[Resolved] India Infoline Finance [IIFL] — demat account - exorbitant charges

Manoj Aren

Address:

Faridabad, Haryana, 121004

I have been using iifl account for few years. About 7-8 years back when i was not using it actively, the iifl employees did illegal trading in my account without my knowledge and there was no resolution. Now, recently i started using this account and then one day noticed that out of 8200 ruppes net profit in options, they charged 3800 as brokerage. They used to charge 100 ruppees on a lot of 40 shares of bank nifty but when thelot size changed, they still are charging 100 on a lot of 20. Is this reasonable? On follow ups, the rm is not approachable. Cs sends the same robotic responses. Included nirmal jain (Ceo) in email thread — still no resolution. Finally going for closure of account - client id kalyan52.
My only questions — a) why are these companies allowed to exist when they treat customer for fleecing only.
B) adding ceo in loop also does not help? Where will a customer go in such case.

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Dec 16, 2018

Complaint marked as Resolved

India Infoline Finance [IIFL] customer support has been notified about the posted complaint.

Verified Support

Nov 13, 2018

India Infoline Finance [IIFL] Customer Care's response Dear Kalyan Singh Gupta,

We have replied to your query via your registered E-Mail ID on 12th November 2018. We request you to check the same and in case of any issues do write back to us.

Further for any assistance in future you can call our Customer Service on[protected] or mark a mail on [protected]@iifl.com from your registered E-Mail ID for your concerns.

Team IIFL.

Verified Support

Nov 13, 2018

India Infoline Finance [IIFL] Customer Care's response Dear Kalyan Singh Gupta,

We have raised your "illegal trading in your account without your knowledge" issue to our senior officials and you will receive the feedback shortly. Requesting you to allot some time to revert.

Further for any assistance in future you can call our Customer Service on[protected] or mark a mail on [protected]@iifl.com from your registered E-Mail ID for your concerns.

Team IIFL.

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Comments

Manoj Aren

There is no resolution on the key issues raised:
1- Why 100 rupee brokerage on a lot of 20? that too this was the same brokerage for a lot of 40.
2- There is no RM for my account as per discussions with IIFL team. why is that? There is another interesting thing - if i call IIFL customer care number, i'll be charged 100 rupees per call. So, if customer has a concern, customer is completely at their MERCY.
3- They ask for customer to plead for changing the brokerage charges. unless customer pleads with them -- they won't do it. There is no condition -- just the customer should get down and plead with them.
4- Including CEO Nirmal Jain also did not help in emails. but adding complaint on this forum probably woke them up and they started sending same robotic response. no concrete resolution even now however.

Going back to my original questions:
a) why are these companies allowed to exist when they treat customer for fleecing only.
B) adding ceo in loop also does not help? Where will a customer go in such case.

u_pramod

from Kolkata, West Bengal

Look at the Brokerages Charges mentioned in your KYC document. If they are charging more than what has been agreed, then write a strongly worded email to their customer service. Then without waiting for resolution of the issue by these brokerage sucking vultures, lodge a complaint with NSE, BSE or SEBI. Do it immediately.