Angel broking harasses its customers. Their complaint/feedback system is quite delayed in response and even when they respond, it seems like automated-answer. Even Facebook page generates an automated answer.
Their brokerage is quite high. I made loss in the market and almost 32% of my loss went into their pockets. paid them good amount of brokerage which I could have saved with other brokers. Secondly, they not provide custom/negotiable brokerage plans.
Thirdly, don’t trust them/their adviser and their staff. They make false claims and fool you.
I had cash market a/c with them in 2011 . 400rs taken for a/c opening. I contacted the person working in angel and he said it will be given back. He had promised that no fees will be applied.
Then in May, I told him that I wanted F&O [future and options] for that I had to submit a form only.
But since the same person from angel told me to open new a/c , I opened a new a/c which was not a necessity.
Rs.400/- gone again+ visiting the branch cost me 100+ rs: he again said I will get it back. [he certainly got commission for new a/c] this year he joined other broker.
what is surprising: when you close an a/c they call you. person from angel called me and asked why I wish to close my a/c and I told him the reason . he said I have to just submit a form . I told him that person[personA] from angel said all this to me. it was all clear to him that "the person" wanted to earn commission. he could decline my new a/c submission. yet my a/c was closed in 4-5 days.
SEBI released a circular aimed to secure small investors[ investing amount below 50k]
which became a rule in august . its BASIC DEMAT SERVICE ACCOUNT[BSDA]
They didn’t inform me. and on 30-November-2012, I was charged Rs.337/- demat fee.
[ If I had the BSDA service, I wouldn’t have incurred this charge]
I asked their feedback this question 2 weeks ago and they said they delivered on 30-nov-2012 a sms to all clients of them. wow. the same day they charge demat fee. most of the clients didn’t knew about it that time . They didn’t even email me about this new service. I have all the emails of angel [from 2011 onward].
I also called them and wasted Rs.15/- and they didn’t even know what BSDA is. this facility is clearly mentioned at their own website. instead the guy offered me Rs.1500/- life plan of Demat a/c . see crooks and rogue company and its employees.
last december I opened backoffice and saw DP-charge. right away I contact personA and he told me I had nothing to worry and not to pay the amount. this year I have paid that amount and another dp fee charged on me.
[ Deficiency in service as well as lack of performance on their part: reasonable ground to make a case as well as few other ACT of law by my side. I have proof too].
that is all past. what concern me now is that I wanted to close a/c and even submitted the form on 28th-11-2013 . the DP [demat debit] was pending in my a/c and again this was their fault yet I paid it. Cheque was encashed the same day[28th] and a/c is still not closed.
Money Leeches.
And today, I got a mail that said I am charged another DP fee of Rs.337/-
When I visited their branch on 28th November. the lady/employee worker there checked and it was only Rs.337/- pending which I paid. [ I was already in conflict over this illegal amount charged by them] and now new DP charges are made.
The same employee had told me no new charges gonna be apply on me. she said she gonna punch some order/report on the same day or on 29th ] cheque encashed yet look at their application processing started late.
4th December, I got a message that they have started to process my a/c closure form. 7th day from the submission.
30th November they charged DP. Clearly, they wanted to rob me again. Slow application process and so far I have received no call from them. Crooks set up all this to rob clients.
Don’t trust these people/company, who do not even know about BSDA which is clearly mentioned on their website.
I have a few legal options in hand and I am gonna use them in future for the benefit for all innocent customers like us.