India Infoline Finance [IIFL] Complaints & Reviews

Hi All,
PLEASE READ BEFORE YOU OPEN INDIAINFOLINE [protected]@ Himmayat Nagar branch,Hyderbad.

In Dec 2011, my relationship manager, Ms Bharati, called me and advised me to open Currency derivatives account
promising the following:
1) No account opening charges
2) Not much volatility in rates, hardly 25-30 paise range
3) Brokerage will be just 5 paise, so since range is 25-30 paise it is easy to make money
4) She gets indiainfoline buy calls, and success rate is pretty high
5) As I have zero knowledge in futures, she will guide me and provide valuable advise.
6) She is totally devoted to Currency derivatives, and hence will be fully dedicated to this.
Based on this I went ahead and opened the currency account.

On 28-Dec-2011, based on the Indiainfoline Research reports recommendations received by her she called me and advised to buy JPYINR Futures which I advised her to buy 1 or 2 lots considering that I am very conservative investor and also since I don't know much about futures I want to play safe by taking 1 or 2 lots to begin with. But she insisted that I buy atleast 3 lots as with 1 or 2 lots I won't make much profit and since there is not much volatility we can easily make profit. Hence I gave her go ahead to buy 3 lots and also told her that I am looking for JUST 5 Paise profit not more.

On the same day, she bought 3 lots of EURINR for 70.24 based on Indiainfoline research report WITHOUT informing me before executing trade and once trade was executed she called me and informed me. Since she has already executed trade, again I advised her that I am looking only for just 5 paise profit. As per research report, they have clearly mentioned that STOP LOSS should be 70.1, unfortunately, she didn't use STOP LOSS and it closed at 70.08 lesser than Stop loss.

On 29-Dec-2011, she bought 5 MORE LOTS of EURINR without taking my RISK APPETITE into consideration and also without informing me before buying at 69.53 and she informed me after TRADE was executed. Kindly note, price at which she bought is much lesser than my BUY PRICE and also much lesser than STOP LOSS recommended in the research report provide by INDIAINFOLINE on 28-Dec-2011. She kept assuring me that there won't be much volatility in the currency and that it will bounce back as we have averaged it at lesser price.

And since, then it has been steadily falling to 69.35, meanwhile reports in FOREXMantra has been clearly recommending daily to SELL EURINR, but still she ignored those reports and didn't follow STOP LOSS as recommended in it. As per reports the target price they gave was much lesser than the price that we had bought. She didn't even bother to guide me , advise me the POTENTIAL RISK of sitting on 8 lots of EURINR.

One day she called and said, that Margin calls are triggering and requested me to transfer Rs6000 with a promise that our buy price will be achieved in a day or two and after that I can transfer back Rs6000 back to my bank account.
Since I didn't have any money in my account, I told her the same and also told her that either she can sell the lots in loss else other option is to liquidate my holdings in equity.

Even when margin calls got triggered, she didn't bother to check with me and advise to PUT any STOP LOSS, all this while she has been assuring that my investments in EURINR will recover.

Meanwhile, on 3-Jan-2012, she was able to sell 5 lots at 69.85 at average buy price with no profit no loss.

On 4-Jan-2012, although EURINR opened at 70.15, but she didn't sell the remaining 3 lots and it kept falling steadily on that day and it closed at 69.28. She neither informed,advised me about the same.She had ample time to advise me to exit, but she didn't.

On 5-Jan-2012, EURINR closed at 68.34 continuing its downtrend, even now also she didnt advise me to put any STOP LOSS.

On 6-Jan-2012, EURINR fell even further, I requested her, pleaded her to check with indiainfoline research team, what their recommendatoin is for EURINR as it has been steadily falling. She said that we can't check with research team and she checked with her manager and he also said that due to some global scenario, it has fallen but will recover. All this while FOREXMantra has been clearly indicating TARGET price which is much lower than my average buy price and relationship manager has been completely ignoring STOPLOSS all throughout.
On11-Jan-2012, since I wasn't getting any correct update from my relationship manager I was forced to sell my 3 lots of EURINR at a huge loss.
Overall i have suffered loss around Rs 10,000 and also indiabulls shares that i had sold at 140 had risen to 165 there by giving me virtual loss of Rs2,500.

Even after me having suffered 10,000 loss, even now Relationship manager is promising that she will help me recover my losses my investing in USDINR futures and this time she will follow STRICT STOPLOSS. I would like to know on what basis is she giving me such assurances/gurantee that she would help recover my Rs 10000 losses.
I have escalated this to BRANCH MANAGER Mr Anath Reddy and Naresh Kumar, explained each and everything, but they don't feel that Bharati, my relationship manager has done anything WRONG, as per them if relationship manager informs customer before or after she has bought something, even without informing the customer its FINE, I find this totally unacceptable, as relationship manager doesn't have right to place any orders without my prior confirmation or without advising me.

I find that my relationship manager has misued the TRUST I had in her and in indiainfoline and by not living up to her promise of guiding me , advising me, not taking STRICT LOSSES recommended in research reports, living in FOOLS paradise that one fine day the price will recover by using logic that, GOVERNMENTS dont allow their CURRENCY TO FALL MUCH. I dont think any government has any control on currency movements, its such wrong advise leads to losses to innocent customer.

Please be well advised and read this before you dare to open an account at Indiainfoline at HimmayatNagar branch.
Inspite of reading this you still wish to open an account with them....Wish you Good Luck and God Bless you....

This is Tara Chand Mahur and I had given the request for closing the Commodity Account (Spot) 2 months back but till now it has not closed
and I have to receive Rs 1000/- pending with India Infoline Ltd. I have given the request 2 times.First time they told me that my request had been rejected then again I had given and he assured me that my amount I would receive within 2 working days.but till date I have not received any amount.
Sir/Mam
I request you to take stringent action against these people.
My details are as follows:

Name - Tara Chand Mahur
Customer ID - ACHANMAH
Branch of India Infoline - Marathalli (Bangalore)

[protected]

Dear concern,
I have not got my FNF from last 3 months . I have talked to HR . She always say that your salary has been processed . It will come on 18. And on mail also I have taken from HR . I am enclosing the mail. and revert of the mail. Kindly do the needful.

Dear Mam,
This is to inform you I Ankit Kanungo Employee ID C99277 previously working with IIFL Premia in Jaipur. I had given my resignation as on 24th Sep 2011. and I have completed all formalities regarding my resignation . I have not got my FNF from last 2 months . So I want my FNF to be credited in my account as soon as possible .So kindly conform me on mail and revert me .and tell me when I would get my FNF.
Reply

kapila mehta Nov 22
For this Month 18th, your F&F is sent for processing.. thanks
With regards
Ankit Kanungo

Hi,

I am holding account with India Infoline and my Login Id is GEETF229.
I have gone through the ledger statement and trade listing of my account from the date of account opening to till date.
I am surprise to note that just to earn brokerage, you have done unauthorized trades at a such a nominal figures like Rs. 1 - 2/- per transaction.
This is nothing but unethical business which is run by your Company for which I strongly protest.
I want to ask you that with whose permission you operate my Account and did the huge losses.
My investment which I was made was from the saving of my pin money / pocket money which I saved
from years as I am a housewife.
How carelessly you have handled the account due to which my investment value becomes almost ZERO.
Do you have any such proof in writing or voice call record based on which you did the brokerage business in my Account?

i tried phoning them so many times,i have never spoke to them at all,regarding taking share or selling shares,i dont have the office no,they have never ever spoke to me,they have only made profit for the company i have studied the contract notes very minutely.............instead the RO is phoning and trying to threaten me indirectly
you can mail me at [protected]@hotmail.com for any assitance thank you

Ref: My Trading Account at IndiaInfoline
Sub. :- Excess Charges In trading Account

This is to inform you, that i have opened an account with depository at indiainfoline vide my account no. ANSP1062, At the time of opening my account they promised me following terms and condition in writing.
1) Brokerage on delivery : Rs. 00.10%
2) Intraday : Rs. 00.01%
3) CDSL (Sale/withdraw script) : Rs. 15 per script (Any amount)
4) No one time charges (Rs.555), no Annual maintenance of Depository and no other charges

Now they Have charged me Rs750/ as account opening , in trading account, Rs 500 Commodity Account. Brokerage initial charge .50% for delivery, .05% intraday trading. our written commitment is .10% for delivery, .01% intraday trading, still they charge me for late payment when its never late and various other charges

many times I have requested My RM Miss Vandna to reverse these charges. However though she always says that it would be done the same day , but she never does .

Also note they have not given my copy of Agreement both trading and commodity

Further i request to sebi to take necessary action against this type illegal trade practice
Thanking you
Regards
Leena Dewan

I have charged extra brokerage on my trade dated on 2nd November.

[protected][protected][protected][protected][protected]---
[protected]Bought For You[protected] [protected]Sold For You-----
Qty Rate B.Brkg Rate+Brk Security Qty Rate B.Brkg Rate-Brk
[protected][protected][protected][protected][protected]---
SANRAA MED 5200 0.1100 0.0500 0.0600


I have contacted my broker and they have given me the below reply:


Thank you for your email regarding your Login Id:VARGJOSE.

Please note the brokerage structure applicable to your account is as given below

Trading brokerage (BSE/ NSE) 0.02%
Minimum per share Trading (MPS) 0.01
Delivery brokerage (BSE/ NSE) 0.20%
Minimum per share Delivery (MPS) 0.01
Futures Brokerage (Buy/ Sell) 0.02%
Z Category and Trade to trade script 0.75%
Index Option Per Lot Rs.100 -- or 1% of premium (whichever is higher)

As per the above brokerage, i would have been charged only 1 paisa as brokerage while they have charged 5 pasia against it. i have contacted my broker regarding this and they are not replying to my mail. i have contacted my relationship manager Ravi, India infoline branch model town and he told me that the new brokerage is available on traders in NSE only. on their email they haven't mentioned anything abt it i am searching for an answer for it.
As a small investor i dont know where to file case. I hope somebody will look on this matter and provide me the solution on it.

thanks
varghese
[protected]

Dear sir,
Pls see in your statement of 24/09/2011 marked trading is not done by me.Pls rectify and restore my account with justified balance due to this problem I am not doing any trading sincethat days.pls clear my account earliest and remove all transactions which are not done by me. Again you are trading without my consent on 27.09.2011 If you are not going to respond than pls tell me who is is the people in your company to answer of all this wrong doing.
I have 1 leadmin & 1 zincmini and have sold on 24/09/2011on 10.00.54 &
10.03.36 AM. After that headoffice sold at 10.13 AM both zincmini and leadmini. and after that at 13.29 AM 1 leadmini buy by headoffice and at
27.09.2011 1 zincmini buy by headoffice .pls see all this done without consent of customer why I don`t understand pls do needful to start trading again and restore my balance.



ID - RAKEMALA

MALA KUMARI
[protected]
JAMSHEDPUR.

Recently, I have opened an DEMAT A/C with India Infoline Ltd. Today, ie., 12-Oct-2011, I found 4 transactions happened on my name without my consent automatically. This is a clear and intentional transaction by India Infoline allegedly acting on behalf of the customer withoout permission.

I request here, to nullify the effect of those transactions and not to repeat the same in future.

sir after many attempts i could not close my accounts please do the needful

Dear Sir,

My office as already processed my papers with PF office but I have not received the credit in my bank so far.

Pls Give stutes on urgent basic…..

My details are as under:

Company Name:India Infoline Ltd…
pf submisstion date:19 th sep-11
My Pf A/c no:MH/44546/5350

Thanks & Redgs,

Nidhi
Surat
Mob no:[protected]d

This is to bring to your kind notice that I have a demat account with login id 81Nirmal at IIFL Branch,Sector 12(Branch code-BM 151)Karnal and I have been always cheated by my RM Neetu Wasan (called by the name Sanya at the branch office,employee code C67154).She has traded some shares like Cerasanit (dated 17 August 2011),Naga fert. Ch.(date not remembered) and many more on her own without even bringing them to my notice before doing the transaction.Also,on 18th August 2011,I
> bought some shares for intraday trading and I already had some holdings in my account(Tata steel and Grasim).When asked for an advice,she asked me to hold all the shares (kindly see the volume and
> names of the shares) for next day by paying a cheque worth Rs. 10,000 which I paid to her immediately.She told me that I could sell those shares whenever I wanted to sell them(the next day or the day after the next day) and also when asked about the amount of intraday trade,she didn`t tell me the amount before 3:30 p.m.i.e. when I could have sold them if I would have got to know the amount.The very next day I was told that all the shares I had in my account have been sold off. The above cited information clearly shows that my RM Neetu Wasan has deliberately caused me this loss and has been very nontransparent in her dealing.I have been constantly visiting the Branch office since this incident occurred but have received no amicable solution from her side and she has been very adamant and is not admitting her fault.

Mr.Rahul (Territory Manager) has also been so rude and has asked me to register a complaint with SEBI.After this incident Mr.Vikas Gupta (RM) told me that L&T Finance is a Z category share which I could not hold for another day but my RM(Neetu Wasan) did not inform me this before and even after the incident.I met Mr. Gurpreet (Branch Manager) after this incident and he told me that she could not let me hold shares more than 5 times my networth and he has been very helpful in listening to and understanding the matter.I had also approached Mr.Ankur (Assistant Vice President)in this regard.

This is a clear case of cheating on my RM`s part and a case of forgery which has caused ma a lot of mental and physical harassment.As,this is clearly her fault and a case of misguiding,she should compensate for my holdings/shares which I had in my account which are listed below:
*Persistent systems-22 shares
L&T Finance IPO-107 shares
HCC-529 shares
I,being a housewife,have got easily trapped in her web as she has gained incentives on the basis of volume of shares she allowed me to trade with,as a consequence I have suffered.But,I know the fact that
he suffers who has created the problem ,not the one for whom the problem has been created.This is my hard earned money and I cannot let it go this way due to the ignorance and misguidance shown by my RM
Neetu Wasan (Sanya).

Kindly solve the above all discrepancies at your earliest and give me a time frame so that I can go a step further in this regard,if needed.I would be highly obliged for the same.

Looking for a quick and positive response from your goodself.

Regards,
Amit Nanda
[protected]

I have a french Isee of India Infoline ltd as a sub broker.And the company has blocked my payout only the reason for that their new rule of we have to buy voice logger software and give the client trade confirmation now tell me can they block my payout if I already done that without recording.
This is not my duty to confirm trade of my client but the company is responsible for client trade after client broker agreement as it would take 30 % of my brokerage, and they also send the late delivery of bill and contract notes to client I also complain about this to company many times but still pending.

from the company not proper response till now because I have submitted two time my pf form with full information but company hr department is not interested after leaving my job. so please request to u solve my problam as soon as possible.

Dear Sir / Madam,

i have online share trading account in India Infoline Ltd. i have transfered some
amount in india inofoline through Bank of Baroda online transfer in my share trading account. There are a no of money transfer by me, but there is no any records in my share trading accounts ledger. Its now more than 6 months, after lot of compalins through email & calls there is no resolution of my compain. My acoounts is in credit balance but they mail me your account is in debit balance. They had sold my shares to adgust the ledger balance. One more interesting thing there are 2 types of ledger of company, both differs. This is personal request to you enquiry by CBI on India Infoline Ltd. Sir, i have sufficent doucments. Here is a biggest Scam in India Infoline Ltd.


Thank Regards -

Santosh Kumar
[ EX Excutive Committee Member Film & Video Editor Association (Mumbai) ]
Trading Ac No - SM23SANT
PAN Card No - BHUPK7101G
Mob No - [protected]

My login id is otccjajd and requested payout for commodity one month back. Till now i have not received the amount.
Regarding this i contacted their coimbatore branch but they told i will get the payment soon, but for the past 30 days i am waiting for this.
I have also told that i have an urgent requirement, but no steps are taken for withdraw of my amount.

Dear sir/madam,
We have completed MBA-Banking Techology and got selected in India Infoline through Campus interview in Pondicherry University on Jan 2011 but still we didn get the offer letter.We hav completed our course on may 2011 and approached the Pondicherry branch manager.After 1 month we were asked to write one more test to join we hav completed tat test also successfully. Then we hav joined in the company on june 24th.We have been working there for the past two months.But still we didnt get the offer letter,Employee code and Salary.

We dono where to complaint about this....plss help us

Thanks

R/Sir,
I had open trading life time account in the 24Aug.2008 (PINKIJBP) and deposit 5555/ DD submited, but your company had cutting AMC every year. I had several times complained that but no body resposnse this matter. In your jabalpur office, Mr. Ashutosh Jain had opened the account but he is not resposible that matter, i have several times calling the phone but he is not responsible my phone. On dated 22 june without information 8 suzlon shares sell out.Kindly such type of matter your personally workout.

My BOID no. [protected] and client id number IN100030 as per your bill number 201104/66163 dated 30/04/11 and bill number 201105/46423 dated 31/05/11 . In those bills you have charged the maintenance charges and have sold the shares without my permission. The complaint was lodged in your Jaipur office but all in vain. As a matter of fact, I had opened the above Dmat account for one time fee if Rs. 551 and cheque was given at the time of opening. But you are charging more than as committed at the time of opening.
So, kindly look into the matter personally and revert back the charges you have charged without permission.
Early reply will be appreciated.

Thanks,
Ganesh

I am cheated by the company called Club leisure (India Biz line solutions (IBLS)). At first I was offered by card and travel voucher valid for one year. I have received calls from[protected] / 30717400 on 31/7/11 regarding issuance of travel voucher plus diner card . The caller also conveyed that I am selected to avail vouchers and card at free of cost. The caller told me to obtain the OTP no and put me on the IVRS system to register the card. On doing the same I have received sms from SBI Credit card that INDIABIZLINE SOLUTIONS, has charged me INR 5509/-, when the said amount was not discussed. the company workers asked me our colibration with SBI CREDIT CARD I am conected your call with IVR SYSTEAM and also ask me to punch your credit car details for verification purpose.

Please do needful.

Regards,
Ambrish

I have submitted on 23rd May 2011, 2 certificates comprising 200 shares of EPC Irrigation for demat to India Infoline franchisee in Kolkata at A J C Bose Road. Folio no -A04764. Certificate no. 4623 and 4624.

A month passed. On enquiring from the franchisee, I was informed that the demat request got rejected because there was some mistake in noting ISIN and the certificates were being couriered to me.

Not receiving the certificates , I rang up the company registrar M/s Sharepro Services in Mumbai . To my astonishment Sharepro informed that they have not received the certificates at all! In fact they called back separately to inform abuot its non receipt.

This information I shared with customer service of IIFL through repeated emails and telephones. They remain indifferent and refuse to give contact nos of senior management like Venkataraman.

Recently I have referred this problem to NSDL and awaiting their action.

Presently the stock is quoting high, but I cannot sell it. It seems the certificates are still lying with IIFL. Kindly help.