India Infoline Finance [IIFL] Complaints & Reviews

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