alerts regarding market trend and etc. After TRAI regulations it has been restricted to some extent. Though I knew that, I’ve enquired them regarding the service. They said they are unable to provide SMS service to my clients but they can provide it to me, so that I can forward the same to my clients. I agreed.
But till date I never ever received not even one single SMS from Edelweiss regarding market updates. And they didn’t respond to mails regarding the service.
Terminal Issue:
Every broker has to provide trading terminal to their franchisees when they provide the required NCFM Certifications. I’ve provided the same. But till date I was not received the trading terminal, so that I can’t able to serve my clients. I was humiliated in both the ends from Edelweiss as well from my clients too. I can’t blame my clients since its my responsibility to serve them. But Edelweiss didn’t allow me to do my business efficiently.
I’ve risen as many as mails to Edelweiss, but they didn’t respond for anything.
Transparency Issue:
As I enrolled as a Sub broker, I requested to provide them MOU (Memorandum o[censored]ndertaking) which has to be providing at the time of sign up itself. But they didn’t provide me the same and after my frequent mails they gave it to me.
And, I had a doubt about my client’s revenue, my sharing and my charges applicable to Exchanges. I requested them provide the details but they didn’t respond to my mails as usual. Finally I told them that I’ll bring this issue to their CEO, then they have forwarded a mail which was not clear.
I requested them explain the same, but nobody assisted me at all.
AMC Issue:
Every Stock broker used to apply AMC for clients account. Similarly Edelweiss also have the same and it was mentioned in their application form itself.
But when enrolling the clients, their operation department asked to provide a different amount for AMC which was not mentioned in the application form. I had a doubt and enquired in the local office, they asked me to check with the Head Office.
I’ve sent a plenty of mails to their official email ids, and didn’t received not even one single response from the consign persons. Here I’ve mention the email ids below.
• [protected]@edelweissfa.com
• [protected]@edelweissfa.com
• Demat.[protected]@edelweissfa.com
• [protected]@edelweissfa.com
• Esbl.[protected]@edelweissfin.com
• [protected]@edelweissfa.com
Every email I’ve got it from their respective websites, local branch, and from my received emails.
It seems the company literally cheating the investors and they are having their own regulations than SEBI.
The saddest things it that no one has treated me like their associate and thought I was begging to them for my survival. I was completely frustrated and mental tortured by this poor response. And lost my hope of being a Self Employee.
Payout Issue :
Finally this was the biggest harassment I faced with Edelweiss.
Every Sub broker used to work for their earnings and I am not the exception. They have committed me to pay the payouts by every month 10th.
I quit my job and don’t have salary; I completely depended on their payouts. But never ever the payouts was released in time and every time I have shout with them through mails and phone to receive my hard earn money.
I used to get a hand loan from outside till I receive the payouts. Due to their delay I was the victim to pay interest to my hand loans.
I am Now :
All my aim, ambition, interest was getting a clients, serve them, let them earn profits , so that I can generate revenue through brokerage. And thought of expanding my business in every frequent interval.
But Edelweiss, didn’t allow me to enroll clients because of their new AMC policy, which was not clarified to me so that I am to my clients.
They didn’t provided me the trading terminal, so that I cant able to serve my clients.
They didn’t given me research support as committed, so that my clients didn’t earn profits and guidance.
I was tortured for my payouts, didn’t receive the money in time and occurred loss by paying the interest to loans.
Finally the worst thing in my life is I lost my hope of being a self employee. They killed my desire, ambition, interest everything.
Compensations:
Edelweiss must understand the seriousness of the business they are involved. They have to treat their associates as an human beings at least.
I was earned Rs.60,000/- as my salary before to this and lost my job and salary because of the interest with Edelweiss. I demand thrice the time of compensation from Edelweiss which is Rs.12,60,000/-.
1 time for irresponsible behavior
1 time for my financial loss
1 time for the harassments, wrong commitments and finally for killed my interest.
I Kindly request you to look in to this issue and help me to get the compensation from Edelwiess Financial Advisors Ltd.
Thanks & Regards

P.Dhamodharan
Sub Broker – 7121357
Edelweiss Financial Advisors Ltd
[protected].

M/s EDELWEISS FINANCIAL ADVISORS LIMITED
ANAGRAM HOUSE, H.L.COMMERCE COLLEGE-STADIUM ROAD
NEAR COMMERCE SIX CIRCLE, NAVRANGPURA
AHEMADABAD-380009
PHONE[protected]

1)I had opened dmat account in march2011with M/s Edelweiss for investment in share market with amount of Rs.185000.
2) Unauthorised trades were done by M/s Edelweiss Finacial Advisors Limited without prior approval of client. No transaction has been done by me from my login & password.
3) Despite repeated request to representative of firm, Copy of agreement & account statements were not made available .While unauthorised trade kept on happening without my consent or knowledge. No response was received to my emails addressed to various officials of Stock broker.
4)Stock broker has given on their website ; email id " [protected]@edelweissfa.com" for redressal of complaint. When emails containing complaint were sent to above email address; emails bounced back to my spam folder. It appears that Stock broker was deliberately blocking my emails to avoid action on my complaint. On ther hand ; Junk mails were continuously
5)It is concluded that Stock Broker has planned to drain investors money within 2-3 month.Copy of emails were also sent to SEBI ( [protected]@sebi.gov.in) but no action taken on my complaint. Copy of emails is attached.
6) It is requested to invesigate into the matter. Same may also be happening with other investors also.
SEBI NEED TO MAKE STRIGENT RULE for PRIOR APPROVAL OF CLIENT (PREFERABELY IN WRITING) BEFORE EXECUTION OF TRADE in.
/S.Pandey
Dmat Account No[protected]