India Infoline Private Ltd — India infoline harassing me to pay amc charges

Address:

Chennai, Tamil Nadu

India InfoLine is a fraud and misleading company.

I have a demat account BMIRALIK with india infoline for the past few years. When opening the Demat account, i have paid Rs.555/- which is a life time membership, by doing this, there is no annual fees or AMC charges for the demat account for the life time of the demat account. Now for the past 2 years, they are charging Rs.50/- per month as AMC charges and they are going on adding them as debit balance month on month to my account. And every month, they are going on adding recurring interest to that recurring debit balance.

When opening the demat account, the demat broker has promised that the membership is free for life time and there is no AMC charges. Now they are charging monthly Rs.50/- as AMC charges, which is a false commitment towards a customer.

And going by this, without informing me, they have sold so many of my shares at losses to close the debt balance. When i contacted them regarding them, the RM answered irresponsibly that every month you should pay the AMC charges or your shares will be sold out. Ok, i also accepted that, let it be, as they have sold my shares to close their debit balance of the demat account. i satisfied myself.

After closing the debit balance, again once again they have started adding AMC charges to my account and started harassing me once again to pay the AMC charges, now the AMC charges are Rs.188 for 2 months( after adding interest on interest and interest on interest). Does anyone go to their branch every month and pay Rs.50/- AMC charges. Does the account holder does not have any other work, just pay monthly AMC charges to the IIFL or else they will charge interest on the recurring basis.

This is harassing of customers on the part of the IIFL, i request the authorities to take action against the fraud company IIFL

Then why they have charged Rs.555/- as life time membership charges. I request the India Infoline to close my account and refund my money

Thanks and Regards,
Murali