India Infoline Finance [IIFL] Complaints & Reviews

This is regarding a fund tranfer amount of Rs. 10,000 made to indiainfoline a/c (my a/c in indiainfoline) on Jan 23, 2008. i have alredy approached indiainfoline inthis regard.

My banker is saying that such amount was transfered to indiainfoline successfully. where as my a/c in indiainfo is not showing such amount till date. When i approached indiainfo people they asked me about scanned copy of my bank statement.

i have sent all the mails which i received from my banker regarding such transaction.

A month passed by and there is no proper response from indiainfoline people. i sent no. of mails to them in this regard. but no response till date.

can any body tell me what i should do or whom i should approach in this reagard.

shashank Y.

My login id is :SRIANR37

I had applied for change of address more than 3 months back with a proof of address and no action was taken.

I had resubmitted another application with proof 15 days back through their Salem office with noresult so far.

my account still shows old address and I will be missing Dw s as well as mails

immediate action required

To
Karvy Computershare Pvt Ltd
Unit Reliance Power-IPO

My bid cum application for Reliance Power IPO is 14988821 and 1 4988822.
I had applied for 225 shares each Rs 25875/- in both the applications amounting to Rs 51750/- .
Atleast 15 shares each need to be allocated but no shares are allocated to me. Could I know the reason for non allocation.
Apart from this the money also has not been refunded to my Saving Bank Account even after the IPO is listed.
Could i get some clarification on this.

Details of payment information
1) Chq no 905264 dated 15-jan-2008 Saraswat Bank a/c 9543 Amount 25875/- (Chq cleared on 18-jan-2008)
2) Chq no 905285 dated 15-jan-2008 Saraswat Bank a/c 11713 Amount 25875/- (Chq cleared on 18-jan-2008)


Regards,
Nitin Borkar

Dear Zurica,

I hope that you are aware of the past so many concerns I have raised. Is it professional on your part to simply communicate me about the status of the Reliance Power and simply IGNORE the other issues. How on this earth could you still copy paste the line "Assuring you of the best of our services at all times. Please get back to us for any clarifications?"

I won't accept any more of this and for the last time requesting you to fix-up an appointment for me to discuss over all of this with your MD failing which I'm open to resort to take an appropriate legal action which does include cheating on your behalf to not offer the full range of services as offered (if only you could bother to read all my mails earlier). I've got all the necessary proofs with me and please be warned that by simply ignoring you are deteriorating the relationship and the trust I had put in you.

Till now, I've lost ample time and money (I mean the opportunity cost of not having an alternate alliance with another broker and not being able to utilise trading in the market using your shabby services). I do hope that you are learned enough to understand what I mean here. I do look forward to hear from your MD today itself.

Ritesh


On Feb 11, 2008 7:41 PM, [protected]@5Pmail.com <[protected]@5pmail.com> wrote:


Dear Sir/ Madam,

With reference to your mail, kindly note that your account RITESH10 has been credited with 16 shares of Reliance Power.


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

Warm Regards,


Zurica Miranda

Request you yet again to fix up an appointment for me with your MD, a telephonic call will do. I am frustrated with my experience so far and would certainly seek to know his feedback as regards India Infoline's professionalism (or the complete lack of it). You have been simply ignoring all concerns raised by me so far and it's not helping the cause.
- Hide quoted text -



On Feb 11, 2008 12:49 PM, Riddhi <riddhi.[protected]@indiainfoline.com> wrote:

I will courier the CDSL statement which shows the Rpower allotted shares




From: Ritesh Garg [mailto:ritesh.[protected]@gmail.com]
Sent: Monday, February 11, 2008 12:36 PM

To: Riddhi
Cc: [protected]@5Pmail.com
Subject: Re: Re: Urgent: Please reply this time

Plz see the attachment. I hope I'm not wrong in my interpretation.

btw, isn't it very convenient for you to not even address the earlier mails with genuine points raised at the top of my voice/irritation?....Am wondering!

Plz note that I need to speak to your MD right now. Ignore this mail to your own peril.
On Feb 11, 2008 12:28 PM, Riddhi <riddhi.[protected]@indiainfoline.com> wrote:
16 shares has been allotted in your account……..n its showing in ur DP account….u can call on 40071000 n confirm the same.




From: Ritesh Garg [mailto:ritesh.[protected]@gmail.com]
Sent: Monday, February 11, 2008 12:16 PM
To: Riddhi
Cc: [protected]@5Pmail.com
Subject: Re: Re: Urgent: Please reply this time

One more feather in your cap!!

I do not see my Reliance Power share holding in my a/c now.

Do you guys do anything professionally AT ALL??? Will you bother to reply???

I might seem like a crying baby but am frustrated to the core and am trying to find a suitable contact in Media/judiaicry to expose this now. You might resort to not even acknowledge but please be assured that I'll keep you posted of my actions from now on.

All the very best.

Ritesh
On Feb 8, 2008 3:22 PM, Ritesh Garg <ritesh.[protected]@gmail.com> wrote:
Is anyone at India Infoline concerned about sending at least an acknowledgement to this mail or is it simply worth going to the trash? Either way, reply to me before the EoD today or I feel free to resort to any action I deem I should take.

Regards
Ritesh
On Feb 6, 2008 6:21 PM, Ritesh Garg <ritesh.[protected]@gmail.com> wrote:
HI Riddhi,

Thanks very much for doing some research for me in terms of identifying the way your website works. I'm surprised to observe that India Infoline doesn't provide its own staff basic minimum training so as to enable them in resolving genuine customer concerns/issues. To add to that I'm not even able to see my account information including the change of password shows how poorly constructed this website is. I can understand your embarassment and at the same time I'm once again forced to rethink whether my decision to start a relationship with India Infoline had any merits as I've lost considerable time while dealing with some of the very BASIC issues.

It would be professional on part of your senior management to address these concerns. I'm sure that given its lack of empathy, this lkind of business model wouldn't have lasted a single day in the western market and there would certainly have been numerous legal cases to sue such a company for its unprofessional attitude would have been lying.

It goes without saying that I had put my faith in your widely known and respected (?) organisation's capabilities in delivering me the best services. I'm splitting my hairs apart on not even being in a position to use it even after 3 months!!! I can see tall claims being made in the newspapers by your organisation but it must be a shameful scenario for your management (not you) and if they have any profesional respect, they must address it NOW without fail. I pity all other customers who have had to go thru this harrowing experience with India Infoline's services.

Regards
Ritesh
On Feb 4, 2008 6:04 PM, Ritesh Garg <ritesh.[protected]@gmail.com> wrote:
I just hope that you understand simple English, I'm sure I was lucid in explaining you my problem. !!!

On Feb 4, 2008 6:03 PM, [protected]@5Pmail.com <[protected]@5pmail.com> wrote:

Dear Sir/ Madam,

With regards to your mail, please note that the passwords that are sent via SMS would now expire, within 72 hours before which the same has to be changed by you through your terminal and thereafter the same would expire after 15 days.

Kindly note that if you forget the password or it expires, you could intimate us the same and a fresh product password for your account would be sent to you by us via SMS on your mobile number.

Please note that you would require TPIN (Telephonic Inentification number ) to place order through tradeline on[protected].

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

Warm Regards,

Priya


CASE :- 109559

Hi Riddhi,


Just now I have received two messages from 5 HYPERLINK "http://paisa.com/" npaisa.com. The first one told me Product "IT" Password & PIN while the second told me the Password for the product "TPIN". I`m confused as to what does the second password mean & what is TPIN!



Anyway, I tried to login using the "IT" password & PIN. After successful login, I got a message that my password will expire in 3 days but surprisingly I do not have a change password link anywhere on the website. I do have a change password link for the normal login ID and password that you had sent to me earlier.



The whole above explanation should be able to indicate you that I`m utterly confused as to what to use for what 7 when!!!



It would be helpful if you could spend some time in explaining about all of them.



Regards,

Ritesh


On Feb 4, 2008 1:07 PM, Ritesh Garg <HYPERLINK "mailto:ritesh.[protected]@gmail.com" nritesh.[protected]@gmail.com> wrote:


Hi,

Haven`t heard from you on this! I`m unable to use my a/c and also the status of my IPO application for RPL (the only transaction I could manage to do) is not updated. It seems that Riddhi is not
On Feb 1, 2008 1:59 PM, Ritesh Garg <HYPERLINK "mailto:ritesh.[protected]@gmail.com" nritesh.[protected]@gmail.com> wrote:


I`m not able to use TTAdvance on my m/c owing to certain security firewalls (as told to me). How can I trade on your website? PLz guide me.

Regards
Ritesh
On Feb 1, 2008 1:50 PM, <HYPERLINK "mailto:[protected]@5pmail.com" [protected]@5pmail.com> wrote:


Dear India Infoline Customer,



As part of our ongoing endeavor to serve our customers, we are pleased to present you with the features available in TTADV- our advanced trading software.



Important features which are present in TTAdvance and that will help in market hours for analysis are:



1. Net position-This option will help to square off the position, if any during market hours.



2. P & L Summary-This option will show the Profit and Loss statement for the selected period.



3. Ledger-This option will help in viewing the ledger balance for the selected period without entering any password.



4. Zero Terminal-This option will help in market hours to confirm the trade execution.



All the above features are available under the ` Report Menu` or on clicking ` F3 button`.



5. Historical charts- This can be accessed by using Ctrl H. This option will help in viewing historical data and charts.



6. Reconnect-This facility is only provided in TTADV. Incase you are disconnected from the server there is no need to logout.This option is available under `File Menu`.


In case you need any clarification, please do contact us at HYPERLINK "mailto:[protected]@5pmail.com" [protected]@5pmail.com .



Warm regards



Manjiri Apte

Head - Customer Service

Dear Team,
The services o[censored]TI MF are not up to the mark.
I purchased a MF of amount 5000/- and it has been told that it will be invested in old UTI Infrastructure.
But after 15 days I came to know by your local MF office( Sanjay Place Agra) that it have been invested in NFO of NEW infrastructure fund.
It was a worst moment for me because I could not found my desired fund it has been assured by their officers that it would also give me good growth. He gave me Folio no.[protected]NFO Infrastructure Dec. 2007) could not give me print of statement due to printer problem.
After 20 days today when I requested them to provide my statement they told me that they have not authority to provide us the same. I mate with Branch Manager he told me that only discuss with out side people. After having some discussion I came back with this perception that they are not here for service are for puzzle the customer only.

Requesting to company please resolve issue and provide me statement of given Folio no.[protected] also trained your officers to better treat your respective customer.

Thanks & Regards
Harikesh Dwivedi
Area Manager (CS-Motor)
Mob.[protected]

I am getting error: interactive server not available. please relogin.
I tried many times calling CCARE. but they switch the phone from one another.
Many time we get busy.
I am trienig almost from one month.
till now i didn't get any solution.
my ID SVENU989.
If possible please cancel my demat account so that I can open with some others.

i am not received my tranfered 4000 rs from my citi bank to demate account i transfered 2 weeks back from my citi bank to indiainfoline demate account i dont know why it is not updated in my bemate account

TO, PHONE NO-+[protected]
THE PROPRIETOR/MANAGING DIRECTOR/HEAD DEPTT OF EXTERNAL AFFAIRS
INDIA INFOLINE LIMITED



RESPECTED
SIR,

I shall be highly obliged if you kindly allow me to express myself about your renowned

company. It is not only well-wishing advice but also it’s my humble appeal to you

that please keep your rapt attention to your company management. I am now telling

you like this sentences after getting a repulsive and non-sense dealings from your

employee. Whose name is Manoj Sharma and has already been appointed in your kolkata regional

office 1, shakespeare sarani,kol-17. A few months ago, he had approached me with a good suggestion

regarding investment and also committed with confidence that I could surely get at least 5% return

per month by utilizing my nominal investment.

Being a stock market employee he doesn’t know how to conceive the assumption about any stock or

share. When I had asked him repeatedly about my transaction then he used to avoid me.Now, I am

realizing that he may have secured his position by any political influence. At this moment, I pray to

you please don’t indulge to create any political environment among the employee of your company.

IN this regard, I want to inform you that recently I have drawn an apathy with the name of your

company. IN a consequence, I am seeking co-operation to change my naked impression about your

company infrastructure and also want to have a better response from you.

If I don’t get any response within 24 hrs from you, I will surely approach to SEBI with my complaints.

THE DP ID[protected],CLIENT ID[protected],I HAVE LODGED A COMPLAINT TO SEBI,IT’S MY

EARNEST REQUEST TO TAKE INITIATIVE AGAINST YOUR FRAUD

EMPLOYEE(MANOJ SHARMA) YOURS FAITHFULLY
SHOURYA MUKHERJEE

I had applied for Reliace Power IPO in part pay option and now indiainfoline has sent a mail that my application has been rejected due to technical reasons. This is the case with many other applicants who had applied through online method.

I would definately go to the court to seek compensation from these nonsense guys.

I 100% agree with the poor service by India Infoline. Even I am the victim of this company. I too want to sue India Infoline by approach consumer court and take severe action against it. Could anyone provide me with the required information to sue against India Infoline for cheating the public.

Regards,
Sushma

India Infoline deserve to be sued and penalised for poor service and cheating public. did you get any response for this complaint? Let me know how to esculate about this company to SEBI and consumer court if you have any idea.
Regards,
Sushma

Dear Madam/Sir,
Pl see below my letter addressed to INDIA INFOLINE for their malafied practices.
Regards,
Rani Garg
[protected][protected][protected][protected]-


Manager Customer Care
Infoline India
Bombay

Subject : Protest for not allowing clients for doing their business

Madam/ Sir,

My id is RANGAR73 and I work thru ttadv software. Today morning 24/01/08 at 10:00 AM my Open Margin was Rs 55135. This we view everyday before we start our terminal thru F3 function key.

To our surprise we see after some time at around 10:15 AM that our margin money had blocked by Rs 110640 whereas we had not transacted any business resulting negative balance which would give you an authority to square off our outstanding position without our consent. This is not fare. I protest this approach. Also I mention here that I had continuously tried to convince our RM at Delhi and also spoke to your Bombay office but no satisfactory solution.

It was after our hotted discussion with your officers they released only Rs 84865.

It clearly indicates that there is a malified intention in your system to kill the interests of small investor & have a option in your hands to square-off their positions as & when you wish to do so.

For your information I am attaching herewith Screen dump of my terminal showing Margin money status.

PL CLARIFY WHY MARGIN MONEY Rs 110640 WAS BLOCKED AND WHAT WAS ITS MOTIVE. WHO IS RESPONSIBLE FOR LOSES !!!

Rani Garg
ID : RANGAR73

Ph :[protected], [protected]

i want to open my new demad a/c. with indiabulls.

my name amaravadi ramakrishna

demat ac no -[protected]

kit and passwordso farnot received


plskindly look into the matter atthe earliest



with regards
amaravadi ramakrishna

i applied 3 weeks ago but do not any responce what is the problem why because late pls inform ok than q

i want to watch the market so i want my password

Sh. Deepak Arora age 24 yrs of India Infoline Pvt. Ltd. contacted me on phone to become my portfolio manager to manage my share trading account. I told him I was not interested. Thereafter, he pestered me till I finally gave in. He told me account opening was Rs. 5000/-. Thereafter, nothing else was required. After opening the account, he further pestered me till finally I gave in and put into my account Rs. 130,000/-.plus the initial Rs. 5000/-. I signed a lot of papers and in my ignorance may have made many mistakes.
2. Thereafter, telling him not to do anything as I would be away from Delhi for about a month and hence, would not be able to trade on my account.
3. On returning after a month, I discovered to my horror that there was a balance of only Rs. 30,000 in my account as Sh. Arora who had no knowledge or experience had been trading on my account by asking people in his office or in the corridor of his office building as to where to buy and sell and was continuously losing money in a sharply rising market Sensex going up from 12,000 points to 13,000 points during this period.
4. On confronting Sh. Arora, he said he would recover the money within a month. This did not happen and hence, I approached the manager of the branch, Sh. Ramashri Rai.
5. Sh. Rai then took over the account but the recovery over 2 months only brought the account to a balance of Rs. 40,000 and he also said he could do no further while the sensex continued to move upwards.
6. Fearing further losses, I closed my account and took back my Rs. 40,000 and started correspondence with the Head Office of the company.
7. I only got evasive answers and nothing conclusive in their mails and lot of time elapsed in this correspondence.
8. I was polite in my correspondence though, I was fuming inside in the hope that this company would see reason and make some effort in either trying to recover my funds or compensate me adequately for the torture that they had put me through but this was to no avail as they seem to have had no interest in either me, my funds or the future business with me. Their only interest seem to have been to make money in their commissions and to see that they would be able to train Sh. Arora who seemed to me to be semi-educated and knew nothing of the stock market. In the bargain, I lost a lot of money.
9. After much correspondence where the company was pretending that they did not know where Sh. Arora was as he had already been dismissed from their service and not knowing the where abouts of Sh. Rai who happened to be sitting as the Branch Manager in the Branch Office.
10. Having failed to make the company see reason, I threatened them with taking the matter to the authorities concerned and putting the matter on the internet, they sent me a mail stating that I should meet Sh. Rai in his office and he would sort out the matter.
11. I was quite elated hoping that the matter would be resolved, not realising that this was another ploy by the company to delay matters being a simple Senior Citizen of this country. I was again horrified at the attitude of Sh. Rai who told me that I could go and do my worst and he was not interested in my case.
12. I now came away and spoke to some of my friends who were actively involved in the Stock Market and told them the history of my case and under their advice I dispatched a complaint to SEBI. Apprising them of my complaint I am putting this on the net that in future no one is duped in this manner of their hard earned money in these highly inflationary times when people like us have no recourse or resource to raise funds so that we can keep reasonably well fed and housed during the so-called golden years of our lives. I would also appreciate if people who are reading this would mail me back and let me know about their experiences and advise as to what course of action one could take against corporations who deal with people in this allegedly fraudulent manner. I shall of course also try to take the matter to the consumer court as I have suffered extreme agony mentally.

Hello, 5paisa has forcefully implemented TTADVANCE on all its users and has discontinued the TT5 software, totally ruining the overall business of most of their "TEHNICALLY EDUCATED" stock traders whether they do day trading or delivery based trading..... Now, we traders are forced to use the new TTADVANCE software since December 10th, 2007, which is totally impossible to do... and which is truly not an advanced software but a real worst software, a real slow one.

Since yesterday, I'm completely out of business and can not trader through the TTADVANCE.... I visited the local office of 5paisa and found more than 100 people there fighting with the customer care there and the customer care was just helpless to answer any of their problems.... Customer care just said.... "Sir please be sure everything will be alight by tomorrow.... please be sure...." .... and even they themselves did not know what the company will do by tomorrow....

I believe no one can trade through it... The data gets updated very slowly and the graphs rarely open up.... And when you go to apply moving averages on your graph, you find that the software has been coded in such a way that all moving average graphs will be shown in one common color... so that you can not distinguish between each moving average line....

I believe some headless programer has created this software for the company... lots of bugs and misinformative operations all across the application....

One more joke, if you use the software from behind some proxy, then you can not define the port through which the application should connect to the servers.... You only can define the IP address of the proxy.... And in the HELP, it says you can open any of the 3 ports including 10116, 25000 and 25002 on the proxy PC so that the application can work! Isn't this headless planning for creating an application? A massive hassle to somehow get the required port opened on the proxy PC!

I believe the company SHOULD HAVE beta tested the application in the phase-1 before forcefully launching it for all its clients... Without knowing how its functioning, how come they implemented it for all clients.... I'm sure they would have registered losses worth millions in a single day due to people unable to operate the software and their software and their servers not able to cater to all customers....

I ask.... aren't these Brokers being regulated by SEBI? Can these brokers force their user traders to switch over to another application without any prior written signed approval from each user that they have successfully switched over to the new application and now they can comfortably trade through the new application!? We have not been provided any training or help in order to set up our softwares on our systems and use the same for real successful trading..... How come and how can a non technical person or even a computer guru person can successfuly switch over to a totally inefficient TTADVANCE applicaiton in a matter of a few days email intimation and no personal customer support?

I ask..... Do not these brokers need a SEBI approval for implementing such a drastic change in their operations? In such a scenario, who is the care taker of the small traders on which this whole stock market makes money?

I put this incident in "highly irresponsible category" and I believe if this was executed in USA by a US company, then the company would have received hundreds of legal notices for lawsuits against the company from its users.... Here in India,,,, anyone can do anything even overnight and no one even questions! India is really great!

Sanjay.

Hi,
This is Vishal Shah here from Mumbai. I've recently opened an online trading account with India Infoline in their Mira Road branch(Branch manager-Mr.Pankaj Sinha & customer relationship manager-Mrs.Poonam Malani) and have incurred a loss of Rs.2000/- to Rs.3000/- due their wrong processing. I've e-mailed them number of times with regard to the same but have not yet received any satisfactory response. The details of that perticualr transaction are described below in the form of my 1st email to them with regard to the same. I request all o[censored] to go through this and suggets me the right direction in order to recover my loss...
Hi,
I Vishal Shah, who has an online trading account with IndiaInfoline with user ID as VISHALUS, want to inform that there i've been facing tremendous lack of service ever since i opened an account with you. The details are as follows :

1) Yestrday i'd placed few orders whose details as of now are in the first attachment(indiainfoline orders.jpg).

2) After that i'd to close terminal from my end and had to follow all my orders by phone, so i requested Poonam Malani to process it the way i wanted but she was not in position to process it due to some technical problems.

3) She suggested me to call up on Trade Line number of india infoline which is 40071000, i spoke your executive named Jaya.

4) In the beggining even she was not in position to process my orders AGAIN due to some technical problems but she committed a call back which is appreciable and some how managed to cancel my 6th order in line which was for selling PATNI 100 [protected]@518.00 and placed a new order for the same to sell PATNI 100 [protected]@market price.

5) ALTHOUGH SHE WAS NOT ASKED TO SELL THEM AT MARKET PRICE.

6) But anyways she confirmed the same with me, since i had no other option i acknowldged the same.

So my cunclusion is she has failed to cancel my order and has placed a new order.

I kindly request you to have look upon this and revert me back your concent about this as soon as possible and do the needful because this is not the only problem i'm facing with you there are many as follows :
1) It has almost more than a month passed with you and i have not received a welcome kit which quiet crusial for any customer as it has all the passwords and login data.

I hereby rate India Infoline with 0 as far as customer satisfaction is concerned.

Kindly do the needful as soon as possible. Thanking you for your anticipation????!!!!!!
Thanking you,
Vishal Shah.

After this they refused to repay my loss in a very abusive language especially their customer realtionship manager Mrs.Poonam Malani however i still went ahead and sent 1 legal notice from my lawyer Mr.Jayesh Bhatt(advocate High Court) and they repayed less 10% of loss incurred. Now since they've repayed some amount, it is for sure that it is a mistake from their end and now i am planning to approach SEBI for the same. I've already approache few websites like www.investorhelpline.com. I also have enough of documents and recordings as well to prove it right. People kindly advice me the right direction........
Thanking you all,
Vishal Shah