Information Needed about Indiabulls Securities

#1
Hi,

I don't like AMC of my brokerage house. So, I am planning to open some other brokerage firm which doesn't have AMC

I heard that Indiabulls doesn't have any AMC. And it's brokerage charges are similar to HDFC or Other Brokerage Firm.

But I am hearing some of the compliant against Indiabulls from some forums.- against misuse of clients securities.

What is your experience on Indiabulls. Please share your views regarding this.
 

Alchemist

Administrator
Staff member
#2
Indiabulls doesn't charge any AMC for its trading or demat account.

I have also come across many complaints about Indiabulls and India Infoline, where the RM's have traded from accounts of their clients without their consent.

Some of these may be true.

I am very careful about my Indiabulls account.

-I keep a proper list of my holdings with them.

-I never keep more than Rs 10000 - Rs 20000 margin with them. If needed money can be transfered to the trading account within 5 minutes using online banking.

-I never trade via my Relationship Manager (RM)....I do all the trades myself.

So far, I have never had any bad experience with Indiabulls.
 
#3
I am very careful about my Indiabulls account.

-I keep a proper list of my holdings with them.

-I never keep more than Rs 10000 - Rs 20000 margin with them. If needed money can be transfered to the trading account within 5 minutes using online banking.

-I never trade via my Relationship Manager (RM)....I do all the trades myself.
Even i am doing the same for my Current Trading. I usually keep track of all my holdings and S/B Account.

If we are doing like this we may avoid those things(compliants)?

If we found something abnormal transaction in our account can we able to resolve those issues?

Your views are important...
 

Alchemist

Administrator
Staff member
#4
Even i am doing the same for my Current Trading. I usually keep track of all my holdings and S/B Account.

If we are doing like this we may avoid those things(complaints)?

If we found something abnormal transaction in our account can we able to resolve those issues?

Your views are important...
Resolving such issues is not easy.

The RM's have targets for the brokerage they generate. There is a lot of pressure on them to achieve these targets.

In rare cases, the RM's trade without clients' consent. The extra turnover helps them achieve their targets.

For a client, it is not easy to prove that he didn't instruct the RM to trade.... especially if the client is trading frequently via his RM.

That is the reason why I never trade via my RM.

=========================================

Many times such trades are profitable and so clients overlook them.

This is a big mistake. Report any trade that was unauthorized - even if the trade was profitable.

=========================================

If your broker doesn't take action, you have an option of going to SEBI.

You may also file an FIR with the police as it is type of a financial fraud.
 
#5
So, As per your view...
Use those 3 things... some what we can avoid such transactions... Am I right?
I am very careful about my Indiabulls account.

-I keep a proper list of my holdings with them.

-I never keep more than Rs 10000 - Rs 20000 margin with them. If needed money can be transfered to the trading account within 5 minutes using online banking.

-I never trade via my Relationship Manager (RM)....I do all the trades myself.
So, No Need of any Panic before opening an account with IndiaBulls right?

Or We need to take some other precautions to avoid those things?

Any how I am not going to trade via RM.... I am going to do through Online.
 

Alchemist

Administrator
Staff member
#6
So, As per your view...
Use those 3 things... some what we can avoid such transactions... Am I right?
Yes....to an extent.

You may try sharekhan.com.

I haven't heard many complaints about them.

Any how I am not going to trade via RM.... I am going to do through Online.
Online trading is much better than giving orders to RM.

Online trading means you have the prices in front of you + no risk of misunderstanding between you and your RM.
 
#8
Resolving such issues is not easy.

The RM's have targets for the brokerage they generate. There is a lot of pressure on them to achieve these targets.

In rare cases, the RM's trade without clients' consent. The extra turnover helps them achieve their targets.

For a client, it is not easy to prove that he didn't instruct the RM to trade.... especially if the client is trading frequently via his RM.

That is the reason why I never trade via my RM.

=========================================

Many times such trades are profitable and so clients overlook them.

This is a big mistake. Report any trade that was unauthorized - even if the trade was profitable.

=========================================

If your broker doesn't take action, you have an option of going to SEBI.

You may also file an FIR with the police as it is type of a financial fraud.
==========================================

whenever u trade through ur RM,the call is recorded (as per RM told me).
Is it not a relevant proof ?
I trade through RM when server goes down.Is there any other alternative?
 
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Alchemist

Administrator
Staff member
#9
==========================================

whenever u trade through ur RM,the call is recorded (as per RM told me).
Is it not a relevant proof ?
I trade through RM when server goes down.Is there any other alternative?
Which number do you call your RM on?

If you are calling on his mobile, I don't think there is any recording done.
 

Alchemist

Administrator
Staff member
#11
Hi Alchemist,

Is it possible to get negotiated brokerage on option from Indiabulls?
If you are generating good volumes, you can always negotiate the brokerage rates.

If you trade 1 lot per month, it is unlikely that Indiabulls will bring down the rates.

Nevertheless, you can always tell your relationship manager that other brokers are offering a better deal and this might work.
 
#12
Hi all,

I am much worried after reading about the frauds by Sharekhan and Indiabulls. I am having account with Indiabulls. I am having a large list of scrips compared to my trading frequency. I am now worried and thinking of shifting to the pure demat account (like with Janata Sahakari Bank etc) and find a broker who will take more brokerage but can not give delivery unless I give him a slip (delivery slip).
 
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