My experience with India Infoline has been pretty bad. I opened a broking-cum-trading account with them in Dec 07. I transferend about 5 lakhs worth of shares from my existing DP account. As sson as the shares were transfered the relationship manager started trading in FnO segment without my knowledge and took up huge positions in certain stocks without my concent. To restrict the information from me, he didnt even send me the physical contract notes. In the crash of 21-22 January 2008, my account ran into severe margin under-run and at that time the relationship manager call me up to inform me that there has been a loss of 4 laks in my account and I need to pay it up.
When I went to the branch manager to complain about the transactions h told me "Nothing will happen with complaint", "You have to bear the losses", and instead of taking action against his relationship manager, he bluntly told me to bear all the losses.
On hearing this I rushed to the company Head office in Goregaon, where I met a senior customer service officer who assured me that she would take the necessary action. But to my surprise, I found that they sold off all my shares to cover the losses a few days later. When I went to the Goregaon again, I was informed that a couple of e-, ails had been exchanged between her and the Branch manager and they went ahead with my shares sale. They didnt even bother to send me a reply for my complaint and just sold my shares. The customer service officer told me to mail at the greviance mail id on the homepage of india infoline, but to my surprise a mail sent to the above mail id returned the error message that the id does not exist.
Hi.
This
is
the
qmail-send
program
at
yahoo.com.
I’m
afraid
I
wasn’t
able
to
deliver
your
message
to
the
following
addresses.
This
is
a
permanent
error;
I’ve
given
up.
Sorry
it
didn’t
work
out.
:
202.87.39.101
does
not
like
recipient.
Remote
host
said:
550
:
Recipient
address
rejected:
User
unknown
Giving
up
on
202.87.39.101.
Then I mailed my complaint to The(senior) VP for Wester Region in India Infoline and sill havent received any reply from him. Also I have got a legal notice from India Infoline demanding the balance of 40, 000/- which is still showing in my account.
Hence, I would like all the readers to be careful regarding their demat accounts and as far as possible avoid acounts with these big brokers. Instead open a demat account with a bank and a trading account with a trusted local broker.
Also, if anyone can please advice me on what options are in front of me or what I can do to recover my money from this company full of thugs.