[Resolved]  India Infoline Limited — Poor Services and Negligence of Request

Address:

Indore, Madhya Pradesh

I am writing this email after booking loss of nearly ONE LAKH rupees today due to negligence of my request by my RM and not getting any support from his colleagues when he was not in office. The reason :- It was very clear to me that my account is in debit of aprox 2 LAKH rupees on Thursday (24/07/2014) and for the same reason some of my positions have been square off on Friday (25/07/2014) and I booked some loss as well. On Friday my RM has purchased wrong stock in that I booked loss of 15K. I have reduced my position and sold some of stocks to make sure that my account should have enough amount so that my position (specifically for Voltas future) will not be square off by the risk department on Monday (28/07/2014). I asked the same to my relationship manager to check my account and let me know if my account is in debit of single rupee even if there is any difference I would transfer money into my account. He assured me that I have enough money and my positions as safe. On Saturday(26/072014) evening at around 7:30PM I have received a SMS that my account is in debit of aprox Rs 2 LAKH I was shocked and immediately dropped a SMS to my RM about the same. Since I have got the SMS on Saturday night I was not in position to transfer funds into my account before Monday morning. My RM gave me call on Monday morning, I requested him not to square off my positions automatically I will arrange the funds in my account by 11AM. He assured me that he has informed to his colleagues and they will inform to the Risk Department but again my positions have been squared off automatically. I am a small investor and have faced huge losses by the pathetic services of India Infoline Team and managers. How a share brokerage house can work that casually without taking responsibility of providing decent services even. They are concerned to just open an account with them and once they got the customer they are not at all looking at him/her about what kind of services they are providing. By far for me this is the WORST company in one of the most critical domain. DO NOT OPEN ACCOUNT WITH INDIA INFOLINE. THEY WILL EAT YOUR MONEY AND WILL NOT LISTEN TO YOU AT ALL.