As per SEBI guidelines, All DMAT account holders are eligible for converting their account to "Basic Service Demat Account"(BSDA).
As per this, I have sent filled BSDA form to Indiabulls on March 2013, also I have mailed helpdesk and confirmed the request has been received and processed. Just two weeks later, my account has been deducted with Rs.500/- where I shouldnot be charged as per BSDA.
I contacted Customer care, and response was surprising. they haven’t received any request at all. Then challenging the response with courier tracking id, Indiabulls’ response was, my request was rejected because I haven’t activated SMS alert facility. I questioned why it was not conveyed to me even after I asked for confirmation. But no response.
Later I sent Requests along with SMS alert Form, which they never acknowledged as received, coz all were sent on Indian Post. Hence I decided to sent another courier(on Jan 2014) with all forms, and I got an SMS confirming SMS alert facility has been activated on 28th Jan. But no response regarding BSDA.
I again wrote a mail to help desk, As usual reply was, "if there is any request sent, it will be processed according to our process". what should we understand from this? Hats off to Indiabulls Help desk guys. They just copy-paste same response to all mails they get!:) On insisting on status of my request, the interesting response was, they dint receive my Post at all! wow. Again I contacted Help desk, asking how the hell did they activate SMS alert facility? also shared courier details. the response was, they got only SMS alert form on 29th Jan(pls remember, confirmation SMS regarding of alert facility is received on 28th Jan on my mobile). Suddenly they remembered that they received my courier.
Gr8! I had sent only one envelop with both the forms, how can somebody get only one form from it? I haven’t got an explanation for this yet from indiabulls even from Grievances cell. Another interesting part is their Grievances cell. they never respond at all! haha.
Helpdesk is better, they atleast send a response within 7days, though its a copy-paste response. "Your request will be processed according to our process" haha.
Recently I met one person and came to know that he’s an indiabulls employee. I just indicated this story to him and he was laughing. he said, BSDA means, revenue loss for company, coz they wont be able to charge any Annual maintenance charge on customer. so its obvious to understand why they dont receive any such requests. When I asked about SMS alert form, he said, if you give this form, then company dont have to send hardcopy of statements to your address, only softcopy is sufficient. so its again gain for company, so they will definitely receive such forms:)! Nice naa!
Now I understand the whole logic of missing Forms, and strategy behind indiabulls’ Helpdesk on this.I’m not sure, whether they will ever respond to my mails.
It was a mistake on my side to open account with indiabulls. I have noticed the charges they levy is higher than market rates. Only reason why I was continuing with the account is, pain of transferring existing holdings to another account.
But now, I think, its worth do do It. I have decided to complain with SEBI, as well terminate my account with IndiaBulls. Its better than waiting for more such experiences from these fraudsters. They r worth nothing.
So my simple advice to you is, if you can avoid, then pls avoid DMAT account from Indiabulls.
If anybody has doubts on above matter, I have proof on mail exchanges with Helpdesk, courier details with whatever I have stated above.
Thank you for reading my review.
hope, my review might help your for a better decision.
I think Indiabulls should be your last choice for DMAT Account.
rgds
Achayans