This is my first trading account so I was a newbie in this field. I opened my account in the end of December 2011. Representative promised me that I will get 0.3% brokerage rate for delivery and once I start trading they will lower it to 0.25%.
I started my trading in Jan 2012 and found that my brokerage rate is 0.5%. I spoke to representative about this and he said that he has filed some application for approval and he will check the status.Even after 3 weeks my account brokerage rate is still 0.5% with no explanation.
I have a saving account in HSBC which is not affiliated to IIFL for online fund transfer. So I asked the representative that it will cause issue in transferring the funds so he said that they have some cheque pick up service so it wont be any issue. I asked the same representative 3-4 times to send somebody to collect cheque from me but nobody came. It means they are not even interested in growing their business. Due to this I missed the deadline of submitting investment proofs as I was planning to buy some tax saver mutual funds.
Website is too buggy and customer service people are not helpful and knowledgeable. In my case my email Id was incorrect so I went to the website to update it. It clearly says that users can update contact details online. I tried it but it just refreshed the same page instead of updating it. When I called the customer care they told me that its not possible to update from website so she will file some request in system and it will get updated in 24 hours. I waited for 24 hours still my email id was incorrect. This time customer care executive told me that I need to fill some form and submit it to their office if I want to change my email id (This is insane they are sending my confidential information to a wrong email address and to fix it they want me to fill a form. I was feeling like Mr. Mussaddilaal:)). After a couple of days I tried to update through website and it worked this time(same browser!).
Somehow I cant invest in mutual funds through website but I can invest in mutual fund using their trade terminal application. Which shows their is inconsistency between their website and application. When I try to invest through website it shows me a page saying that they don’t have KYC and POA for my account. Whereas I can easily invest through Trade Terminal application.
IIFL website is not secure. The password that is used for logging is not case-sensitive. And I’m sure their are many loopholes in their online security.
It was a mistake to open trading account in IIFL.