Mine is few year old story. I started trading(not full time) via Indiabulls in Pune. The relationship manager was Rupesh Agarwal. As he used to sit in main office, he had access to all the accounts of clients doing trading. First, he used to give biased opinions, the main manager used to give some tips about shares & when they didn’t used to work, rather than accept & proceed, the manager directly used to say that he never said anything like that. Big fat liars.
What was the most shocking experience was that my portfolio changed without my knowledge. I had purchased some good stocks during that time like Maruti, Tata etc. all A grade companies & planned to hold them for 6 months. Then I went out of station for 10 days & when I returned & logged in my account, I was shocked to find my shares gone & replaced by other cheap cos. I am sure there must be selfish reasons behind this as I never heard names of cos which were purchased. When I demanded explanation from Rupesh Agarwal, I wasn’t given any straight answers, later he quit the company & many others. No one was answering to my queries in their office.
I had made returns of almost 20% in 6 months(thanks to my friend who deals in stocks regularly) but because of the malpractise & crooks in Indiabulls who changed my portfolio, I lost all the profits & rather ended up making loss, as post brokerage, account maintaining charges etc. I lost few thousands over my principal amount. If I had come back to city after another 3-4 days, the loss would have been huge.
They care of looting money from their customers, no matter what happens to the customers. If you care about your hard earned money, never deal with Indiabulls.