India Infoline Finance [IIFL] Complaints & Reviews

I have opened my account with india infoline in month of November 2009


At the time of opening of my account i was promised a brokerage of 3 paisa 30 paisa.I started trading right away but 7 months passed away my brokerage still stands at 5paisa 50 paisa.

Some of the issues that i am facing are listed below :-

1) On date 07-May-2009 my shares were sold out without my consent on charges that my acccount is in debit of Rs 5100. But i have a proof that i made an online transfer of Rs 5200/- well before time, stilll my shares were sold without intimating me . i have all the relevant proofs for the same.

2) Earlier also some case are there in which shares have been debited from my account without intimating me that my account is in debit by my RM .

3) Few months back i made a complaint against Mr. Vijay Singh about his rude behavior . Since my current RM was on leave so i was asked to contact Mr. Vijay singh about my orders. But it has happened many times that he doesn't pick my phone.

4) Two months back, after suffering all these i thought of transferring my Account to some other branch for which i made a request and submitted all the proofs as required. My request was rejected .On talking to customer care i came to know that my request was rejected from my current RM end , without giving any substantial reasoning.

After 15 days of struggle with these people , and lots of email phone calls , i end up with nothing they still say it was done on run time (selling of shares), Even my RM was surprised how can they sell the shares according to him also , my account was not in debit .

I just asked them for complete information regarding what happened . This is the kind of service they provided. Now they have stopped replying.


Please guide me what steps i need to take.

My self Vimal M. Aswar , have an Account with INDia Infoline Ltd. i had given an application for change of bank status as well as payout on 29th April 2010 in writing with necessary documents but since local officer and other call center employee's are given properly reply when should i get my payout cheque ???

Whenever visit the branch no one pick up my phone calls and if i visited local branch , staff said your cheque is in process it comes within a day or 2 ????

Do the needful.

Dear MADAM/SIR,
Still i doubt your rist policy since few days back my R.M inform me
that now my scipt will be sell off/square off by the H.O if my account
is in debit for more then 5 days even my account may be in GHV cover of
50 percent or above. moreover i received information regarding your
risk policy at my terminal helpdisk in responce to my query your agent
reply jist/copy of the same is pasted below which says that if my GHV
cover are 25% my script will be square up to bring my account in cover coordinate with your concerned risk department and speak in one voice
else the customer shall lost faith on your broking house and in spite
of having state of art and sophisticated technology the customer base
will will be been on sinking as since a year i have met lot of your previous customer who have closed their account with your broking house
and shifted to reliable broking house due to your unfair,frequent
changing,unstable,hassy,unclear and unjust risk policy,pl go through
the response sent by your help desk agent to me is as follows :

Agent Response :
As per your query, we understand that there has been a debit sale of
scrips from your account on NAUSHAD9. However, this sale had been done
in order to keep your account in an appropriate cover. This is to
inform you that your account is under NFDC(Non Funding Category) where
your normal trading limit is 25% which is revised currently. This is to
inform that as per the risk policy of our company your account should
remain in the cover of 25% and above. If your account is in
considerable debit and your GHV Cover comes down below 25% then our
Risk management will sell the stock and bring your account cover to
25%. Note that unclear cheques are not taken in to consideration, if
your account is in debit balance. Please note that if your account has
a debit balance due to which your account was below the GHV cover, thus
to bring your account in a safety cover our Risk Management had sold
the stocks from your portfolio. Your account can be in debit balance
only for 5 consecutives day and on 6th day our risk department will
square off the positions to bring your account in normal trading limit.
If you still have any doubts and queries with regards to your below
query, we request you to please revert to us so that we are able to
assist you accordingly with the same.

On Tue, 18 May 2010 15:05:31 +0530 wrote
>
Dear Sir/ Madam,

We apologize for delay in response.

With reference to your mail for the login id: NAUSHAD9, kindly note that your account is mapped under NFDC category and as per the risk policy of our company your account should remain in the cover of 25% and above. If your account is in considerable debit and your GHV Cover comes down below 25% then our Risk management will sell the stock and bring your account cover to 100%.

Note that unclear cheques are not taken in to consideration, if your account is in debit balance.

Further clarification we request you to get in touch with your relationship manager in this regards.
We apologize for the inconveniences.

Kindly note intimation of debit balance mails are sent to the email id mentioned in the document and also while login into the terminal would get alert stating account below cover and need to contact Relationship Manager to avoid liquidation of stocks by RISK

Assuring you the best of our services at all times. Please get back to us for any clarifications.

Warm Regards,

Ashvini.A











------- Forwarded Message --------
CASE :- 635091
From : [protected]@rediffmail.com
Date :[protected]:05:04 PM
Subject : {Spam?} UNFAIR,UNJUST,ARBITRARY, DISHONEST IIFL RISK POLICY
To : [protected]@indiainfoline.com

This is unclear,clouded,unjust and unreasonable that the IIFL never
give the clear and just information regarding the risk policy to there
customer,as i am your customer since last 2 years,and as i was informed
by your broking house authority that i am entilled to take debit
exposore below 50% of my holding value.but it is very unfortunate that
even maintaining exposure/debit amounting to 50% of my value very
often my possition was square up within any information to me,secondly
whenever i could not trade for continues 10 days in such also my
possition was sqaue up for petty amount of debit in account,moreover
now i came to know that my possition will square up if there is
outstanding/debit lyinging my account for more then 5 days.
This is very shocking that IIFL do not have any certain risk policy
but for there personal gain squaring up the possition of the customer
within permissive limit,inspite of receiving interest from the day one
of the debit/outstanding.
If a broking house do not look aftwer the interest of the bonafide
customer and/or do not disclose it fair risk policy the customer will
be contained to shift to other reliable,honest,and competent broking
house as i have seen decline in the IIFL customer base since last 2
years.
I therefore request the IIFL to come with fair,resonable and just risk
policy else they will lost trusof bonafide customer and the day is not
far when it will not find any custome

http://sigads.rediff.com/RealMedia/ads/click_nx.ads/www.rediffmail.com/signature...⇄

This is unclear,clouded,unjust arbitrary and unreasonable that the IIFL never
give the clear and just information regarding the risk policy to there
customer,as i am IIFL customer since last 2 years,and as i was informed
by IIFL broking house authority that i am entilled to take debit
exposore below 50% of my holding value.but it is very unfortunate that
even maintaining exposure/debit amounting to 50% of my value very
often my possition was square up without any information to me,secondly
whenever i could not trade for continues 10 days in such event also my
possition was sqaue up for petty amount of debit in account,moreover
now i came to know that my possition will square up if there is
outstanding/debit lyinging my account for more then 5 days.
This is very shocking that IIFL do not have any clear risk policy
but for there personal gain squaring up the possition of those customer also who have debit
within permissive limit,inspite of receiving interest from the day one
of the debit/outstanding.
If a broking house do not look aftwer the interest of the bonafide
customer and/or do not disclose it fair risk policy the customer will
be contained to shift to other reliable,honest,and competent broking
house as i have seen decline in the IIFL customer base since last 2
years.
I therefore request the IIFL to come with fair,resonable and just risk
policy else they will lost trusof bonafide customer and the day is not
far when it will not find any customer

Sir,

i am a small investor, i had invested some of my fees money in shares as savings,
i always contact to branch office through phone, i never saw online information because on that time i am not familiar with online.

the agent did unauthorized trades in my account which i never know about them when i came to know, complain in customer care, but they closed the case stating that i paid the cheques, yes i agree that i transfer money whenever i have and buys the shares as my investment, but that agent did unauthorized trades and i am in loss as well as customer care is not accepting any more complains.

after all this is not end at last the RM Anil again buyed shares in my account, now i am in the situation where no one is helping me.

please help me out.

thank you

Trading account of mine has been freezed twice by IIFL (India Infoline Limited). Once with a prior notice and second time without any notice.
Reason at the both time being Pre- & post financial closing audit, as explained by its customer care executive.

First it was freezed in March, due to late submission of documents required for Audit, and now aagain they are asking for the document, after freezing he account, without any notice, for the post audit report.

LoginId- KUMADIN6.

I was the employee of an india infoline , i have done business too , but after problem with my immidiate Boss Mr. ankit sharma. I talked to seniour authorities to transfer me to other branch but inspite of transfering me they kick me out and told me that your immidiate boss don't want that i work in this company after that i have no option to regine, So, i resinged that job on 18th Feb, 2010. they told me that your salary will credited in your a/c on 18th march,2010 but till today it is not credited. On talking them they only told me company will pay it.
now what to do please help me.

Not given experienced RM and i lost money/ and my securities worth RS. 24000 ..RM never foned me about my equity and sold/purchased shares without my permission.i want to earn thats y i opened my account in IIFL but upto yet i m in loss.please get me redressel of all this.........or I will make a complaint with SEBI

i am commute from MMDA to Kandhanchavi eveyday,In pick hours there is no sequence of bus is not available(7.30 to 9.00)because IT companies are lot in this area.So please introduce bus more service in this route especially-570 not a A/c bus ,we need Deluxe bus more in this route. Also ladies are seats are occupy by male ,conductor should take care but nobody is not responding.Only Ladies have 6 to 7 seats.In deluxe bus Plz remove the doors,in pick hours some pepole are standing near to doors on that time suddendly it will be closing wheater the people are inside are outside driver didnot mind,so we suffer a lot.And also irresponsiablty of in the route of 519 conductor ,they didn't check wheater the are giving the date's are correct in 30rs ticket,instead his irresponsiabily he mentioned previous date so i pay 300rs while checking

Rgds,
Vidhya

Dear Sir/Madam

I am Mr Sukanta Ghosh i have a account of your company(IndiaInfoline Limited). my login Id is M16GHOSH.

I am transfer 3000/=(three thousand only) through NEFT from [protected] to benificary account 523500M16GHOSH on the date 0f 06/04/2010 but Allhabad Bank Baidyabati branch says Late arrival of RBI NEFT tranfer on 07/04/2010.

But till now my IndiaInfoline account not be credited 3000/=. and my local RM Souvik Datta says this NEFT not confirmed but receive counter foil says it must be transfer in benificary account. I attached my counter foil scan copy. so please suggest me what can I do?

I think your expedicious reply solve my problem as early as possible.

Thanking you.

with best regards

SUKANTA GHOSH
(M16GHOSH)

On 09.04.2010, I placed one order to buy Nifty Future April series at 5314.75 on my TT adv terminal 2.0.1.17. It was executed at 9.00.12 AM. I placed order to book profit at 9.03 AM. It was not executed. It showed that order did not reach exchange. I placed another order at 9.07 AM. Both got executed. Then orders were executed irregularly. Pending orders couldn't be cancelled. Even the branch executive couldn't solve the problem. The mumbai customer care no. [protected] couln't be reached. The coimbatore branch nos. as per 5paisa.com are not in use. I got frustrated. I lost Rs. 700 on account of IIFL. Still, order book shows wrong data.

i have mine a/c with indiainoline's sub broker but i have to face some problem with them problem is that sometimes they puted sauda in mine a/c without order of mine i had warned about this matter to them but they people are doing same now also my question is that what can i do for that?

MY ID SKG00018 , I HAVE LOST MY UER PASSWORD. MY a/c is belong 2 india infoline , uditnagar.(franchise). now i can't able 2 trade because my DP is close.& i cant able 2 setup tt terminal of IIFL. .

I am a small investor. I have a demat a/c with India Infoline Ltd which I use to invest in stocks and funds. On Feb 25,10 I received an SMS informing that BATA india shares were bought and sold in my demat a/c. This SMS really scared me as I have never planned this and I had no reason or memory of any such request from my side.
Following this up, I immediately visited the nearby India Infoline branch office and informed them of this unexpected trading in my account. Not only this, I also informed them that the shares were even bought at higher price and sold at a lower price putting me to bear all the losses. I was seeking a solution so that no such dis-trust (fraud) happens in future.
When I intimated all this, the representative gave me a single line response, "to avoid all this I should close my Demat a/c'....!!! ***I was stunned. I am sorry but such a reply would certainly shatter the beliefs any of the customers. I have all my family's a/c with india infoline and when I get to hear such a rude response it drives me restless. Till this moment, I always commended the India Infoline's operations and transparency that wins everyone's trust, which is very important when people put a hellowa money in your hands.
I hope everyone in India Infoline and all the investors around the globe understand the long term dreadful consequences of such a practice on the investors society in India. NSE / SEBI does not allow broker to carryout trade without client’s authorisation. If done by error, company should inform the customer with an apology and should redress all the losses. At least customers expect a polite reply from the IIL reps.

I want to give this issue wide publicity, because I want to be heard and noticed and reach more responsible reps. in IIL, who could suggest me a solution for all these unauthorized practices. I intent to take a legal action against India Infoline Ltd, if such rude responses continue from IIL.

A disheartened, feeling cheated and mal-treated customer,
Nirav Samar
[Complaint comments] Read comments [Complaint category] Stock Market [Complaint comments]

hi
my self sonam sharma I have opened the account in 2007 in indiainfoline ltd. I have deposited about 70k rupees but when 2009 I check my account there is only 1.5 k rupess where was gone my rupees can any one convince me I have complaint in head of department of india infoline in Mumbai but he say that it is your mistake ur rm was terminated and u should connect to him I am not liable for that.
I was puzzled to hear it my money was gone what I should do please tell me I am in very much problem

To,
Concern Person,
India Infoline Ltd.


We here by inform you, we have submitted all documents for the franchisee along with the cheque of Rs. 1, 00,000.00. Cheque no. 512351 dated 03/12/2009.& for Commodity Cheque of Rs. 50,000.00, cheque no.512354 dated 06/01/2010. Sees that time we are contacting to your Juhu branch but nobody is giving proper response to us with this we have given all most 13 customer to you. All customers are trading directly with you and still we are not getting any response from you. We are eagerly looking to you.


From,
BN Securities
Jogeshwari(w)

I came to know about several unauthorized, illegal & fraudulent share transactions done by India Infoline ahmedabad branch.I am having two demats account of India infoline company but till date I can get any service from the company side, I am facing the problems related to my demat account but companies employee not getting solution of my problem since long time even I had called on customer care number ([protected]) of compay but same thing happen no answer without solution every day I am calling your company RM Mr.Yogesh ( from Ahmedabad law garden Branch) continuous follow up to get some solutions but I cant understand that after opening an account india infoline company not making such services.



Presently problem I am facing is Demat a/c DP ID[protected] and Client ID 01471041 in the name of my father Mr.Amratbhai S Panchal in the account that one transaction had been done on April 2009 of buy & sell of F&O which was I am not aware it had been done without my permission and deduct my 11 shares o[censored]nion bank and 3 shares of Rpower without inform to me it means company can do anything in my account with out my permission can sell and buy shares n after getting loss will deduct the shares So pls investigate the same on priority basis



Secondly my another demat a/c in the name of my mother Mrs. Anandiben A Panchal DP ID[protected] and Client Id[protected] in this account the problem is companies RM ( Mr yogesh or your branch employee not suppose to provide the status of the account as I had provided the details what they want to know like account number and DP ID number but not able to do so and he committed that will call you with in couple of days but still I am not getting same. kindly let me know that what exactly going to my both accounts



And by any how I want my 11shares o[censored]nion bank & 3 shares of Rpower back





This is request that kindly look into the matter and get with solution and revert the same asap.





Regards,



Mr. A A Panchal

[protected]

I regret to inform you that in spite of repeated remainders to close my account,they have not done the same so far.I request you to kindly look into this and do the needful at the earliest.

I had sent the required documents on 4th of Feb 2010 for the above and was informed that the accounts will be closed within 30 to 45 days.So far nothing has happened.

Please treat this matter as urgent and do the needful at the earliest.

NAGRAJ MADHAVRAO

we can place an order in option 5300 put apr 2010 amount trading 86 buyer 105 seller order can't go gave some error called Trading in illiquid options not allowed IIFL ORDER ID : "4542121 SOME NO"
i complaint the branch the people said contact us,then i said that why i can call u am online client order placement is my wish then why ican call u.and many more compalints about indiainfoline company i can prove u in next mail sure.my compaint picture not accept that's my position.

dear sir,
i did a fund tranfer to india infoline on 23-3-10. but the confirmation notice i did not receive bcoz of some technical problem. but when i checked india infoline it has already reached there. today on 24-3 -10 i was trying to transfer fund it was showing my transpassword has wrongly entered. and it is not processing. kindly do the needfull. thanyou. dennis