Never Trade in Indiabulls !!!!
- Thread starter shrinivas
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abhishekdaaga said:
Bloody INDIABULLS 
Is a cheater company their accounting has gr8888 problems cum error for their benefit I m leaving it
Is a cheater company their accounting has gr8888 problems cum error for their benefit I m leaving it
ganeshhity
murthymsr said:
hi mohd., n ashish,
thanks for the response n query.
earlier, i adressed mohd. as haid, unaware of the structure built into the name.
now i will chage my understanding.
murthymsr
thanks for the response n query.
earlier, i adressed mohd. as haid, unaware of the structure built into the name.
now i will chage my understanding.
murthymsr
i dont have any problem with people calling me either mohammed or haid...thts fine with me.Many people prefer to call me haid (even my friends call me haid) and i leave to them...
Regards
Mohammed Bin Haid
Dear Friend,
Fans of Indiabulls, here is a true story that took place with me during this week.....
Indiabulls, the worst broker I believe on this planet......They gave me news that rel and rpl are a very good buy...I bought the lots of rel (636)
and rpl(87.5)....i had given strict stop loss, which they did not place..ultimately i got margin calls and went on giving it..when the limits crossed, I had to sell rel at 565 (a massive loss of approx 50 thousand)..then today, seeing the market, I sold rpl also (thank god, it went some 7 rs below)..I made a further loss of 50 thousand.........then in the mean time they tried to cover my losses and did a lot of trades in nifty futures (which gave me a loss of total 1.75 lacks)....whooooooop...I crossed all my trades and today, I bought and sold some stocks in cash...made a profit of 15000/- which now tell me that i've brought down my losses to 1.6 lacks....
Now see these buggers joke part...I instructed them to buy guj ambuja 300 stocks at 91 and they bought 3000 stocks of the same at 91.6....(I had asked them to buy 300 and they took exposure and purchased 3000)....they have got habit of overtrading in blood....
I was shocked when i saw it online...anyway, god's help and i exitted at profits...I called them and told the story...Instead of feeling sorry, they're making me count the losses of public and they say "sir, you're lucky you lost only 1.75 lacks....our customers have lost 15 lacks this week...)...amazing
so..maybe i'm right or wrong...or maybe this is wrong place to post this...
INDIABULL IS A VERY BIG USELESS COMPANY...PLEASE USE icici OR hdfc... I WAS A HAPPY MAN WHEN I TRADED WITH HDFC ONLINE.....
above all, the biggest joke of the day was that we could not see cash or fno terminals rates today..when i called them, they told me that maybe it is done intentionally so that buying and selling stops...to put brakes to this panic....
ganesh
PS: all member who feel i'm right, please go on increasing this thread so that our friends are aware of such things......members who feel i'm wrong can just ignore it....
Fans of Indiabulls, here is a true story that took place with me during this week.....
Indiabulls, the worst broker I believe on this planet......They gave me news that rel and rpl are a very good buy...I bought the lots of rel (636)
and rpl(87.5)....i had given strict stop loss, which they did not place..ultimately i got margin calls and went on giving it..when the limits crossed, I had to sell rel at 565 (a massive loss of approx 50 thousand)..then today, seeing the market, I sold rpl also (thank god, it went some 7 rs below)..I made a further loss of 50 thousand.........then in the mean time they tried to cover my losses and did a lot of trades in nifty futures (which gave me a loss of total 1.75 lacks)....whooooooop...I crossed all my trades and today, I bought and sold some stocks in cash...made a profit of 15000/- which now tell me that i've brought down my losses to 1.6 lacks....
Now see these buggers joke part...I instructed them to buy guj ambuja 300 stocks at 91 and they bought 3000 stocks of the same at 91.6....(I had asked them to buy 300 and they took exposure and purchased 3000)....they have got habit of overtrading in blood....
I was shocked when i saw it online...anyway, god's help and i exitted at profits...I called them and told the story...Instead of feeling sorry, they're making me count the losses of public and they say "sir, you're lucky you lost only 1.75 lacks....our customers have lost 15 lacks this week...)...amazing
so..maybe i'm right or wrong...or maybe this is wrong place to post this...
INDIABULL IS A VERY BIG USELESS COMPANY...PLEASE USE icici OR hdfc... I WAS A HAPPY MAN WHEN I TRADED WITH HDFC ONLINE.....
above all, the biggest joke of the day was that we could not see cash or fno terminals rates today..when i called them, they told me that maybe it is done intentionally so that buying and selling stops...to put brakes to this panic....
ganesh
PS: all member who feel i'm right, please go on increasing this thread so that our friends are aware of such things......members who feel i'm wrong can just ignore it....
hello Friends,
THIS IS TRUE FOR INDIABULLS EVEN TODAY IN 2006....NOW ABOUT MY STORY WITH INDIABULLS:
I Have trading & demat account with Indiabulls & its not one month yet of opening it. But i have been facing an loss of Rs.50,000/-, Thanks to Indiabulls & its Office coordination.
My total investment: Rs.146,000/- till date.
On Friday evening i received their call which gets recorded for confirming the daily trades & after confirming my trades i asked them to stop trading into my account as there was loss of around Rs.20000/-. I also called their Toll free number & given request for the online PIB (they call) password.
But on Monday(11/09/06) they still continue to trade into my account & as on that day market was down i lost Rs.31,000/- in just single day. So now roughly i lost around 20000+31000=Rs. 51,000/- with them.
I approached their Manager & he said he can't do anything about the loss. I have warned him of Legal Action as it was not my fault & the instructions which i gave was also being recorded. In future i am going to SUE this guys(Indiabulls) no matter whatever this takes.
Friends kindly give reply & all suggestions are welcomed. Someone who know how to proceed legally do advice.
Thanks,
Gaurang Patel
Hello Gaurang Patel,
Did you mean that on monday IB used your account to trade without your knowledge. How do you trade with IB . Do you place orders over telephone or use PIB Software. Just curious to know what really happened. I am also an IB user for sometime now. But i trade through PIB software. To be frank i never had any problem with them till now.The orders get executed properly and account statements are proper. But every day i check my account 2 or 3 times during and after trades.Fortunately for me my RM Mr. Mohdbinhaid is a very helpful and trustworthy person.
I just wanted to know how this incident happened to you so that in future people like me who trade IB can also be careful.
what i do not understand is your statement "But on Monday(11/09/06) they still continue to trade into my account & as on that day market was down i lost Rs.31,000/- in just single day. " since explicitly you had asked IB not to trade in your account any more on friday itself. Then how can they execute orders ignoring your instructions.Are you having any open long positions on friday evening in cash or margin scheme of IB.
Regards
Saji
Did you mean that on monday IB used your account to trade without your knowledge. How do you trade with IB . Do you place orders over telephone or use PIB Software. Just curious to know what really happened. I am also an IB user for sometime now. But i trade through PIB software. To be frank i never had any problem with them till now.The orders get executed properly and account statements are proper. But every day i check my account 2 or 3 times during and after trades.Fortunately for me my RM Mr. Mohdbinhaid is a very helpful and trustworthy person.
I just wanted to know how this incident happened to you so that in future people like me who trade IB can also be careful.
what i do not understand is your statement "But on Monday(11/09/06) they still continue to trade into my account & as on that day market was down i lost Rs.31,000/- in just single day. " since explicitly you had asked IB not to trade in your account any more on friday itself. Then how can they execute orders ignoring your instructions.Are you having any open long positions on friday evening in cash or margin scheme of IB.
Regards
Saji
Gaurang Patel,
If you are really determined to take actions and want to get back your losses then there is solution.
First of all you understand this that they are not suppose to trade in your account unless and until you give them instructions. Even if you have signed POA for Dmat account they cant trade in your account. All they can do is debit your Dmat account due to the POA.
As you have not instructed them, just approach to sebi , nse for this that you did not place any orders after which it will be duty of IB to proove the same. As you say that you never gave orders and they traded themselves then it would be very difficult for IB to proove the same.
You can surf the sebi , nse site. At the same time the PIB itself has a link for complains
For further help approach investors forum or any other NGO helping invetsors. Dont leave IB if you think they have done wrong
If you are really determined to take actions and want to get back your losses then there is solution.
First of all you understand this that they are not suppose to trade in your account unless and until you give them instructions. Even if you have signed POA for Dmat account they cant trade in your account. All they can do is debit your Dmat account due to the POA.
As you have not instructed them, just approach to sebi , nse for this that you did not place any orders after which it will be duty of IB to proove the same. As you say that you never gave orders and they traded themselves then it would be very difficult for IB to proove the same.
You can surf the sebi , nse site. At the same time the PIB itself has a link for complains
For further help approach investors forum or any other NGO helping invetsors. Dont leave IB if you think they have done wrong
hello ganeshji,
sorry for the loss you incurred in the trading arena. i can understand the extent of your frustration but one swallow does not make a summer.
i am based here in kolkata. since you as a trader have done much mud slinging with indiabulls i also have a right throw light on my experience with indiabulls.
Some day you win some day you lose. but nevertheless i vote indiabulls as the no.1 broker and broker's s/w after icicidirect.com. the only point which goes in favour of icicidirect.com is that their accounting method is simple. I have a pib account with indiabulls and as yet in the last 1 half years i have had only 1 or two problem during closing hours of trading and if at any other time it was my internet connection's fault.
i have five trading accounts i.e. in icicidirect,indiabulls,hdfcsec,kotaksec and ShareKhan. of all I rate indiabulls as no.1 and i recommend everyone to go for it. their brokerage calc is to the 4th decimal, their demat fee is rs7/- on sell unlike others. they send trading statements regularly. With icicidirect statements one has to sit with a calculator and their statements are not on a per trade basis. They send the lot in 15 days interval which is of no good if you are an active trader. i have had no problem with indiabulls phone trades, However i happen to trade only twice over the phone with no problem. the rm is very attentive and extended all help whatever he could and whenever he could. For the info of others i have closed kotak perhaps theirs was the worst all round service and their s/w keat should be eaten by them. they charge 30/- for trading statement if taken physically. pib sends it by courier free.
By the way they send me hot tips !!! too but i scan them thru my knowledge of TA before blindly clutching on to them. Haider the indiabulls rm on this list has rightly given the three ways of trading thru them.
my personal rating in order of priority would be pib,icici,hdfcsec, the rest can take a swim in the nsebse pool. if you are an active trader pib, if passive and want to be lifelong secured its icicidirect.
thanks for reading this post,
bam
sorry for the loss you incurred in the trading arena. i can understand the extent of your frustration but one swallow does not make a summer.
i am based here in kolkata. since you as a trader have done much mud slinging with indiabulls i also have a right throw light on my experience with indiabulls.
Some day you win some day you lose. but nevertheless i vote indiabulls as the no.1 broker and broker's s/w after icicidirect.com. the only point which goes in favour of icicidirect.com is that their accounting method is simple. I have a pib account with indiabulls and as yet in the last 1 half years i have had only 1 or two problem during closing hours of trading and if at any other time it was my internet connection's fault.
i have five trading accounts i.e. in icicidirect,indiabulls,hdfcsec,kotaksec and ShareKhan. of all I rate indiabulls as no.1 and i recommend everyone to go for it. their brokerage calc is to the 4th decimal, their demat fee is rs7/- on sell unlike others. they send trading statements regularly. With icicidirect statements one has to sit with a calculator and their statements are not on a per trade basis. They send the lot in 15 days interval which is of no good if you are an active trader. i have had no problem with indiabulls phone trades, However i happen to trade only twice over the phone with no problem. the rm is very attentive and extended all help whatever he could and whenever he could. For the info of others i have closed kotak perhaps theirs was the worst all round service and their s/w keat should be eaten by them. they charge 30/- for trading statement if taken physically. pib sends it by courier free.
By the way they send me hot tips !!! too but i scan them thru my knowledge of TA before blindly clutching on to them. Haider the indiabulls rm on this list has rightly given the three ways of trading thru them.
my personal rating in order of priority would be pib,icici,hdfcsec, the rest can take a swim in the nsebse pool. if you are an active trader pib, if passive and want to be lifelong secured its icicidirect.
thanks for reading this post,
bam
Hello,
I also concur with bamks view on Indiabulls. As he said their software is best. I had no problems at all. They send the accounts statements in time by courier and also update by e-mail trade details done. The brokerage is reasonable . I think the problem is mainly seen in placing orders by telephone.
Probably as mohammed bin haid said the phone trades got to be placed in the method prescribed.
Regards
Saji
I also concur with bamks view on Indiabulls. As he said their software is best. I had no problems at all. They send the accounts statements in time by courier and also update by e-mail trade details done. The brokerage is reasonable . I think the problem is mainly seen in placing orders by telephone.
Probably as mohammed bin haid said the phone trades got to be placed in the method prescribed.
Regards
Saji
I dont understand when ganesh did not place any orders why he is accepting the trades? he should approach concerned autorities b4 its too late.
he should also write to IB regrading this and request them to make the system password protected by issuing TPIN to each and every traders for tele trading.
he should also write to IB regrading this and request them to make the system password protected by issuing TPIN to each and every traders for tele trading.
Hi trader,
Now see...first of all thanks to my knowledge and learning here...I've started covering my losses.....I've done some trades after this incident and all were in profits...i incured loss only in 1 trade that too only brokerage...CP=SP...this was the time when i had entered ashoka leyland at 40 and next day exited at 40 just to take back the capital and invest in balrampur @89....I exited that at 101 just in couple of days..so i shifted my funds for profits....
Regarding Indiabulls, my friend, this is very unfortunate, but I was again and again stabbed by my RM friend....If I ask him to put a stoploss and he does not put, I made loss....If I ask him to buy x amount of stock and he buys y amount of it, the only thing i can do is ask to confirm it over tapes......they apologise....but i'm a different kind of person..though i could have taken a strong action, I did not...I caught them red handed one day when in the afternoon i asked them to buy certain quantity of bombay dying and they bought 10 times of that....I got confirmation call in the evening when I confirmed that it was a wrong trade...the person who took my call pressed that he was right and i was wrong..the tapes were checked and i was found to be right........my strict action could have led a job loss for that computer operator and RM......I gave a thought and decided to drop the matter..there was another incident when i was just checking the rates and approx price of 1000 shares of bajaj hindustan..and the bugger placed the order...the tapes again confirmed that i was only checking the price...
anyway, there were lots of such issues and i lost something more than 3 lacs...I had 2 options....1-fight case with them, boil more blood and finally settle to a figure less then my loss...
2- educate the people not to fall prey to them...work hard with my remaining capital and get back my losses....I opted the 2nd way...and i'm doing very fine on it......I had the knowledge, but i left my money on a close friend (Indiabulls RM) and paid drastic price for it...
Whatever happens, happens for the best..maybe god wanted to teach me the other way...I'm same ganesh, working in same office,for same time and the same work load...but now i take out time to look after finances.....so now i realise that i had put on laziness and paid price for it...now i'm making profits.....and maybe in a year i'll recover all my losses...then the book of profits would start......had i not minted loss, i would not have learnt this valuable lesson and would have been dependent on that friend who would have given me much lesser profits for the rest of my life or maybe he would have given me a much bigger loss later......I've widrawn back from indiabull and that is all i wanted ..The End...
We should keep a sharp eye before investing our money.....
Ah ! and never mind my frnds.....money is the secondary thing, peace of mind being the primary one....I had lost peace of mind which I've got back now.....and money ??? that may follow soon.....I'm satisfied with my life now..
ganeshhity
Now see...first of all thanks to my knowledge and learning here...I've started covering my losses.....I've done some trades after this incident and all were in profits...i incured loss only in 1 trade that too only brokerage...CP=SP...this was the time when i had entered ashoka leyland at 40 and next day exited at 40 just to take back the capital and invest in balrampur @89....I exited that at 101 just in couple of days..so i shifted my funds for profits....
Regarding Indiabulls, my friend, this is very unfortunate, but I was again and again stabbed by my RM friend....If I ask him to put a stoploss and he does not put, I made loss....If I ask him to buy x amount of stock and he buys y amount of it, the only thing i can do is ask to confirm it over tapes......they apologise....but i'm a different kind of person..though i could have taken a strong action, I did not...I caught them red handed one day when in the afternoon i asked them to buy certain quantity of bombay dying and they bought 10 times of that....I got confirmation call in the evening when I confirmed that it was a wrong trade...the person who took my call pressed that he was right and i was wrong..the tapes were checked and i was found to be right........my strict action could have led a job loss for that computer operator and RM......I gave a thought and decided to drop the matter..there was another incident when i was just checking the rates and approx price of 1000 shares of bajaj hindustan..and the bugger placed the order...the tapes again confirmed that i was only checking the price...
anyway, there were lots of such issues and i lost something more than 3 lacs...I had 2 options....1-fight case with them, boil more blood and finally settle to a figure less then my loss...
2- educate the people not to fall prey to them...work hard with my remaining capital and get back my losses....I opted the 2nd way...and i'm doing very fine on it......I had the knowledge, but i left my money on a close friend (Indiabulls RM) and paid drastic price for it...
Whatever happens, happens for the best..maybe god wanted to teach me the other way...I'm same ganesh, working in same office,for same time and the same work load...but now i take out time to look after finances.....so now i realise that i had put on laziness and paid price for it...now i'm making profits.....and maybe in a year i'll recover all my losses...then the book of profits would start......had i not minted loss, i would not have learnt this valuable lesson and would have been dependent on that friend who would have given me much lesser profits for the rest of my life or maybe he would have given me a much bigger loss later......I've widrawn back from indiabull and that is all i wanted ..The End...
We should keep a sharp eye before investing our money.....
Ah ! and never mind my frnds.....money is the secondary thing, peace of mind being the primary one....I had lost peace of mind which I've got back now.....and money ??? that may follow soon.....I'm satisfied with my life now..
ganeshhity
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