I am penning down a "wonderful" experience with one of Indiabulls Securties branch office and which has gone a long way in making me understand how indiabulls operates and what can be expected of if I made an error of becoming their client.Anyway, flwg for ur records.
My background- A recently Metamorphised Day trader... I had called up Pune office for opening up of trading account about two months back.Since, the promised sales team visit never happened, so I decided to visit the branch itself. This Thursday, I went to branch at ard 1600 hrs just after market closed. I couldnt find any body there to show me PIB or help me open an account. Understandably the sales team had left for the day.I somehow got the Branch Manager’s number and called him up from the office itself so that I could ask him to send me a sales fellow. When I called up the BM (Mr Santosh), He told me that we can not send somebody at ur residence. you have to come to the branch yourself. Although surprised as I live not even 1 km from the office, I told him that I am already at the branch.I couldn’t believe the answer he gave me. He told me to come during market hours. When I asked him, that I am a trader, and no trader runs around during market hours, he told me that then in that case we cant open an account for u.
I just told him thanks but no thanks and came back. I am Startled. I dont believe that a securities firm is asking me to leave trading and run to office to open an account. Any person who is doing that surely will not be a professional trader and does an occasional weekend trading maybe. I really cant believe that this is the way indiabulls run. I also cant believe that the BM who is supposed to be responsible for turnover form his branch didnt even ask me whats my daily turnover. Needless to say that when the usual brokerage is 5 paisa for intraday, If i am being charged just 1 paisa by indiainfoline for my intraday, what will be my daily turnover.That is a self explanatory for anybody in this business. Here I always have angel and indiainfoline RMs running after me and see the audacity of Indiabulls BM.He is not bothered. Is it laziness, Callous nature, incompetence or a glimpse of what indiabulls is really all about. I dont think I need to add any further.