Dear Sir/Ma'am,
This is in regard to my trading account with IndiaBulls securities Ltd, Ambala Cantt.
They always boost about their low cost trading and prompt and dedicated Relationship Managers at branches to grab new accounts in their dragnet.
Once the client starts trading with them they adopt quite a shrewd approach to cause a dent in the client's pocket.
When I visited IndiaBulls Securities Ltd office at Ambala Cantt, the RM while disclosing all terms and conditions, procedures and charges related to my account told that brokerage percentage at Cash Intraday at NSE will be 0.02 of the the transaction amount. After a couple of weeks of trading with them I noticed in the Electronic Contract Notes that they were charging the brokerage at the rate of 0.05. The very next day I brought this issue to my RM's notice and she was equally surprised to know.
Then to compensate the exess brokerage charged my brokerage was reduced to 0.015 at cash-intraday. On the next day I did some transactions in my account and was shocked to notice that the brokerage that was being charged was 0.03 on the transactions I did at cash-intraday.
Then again I informed my RM about the fact and again she had no clue how that happened. After few days when I again inquired into the matter, I was told by my RM that this excess brokerage was because of some complicated formulaes on the basis of which IndiaBulls calculates brokerage.
All through my trading days with IndiaBulls I was kept completely unaware of their mysteries basis of calculating brokerage.
When I asked them to reimburse the loss there was no such policy.
This highlights the inefficiency in regard to disclosure of vital information at IndiaBulls and customer harassment after opening an account with them. With my bitter experience I am sure to give a poor rating to IndiaBulls Securities Ltd.and would never ever recommend them to any one.
I look forward for an urgent and appropriate action against IndiaBulls so that next time onwards they are loud and clear in telling their correct charges before opening the account. Hope the authorities would take note of my request.
Thanking in advance
Aanchal Aggarwal
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