IndiaBulls Complaints & Reviews

Hi...

I have worked in Indiabulls Commodities Ltd. at Udaipur Branch, from 06-Oct-2009 to 28-Feb-2011. As Indiabulls suddenly closed his branch from Udaipur & shifted to Jaipur Rajasthan. So we have resigned in pressured. As one of our branch person (Mr. Harish Kumar Parmar Emp Code[protected]is received his leave incashment on 02-May-2011 by Cheque No 634318 amount 7860/-. We are contacting to our HR dept they are saying this policy is closed.

This is complaint ...

Please get it resolved soon..


Regards,

Neeraj Kumawat
+91 [protected]

Dear Sir / Madam,

I am writing you with heart fill of distress and a feeling of cheat, I have been holding a Demat account with Indiabulls and opened a trading account also in Last year considering the faith and trust I had on Indiabulls.

Mr. Tilak Bhardwaj was dealing me on behalf of Indiabulls. As to start with trading he suggested me to buy stocks in JP power which resulted me to loss of around Rs10, 000 , later in order to recover the losses he asked me to trade in future options (put), which i was not very sure about, but he convinced me that I need not to worry and he will take care of everything and would recover me the loss. For sometimes he has done trading in put and one fine day i realized that i have not been getting any calls from him since one week, than i called him up only to realize that he resigned and joined some other organization. When I inquired about status of my account he told me that he will come back to me with my account details next week, since than i was repeatedly trying to get my account update which he could provide only two days back saying that your account balance is Rs 4000, i shocked to hear that as there was around Rs 25000 in my account when he was doing trading for me. When i asked the reason for the same he told me that as he resigned and transferred my account to somebody else in Indiabulls who had not taken care of the account that time and due to which my position wiped out and resulted in loss of Rs 21000 to me. He also washed away his hands by saying that it is not his mistake. In between i also got mail/call from Indiabulls regarding the assigning me the new RM who was completely ignorant what and how the above incidence happened to me and only suggested me to contact to Mr. Tilak Bhardwaj or Indiabulls helpdesk. Here i am not interested in identifying the responsibility for this sheer negligence, unprofessionalism and loss to customer, but what all i want is to request the Indiabulls management to compensate all my losses which incurred to me due to mismanagement at your end.

Looking forward to hear from you soon and compensate the losses to me at the earliest.

I jave written the above mail to Indiabulls and they replied in after one week with the following reply...

Dear Mr. Rana,

With reference to your mail received on 04.05.2011.

This is to inform you that all the trades in your account were executed for and on your behalf and the confirmation for the same was also given to you in due course.

Your account was in margin call and you were informed about the same in due course of time,since you failed to clear the debit therefore your position was squared off by our Risk management Team

Regards,
PREETI ARORA
Help desk
INDIABULLS

After thant i m continously following with them but they are not listening to me.

I was applied for a home loan with the Indiabulls Housing Finance ltd. in the month of Oct'10 and issue cheque no.860326 dt.6.10.10 Rs.5,515/- (Rs. Five Thousand Five Hundred Fifteen Only) drown IDBI Bank Ltd, for the processing fees with the Loan Application No.160200. After so many telephonic follow-up with Mr. Animesh ([protected]) & Mr. Manoj ([protected]), I come to know that loan will not be approving due to some technical reasons.

Than after two months I have received a call from the Indiabulls Housing Finance Ltd. that, "you provide some papers than your loan will be approved", but after two months I was not interest to taking the loan.

After this incident the M/s Indiabulls Housing Finance Ltd., banked the Cheque No.860326 dt.6.10.10 Rs.5,515/- (Rs. Five Thousand Five Hundred Fifteen Only) drown IDBI Bank Ltd, which was attached with the Loan Application Number 160200, for the processing fees. Till date, I have not received any Loan approval letter from the Indiabulls Housing Finance Ltd., but the processing fees has charged and above mentioned cheque was debit from my bank account on 03/12/2010.

I request so many time to Indiabulls Housing Finance Ltd., for refund the processing fees amount, but they are refuge to refund the amount saying that your loan was approved/processing fees charged on time of application/processing fees charged even application rejected etc...etc..

I want your attention, if the processing fees is charged on time of application, then why they banked the cheque when I was retreat to take the loan.


You are requested to, please help me to refund my processing fees amount immediately, as my loan was not approved and any more I am not interest to take the housing loan from the Indiabulls Housing Finance ltd.

Thanking you,

Yours truly,

Umesh Kumar attri
Phone No.[protected]
RZF 772/5, Gali No.13,
Raj Nagar Part 2, Palam Colony, New Delhi - 110045

Complaint against: Indiabulls housing finance ltd.

I have applied for a home loan in Indiabulls Housing Finance Ltd. through its executive Mr. Ashok Patil (Mob: [protected] although he submitted my application form and left Indiabulls). Later on Mr. Rohit Parker (Mob: [protected]) and Mr. Santosh Gupta (Mob: [protected]) has started taking care of my application. Indiabulls has approved my home loan (Reference no. 166816) and encashed my cheque worth Rs.5515.00 (cheque No.: 331306) on 22 Dec 2010 which was meant for processing fee. After that Mr. Samar Vakharia (Mob: [protected]), who is Location manager of Indiabulls Housing Finance Ltd. , Borivali branch come in contact with me regarding my application. He asked me so many documents even after sanction of my home loan (I have sanction letter with me) and every time I fulfilled their requirement from last 4-5 months by spending so much of time on this process and found myself very depress as they are asking more and more documents and always assured me that documents are ok and now I will get loan amount cheque within few days. Finally builder asking me the money with interest (which is Rs. 10,00,000 as per agreement and Rs. 40000 interest of 4 month) as construction work is almost completed and Indiabulls taken 6 month to proceed my application file. But when I called Mr. Samar Vakharia on 26th March 2011, I came to know that the project for which I applied for home loan is not approved from Indiabulls Housing Finance Ltd. whereas same project is already approved from so many banks like State bank of India, Bank of Baroda, HDFC and many more. I shocked because I spend more than 6 months for this loan process and gave them each and every single document whatever they demanded for and even project is already approved from government bank (like SBI, Bank of Baroda etc.) and some big private banks and financial organization (like HDFC, ICICI, DHFL etc).
When I asked reason for non approval of loan, Mr. Samar Vakharia told me that they are not comfortable with project location, then the question arise is why they sanctioned my Home loan first and encashed my processing fee and after that they have taken 4 months to say "NO" to my loan application. Now as per flat agreement I have to give 70 to 80% to builder because construction work is almost complete and now builder asking me for interest on that amount that I have to pay him. This is utter nonsense because I have to pay that interest amount to builder which cost more than Rs. 40,000 to me and it is totally because of negligence of Indiabulls and their staff.
Then I decided to go for another bank for home loan and Mr. Samar Vakharia told me that they will return my documents and processing fee within 4 and 8 days respectively. Mr. Samar Vakharia always gave me only dates whenever I called him as well as he never replied to my mail. Finally they have taken more than one month (after I sent them near about 3 mails and so many phone calls) to return my documents only and Mr. Samar Vakharia told me that Indiabulls has not giving me back the PF amount of Rs. 5515/- and it has cleverly grabbed my hard-earned money.
Indiabulls is into such practice for a long time. Once again to my utter surprise, Mr. Samar Vakharia has suggesting me to talk with their technical team, visit to their technical office and so many things which is totally irresponsible reply from Manager of such type of big organization and he is totally running away from his responsibility. Is it my job to talk with technical team of Indiabulls? As Mr. Samar Vakharia is saying that its not his responsibility to return back my documents and processing fee on time. Then who is responsible from Indiabulls in this matter.
Now I feel, not to believe in such big corporate names. They are nothing but a traitor. Can anybody help me !
I am ready to show all the email conversation and sanction letter copy, if it helps me to give justice against such types of origination and their irresponsible staff as I have suffered from not only money (Processing fee of Rs. 5515 and Interest given to builder as delay in payment as per agreement Rs. 40000) but also time (more than 7 months to reject my application) and my peace of mind (as they asked me lots of documents time to time, gave me lots of commitments for that I took so many leaves from office and finally they have not fulfilled it.)

Name of Indiabulls Housing Finance Ltd. Staff, Borivali branch to whom I have contacted in this matter:
Mr. Ashok Patil (Mob: [protected]) - Executive
Mr. Rohit Parker (Mob: [protected]) - Executive
Mr. Santosh Gupta (Mob: [protected]) - Executive
Mr. Samar Vakharia (Mob: [protected]) – Location Manager

Complaint By: - Mahesh Hankare
Contact Number: - [protected]
Postal Address:- 103, Building No. 4, Prathista Apt., Chinchpada Road, Kalyan ( E ), Thane 421306

Respected Sir,
This to inform you that I have opened an account with Indiabulls Securities 2-3 months ago, from then till now I have not received my online password to operate my account. At the time of opening the account the agent Bimlesh Singh of Salt Lake branch assured me of good service from him and the company, but after opening the account I am only getting verbal assurance of service but no service. I called him several times, more often he does not pick up my phone, and when I call from other number and he picks up the phone, he goes on giving verbal assurance. This is what happening to me.

So, I request you to help me because as a customer I have no where to go, so I came to the Consumer Forum for help. Kindly help me!
Thanking You,
Jitendra Shahi

Dear Sir,

Loan Application NO. 185660 ( India Bulls)

i have applied for Home loan of 25Lakhs, for that i have submitted 50% of documents, but India bulls depossited my cheque of Rs.2750/- with out any information. now they are telling its not able to reumburse beciase of loan has been sanctioned. Also i have not received any loan sanction letter.

please help me to get back my money. as i am not interest to take loan in this financial year.

regards
Shivakumar HM

i had applied for home loan on indiabulls housing finance limited, vaishali branch, ghaziabad, 0n 17 march. because i read there ad in newspaper that they will clear loan in 48 hours. submit all the papers, which ther required. but after 20 days when i did not get any feedback, phone to concerning branch. then they informed loan is sanctioned. when i want to know what is the exact reason, they could not give it.
i have three questions to indiabulls officials
1. why they sit on my papers, if loan is sanctioned?
2 what is the exact reason?
3. who is responsible to such of irresponsible behavioral.

the reference no given me by sms on 18 april 2011 is....184299.
any mr.

on 6th april2011 a indiabull employee come personally to returned my paper to my home, which have no any supportive paper, why they canceled my home loan.
sanjay srivastava
[protected]

Dear Sir,

This complaint is against INDIABULLS SECURITIES LTD headoffice at GURGAON.

I swati airsang was working in INDIABULLS SECURITIES LTD at HUBLI branch in Karnataka as backoffice executive with emp code 168794. Suddenly INDIABULLS SECURITIES LTD closed its branch at HUBLI and merged the HUBLI branch with Jayanagar Bangalore.

So I resigned from my JOB on 2nd feb 2011.

after...

At the outset please acknowledge my heartfelt gratitude for organizing a very important forum such as this to assist commoners like me.

I have read complaints lodged by Ms. SANDHYA VALIGONDA vide her email on Jun 21, 2009 bearing remarkable simili with my case.

I was first tapped by Swagata Roy, a Sr. RM of IBulls (Prafulla Kanan branch, Kolkata). Then his assistant, an RM, Atanu Seth contacted me and I had opened account with them in Nov-2010. Branch head is Samapta Chakraborty.

In first week of Feb-2011, I invested an amount of Rs. 40,000+ and within two weeks I made a loss of not less than Rs. 40,000+ by investing in nifty and other futures.

Atanu, who is supposed to be my RM, dealt with two or three of my initial transactions where profit/loss was marginal. The larger transactions was through somebody else in the name of Mrityunjoy (I don't know who he is) and I lost all my investments. I tried to call Atanu several times but he never responded at those transaction times. I also called Branch Head Samapta, spoke to him twice, he assured me to take personal look, but only big talks and no result.

And now, after this incident, in last one month, they never called me to transact or put money in their kitty any more, .....heh.

I thought of going to police but I did not because I knew nothing will happen.

I believe there are many like Ms. Valigonda or I out there.

There should be a campaign in future in internet or in some other form against this sort of broking firms and the government laws must also be more stringent.

I sensored this write-up just to avoid legal hastles but I believe people will understand what I really meant.

I shall be with you in this regard and I shall be a regular visitor to your website from now on.

Thanks and best regards

Soumyadeep Biswas
[protected]

this post is related to my experience with the Relationship Manager (Sangram Behera, [protected]@yahoo.com), Branch Manager (Mukesh Kumar), and Regional Manager (Dipak Singh, [protected]@yahoo.com) at Indiabulls Securities Ltd., Satara Road Branch, Pune.

this trio has been the worst financial advisors i've ever met.

i understand that ultimately the decision to follow advice given by my advisor lies in my hands, but obviously if a broker tells you that their recommendations have been doing great and you must follow it, you tend to fall for it. and i made the same mistake.

these guys repeatedly offered the wrong investment choices to me and whenever i asked them to trigger a stop-loss they discouraged me and said that i should wait for some time and the losses will be recovered. i think these people think that if i sell off my loss making positions and liquidate them, i will withdraw all my money from the account. and in fear of that they keep discouraging investors from letting off positions even if they are loss making.

it was not the first time i met some wrong decision makers at Indiabulls, i had come across Priyadarshi Sinha and Santosh Singh (RM and Branch Manager, both from Law college road branch, Pune) and they've been as hopeless and untrustworthy.

i don't understand that how such people become branch managers and relationship managers even when they don't understand investment basics such as capital protection and stop-losses.

i hope others don't fall in for Indiabulls and hence trying to reach out to as many as i can through this forum.

Sir ,
I have an excess amount of Rs 1600 with Indiabulls securities Ltd ,offline account BA 1968 ,As it a long time i want to withdraw the excess amount and close the account,I have changed the bank account.
Since 3 months there is no any proper response from these people.Please look int the matter at the earliest as i have lost lot of precious time

Regards ,
Pradeep Patil
[protected]

Hi, I took a home loan of Rs 12 Lacs from Indiabulls in Dec 2007, when I took it, it was given to me at 9% , and then every 6 months or so they increased the rate and now I got a revised rate of 19.5% , I want to know if I am regularly paying to NBFC then why they are increasing ROI and what is the upper limit set by RBI to charge a home loan customer ... is this arbitrary in the eyes of regulators that a new customer gets a home loan at rate 9 to 13% in an open market and a customer who is regularly paying his EMI is increased to double the rate he took it originally, and what does regulators are doing to stop these type of malfuctioning by NBFCs , what is the difference between money lenders at the time of British Raj and a free India NBFC ...? Both are free to charge customers at any rate of interest?.

Please rever to me my email id is [protected]@hotmail.com

I Mrs.Vijay Chandna lodge a serious complaint against Indiabulls securities Ltd.,
Pune Unit, as they squared off my entire positions of share stocks purchased by
them in my account on[protected] for December F&O,but, squared off my all
positions on[protected] without any reason as I have paid their due margin by cheque as per their routine standard procedure, due to which they had put me to
heavy loss of Rs.90000/- approx. within no time. Kindly help to make my losses good by them on the facts and figures. May submit relevant proof of documents.
My Indiabulls securities Ltd. trading a/c id No.PU2714, Pune Unit, Pune.

To,
The Commissioner of Police
Bangalore

Dear Sir,

Subject: Complaint against recovery agents/Collection agents of M/S India Bulls for harassment, Threatening and intimidation

Further the above mentioned subject kindly note that I am the director of M/S Value Information Technology Solutions Pvt Ltd dealing in computers and peripherals operating the business for 10 years. In the due course of my business I was offered business loans from Indiabull Financial services and I have availed the same. Also I have been paying them promptly for the past many years.

India bulls Loan No : LSMEBNG00014173

India Bulls Loan No : LIFSBNG00026667

The above said loans are business loans with equated monthly installments. I have been promptly paying the installments till sometime back and due to the global recession, my business has come down drastically and I am facing a severe cash crunch due to which have not been able to pay the EMI payment regularly. When things were going bad I had approached Indiabulls for a restructure of loan during January 2009 and they had promised me that the same would be done once the current EMI is paid. Till now we have been following up with indiabulls personnel who despite their promise have not restructured our loan.

From past two days I have been put to tremendous pressure & fright by the following personnel,

Mr Ravi - Phone No [protected]
Mr Harish - Phone No [protected]

Today the entire day they had put their person Mr Muniraj from morning and then i was taken to their office where Mr Harish had bluntly told me that things will really go bad if the payment is not done by evening. He had nformed that a set of people would go to my house and would harass my Mother who is a co-applicant to this loan. I had requested them not to resort to anything illegal and moreover my mother being a hypertension patient will cause serious issues.

Till late 7:00PM Mr muniraj was around me when one Mr Ravi called muniraj’s phone number and the phone was passed to me. I was attending to a client and Mr Ravi started shouting on top of his voice with abusive language , swearing on my parents and using all sorts of foul languages. I could not even react to these and then he started threatening me saying that I have not even experienced 10% of damages he can possibly cause. Later again Mr Ravi called Mr muniraj and had asked him to get me near Iskcon temple where he said would show the consequences. I was informed by indiabulls personnel several time at several occasions that they are capable of anything illegal and even the police station will favour them since they have a tie up since long with all the police station across Bangalore. They had informed me that for this sole reason have engaged retired commissioners , inspectors under indiabulls payroll.

I have informed them that at this juncture to clear off the loan installments have been borrowing money and now exhausted the options , I would need some time to recoup or even a restructure of the loan would enable me to pay off the loan. I have also requested them to go legal so that I can plead for a restructure or for additional time. I am sure that these people would create some undesirable damage to me and my family. I request you to please intervene which will avoid certain major disaster to my family. Situation can be more worse since they have informed that they have hired top goons & rowdies of the city to carry out nasty illegal things which are so scary to listen when they narrate. Earlier too we had communicated to Indiabulls CEO Mr Gagan Banga regarding these threats & harassment and got a reply by the CEO’s office that the collection people would not resort to anything illegal. But now things are even worse and my normal life and business is affected severely.

Their approach towards the collection is totally illegal and has put me in to a tremendous amount of fear and mental agony. I am sure you are aware of the fact that in situation like this India bulls should approach the honorable courts to legally recover money and obtain the necessary court directions for recovery of the payment due.Instead of collecting money legally and following the guidelines for recovery laid down by the Reserve bank of India, India bulls have resorted to illegal ways to recover money which is totally against the law. Hence I would kindly request your good self to please take appropriate action against the said collection agents of India Bulls and save me from them. In the current situation if anything happens to me or my family members even accidentally I hold India bulls totally responsible for the same.

Thanking You

Yours faithfully

For Value IT Solutions Pvt Ltd
B.Satish ([protected])

Hi,

I have transferred 40000rs from my Citibank account no [protected]
to India bulls securities Citibank account *****32229 on 03/11/2010.
The reference number is[protected].
Please add this money to my trading account with india bulls.
My client id is DH28868.

when i contact to customer care they suggest me to raise a helpdeskticket. i raise that and attached all the document required but again and again they asked me similiar document certain period of time. i even given the estatement as well but nothing happened. In one day one customer care executive informed me that i transffered money to india bulls another citibank account thats why my funds are not updated and i will get reversal within one or two day.after waiting for 3-4 days i got mail which again asking for similiar documents. i again provide the documents but i am not sure whether this will work.


I am attaching the two screen shot for your reference.

1st attachment clearly indicating the transaction details,my name, account number and bank logo etc.
In second details you can see the broker name for which i transferred money clearly mentioning the india bull securities account number

Thanks and Regards
Gaurav Vats
[protected]
[protected]@gmail.com

Respected Sir,

I, Praveena Pokharna have an demat and trading account with Indiabulls securities ltd. in Udaipur (Raj.) branch and my client ID IS 444522. My online withdrawl facility has been blocked by the company and when i asked the respective branch to give me the complete payout they replied me that it will be done but no payout has been given yet. It is almost 1 year gone i am asking for payout. Regarding this i have mailed twice to regional manager of company Mr. Rajat in Jaipur but they didn't even replied to my mail. They have also violated the rules of SEBI that in every quarter the credit in customer's account should be refunded to them. Sir i am very much frustrated and harrased by the company. Pls take necessary action against the company and pls provide me proper solution with the interest on the amount which was with them.
Thanking you
Regards
Praveena Pokharna
Udaipur
ph: [protected],[protected]

I, Nitin Jalu from kolkata had a demat a/c wit indiabulls securities howrah branch - code : hw463, around 3 yer ago. I used to trade there, but after incurring huge losses i stopped trading. Now a few days ago, one of the staff member, Jai Singh from stephen house branch started calling me up daily, requesting for starting up the trading business again. He finally convinced me and i started doing share trading as per his guidance.
But the dealer made up a mistake in one of the transaction because of which a loss incurred in my a/c.
Now, all the members i had a talk with in their office, agreed that it was clearly their dealer's mistake and that they will refund it in a week time.
It is two weeks now and neither they responded, nor they let me talk to their vice president (Mr. Ujjal) or manager.
I am help less now. Please help me in order to cope up with this matter.

This is Mithilesh Bandiwdekar, a Software Consultant in Mumbai, who was happy doing software business and having no knowledge of Intraday Trading. And then one day a person named Avinash Salunkhe , a so-called stock market intra-day expert from IndiaBulls Securities came to my office, and asked me to deposit Rs. 25900/- for intra-day trading with Indiabulls. With a view to learn something about Stock Trading, i decided to open an account.
The very first day was great i earned Rs. 2000/- as informed by so-called my personal portfolio manager from Indiabulls. After that every day there were losses, but still i hanged up with them with a hope that i will learn something as well as earn something. I called up those guys to come to my office and explain what is happening, but who cares about you. No one came ever. Now within 1 month's time the balance has come down from 25900 to 3000 only. With very less knowledge about this business, i am unable to find out how there was loss and Mr. Avinash Salunkhe is least bothered to pick up my call and explain the same.

Conclusion: Investing with Indiabulls a big wrong decision in my life. I would never ever suggest anyone to go with Indiabulls.

Dear Sir,

We had applied for Home Loan in Indiabulls in the name of our Company M/s. Khemka Realty Pvt Ltd. and completed all the required formalities for the same. We have even submitted the original registered agreement with them. It is almost One month that they are saying that we will receive the disbursement cheque for the same. We have even paid them Franking Fees in cash but they are avoiding us every day for the disbursement. We are tired of their promises and as such we demanded our Original REgistered Agreement from them. But now they are not responding to us and even not coming on the phone, their cell phhones are switched off. Please find their numbers for your kind reference, Landline : +[protected] /84 and cell numbers are Feroz Nawab - [protected], Kiran Jituri - [protected]. Their E-mail ids being firoz.[protected]@indiabulls.com & kiran.[protected]@indiabulls.com. We request you to kindly look into the matter and relieve us from them.

Yours Truly,
Karan Vijaykumar Khemka
DIRECTOR
Khemka Realty Pvt Ltd

Hi All,

I have been cheated by Indiabulls.

Till date havent got an ans for my query. Customer service is full of crap. I have exchanged email and messages with CS and IB managers but, unfortunately no one is interested in taking the responsility. From the time i started Home Loan procedure ihave been just getting to hear lies from IB team. I think one reputed company should mantain their standards which, they've complete lost it. I dont know how many years its going to take to get the resolution for my problem. Just an advise to everyone out here please dont take the loand before you talk to any of the managers in IB some one on on the top.

Thanx
Imran